ENERGY-

Dana Gas + Crescent kick off operations at Khor Mor expansion: UAE-based Dana Gas and Crescent Petroleum have begun commercial gas sales from Iraq’s Khor Mor gas field expansion project ahead of schedule, according to a press release (pdf). The project, located in the Kurdistan region of Iraq, was previously expected to come online by 1Q 2026.

The USD 1.1 bn expansion was financed through a mix of loans and bond proceeds, including backing from the Bank of Sharjah and the US International Development Finance Corporation, as well as funds raised through a USD 350 mn senior secured bond issued last year by Pearl Petroleum — a consortium led by Dana Gas and Crescent Petroleum.

A 50% boost: The project adds 250 mn standard cubic feet (scf/d) of processing capacity, bringing the field’s total output to around 750 mn scf/d. The project will also add 7k bbl / d of condensate and 460 tonnes per day (t/d) of LPG to existing output of 15.2k bbl / d and 1.1 t/d.

About Khor Mor: The gas field produced some 525 mn scf/d of natural gas in early March, up some 75% since 2017. Khor Mor supplies fuel for some 75% of the Kurdistan Region of Iraq’s electricity generation, serving some 6 mn in the region.

CAPITAL MARKETS-

CME Group expands with DIFC office: US-based derivatives marketplace CME Group is opening an office in Dubai International Financial Center (DIFC), marking its entry into the region as it looks to tap into the surge in demand from both institutional and individual clients, according to a press release. The new office, which will be led by the firm’s head of Middle East and Africa, Sharif Jaghman (LinkedIn), will be the firm’s regional hub and operate under a Dubai Financial Services Authority license.

The company has seen double-digit growth — 16% — in trading volumes out of the Middle East this year, largely on the back of the influx of hedge funds to the UAE, the Financial Times quotes CME’s chief commercial officer, Julie Winkler, as saying. The firm already also owns 33% of Dubai-based Gulf Mercantile Exchange.

FINANCE-

UBS sets up shop in ADGM: Swiss bank UBS opened an advisory office in ADGM, expanding its UAE footprint beyond Dubai, Citywire reports. The new UBS branch will provide advisory services from ADGM while booking assets in Switzerland, and comes after the appointment of Michael Baechli (LinkedIn) as head of the bank’s non-resident Indian and professional client business in the Middle East.

We knew this was coming: UBS announced plans in May to expand in Abu Dhabi to tap growing regional demand from high-net-worth individuals relocating from higher-tax markets such as the UK.

DISPUTES-

NMC Healthcare founder to pay USD 46 mn to SBI for lying under oath: The Dubai International Financial Center Court ordered NMC Healthcare founder BR Shetty to pay USD 46 mn to the State Bank of India’s DIFC branch after ruling he lied under oath about signing a personal assurance for a USD 50 mn loan to NMC, according to a statement. The court cited extensive evidence — including emails, meeting notes, and handwriting analyses — proving he personally guaranteed the loan, and imposed 9% annual post-judgment interest until full payment. NMC did not complete all the quarterly repayments and monthly interest payments.

Background: NMC, once the UAE’s largest private healthcare operator, was forced into administration by a London court in 2020 after a Muddy Waters report claimed that it inflated its assets and owed over USD 4 bn in hidden debt. It tapped Rothschild & Co to advise on its strategic restructuring plans, with the process wrapping up in 2022, The National reports. Shetty has since filed several lawsuits abroad, accusing former executives and auditors of inflating the company’s finances.

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