Good morning, lovely people. We have a busy, investment-heavy issue for you this morning, with plenty of news out of the country’s sovereign wealth fund and biggest corporate players.

Renewables energy giant Masdar and the Abu Dhabi Investment Authority look set to be taking India’s Renew Energy private after raising their offer price; while Mubadala just acquired a stake in a Madrid-based university. Meanwhile, Al Futtaim Group is one of several firms pledging to expand in Saudi Arabia as FII continues in the Kingdom this week, with some USD 2.7 bn in investments earmarked over the next three years.

BUT FIRST- The Central Bank of the UAE cut interest rates for the second time this year, lowering them by 25 bps in line with the US Federal Reserve’s move in its meeting yesterday, according to a statement (pdf). The base rate applicable to the overnight deposit facility was cut to 3.90%, while the rate applicable to borrowing short-term liquidity remains the same at 50 bps above the base rate for all standing credit facilities.

We have more on what drove the Fed’s decision and what’s expected for the rest of the year in this morning’s Planet Finance, below.

WEATHER- Expect a high of 34°C in Dubai today, and a low of 26°C, while Abu Dhabi will see a high of 33°C and a low of 25°C.

WATCH THIS SPACE-

#1- UAE to invest up to USD 2 bn in India’s logistics sector: Abu Dhabi is planning on investing upwards of USD 2 bn in India’s Maharashtra’s ports and shipbuilding sector, according to a statement onX . The agreement — inked between Abu Dhabi Ports Group, Abu Dhabi Investment Office, and India’s Maharashtra Ports Department — aims to focus on shipbuilding, ship-breaking, as well as shipping and port infrastructure.

The two countries have been boosting logistics cooperation: India and the UAE were planning to expand their 10-year trade agreement to include eight new sectors — including logistics — with an aim of more than USD 100 bn in annual bilateral trade. Last year, India and the UAE inked several agreements on bilateral trade, including setting up a multi-modal trade corridor.

ALSO- DP World’s marine and ship repair subsidiary — Drydocks World — inked a heads of terms agreement with India’s Cochin Shipyard to set up India’s first vessel repair cluster at the International Ship Repair Facility in Cochin, Kerala, according to a press release.

ICYMI- Earlier this year, the two entities inked an MoU to develop ship repair clusters in Kochi and Vadinar, aiming to strengthen maintenance capacity and repair facilities.

#2- S&P Global expects Dubai’s economy to grow by an average of 2.9% between 2025 and 2028, the global rating agency said in a research note. The ratings agency primarily attributed its outlook to high levels of diversification, along with business-friendly regulations, an expanding tourism sector, and a strong real estate sector and investment interest. The emirate’s GDP grew 3.2% last year despite regional geopolitical conflicts, outperforming other GCC countries, with the region's GDP averaging 1.5%.

Non-oil sectors collectively make up 70% of Dubai’s nominal GDP. These sectors include wholesale and retail trade, transportation and storage, financial services, manufacturing, real estate, and tourism, according to the report.

Background: S&P Global sees the UAE’s economy growing at an average of 4% over the next three years, also largely driven by an anticipated surge in oil-related activities in Abu Dhabi as Opec+ members continue to unwind earlier oil cuts.

#3- Speaking of Dubai’s tourism sector: The emirate’s hotel market is heading for another record year, with occupancy projected to reach 81% in 2025 — up 4.6% y-o-y — as the emirate doubles down on its tourism, business, and events push, the National reports, citing STR data. The emirate sits just behind New York and Las Vegas when it comes to occupancy rates.

Prices are also going up, with average daily rates (ADR) in Dubai expected to climb 6.5% to AED 730. Meanwhile, Abu Dhabi hotels’ ADRs are set to rise at an even higher clip by 13.7% y-o-y to AED 697 on the back of big entertainment events.

“The competition is definitely heating up between Dubai and Abu Dhabi,” said STR’s Director of Client Relationships Sarah Duignan, noting that the price gap between the two markets has narrowed to AED 30 from AED 331 in 2015, as Abu Dhabi’s premium offering is catching up.

ICYMI- The UAE’s hospitality industry has had a strong year so far, with revenue per available room up 11.9% y-o-y in the year to August 2025, and occupancy reaching 78.5%.

