{"id":105684,"date":"2025-07-18T00:00:00","date_gmt":"2025-07-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-adq-eyes-fintech-jv-in-turkey-kenyas-equity-group-to-open-uae-office-in-4q\/"},"modified":"2025-07-18T00:00:00","modified_gmt":"2025-07-18T00:00:00","slug":"this-morning-adq-eyes-fintech-jv-in-turkey-kenyas-equity-group-to-open-uae-office-in-4q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/07\/18\/this-morning-adq-eyes-fintech-jv-in-turkey-kenyas-equity-group-to-open-uae-office-in-4q\/","title":{"rendered":"THIS MORNING: ADQ eyes fintech JV in Turkey + Kenya\u2019s Equity Group to open UAE office in 4Q"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Happy FRIDAY, wonderful people. <\/strong>We don\u2019t want to jinx it, but we\u2019re seeing the first signs of a summer news slowdown as the pile of out-of-office autoreplies grows bigger in our inbox\u2026<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While there is no big story this morning, there\u2019s more 1H and 2Q wrap-ups as we go deeper into the back half of the year. <\/strong>Leading our news well today: The UAE was the <strong>GCC\u2019s largest projects market in 2Q<\/strong>, despite an overall slowdown in activity. <strong>Also:<\/strong> IHC\u2019s Esyasoft inked a 14-year agreement for a smart gas network in Azerbaijan + we have a few earnings for you. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER<\/strong><strong>- More dust with a chance of rain today: <\/strong>Blowing dust is expected to continue in parts of the country, with a chance of light rainfall in eastern and southern areas, the National Center of Meteorology said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/7\/1208.pdf\" style=\"\" rel=\"noopener\">forecast<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/7\/1208.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. The mercury is expected to reach 45\u00b0C in <strong>Dubai <\/strong>today, cooling to 34\u00b0C overnight. Over in <strong>Abu Dhabi<\/strong>, temperatures will peak at 40\u00b0C, before dipping to a low of 33\u00b0C. <\/p>\n<p class=\"tag-border-left\"> SIGN OF THE TIMES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>All human or all machine? <\/strong>Dubai now has a new system to tell us exactly just how much AI has been used in research and content production, courtesy of the Dubai Future Foundation, according to a statement from the <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2025\/july\/16-07\/hamdan-bin-mohammed-approves-launch-of-pioneering-human-machine-collaboration-classification-system\" style=\"\" rel=\"noopener\">Dubai Media Office<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1206.png?ssl=1\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^ If you see one of these icons with a piece of content or research you\u2019re reading, it\u2019s trying to tell you the degree to which AI was used in its creation \u2014 it could be \u201call human,\u201d \u201chuman led\u201d or \u201call machine.\u201d Another set of icons also clarifies the area in which AI was used to help, whether that\u2019s translation, design, or writing. The icon system hopes to establish a global standard in the AI era to improve the clarity and credibility of work, Dubai Crown Prince Hamdan bin Mohammed Al Maktoum said in a <a target=\"_blank\" href=\"https:\/\/x.com\/HamdanMohammed\/status\/1945473622828552363\" style=\"\" rel=\"noopener\">post on X<\/a>. <\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>#1- ADQ is eyeing a fintech JV in Turkey<\/strong>: Abu Dhabi sovereign wealth fund ADQ signed an MoU with global digital payments and fintech provider Ant Global and two Turkish firms \u2014 e-commerce platform Trendyol and defense firm Baykar, to look into launching a fintech platform, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/trendyol-group-baykar-ceo-haluk-bayraktar-adq-and-ant-international-form-strategic-partnership-leged5bc\" style=\"\" rel=\"noopener\">press release<\/a>. The fintech platform, pending regulatory approvals, will provide digital payment services and ins. and investment products to individuals and SMEs. It\u2019s not clear yet what the distribution of ownership in the JV will be like, or what the investment ticket will be.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- <\/strong><strong>Kenya\u2019s<\/strong> <strong>largest lender, Equity Group Holdings, is planning to open a UAE office in 4Q<\/strong><strong> this year<\/strong> to tap into growing trade and investment flows between Africa and Middle East, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-07-17\/kenya-s-equity-group-to-set-up-uae-office-to-capture-capital-flows\" style=\"\" rel=\"noopener\">Bloomberg<\/a> quotes CEO James Mwangi as saying. The bank is in the final stages of securing regulatory approvals, he said, citing the region\u2019s capital pools, investment environment, and logistical strength as driving the move.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not one to be left behind<\/strong>, Equity will join the ranks of other African banks such as <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/77d838b5-61d3-4873-8553-8ff5c5263d96\/this-morning:-uae-slapped-with-a-10%2525-tariff-as-trump-triggers-global-trade-war\" style=\"\" rel=\"noopener\">Absa Group<\/a>, Standard Bank Group, and United Bank for Africa who are also vying for space in the Middle Eastern market.