Good morning, friends. The newsflow is picking up as news from Gitex begins to trickle in, and as the IPO rush in the back half of the year continues.

The big story of the day is Dubizzle’s upcoming IPO, which will see it float a 30% stake on the DFM, potentially for up to USD 1 bn. Also: Du is building a hyperscale AI data center park in Dubai.

ALSO- A new law authorizes the Central Bank of UAE to raise its ceiling for fines, and expands its authority and oversight powers.

WEATHER- Temperatures are continuing to cool down as heavier clouds bring with them rainfall in parts of the UAE. Dubai will see a high of 35°C and an overnight low of 28°C, according to our favorite weather app. Meanwhile, Abu Dhabi is set to see a high of 37°C and an overnight low of 28°C.

UPDATE-

Tabread seals Pal Cooling buyout: State-owned district cooling company Tabreed closed its takeover of Pal Cooling Holding from Multiply Group, alongside Luxembourg-based private equity firm CVC’s infrastructure investment arm CVC DIF, following regulatory approvals, according to two separate bourse filings (here, pdf and here, pdf). The move, which values Pal at AED 3.9 bn, is expected to add 600k refrigeration tons across eight Abu Dhabi concessions, boosting Tabreed’s connected capacity by 13% to 1.55 mn RT and introducing long-term contracts averaging 25 years with offtakers including Aldar, Modon and Imkan.

Tabreed also finalized its AED 1.5 bn concession agreement with Dubai Holding Investments to provide district cooling services to Palm Jebel Ali. The project will deliver 250k RT in phases through a joint venture, with Tabreed holding the majority 51% and Dubai Holding owning the remaining 49%.

Meanwhile, RedBird seeks UK approval to buy The Telegraph: US-based RedBird Capital Partners formally requested UK government approval to acquire The Telegraph in an agreement valuing the newspaper at GBP 500 mn (USD 667 mn), Reuters reports, citing an internal memo it saw. The transaction would give RedBird majority control of the publication alongside a consortium of British media investors, with Abu Dhabi-backed IMI holding a 15% minority stake, in line with UK limits on foreign state ownership of media outlets.

BACKGROUND- The move follows new legislation approved by the UK House of Lords in July allowing the UAE to retain a 15% stake, ending a two-year saga that saw a previous RedBird-IMI joint bid blocked and the sale forced under stricter 5% ownership caps. The revised law cleared the way for RedBird to proceed, pending a final public interest review.

WATCH THIS SPACE-

#1- Sharjah plans to secure an RMB-denominated syndicated loan worth up to USD 400 mn, at a fixed interest rate of 2.6% for a five-year term, Bloomberg reported, citing sources it says are familiar with the matter. The loan — which comprises an initial amount of USD 250 mn and a greenshoe option to raise it by USD 150 mn — will be used for general corporate purposes and is expected to be finalized this month.

Background: The bond comes after the emirate tapped the Panda bond market in 2018 with a RMB 2 bn bond (USD 316 mn) issuance, making it the first in the Middle East to do so.

ADVISORS- China Construction Bank is set to act as the sole mandated lead arranger and bookrunner for the transaction.Credit Agricole (China), JP Morgan Chase (China), Industrial and Commercial Bank of China, China Bohai Bank, Citic Securities, Export-Import Bank of China and Shenwan Hongyuan Securities are joint lead underwriters and bookrunners, Zawya reports.

#2- Emirates NBD is reportedly in advanced talks to acquire a stake in India’s RBL Bank, with plans to invest through a preferential allotment of equity and warrants, Reuters reports, citing sources it says are familiar with the transaction. The stake could go up to 25%, though current regulations in India cap strategic foreign investors’ allowed ownership at 15%. Exceptions have been made, though, and the Reserve Bank of India is considering changing that rule.

The bank was linked to talks with RBL Bank previously, though the Indian private lender had denied reports of an acquisition in July. Emirates NBD was also reportedly in talks in May to acquire a majority stake in the Industrial Development Bank of India.