#4- Alpha Dhabi reverses course on investment in Indonesian road toll infrastructure: Abu Dhabi-based holding company Alpha Dhabi has terminated discussions with Indonesian toll road developer PT Bakrie Toll Indonesia over a potential investment in road toll infrastructure in the country, according to a disclosure (pdf) to the ADX yesterday. The company had entered a non-binding agreement with the Indonesian firm earlier in September, but remained at a preliminary stage. No reason was provided for the termination of the agreement.

#5- A trade agreement between the UK and GCC can be reached “very soon,” Reuters quoted UK Finance Minister Rachel Reeves as saying earlier this week. Reeves — on the first visit to the region by a British finance minister in six years — met with Commerce Minister Majid Al Qasabi to talk trade, economic relations, and promising sectors and will hold talks with counterparts from Bahrain, Kuwait, and Qatar to advance negotiations with the block.

#6- Emaar Properties explores expansion in Saudi Arabia: Emaar Properties plans to expand its operations in Saudi Arabia, particularly within the tourism, residential real estate, and commercial retail sectors, Founder and Chairman Mohamed Alabbar said in an interview with Asharq Business. This move comes amid strong performance reported from Emaar’s linked ventures in the Kingdom, including Americana and Noon, with the latter exploring a dual-listing in Saudi Arabia and the UAE within the next two years.

In similar news, Lulu Group also plans to expand its operations in the Kingdom, with plans to increase its stores from 70 to 100, chairman of the group told CNBC Arabia (watch, runtime: 4:12) in an interview.

HAPPENING TODAY-

#1- The International Forum of Sovereign Wealth Funds kicks off today and runs through to Friday at ADGM. Hosted by Abu Dhabi Investment Authority and Mubadala Investment Company, the event brings together global CEOs and senior executives from sovereign wealth funds with combined assets of more than USD 10 tn, and serves as a platform to exchange ideas and insights on the role sovereign wealth funds play in responding to global volatilities and shaping economic resilience.

#2- The Ras Al Khaimah Global Real Estate and Investment Summit is taking place today and will run until tomorrow at the Al Hamra International Exhibition and Convention Center in Ras Al Khaimah. The two-day event convenes global investors, policymakers, and developers to discuss shifts and trends in real estate, cross-border investment, and sustainability. The summit features over 40 expert speakers, aiming to connect capital with investment projects across the Middle East.

THE BIG STORY ABROAD-

It’s a busy morning in the international business press, with a slew of Big Tech earnings, along with politics-related updates as Israel continues to strike Gaza despite claiming the ceasefire is still on, and as the Dutch national elections get underway.

The key takeaways from Big Tech earnings:

  • Meta’s shares fell 8% after close as investors reacted to what Meta CEO Mark Zuckerberg forecast as a massive increase in capital spending next year to build out AI infrastructure. Revenues for 3Q 2025 beat analyst estimates with a 26% y-o-y jump, though failed to offset a 32% increase in expenses. (Reuters | Wall Street Journal | Bloomberg)
  • AI was also the reason Microsoft’s earnings took a hit, as a USD 3.1 bn investment in ChatGPT maker OpenAI ate out of its net income. It also said its capital spending will increase this year. Its shares fell 4% after the bell. (Reuters | CNBC)
  • Google parent Alphabet also hiked capex plans, though its advertising and cloud computing businesses beat analyst expectations. Its shares rose 6% afterhours. (Reuters | WSJ)
  • Over in South Korea, Samsung’s operating income in 3Q 2025 more than doubled on an increase in chip sales. (CNBC)

IN OTHER AI NEWS- US chipmaker Nvidia became the world’s first USD 5 tn company (WSJ), and OpenAI might be targeting a USD 1 tn valuation from a potential IPO next year following its restructuring (Reuters).

Over in the Netherlands, the country’s centrist right party is on track to nab the most votes in the elections, setting the stage for Rob Jetten to take the helm as the youngest ever prime minister of the Netherlands at 38. He would replace longstanding PM Geert Wilders. (Reuters | Financial Times)

Closer to home, Israel said it would halt airstrikes on Gaza and uphold the US-brokered ceasefire after a slew of attacks on Tuesday, which it said was in retaliation for the killing of an Israeli soldier in Gaza. (Bloomberg | Reuters)

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