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>GCC econom<\/strong><strong>ies to grow 3.6% this year: <\/strong>The aggregate real GDP of the GCC is projected to expand by 3.6% this year, notably up from the 2% growth recorded in 2024, according to a recent report by the Institute of International Finance (IIF) picked up by <a target=\"_blank\" href=\"https:\/\/www.khaleejtimes.com\/business\/gcc-gdp-growth-2025?_refresh=true\" style=\"\" rel=\"noopener\">Khaleej Times<\/a>. This significant acceleration is driven by higher oil production and continued expansion in non-oil sectors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE FDI + KSA debt fuel Gulf capital inflows surge: <\/strong>The IIF expects non-resident private capital inflows into the Gulf economies to hit USD 202 bn this year, further increasing to USD 217 bn in 2026. This surge will be largely fueled by sustained growth in foreign direct investment (FDI) in the UAE and portfolio debt flows in the KSA. The IIF also sees net capital outflows in the Gulf dropping to USD 12 bn in 2025, significantly below its peak registered in 2022 at USD 279 bn, which it attributed to a dip in aggregated current account surplus.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong>GCAA <\/strong><strong>orders Boeing inspections:<\/strong> The General Civil Aviation Authority (GCAA) instructed national airlines to inspect fuel supply switches on their fleets\u2019 Boeing 737 and 787 aircraft, <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/aviation\/2025\/07\/16\/flydubai-joins-middle-east-airlines-checking-boeing-jets-fuel-switches-after-air-india-crash-report\/\" style=\"\" rel=\"noopener\">The National<\/a> reports. The order comes after a preliminary investigation into last month\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/6ec07438-ca14-44ca-a7fd-ee5291d5aafb\/this-morning:-israel-strikes-iran-in-biggest-attack-on-the-country-since-iraq-war-%2B-president-heads-to-g7-summit-this-sunday\" style=\"\" rel=\"noopener\">fatal Air India crash<\/a> found that fuel had been cut off from the engine shortly after takeoff, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/india-finds-engine-switch-movement-fatal-air-india-crash-no-immediate-action-2025-07-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported last week. The findings prompted Etihad Airways to pull an India-bound jet mid-flight back to Abu Dhabi for inspection, <a target=\"_blank\" href=\"https:\/\/www.thetimes.com\/world\/asia\/article\/boeing-flight-abu-dhabi-india-plane-tjq33jwfz\" style=\"\" rel=\"noopener\">Time<\/a> reported. Flydubai has also launched precautionary inspections on its narrowbody 737s' fuel switches, a spokesperson told the National on Thursday. <\/p>\n<p class=\"tag-border-left\">DATA POINTS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1-<\/strong> <strong>Dubai now has the biggest number of tall skyscrapers in the world<\/strong>, surpassing the likes of New York and Shenzhen, according to <a target=\"_blank\" href=\"https:\/\/www.skyscrapercenter.com\/cities?list=buildings-300\" style=\"\" rel=\"noopener\">data<\/a> from the Council on Tall Buildings and Urban Habitat. The emirate has 33 skyscrapers exceeding 300 meters in height, putting it comfortably ahead of both China\u2019s Shenzhen\u2019s 21 and New York City\u2019s 17. The city also ranks second globally for buildings exceeding 200 meters \u2014 with 130 buildings \u2014 trailing only Shenzhen\u2019s 185. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Some <\/strong><strong>9.1 mn travellers flew through <\/strong><strong>Sharjah Airport 1H 2025<\/strong>, up from 8.3 mn in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e11209cb-2436-465a-8a18-8f9e15410aac\/amanat-holdings-to-discuss-potential-ipo-of-education-unit-today\" style=\"\" rel=\"noopener\">1H<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e11209cb-2436-465a-8a18-8f9e15410aac\/amanat-holdings-to-discuss-potential-ipo-of-education-unit-today\" style=\"\" rel=\"noopener\">2024<\/a>, according to a <a target=\"_blank\" href=\"https:\/\/www.sharjahairport.ae\/en\/9-1-%d9%85%d9%84%d8%a7%d9%8a%d9%8a%d9%86-%d9%85%d8%b3%d8%a7%d9%81%d8%b1-%d8%b9%d8%a8%d8%b1-%d9%85%d8%b7%d8%a7%d8%b1-%d8%a7%d9%84%d8%b4%d8%a7%d8%b1%d9%82%d8%a9-%d9%81%d9%8a-%d8%a7%d9%84%d9%86%d8%b5\/\" style=\"\" rel=\"noopener\">press release<\/a>. Aircraft movements also climbed 4.3% to 55k, while cargo volumes hit 102.4k tons, a 6.4% rise y-o-y. The growth comes amid an ongoing <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b3ntp8b-sharjah-airport-expansion-project-track-saa\" style=\"\" rel=\"noopener\">expansion drive<\/a> aimed at boosting annual capacity to 25 mn passengers by the end of 2027.<\/p>\n<p class=\"tag-border-left\">PSAs- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1-<\/strong><strong>UAE <\/strong><strong>nationals<\/strong><strong> working in Dubai gov\u2019t now entitled to 10-day marriage leave: <\/strong>Dubai Ruler and Prime Minister Mohammed bin Rashid Al Maktoum issued a decree that grants 10 days of marriage leave to Emirati nationals working in Dubai\u2019s governmental and judiciary departments, the national military, and special development zones and freezones, according to <a target=\"_blank\" href=\"https:\/\/sheikhmohammed.ae\/ar-ae\/News\/Details?nid=30293&amp;cid=General%20News\" style=\"\" rel=\"noopener\">a statement<\/a>. Employees will get their full salary while on leave, and can take the leave anytime within a year of getting married.