???? UAE's Record $381B Non-Oil Trade Surge!

Hala,

??? Apple’s “Glowtime” event is set for September 9th! Expect the iPhone 16 lineup, a bronze Pro model, and new AirPods.(1) Time to start saving...again! ??????

amana’s Take

• The Japanese Yen continues its losing streak against the US Dollar, dipping for the second straight day. This comes despite the Bank of Japan's hawkish signals, with traders expecting further rate hikes that could put a floor under the Yen. The message from the BoJ: they’re playing the long game, but the Yen isn’t quite getting the memo.
• While the BoJ is talking tough, the US Federal Reserve seems to be softening its stance. Fed Chair Jerome Powell and his colleagues have hinted at an upcoming rate cut, which could cool the USD's rally. A 25 basis point cut is on the cards for September, even with strong US economic data. The market is watching this tango closely.
• Japan's Finance Minister points to a tangled web of factors driving exchange rates, from monetary policy to market sentiment. With Japan's inflation staying stubbornly high, BoJ Governor Ueda suggests only a slight chance of future rate tweaks. As central banks dance around each other’s moves, the Yen remains in a tricky spot, caught between hawkish posturing and dovish whispers.

Stock Market Update

???? Wall Street had an eventful Monday as the Dow hit a record high, shaking off steep sell-off earlier this month. Investors also ditched tech stocks, hunting for fresh opportunities. The Dow climbed 0.16% to 41,240.52, even teasing a 0.6% intraday peak. Meanwhile, the S&P 500 slid 0.32% to 5,616.84, and the Nasdaq 100 shed 1.04% to 19,516.44.(2) Talk about a market rollercoaster! ????

???? Similarly, Gulf stocks closed mixed on Fed rate-cut hopes. Abu Dhabi eased 0.2% to 9,356, while Dubai added 0.8% to 4,325.(3) ↗?↘??

???? UAE's Trade Engine Roars to New Heights!

The UAE’s non-oil foreign trade has hit a record-breaking AED 1.4 trillion ($381.17 billion) in the first half of 2024, revving up 11.2% year-on-year (YoY).(4) With eyes on an ambitious AED 4 trillion target by 2031, the country is firing on all cylinders. "Our foreign trade is nearing AED 1.4 trillion in just six months, with non-oil exports up 25%," said H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. The UAE is racing toward a strong finish in 2024 with an expected AED 3 trillion in non-oil foreign trade by year's end. ????

????? Key Trade Highlights:

• Non-Oil Exports: Surged 25%, leading to a total of AED 1.4 trillion in H1 2024.
• Top Export Growth: Iraq saw a 41% increase, with India and Turkey close behind.
• Re-Exports: Reached AED 345.1 billion, up 2.7% YoY.
• Imports: Hit AED 800 billion, growing 11.3% YoY, with 34.6% growth compared to H1 2022.

???? Global Connections & Future Goals

Strengthening ties with countries like India, Turkey, and Iraq, the UAE’s trade relations are at full throttle. The UAE is not just hitting milestones; it’s setting the pace for global trade. As the nation races toward its 2031 goals, it's clear the engine of UAE’s economy is running at peak performance. ????

Closer to Home?

• ?? Saudi Electricity (SEC) supercharges with a SAR 15B ($4B) loan from 15 regional and global banks, including ADCB, FAB, and Bank of America Europe—no guarantees needed!(5) Talk about an electrifying deal! ?
• ?? Speaking of banks, UAE banks raked in a cool AED 54B ($14.7B) in fresh ‘3-month’ deposits over the first five months of 2024. National banks grabbed 90.9% of the stash, while foreign banks snagged 9.1%.(6) UAE banks are on a roll! ??
• ?? Meanwhile, Abu Dhabi’s Marlan Space, powered by investment giant IHC, teamed up with San Francisco's Loft Orbital to launch a $100M mission into the UAE’s space sector, aiming to crank out commercial LEO satellites.(7) ??

What Else Is Trending

• ?? Crypto’s millionaire club just doubled its membership! Now 172,300 strong, up from 88,200 a year earlier, all thanks to Bitcoin ETFs and soaring crypto assets.(8) The crypto-rich are cashing in big time! ??
• ??? Meanwhile, oil prices jumped 3% higher on Monday as Libya’s output cuts and Middle East strife fueled supply jitters. Brent soared 3.05% to $81.43 a barrel $81.43, while WTI climbed 3.5% to $77.42.(9) ?
• ?? Lastly, spot gold shined at 0.3% to $2,518.47 per ounce on Monday, nearing its record high, as Fed rate cut hopes and Mideast tensions sparked safe-haven demand.(10) ?

??Quote of the Day

"Our economic relations with various countries have strengthened, with trade increasing by 10 percent with India, 15 percent with Turkey, and 41 percent with Iraq." — H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai

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Sources:(1) The Verge, (2) (8) CNBC, (3) (9) (10) Reuters, (4)(5) (6) (7) Zawya