Good morning, friends, and happy FRIDAY. We close out the week with yet another mammoth issue, led by great news out of Abu Dhabi: The capital of capital’s GDP grew 3.8% y-o-y in 2Q 2025.

We also have several big M&A stories this morning: The Abu Dhabi Investment Authority bought a minority stake in Haagen Dazs owner Froneri alongside PAI, and International Holding Company acquired a controlling stake in Indian bank Sammaan Capital.

PLUS- More good news from investment bankers whose outlook on debt and equity capital markets for the region in the coming year — and beyond — was overwhelmingly positive during Zaywa’s Capital Markets Forum yesterday.

With strong reforms, more diverse liquidity, and a slew of structural drivers, the region’s momentum is set to continue into 2026, with the UAE in particular seeing what one panelist said was one of the busiest IPO pipelines they’ve seen in years.

We have all of the details on this, and more, in the news well, below.

WEATHER- Expect a slight cooldown in temperatures in Dubai, with a high of 36°C and an overnight low of 28°C. Abu Dhabi will see a high of 38°C during the day, staying warmer overnight at 31°C. Humidity persists into the night across both emirates.

WATCH THIS SPACE-

#1- Adnoc’s XRG and its partners have reached final investment decision on the Coral North Floating LNG facility in Mozambique, according to a statement. The expansion, which is located in area 4 in the Rovuma Basin, will be developed with partners including Eni, China National Petroleum Company, Mozambique’s national oil company ENH, and Korea Gas Corporation. The expansion will add some 3.55 mn metric tons a year of LNG capacity offshore Mozambique.

Background: XRG acquired Adnoc’s 10% stake in the basin earlier this year, gaining access to the operational Coral South FLNG and the planned Coral North expansion as well as Rovuma LNG onshore development, which together hold over 25 mtpa of potential LNG capacity.

#2- WeRide to bring Robotaxi + Robobus pilots to RAK: Ras Al Khaimah Transport Authority (RAKTA) has partnered with Nasdaq-listed, China-headquartered WeRide to launch pilot operations of autonomous buses and taxis in the emirate, according to a press release. RAKTA also inked an MoU with local developer Marjan focusing on collaborative autonomous vehicle trials and smart transport integration, Al Khaleej reports.

The when and where: WeRide’s Robobus will begin operating across nine stops on Al Marjan Island, with future plans to expand into Mina Island. In parallel, its Robotaxi GXR will begin trial operations in the city center. Commercial services are scheduled for early 2026 via RAKTA’s digital mobility app, and safety officers will initially be on board before fully driverless operations begin.

#3- Iliad Partners’ freshly-closed USD 50 mn Iliad Partners Tech Ventures Fund I will make 10-15 investments in total, focusing on the UAE and Saudi Arabia, Founder and Managing Partner Christos Mastoras told EnterpriseAM. The fund will also allocate a portion of its capital to Europe to back startups expanding into the MENA region, with around 10% of it directed specifically toward Greek startups.

It targets early-stage companies with tickets averaging USD 2-3 mn. Initial commitments are placed in the Pre-Series A stage with USD 500k-1 mn investments, growing to USD 2-5 mn for Series A firms. It’s prioritizing fintech, logistics, and proptech; however, it sees strong potential in other sectors like SME lending, ins. technology, construction tech, and maritime tech as sub-sectors the fund is likely to focus on in the future, Mastoras said.

The fund has already invested in three companies, including Dubai-based corporate expense management platform Qashio, Saudi’s logistics platform OTO, and procurement platform Penny.

#4- Private equity firms BlueFive Capital and Singapore- and Jakarta-based firm Sriwijaya Capital plan to establish a Southeast Asia-focused investment corridor, according to a press release. The tie-up aims to connect GCC sovereign wealth funds, institutional investors, and family offices with growth prospects across the ASEAN region through Sriwijaya Capital’s Southeast Asia network and BlueFive’s GCC contracts and access to Chinese state-owned enterprises and institutions. Efforts could later expand to other emerging markets.

The current priorities? Investing in renewable energy and infrastructure, the digital economy and fintech, as well as healthcare and life sciences, the statement said.

The two have been busy: Sriwijaya Capital recently closed its debut fund targeting growth-stage companies across the region, while BlueFive is also looking eastward, as it prepares to close a new USD 1 bn Asia fund in 4Q 2025 and launch a USD 500 mn private equity fund with China’s CICC Capital. It will also establish a shariah-compliant asset management platform launched under its partnership with Jeddah-based Al Murjan Group.