#3- Abu Dhabi-based private equity firm BlueFive Capital launched a unit in Oman named BlueFive Capital Majan as it looks to establish a footprint in the country with a new office in Muscat, according to a press release. The office will be led by Director Ashish Mehta (LinkedIn), and will focus on investment advisory, capital raising, and cross-border strategic partnerships aligned with Oman Vision 2040. The office will target priority sectors including infrastructure, logistics modernization, sustainable energy, and financial innovation.

REMEMBER- Oman’s sovereign-owned investment funds are among BlueFive Capital’s founding shareholders, which had led a founding shareholders funding round valuing it at USD 120 mn.

The firm has big plans: BlueFive has been expanding its footprint across the GCC and Asia, and aims to establish a Southeast Asia-focused investment corridor in partnership with Sriwijaya Capital, connecting GCC sovereign wealth funds and institutional investors with growth prospects across the ASEAN region. It also plans to close a USD 1 bn Asia fund in 4Q 2025 and launch a USD 500 mn private equity fund with China’s CICC Capital.

#4- Dubai Loop could open to the public as soon as 2Q 2026, AI Minister Omar Al Olama is quoted as saying by Bloomberg. The underground system, developed by Elon Musk’s construction firm The Boring Company, was planned as a 17-kilometer underground transport system with 11 stations and a capacity to move over 20k passengers per hour in an initial phase. The underground transport system is set to mirror the one in Las Vegas, which is operated by Tesla vehicles driven by human drivers, though autonomous vehicles have also been floated for the project.

PSAs-

#1- UAE residents can now manage domestic workers’ visas through a digital platform: The Human Resources and Emiratization Ministry’s Domestic Worker Services initiative now allows UAE residents to issue, renew, and cancel residency permits for domestic workers through its Work in UAE platform, according to a press release. The platform digitizes the full residency and onboarding procedure, covering everything from standardized application submission to work contracts, medical examination, and Emirates ID and residency visa issuance.

#2- Marriage contracts go fully digital in Abu Dhabi: Individuals can now authenticate their marriage contracts electronically via the Abu Dhabi Judicial Department (ADJD) website and smart app, under a new MoU between ADJD and the Foreign Affairs Ministry, state news agency Wam reports. The move allows users to instantly obtain certified copies, valid for use inside and outside the UAE.

More to come: The two entities plan to expand the system to cover other official documents.

#3- DFSA launches digital platform for DIFC application: Dubai Financial Services Authority (DFSA) rolled out a new digital services platform, DFSA Connect, streamlining regulatory and authorization processes for businesses looking to carry out financial services in Dubai International Financial Center (DIFC), according to a press release. The platform uses an AI system to reduce manual admin work in the regulatory approval process for the financial freezone.

The platform is expected to optimize regulatory workflows by 33% to help the DFSA cope with rising application volumes — already up 18% during 9M this year.

HAPPENING TODAY-

#1- GITEX Global kicked off yesterday and is running until Friday at the Dubai World Trade Center. The tech expo gathers major industry players including from G42 and Cerebras, as well as government officials, and innovators under one roof to showcase developments in AI, cloud computing, cybersecurity, quantum technologies, and digital infrastructure.

#2- Expand North Star is on its penultimate day at Dubai Harbour. The exhibition brings together over 2k startups, 1k investors, and accelerators from across over 100 countries to explore trends shaping the global startup ego system.

#3- The IUCN World Conservation Congress kicked off last week and is on until tomorrow in Abu Dhabi. The congress gathers government officials, academics, and members of the civil society to discuss the challenges facing sustainability and nature conservation, as well as the policy decisions influencing the conservation agenda. The event will be divided into three components — a forum, exhibition, and a members’ assembly to address how businesses should integrate sustainability into their strategies.

#4- The Global Future Councils annual meet kicks off today in Dubai and will run until Thursday. Hosted by the UAE government in collaboration with the World Economic Forum, the annual summit convenes leaders, ministers, and industry experts to shape policy frameworks on global issues, including energy transition, future cities, and the governance of emerging technologies.

