Good morning, lovely people. We have a packed issue for you this morning as we enter day three of Gitex, and as expected, it’s dominated by tech-related news. We have a rundown of all the big agreements — a lot of which are AI-related — in today’s news well, below, as well as a rush of data centers — and cooling and energy demand they will bring — coming our way.

Plus: 3Q real estate reports are starting to trickle in, and it’s looking like there was no slowing the property market in Dubai down during the summer months.

AND- ADGM proposes new draft rules for temporary commercial and activity permits. Let’s dive in.

WEATHER- Temperatures are still falling in both Dubai and Abu Dhabi, with Dubai seeing a high of 36°C and a low of 29°C, and the capital seeing a high of 35°C and a low of 28°C, according to our favorite weather app.

UPDATE-

ENBD’s dim sum listing lands in Dubai: Emirates NBD’s CNY 1 bn (USD 140 mn) dim sumbond, which was issued in August, is now listed on Nasdaq Dubai, according to a press release. The note, which priced at 2.40% with a 2028 maturity, was issued under the lender’s USD 20 bn EUR Medium Term Note Program, bringing its total Dubai-listed debt to USD 5.4 bn across nine instruments. The total outstanding value of debt securities listed on Nasdaq Dubai reached USD 140 bn.

The move, which marks the bank’s return to the offshore Chinese bond market after more than a decade, diversifies its funding base and reflects the emirate’s growing financial links with Asian markets.

Emirates NBD has been active global debt markets this year: In January, the lender sold USD 700 mn in five-year senior Formosa unsecured notes listed on the Taipei Exchange, while in June it issued a 10-year AUD 600 mn (USD 391 mn) kangaroo bond under its AUD 4 bn program.

ADVISORS- Bank of China, Emirates NBD Capital, ICBC, and Standard Chartered quarterbacked the transaction as joint lead managers and bookrunners.

WATCH THIS SPACE-

#1- G42 to launch sovereign AI cloud in France soon: G42 will launch its sovereign AI cloud in France in the next few months as part of its global expansion, G42 Acting Group Chief Global Affairs Officer Talal Al Kaissi told state news agency Wam. The project, developed under the recently-launched AI Factories Antennas initiative to boost Europe’s AI and supercomputing capacity, will be operated by subsidiary Core42, which has already set up infrastructure in Grenoble ahead of launch.

Background: G42 said it will establish an AI data center in Grenoble in partnership with AI hosting firm DataOne, led by Core42 and powered by AMD AI technologies. The facility will supply French enterprises and researchers with high-performance computing resources and was expected to go live by mid-2025. Abu Dhabi AI fund MGX is also planning to investUSD 30-50 bn in a data center and AI campus in France.

Things are a bit slower here at home: The AI firm is still working on finalizing details for the remaining 4 GW of the UAE’s planned 5 GW Stargate AI campus, with the firm in discussions with “other hyperscalers from the US” regarding the remaining capacity, Reuters cites Al Kaissi as saying. We previously reported that final negotiations remain “far from finalized,” with security concerns over Chinese tech access continuing to slow progress, and OpenAI was reported to be a major tenant of the AI campus.

REMEMBER- The Abu Dhabi-backed firm is developing the project with Nvidia, OpenAI, Cisco, Oracle, and SoftBank as part of the US’s wider USD 500 bn Stargate infrastructure platform and a USD 200 bn US-UAE investment pact. The first phase, Stargate UAE, is slated to launch in 2026.

First 200 MW still on track for 2026: The first 200 MW of power is still set to come online next year, Al Kaissi confirmed. The multi-bn-USD hub will be powered by nuclear, solar, and natural gas, aiming to become one of the world’s largest AI data center networks.

#2- Emirates NBD could get a formal nod from the Reserve Bank of India for a controlling stake in Indian private lender RBL Bank, after it said it was open to allowing the transaction, according to two sources Reuters says are familiar with the matter. The UAE lender is reportedly after a 51% stake in the Indian bank, which could set it back about INR 150 bn (USD 1.69 bn), Mint reports. Current regulations cap foreign ownership in Indian banks at 15%.

What we know: The transaction is expected to include the acquisition of a 26% stake from institutional investors, followed by an open offer for an additional 25%, though voting rights may be capped at 26% to comply with RBI norms. JPMorgan is advising Emirates NBD on the potential acquisition.

#3- Dubizzle eyes fintech, proptech, and auto acquisitions: Dubai-based classifieds giant Dubizzle Group is exploring potential acquisitions of fintech, proptech, and automotive firms closely tied to its core business, CEO Imran Ali Khan told Asharq Business (watch, runtime: 11:06). The company previously expanded through acquisitions such as Property Monitor, which tracks UAE real estate data, and automotive platform Drive Arabia, and is preparing for a 30.3% IPO on the DFM.

PSAs-

#1- You can now complete real estate sales online in Dubai: DubaiLand Department (DLD) has rolled out the first phase of its new “Digital Sale” service on the Dubai Now app, allowing real estate transactions to be completed entirely online, according to the Dubai Media Office. The new service enables buyers and sellers to complete property registration and sale procedures through the app, which also issues ownership certificates.

The feature currently applies to freehold properties — residential units, commercial units, and townhouses — that are no-mortgage and owned by a single holder. Both parties must hold Emirates IDs, an active UAE Pass account to provide digital signatures, and a local bank account.