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Emirates<\/strong> <strong>will resume flights between Dubai and Tehran starting today<\/strong>, the airline said in a <a target=\"_blank\" href=\"https:\/\/www.emirates.com\/ir\/english\/help\/travel-updates\/\" style=\"\" rel=\"noopener\">travel update<\/a>. The carrier had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/10d2b444-fea9-42a9-8f4d-0b2ffbe1e08b\/this-morning:-airspace-disruptions,-diplomatic-efforts-continue-as-iran-conflict-escalates\" style=\"\" rel=\"noopener\">suspended flights to the Iranian capital<\/a> following regional military escalations between Israel, the US, and Iran.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The carrier also resumed flights to Damascus<\/strong>, returning to the Syrian capital after more than a decade, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/bkq920e-emirates-officially-resumes-flights-damascus\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The airline <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/7ddea6ce-5caa-4674-a01e-a90704401a34\/this-morning:-madagascar-wants-uae-investments-%2B-emirates-has-its-eye-on-developments-in-russia\" style=\"\" rel=\"noopener\">had said<\/a> it will operate three weekly flights for now, with plans to increase to daily service by late October. The first flight touched down yesterday with 286 passengers on board.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>Dubai <\/strong><strong>Courts will now rely exclusively on Emirates ID data for all notary public <\/strong><strong>transactions<\/strong>, eliminating the need for separate identity documents, the department announced in a <a target=\"_blank\" href=\"https:\/\/x.com\/DubaiCourts\/status\/1945439065924423740\" style=\"\" rel=\"noopener\">post on X<\/a>. Residents must ensure their Emirates ID records \u2014 especially mobile numbers and email addresses \u2014 are up to date via the <a target=\"_blank\" href=\"https:\/\/smart.gdrfad.gov.ae\/\" style=\"\" rel=\"noopener\">General<\/a><a target=\"_blank\" href=\"https:\/\/smart.gdrfad.gov.ae\/\" style=\"\" rel=\"noopener\">Directorate<\/a><a target=\"_blank\" href=\"https:\/\/smart.gdrfad.gov.ae\/\" style=\"\" rel=\"noopener\">of Residency and Foreign Affairs<\/a> or <a target=\"_blank\" href=\"https:\/\/amercentre.ae\/\" style=\"\" rel=\"noopener\">Amer centers<\/a>. Authorities say any mismatched or outdated information could result in processing delays.<\/p>\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a mixed bag in the foreign press this morning<\/strong>, but new crypto regulations in the US and more attacks from Israel in the region are getting the most attention. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s \u201cCrypto Week\u201d in the US: <\/strong>The US Congress passed a legislation regulating stablecoins \u2014 asset-backed cryptocurrencies \u2014 in another big victory for the Trump administration and the crypto industry, clearing the way for its mainstream use. The measure passed the house 308-122 with plenty of bipartisan support, and is now heading to Trump\u2019s desk for ratification. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The House separately voted 294-134 for a broader crypto market structure bill <\/strong>\u2014 the so-called \u201cClarity Act\u201d looks to clarify the types of digital assets with oversight by the Securities and Exchange Commission vs the Commodity Futures Trading Commission (CFTC). The legislation still needs to pass the Senate, and is facing opposition from some Democrats who raised concerns that it could invite corruption from Trump. Another bill banning the US Federal Reserve from issuing a digital currency is also heading to the Senate. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-07-17\/crypto-market-gets-major-win-as-congress-passes-stablecoin-bill?srnd=homepage-middle-east&amp;embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2025\/07\/17\/house-passes-genius-act-stablecoins-trump\" style=\"\" rel=\"noopener\">Axios<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/government\/us-house-passes-stablecoin-legislation-sending-bill-trump-2025-07-17\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.politico.com\/live-updates\/2025\/07\/17\/congress\/house-sends-historic-crypto-bill-trump-00460361\" style=\"\" rel=\"noopener\">Politico<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/07\/17\/house-passes-crypto-industry-backed-market-structure-bill.html\" style=\"\" rel=\"noopener\">CNBC<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also: 401ks could soon be open to crypto and alternative investments<\/strong> like gold and private equity in another push from Trump, who is expected to sign an executive order to make it happen as soon as this week. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/07906211-5ab8-4917-bcad-5397c0bc3170\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CLOSER TO HOME- Israel struck the outskirts of Sweida again <\/strong>despite a ceasefire announced earlier this week, as clashes between Druze and Bedouins continued. This followed the withdrawal of Syrian government forces, who had taken part in the clashes with Druze fighters. (<a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2025\/jul\/17\/syrian-president-condemns-israels-attacks-on-damascus-and-vows-to-protect-druze-community\" style=\"\" rel=\"noopener\">Guardian<\/a>) <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You\u2019re reading EnterpriseAM UAE<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. 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