#5- The World Bank and IMF annual meetup is getting into its swing in Washington today, after kicking off the weeklong set of meetings yesterday.

US President Donald Trump’s latest ratcheting up of the country’s trade war with China is expected to top the agenda, with Trump reacting to the curbing of key critical mineral exports from China with additional tariffs of 100% on all Chinese US-bound goods starting 1 November. Leading up to the spat over the weekend, the two economic superpowers — with a combined 42.9% of global GDP — had been cooling relations and lowering tariffs, which had in turn persuaded the World Bank and IMF to revisit and raise growth forecasts after previous tariff-related downgrades.

The IMF will release its latest World Economic Outlook today. The report provides updated forecasts and analysis on global economic growth and key trends and will be unveiled during a press briefing later today. We’ll also be keeping our eyes peeled for the Regional Economic Outlook for the Middle East and Central Asia, to be released on 21 October.

HAPPENING THIS WEEK-

The Evolve Future Mobility Show is running from tomorrow until Saturday at the Expo Center in Sharjah. The event will host 200 international exhibitors as well as industry leaders, policymakers, and entrepreneurs, to explore the use of EV technology in key sectors of sustainable mobility.

THE BIG STORY ABROAD-

One story is dominating the front pages of the foreign press, and that’s US President Donald Trump’s victory lap in Sharm El Sheikh in Egypt yesterday, following the release of the remaining Israeli hostages by Hamas, Israel’s release of Palestinian prisoners, and what he declared the end of the war. Trump and 20 other world leaders — including from the UAE and Saudi Arabia — gathered for a peace summit in Egypt yesterday to celebrate what is being heralded as a “new dawn” for the Middle East.

Vice President Mansour bin Zayed Al Nahyan was the UAE’s representative at the summit, state news agency Wam reports. The delegation also included National Security Adviser Tahnoon bin Zayed Al Nahyan, Energy and Infrastructure Minister Suhail Al Mazrouei, Industry and Advanced Technology Minister Sultan Al Jaber, Investment Minister Mohamed Alsuwaidi, and State Minister Khalifa Shaheen Al Marar.

Key issues remain unresolved, including Hamas’ refusal to disarm, Israel’s partial troop withdrawal, and the question of who will govern Gaza once the fighting fully stops, the Associated Press reports. The US-led plan envisions an international body overseeing Palestinian technocrats and an Arab-led security force, but both Hamas and Israel have pushed back on elements of that framework. (Reuters | Bloomberg | Financial Times | Wall Street Journal)

Next up: Ukraine? Trump is set to meet with Ukrainian President Volodymyr Zelensky at the White House on Friday as he sets his eyes on resolving the conflict with Russia. (WSJ | Axios)

Among the biggest business headlines, OpenAI’s latest chip agreement with Broadcom is getting the most attention. The two firms agreed to develop and deploy 10 GW of chips and computing systems, marking the latest in a series of chip agreements inked by OpenAI with the likes of Nvidia and AMD worth bns of USD. (WSJ | FT | CNBC)

PLUS- American-Israeli Joel Mokyr, French economist Philippe Aghion and Canadian economist Peter Howitt were awarded the Nobel Prize for Economic Sciences for their work exploring the impact of innovation on economic growth, and the concept of “creative destruction.” (WSJ | CNN)

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MARKET WATCH-

Opec has kept its global oil demand growth forecast unchanged at 1.3 mn bbl/d in 2025 and 1.4 mn bbl/d in 2026, according to its monthly oil report (pdf). Global supply is expected to match demand next year as the group continues to boost production.

Demand for Opec+ crude remains steady at 42.5 mn bbl/d this year, rising slightly to 43.1 mn bbl/d next year. The group increased output by 630k bbl/d in September, bringing total production to an average of 43.05 mn bbl/d, the report adds citing secondary sources.

ICYMI- Opec+ agreed to add a total of 137k bbl / d to production in October and November.

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