#2- Automatic license renewals in Abu Dhabi are now a thing…: Abu Dhabi has launched TAMM AutoGov, the latest feature of its one-stop government services platform, which automatically handles and manages recurring services such as license renewals, utility payments, and scheduling healthcare appointments, according to the Abu Dhabi Media Office. The service acts as an AI public servant, and is in line with Abu Dhabi’s plans to become the world’s first AI-native government by 2027.

In the pipeline: TAMM is also expanding to include family, mobility, and health hubs, organizing essential services in each of these segments as part of TAMM Spaces. Meanwhile, TAMM by You is a voting platform that will allow users to have their say on future services, and TAMM Hologram will be rolled out across the emirate using hologram technology to connect citizens and residents with agents.

#3- …as are gov’t fee installments: The Federal Authority for Identity, Citizenship, Customs and Port Security introduced a new payment plan allowing customers to pay service fees of AED 500 or more in no-interest installments using credit cards from 10 local banks, state news agency Wam reports. Payments can be spread over three to 12 months, depending on each bank’s terms.

Participating lenders include: Our friends at Mashreq, along with First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Emirates NBD, Emirates Islamic Bank, Commercial Bank of Dubai, Sharjah Islamic Bank, RAKBANK, and Commercial International Bank. Visa International is also part of the initiative.

#4- Dubai launches new system to streamline customs checks…: Dubai Ports and Borders Security Council has inaugurated a new advanced cargo information (ACI) system set to boost customs security and limit the need for field inspections through smart data analysis, according to a statement. The ACI will permit the receipt of shipment data prior to leaving the exporting country in a bid to lessen time to obtain information before the actual shipment. The system applies load data from sea and air ports as well as customs data to ensure the accuracy and speed of risk analysis.

#5- …and a new berth rental platform: Dubai’s Ports, Customs, and Freezone Corporations (PCFC) has launched a unified digital platform — named Marsa — to manage berth rentals under the supervision of the Dubai Maritime Authority, according to a statement. The platform is set to automate the entire berth rental process, including applications, fee calculation, invoicing, and smart payments. It will operate across 20 marinas with a 4.2k marine vessel capacity. The platform is also poised to standardize lease contracts and link them to electronic payment systems.

That’s not all: The PCFC also launched additional projects, including an advanced drone-based system — named Port Eye — to monitor ship movement and docking. An innovative navigation training simulator — named Smart Navigation — was also integrated to train port personnel.

HAPPENING TODAY-

#1- GITEX Global kicked off earlier this week 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 final 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 is also wrapping up today 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 kicked off yesterday in Dubai and will run until tomorrow. 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 began in Washington today, after kicking off the weeklong set of meetings yesterday.

#6- The Evolve Future Mobility Show is running from today 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-

Government bonds rallied yesterday as equities took a hit and investors piled into safe haven assets following renewed tensions between the US and China as the latter faces a 100% tariff on its goods after it tightened export controls on rare earth minerals.

The yield on the UK’s benchmark 10-year government bond — gilts — lost 8 basis points, while yields on US 10-year Treasuries fell 3 basis points, and yields on bonds in France, Germany, Italy, Australia, and Japan all edged lower. (CNBC)

Meanwhile, US Federal Reserve Chair Jerome Powell signaled he would back another rate cut as preliminary labor market data shows signs of distress, despite the official jobs market data being delayed to the ongoing US government shutdown. (Financial Times)

CLOSER TO HOME- The fragile Israel-Hamas ceasefire agreement has already started to face snags, just a day after US President Donald Trump heralded the end of the war during his visit to the region. Israel said it would limit the volume of humanitarian aid going into Gaza to half since Hamas has failed to return the bodies of some of the deceased hostages, as was agreed. Hours later, though, Hamas delivered some of the bodies, but US President Donald Trump is threatening Hamas with retaliation if it does not lay down its arms.

The question of Hamas’ disarmament remains contentious, with Hamas yet to comply as it deploys hundreds of security forces in Gaza and follows through with executions of several people accused of collaborating with Israel. (Reuters | Bloomberg | Guardian)

Trump is also threatening to cut financial aid to Argentina if current president — and Trump ally — Javier Milei loses the upcoming election, threatening a USD 20 bn commitment to the country. (Guardian | Reuters | AP | New York Times)

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OIL WATCH-

Global oil supply is set to surge by 3 mn bbl / d in 2025 — up from previous forecasts of 2.7 mn bbl / d — followed by another 2.4 mn bbl / d increase in 2026, according to the International Energy Agency’s (IEA) latest monthly report. The rise will be driven by higher production from Opec+ members and others outside the group.

Supply is rising faster than demand: The IEA trimmed its forecast for world oil demand growth this year to some 700k bbl / d, 40k bbl / d lower than its previous estimate, citing weaker macroeconomic conditions. Consumption is expected to stay muted through 2025 and 2026, with annual growth averaging around 700k bbl / d.

The IEA is signaling a growing supply glut, with global output in September already up by 5.6 mn bbl / d from a year ago — 3.1 mn bbl / d of which came from Opec+. If current trends hold, global supply is estimated to exceed demand by some 4 mn bbl / d next year, compared to around 3.3 mn bbl / d last month.

That’s not what Opec said: In its monthly oil report, the group kept its global oil demand growth forecast unchanged at 1.3 mn bbl / d for 2025 and 1.4 mn bbl / d for 2026 — almost double the IEA’s — arguing that global supply is expected to match demand next year as the group continues to boost production.

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