UAE markets cooled off after a strong July run, with both DFM and ADX closing the week slightly lower. But under the surface, the story stayed active. Tourism data was strong, new public transport highs were logged, and earnings continued to roll in. DFM’s profit more than doubled, MODON and Aldar delivered, and Multiply rallied on global deal momentum. With central banks back in focus and Trump’s tariff map expanding, investors kept one eye on the tape and one on the Fed.

Key Highlights

• DFMGI dipped 0.64% to 6111.95, with DEWA and Emaar pulling back, while Salik and DIB held up.
• FADGI slipped 0.23% to 10316.65, despite a sharp 8.2% gain in Multiply and strength in ADNOC Gas.
• DFM’s net income jumped 537% YoY to AED 585M, boosted by a one-off AED 462M land sale.
• MODON reported a 248% YoY surge in profit, while Aldar delivered AED 2.9B in net income, up 25% YoY.
• Ras Al Khaimah and Abu Dhabi posted strong H1 tourism figures, and Air Arabia expanded its Southeast Asia routes.

Dubai Financial Market (DFM)

DFMGI slipped 0.64% to 6111.95 after five straight weekly gains, with momentum cooling in large caps. Emaar dropped 2.2% to AED 15.35 and Emaar Development eased 0.7% to AED 15.2, even as residential transaction value in the UAE was projected to grow 2.6% annually through 2029. DEWA fell 2.8% to AED 2.73, the steepest drop among DFM heavyweights. Emirates NBD closed flat at AED 26.1, while DIB added 1.2% to AED 9.95 on continued buying interest. Salik rose 1.9% to AED 6.33, extending its steady summer climb. Talabat fell 2.3% to AED 1.27, remaining under pressure. DFM itself reported a 537% YoY net income surge to AED 585M, driven by a AED 462M land sale. Even stripping that out, earnings were up around 20%, reinforcing its position as a key proxy for investor appetite.

Abu Dhabi Securities Exchange (ADX)

FADGI eased 0.23% to 10316.65, with banks under mild pressure but key outperformers elsewhere. Multiply jumped 8.2% to AED 2.89 after confirming a $1.5B acquisition of Spain’s Tendam, its biggest international deal to date. ADNOC Gas rose 1.5% to AED 3.32, reversing the previous week’s decline as contract visibility improved. Aldar fell 2.3% to AED 9.57 despite reporting AED 2.9B in net income, up 25% YoY, and AED 7.7B in revenue, up 46% YoY. FAB dipped 1.6% to AED 17.7, and ADCB dropped 3% to AED 15.72, while ADIB held steady at AED 23.7. Tourism tailwinds, including record visitor numbers in Ras Al Khaimah and Abu Dhabi’s AED 182M hotel revenue in May, continued to support sentiment in consumer and infrastructure plays.

Global Market Highlights

Microsoft joined Nvidia in the $4 trillion club, while the US and EU finalized their 15% tariff deal. Trump revealed the full list of updated trade rates, extending friction to India and China. Fed expectations shifted slightly after non-farm payrolls and CPI data landed in line with forecasts. A powerful earthquake triggered tsunami warnings across the Pacific, but risk assets held firm. UK, Germany, and France all signaled formal recognition of Palestine in a coordinated move that stirred regional diplomacy. Despite the noise, UAE markets traded with discipline, balancing earnings with macro caution.