Good morning, friends. It’s another calm newsday here at home as the summer lull continues, with no single big story driving the news. Still, we have fresh real estate data indicating an increase in luxury property prices despite a dip in supply, as well as a slump in Abu Dhabi sales, plus an update on G42’s AI partnership with the US.

PUBLIC SERVICE ANNOUNCEMENT-

Two service packages aimed at helping boost judicial support and marriage in the country were approved yesterday:

#1- Elderly, people with disabilities, and pregnant women get judicial support in new assistance package: Dubai Courts introduced a service package to streamline judicial processes for senior citizens, people with disabilities, and pregnant women and women in their “iddah” period following a divorce or the death of a spouse, according to the Dubai Media Office. They will be entitled to voluntary legal consultations and representation, postponement and exemption of legal fees, financial support for professional services, and debt assistance. Services can be requested by calling 043347777, visiting the nearest Dubai Courts service office, or through the Dubai Courts website.

#2- Longer maternity leave, marriage loans, and rental assistance for newlyweds approved in new scheme: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan signed off on the Emirati Family Growth Program during yesterday’s council meeting, the Abu Dhabi Media Office reports. The program’s key initiatives include:

• Extending maternity leave for women in the private sector to 90 days, up from 60 days;
• Extending marriage loans to couples about to get married;
• Annual rental assistance for newlyweds lasting for four years;
• Deductions and extensions of loan repayments in the case of the birth of a fourth child.

WEATHER- Temperatures are on the rise, with the mercury hitting 45°C in Dubai today, with an overnight low of 33°C. Abu Dhabi will see the mercury peak at 40°C, with an overnight low of 34°C.

HAPPENING TODAY-

Progress on trade talks with the Philippines: The UAE and Philippines are on the second day of the second round of negotiations on a trade and economic agreement today in Manila, the Manila Times reports. The countries are looking to finalize the agreement by October or November, Assistant Secretary for Industry Development and Trade Policy at the Department of Trade and Industry Allan Gepty said.

Background: The two countries agreed to initiate talks in December in a bid to boost trade and investment by facilitating the export of goods and services between the Philippines, the UAE, and the broader Gulf region.

WATCH THIS SPACE-

#1- Former BP CEO Bernard Looney is seeking UAE support as he mulls tapping into the private equity market, the Financial Times reports, citing unnamed people it says are in the know. Looney has reportedly had discussions about potential UAE-backed investments with National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan, as well as Industry Minister Sultan Al Jaber, who also serves as CEO of state-owned oil giant Adnoc and chairman of the country’s biggest renewables player Masdar.

Al Jaber and Looney go way back: Looney maintained a close relationship with Al Jaber during his tenure at BP, says FT, and Al Jaber was among industry leaders who privately reached out to Looney to offer support after his abrupt resignation from BP last year.

#2- Demand for Dubai Aerospace Enterprise (DAE) services is surging amid the lag in new jet deliveries by Boeing and Airbus, DAE CEO Firoz Tarapore told Bloomberg in an interview. “Airlines have intense pressure to make sure that every aircraft they own is up flying and making money for them because the supply of new aircraft is constrained,” Tarapore said. DAE’s maintenance facilities, operated by its Jordan-based Joramco unit, are booked solid for 18 months, according to the CEO. The aircraft lessor — the largest in the region — is also facing delays in plane orders and expects to receive around only half of its Boeing 737 aircraft order.

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DATA POINTS-

#1- The UAE led the region in terms of attracting FDI projects in 2023, accounting for over 60% of all new projects, Wam reports citing data from the Arab Investment and Export Credit Guarantee Corporation. The UAE attracted the highest number of foreign direct investment projects in the region (1.2k), and ranked third in generating nearly 45k new jobs. The Emirates also ranked sixth in terms of investment costs, which came in at USD 14.1 bn.

Dubai led the way with 989 projects (49.4% of regional total), followed by Abu Dhabi with 159 projects (7.9%). Sharjah received 19 projects, and Ras Al Khaimah 10.

REMEMBER- The UAE attracted around USD 30.7 bn of FDI inflows for greenfield projects in 2023, representing 45.4% of total foreign direct investment inflows in the region, according to UNCTAD data. It also led with USD USD 225 bn in cumulative FDI balances, comprising 21% of total incoming balances across the region.

#2- The Dubai Mercantile Exchange’s (DME) total energy trading surged 21% to 680 mn barrels in 1H 2024, up from 562 mn barrels in 2H 2023, Al Bayan reports. The DME’s future contract volumes increased 31% to 505 mn barrels in 1H 2024, up from 385 mn barrels in 2H 2023. The DME’s physical deliveries rose by 9% to 113 mn barrels, compared to 104 mn in 2H 2023.

#3- CI Capital predicts a dip in 2Q 2024 UAE bank earnings compared to 2Q of last year, as well as the last quarter, Zawya cites a preview of MENA bank sector performance by Egyptian financial services firm CI Capital as saying. Emirates NBD's Turkish operations and normalized costs are major factors, while Abu Dhabi Islamic Bank is expected to outperform with strong net interest margins and controlled expenses.

THE BIG STORY ABROAD-

It’s a quiet day in the foreign press, as elections in Europe wrap and heads of state head over to Washington for the Nato summit.

Political analysts are saying it’s a “make-or-break” week for Joe Biden’s re-election as Congress returns from its Fourth of July recess, and today could be an inflection point as Democrats in the Senate hold a caucus meeting at which the way forward for Biden will be Topic #1.

“Go ahead. Challenge me at the convention,” Biden thundered on the call with the hosts of his favorite morning show. “Any of these guys don’t think I should, run against me. Announce for president.” The Financial Times has more on what it’s calling his new “offensive” to keep his campaign.

All eyes will now be on Washington, which plays host to the Nato summit. Russia launched its biggest attack in Ukraine in months on the eve of the summit, hitting a children’s hospital and killing at least 36 people, Reuters reports.

And there’s still no word from France, where centrist and left-wing parties are jostling to see how they can put together a government, France24 notes.

AND IN BUSINESS- There are still folks outside the Middle East committing to venture capital as an asset class. HongShan, formerly the China unit of Sequoia Capital, has raised a USD 2.5 bn, RMB-denominated fund to invest in Chinese startups.

CIRCLE YOUR CALENDAR-

The World Food Security Summit is scheduled to take place on 26 and 27 November at the Abu Dhabi Exhibition Centre (Adnec), Wam reports. The event will gather experts and leaders to exchange views on effective approaches to food security and developing a sustainable global food system and eliminating hunger.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.