#5- London court favors DP World in Djibouti dispute: The London Court of International Arbitration (LCIA) has ruled that the government of Djibouti acted illegally in its seizure of the Doraleh Container Terminal from DP World in 2018, Khaleej Times reports. The decision affirms DP World’s USD 685 mn enforceable awards against the country — which the government has so far refused to honor. It also clarifies that harm was directly caused by the government — declining to award damages against its state-owned corporate port operator, the Port de Djibouti SA (PDSA).

Refresher: DP World has been embroiled in squabbling with Djibouti for seven years over the Djibouti government’s termination of its concession after claiming it unfairly favored DP World. The firm owns a 33.3% stake in DCT and had operated the Doraleh terminal since 2006.

The ruling has closed DP World’s arbitration proceedings with Djibouti’s PDSA, but wider disputes with Djibouti’s government and their partner China Merchants Port Holding — amounting to a USD 1 bn claim against the parties — remain active.

Not the first ruling: The decision upholds a third partial award from the LCIA which awarded the firm USD 200 mn for damages incurred between 23 February 2018 to 31 December 2020. A US court also backed this decision last year awarding DP World USD 200 mn from the government of Djibouti.

PSA-

Property buyers in Dubaimust now pay service charges on properties even if they have not yet been officially handed the unit, Khaleej Times reports, citing a ruling by the Dubai Rental Disputes Center. The decision is particularly directed to instances when the buyer is causing handover delays.

The new principle applies from the date the unit is ready or when payment defaults, with liability tied to the buyer’s name in the preliminary property register.

HAPPENING TOMORROW-

The Syria Recovery and Investment Forum kicks off tomorrow at the Adnec Center in Abu Dhabi. The forum will convene policymakers, business leaders, investors, advisory experts, and aid organizations to explore reconstruction, private sector participation, and financing frameworks for Syria.

THE BIG STORY ABROAD-

It’s an unusually quiet morning in the international business press, with only one headline of note making the rounds: OpenAI’s soaring valuation to USD 500 bn, making it the world’s most valuable startup. We have more on this, and the ongoing AI stock rally, in Planet Finance, below.

ALSO- Don’t expect to see any Boeing777Xs before 2027, sources have said, the aircraft maker looks set to suffer bns more in losses in cost overruns amid a series of setbacks. This would make it six years late to its original commercial launch date. (Bloomberg)

A few updates on the regional front:

  • Hamas will reportedly demand key revisions to US President Donald Trump’s Gaza ceasefire plan, particularly around the demand for its complete disarmament, though it is likely to accept it in the coming days, sources close to the group have said. (Guardian)
  • Morocco’s Gen Z-led protests yesterday, which have been ongoing for four days in light of heavy spending on World Cup 2030 and poor public services, turned deadly with three deaths and several injuries after officers opened fire on the crowds. (Bloomberg | New York Times | Guardian)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq and Hassan Allam Properties. Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA logistics industry?

***

OIL WATCH-

Unsold Middle Eastern crude from the last trading cycle is stoking concerns that a long-anticipated global oil surplus may be starting to take shape, with between 6 mn and 12 mn barrels of November-loading crude remain without buyers, Bloomberg reports, citing traders. The barrels, offered by sellers including the UAE and Qatar, were still on the market at the close of the cycle — unusual for volumes that typically move quickly to Asia’s price-sensitive refiners in China and India.

A hazy view: A better read of balances will emerge once Saudi and other Gulf suppliers issue November allocations to long-term contract buyers soon, Bloomberg added.

Other market signals are pointing to weakness: The backwardation in Murban crude futures has thinned, while price premiums for December-loading cargoes shrank. Traders point to softer-than-expected Chinese demand amid potential slower stockpiling combined with Opec+’s ongoing supply return, as weighing on sentiment and reinforcing expectations of a looser market ahead, Bloomberg added.

Meanwhile, supply has been increasing: Opec countries raised output by 400k barrels a day in September, according to a Bloomberg survey, marking the completion of the restart of its 2.2 mn bbl / d wind-down in 2023. Saudi Arabia accounted for the bulk of the increase, with a 320k bbl / d increase. A separate Reuters survey shows the monthly increase at a slightly smaller 330k bbl / d, with the UAE also significantly boosting output.

ALSO- The UAE is among several Opec+ members who have submitted an updated plan to offset crude output above their Opec+ target, according to a statement. The revised schedule covers a ten-month period from September 2025 through June 2026, with the country set to implement gradual reductions totaling some 292k bbl / d, matching up to a total of 8.52 mn barrels over the period, according to our calculations.

The breakdown: The plan calls for 10k bbl / d of cuts each month from September through December, rising to 20k in January and accelerating to 35k in February and March. Deeper adjustments are slated from April onward, with 50k, 55k, and 57k bbl / d trimmed in the final three months of the program.

Tags: