Good morning, friends, and happy November. The oil and gas theme of the week is already kicking into gear as Abu Dhabi’s Enact Majlis wraps ahead of the kickoff of Adipec this morning in the capital, with the majlis seeing plenty of US and UAE cooperation. We expect a lot more oil and gas news throughout the week as the world’s biggest oil and gas event gets underway.

We also have an update on Amanat’s education unit’s IPO on Tadawul, with the firm set to raise up to USD c.USD 160 mn from the IPO. Plus: Abu Dhabi and Dubai’s bourses have both snapped a two-month losing streak in October. We break down what underpinned performance in the Capital Markets section, below.

Meanwhile, Abu Dhabi’s inflation inched up in September, though a decline in transport prices has kept it in check.

⛅WEATHER- Expect a few more clouds this week: Cloudy conditions with chances of scattered light rainfall are expected this week, according to the National Center of Meteorology (pdf). Dubai will see a high of 33°C, with an overnight low of 24°C, while Abu Dhabi could see a high of 33°C and a low of 25°C.

WATCH THIS SPACE-

#1- More Aldar shares could soon hit the ADX, courtesy of Alpha Dhabi: Alpha Dhabi Holding is reportedly weighing a partial sale of its 26.5% stake in ADX-listed developer Aldar Properties that could raise about USD 400 mn as soon as this year, Bloomberg reports citing people it says are familiar with the matter. The company, a subsidiary of state-linked International Holding Company (IHC), reportedly intends to float a 2% stake in Aldar on the Abu Dhabi bourse (ADX) after initially considering a larger divestment against a backdrop of surging real estate prices and a wave of follow-on share sales here at home.

ICYMI- IHC, the largest ADX-listed company, has been reducing its exposure to real estate assets in Abu Dhabi. Just last week, Alpha Dhabi and IHC Real Estate sold the parent company’s entire 42.5% stake in Modon to Abu Dhabi government-owned L’imad Holding for AED 26.3 bn, as part of a broader portfolio review aimed at capping sector exposure at 20%. The conglomerate said it will recycle proceeds from the sale into healthcare, tech, energy, food, and financial services.

Market reax: Aldar Properties stock shed 3.8% to close at AED 9 on Friday.

#2- EmiratesNBD is looking to establish an investment bank in India, Bloomberg reports, citing people with knowledge of the matter. The bank reportedly aims to hire 15 bankers in the country by mid-2026 and is looking to snap up employees currently working for other global firms in India.

The plan: One source said that the lender has already applied for an investment banking license for Emirates NBD Capital and secured prime office space in Mumbai. Expansion into advisory, debt capital markets, and equity underwriting is also in the cards.

USD 3 bn already in the game: Two weeks ago, the bank agreed to acquire a 51-74% stake in RBL Bank through a USD 3 bn preferential share issuance. Should the takeover secure regulatory clearance, it would be the largest foreign investment in India’s financial sector and its biggest bank equity raise on record.

#3- SIB taps joint lead managers for possible sukuk offering: Sharjah Islamic Bank (SIB) has appointed our friends at Mashreq Bank, along with Ajman Bank, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, The Islamic Corporation for the Development of the Private Sector, and Standard Chartered Bank as joint bookrunners and lead managers for a possible benchmark Reg S, USD-denominated sukuk offering, according to an ADX disclosure (pdf). The lender, rated A- by S&P Global and BBB+ by Fitch, said any offering would be subject to market conditions.

BACKGROUND- Earlier this year, the bank listed a benchmark USD 500 mn additional tier one sukuk offering on Euronext Dublin and Nasdaq Dubai. The perpetual non-call six-year issuance attracted over USD 1 bn in orders, and saw its yield tightened to 6.125% from initial price thoughts of 6.5%.

#4- Fourth round of UAE-EU FTA negotiations to kick off next month: The UAE and the European Union are set to begin the next round of their trade agreement negotiations next month, The National reports, citing European Council President António Costa. The parties have held three rounds since they kicked off negotiations in April.

REFRESHER- An agreement would aim to reduce trade barriers and tariffs, while boosting cooperation in key sectors such as advanced manufacturing, healthcare, logistics, and AI. The EU is the UAE’s second-largest trade partner, logging USD 67.6 bn in non-oil trade in 2024.

PSAs-

#1- Fuel prices dip in November: The Fuel Price Committee has lowered petrol and diesel prices by up to 5.6% this month, according to a post on X. The move follows October’s price hikes across the board.

Here’s the new breakdown per liter:

  • Super 98 is now AED 2.63, down from AED 2.77 in October (-5.1%);
  • Special 95 is AED 2.51, down from AED 2.66 (-5.6%);
  • E-Plus 91 is AED 2.44, down from AED 2.58 (-5.4%);
  • Diesel is AED 2.67, down from AED 2.71 (-1.5%).

#2- The Abu Dhabi Registration and Licensing Authority has rolled out an initiative for investors to update economic licenses that have been expired for over three years throughout the month of November with an exemption from penalties, according to the Abu Dhabi Media Office.

The first phase covers licenses that expired before 2010, with a timeline for those that expired after 2010 to be announced later.

BACKGROUND- This comes as Abu Dhabi looks to streamline business operations within its economic freezones. ADGM became the region’s largest international financial center in 1H, with 11.1k active licenses, including 1.9k new issuances during the period.

DATA POINT-

The UAE is now first globally for workplace AI adoption, with 59.4% of the working-age population using AI on a daily basis, according to a new Microsoft AI for Good Lab report (pdf). The score places the Emirates ahead of Singapore, Norway and Ireland. This is linked to strong policy coordination, with a country-wide AI strategy and legislative reforms, strong infrastructure, and digital readiness.

Elsewhere in the region, Qatar’s workplace AI adoption sits at 35.7%, Saudi Arabia’s at 23.7%, Kuwait’s at 17.7%, and Egypt’s at 12.5%.

OIL WATCH-

Opec+ has agreed to bump production by another 137k bbl / d next month, then pause hikes throughout 1Q 2026, according to a press release. The group approved the same additional number of barrels for October and November as part of its gradual unwinding of its 1.65 mn bbl / d voluntary cuts. Saudi Arabia’s production share will be at around 10.1 mn bbl / d until March, while the UAE’s will be some 3.41 mn bbl / d. The next meeting is scheduled for 30 November.

The pause in 1Q 2026 will leave the oil cartel with some 1.2 mn barrels a day to restore from its current supply tranche, Bloomberg reports.

The actual output gains have lagged behind official targets, as some member states compensate for past overproduction while others face technical or capacity constraints, the business news information service said. With cooling demand in China and rising supply across the Americas, the market is already tipping into oversupply, Bloomberg added, citing trading firm Trafigura Group.

While US sanctions on Russian oil companies helped stabilize prices after a five-month low, it’s too early to fully assess their broader market implications, according to one Opec+ delegate.

HAPPENING TODAY-

#1- The world’s biggest oil and gas forum, Adipec, kicks off today and runs until Thursday at the Abu Dhabi National Exhibition Center. The energy mega-event brings together global oil and gas, hydrogen, clean tech, and industrial strategy players alongside ministers and climate negotiators, to discuss building a resilient energy sector and developing intelligent solutions.

#2- The Global AI Summit wraps up today at the Abu Dhabi Energy Center. The event, which is hosted by AI firm G42, brings together senior government officials, private sector executives, and AI leaders to advance global governance of AI and collaborate on innovative artificial intelligence solutions.

HAPPENING TOMORROW-

#1- ArabalInternational Aluminum Conference gets underway tomorrow and runs until Thursday at the Dubai Exhibition Center. The event gathers regional producers, OEMs, and technology players to discuss industrial decarbonization, supply chain competitiveness, and global metal demand cycles.

#2- GulfoodManufacturing is also running from tomorrow until Thursday at Dubai World Trade Center. The F&B manufacturing event will bring processing, supply, logistics, packaging, and automation players together for exhibitions showcasing the latest developments in the sector.

#3- DubaiDesign Week kicks off tomorrow and runs through Saturday at Dubai Design District. Designers, studios, universities, brands, and collectors will meet for workshops, exhibitions, a marketplace, and talks, to showcase innovation, materiality, and future-forward design.

THE BIG STORY ABROAD-

No single story is dominating today’s headlines, but a few are getting top billing:

Israel threatened to increase its attacks against Hezbollah in Lebanon with Israeli Prime Minister Benjamin Netanyahu saying that Israel “shall take whatever action is required” to prevent Hezbollah from opening a new front. Meanwhile, US special envoy Tom Barrack warned that time is running out for Lebanon’s government to enforce the ceasefire deal struck last year, which requires Beirut to disarm Hezbollah, something both Israel and Washington say the group is actively refusing. (Bloomberg | New York Times | Guardian)

ALSO WORTH READING THIS MORNING‑ Top AI labs including Google DeepMind, Anthropic, OpenAI and Microsoft are racing to plug a new security hole in large language models that allows hackers to embed commands in emails or websites and trick the models into spilling confidential data, the Financial Times report.

AND- US envoys are accused of deploying “bully‑boy tactics” to intimidate diplomats from Africa, the Pacific, and the Caribbean into sidelining the UN-backed Net Zero Framework for global shipping, writes the Financial Times.

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