Good morning, friends. We have a packed issue for you this morning as Adipec brings about a slew of energy news — from projects here at home to acquisitions and partnerships abroad. We have a rundown of both in the news well, below, along with how the UAE’s non-oil private sector fared in October, plans from Microsoft to expand data center capacity by some 200 MW, and Sharjah Islamic Bank’s new USD 500 mn sukuk issuance — and a lot more. Let’s dive in.

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WEATHER- Yesterday’s dust has yet to settle, with dusty, hazy conditions set to continue today. Dubai will see a high of 33°C, and an overnight low of 24°C, while Abu Dhabi will see a high of 32°C and an overnight low of 22°C.

WATCH THIS SPACE-

#1- A fourth highway and AED 170 bn in roads and transport projects? The UAE is working on a package of AED 170 bn in roads and transport projects aimed at easing traffic congestion, consisting of both expansions of major roads and construction of new ones, as well as new modes of public transport, by 2030, state news agency Wam quotes Energy and Infrastructure Minister Suhail Al Mazrouei as saying at the UAE annual government meetings. The plan includes:

  • Studying a fourth, 120km federal highway spanning 12 lanes;
  • adding three lanes to Etihad Road, increasing its capacity by 60%;
  • and expanding Emirates Road to 10 lanes under a AED 750 mn project.

#2- Emirates NBD will launch its open offer for Mumbai-listed RBL Bank’s public shares on Friday 12, December, with the tender period closing on Friday, 26 December, according to a filing (pdf) to the NSE. The offer price remains set at INR 280 per share, as announced in October, while RBL shares last closed at INR 322.3.

Background: Emirates NBD’s board approved a plan last month to acquire 51-74% of India’s RBL Bank through a USD 3 bn preferential share issuance, marking what would be the largest foreign investment in India’s financial sector. The size of the preferential allotment will depend on how much of the open offer is taken up.

ADVISORS- ENBD tapped EY, JP Morgan, and NeoStrat Advisors as financial advisors and Shardul Amarchand Mangaldas & Co as counsel. AZB & Partners is providing counsel to RBL.

#3- The holding group of the Varkey family, which is behind GEMS Education, Varkey Group, is reportedly in talks with regional lenders over a USD 400 mn debt facility, Bloomberg reports, citing people it says are familiar with the matter. The company is in negotiations with financiers including First Abu Dhabi Bank, Dubai Islamic Bank, and alternative investment manager Synergy Capital.

The financing package could be upsized if additional banks join the syndicate and is expected to be used primarily to refinance existing obligations, the sources said.

#4- Dubai-based investment firm Legatum is looking to raise USD 500 mn for its new humanitarian fund — Resilio — focused on local crisis response through front-line actors, The National reports. The fund has anchor commitments from the Vitol Foundation, UBS Optimus Foundation, Irene M. Staehelin Foundation, and Quadrature Climate Foundation, with further commitments expected.

So far, the firm has already deployed grants into Myanmar, Ethiopia, Somalia, Lebanon, India, and the Philippines, and is now evaluating Gaza and Syria as next deployment markets. Resilio is its fourth fund, with the previous three having raised over USD 1 bn, and will follow the same model of investing in local NGOs.

DATA POINT-

The UAE has invested over GBP 20 bn in the UK — double the originally earmarked GBP 10 bn, Bloomberg reports, citing sources familiar with the matter. The original 2021 pledge, made under a partnership between sovereign wealth fund Mubadala and the UK’s Investment Office, and targeting key sectors like the energy transition, tech, and infrastructure, included a plan to increase the amount pledged — and the UAE has exceeded even that, the sources said.

Behind the push? The UK has long courted UAE funding by way of state visits. Yet sticking points remain, including competition from the US and other European countries for Gulf investments, as well as recent developments regarding UK limits on foreign-state media ownership — after it initially blocked an Abu Dhabi-backed IMI bid to take over The Telegraph newspaper. The government later approved legislation to allow foreign states up to 15% in UK newspapers, though, which allows IMI to retain a minority stake.

HAPPENING TODAY-

#1- The world’s biggest oil and gas forum, Adipec, is on its fourth and final day 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- Arabal International Aluminum Conference also wraps today 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.

#3- Gulfood Manufacturing also wraps todayat 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.

#4- Dubai Design Week is on its third day 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.

#5- The UAE Government Annual Meetings wrap today in Abu Dhabi. The series of meetings brings together more than 500 senior officials and government leaders for three days of policy coordination, national briefings, and strategic priority alignment. On the agenda: the economy, investment, AI, healthcare, and traffic congestion.

HAPPENING THIS WEEK-

#1- US Treasury Department’s top sanctions official John Hurley arrives in the region on Friday, with a plan to visit Israel, the UAE, Turkey, and Lebanon, Reuters reports, citing a statement they’ve seen. The visit marks his first to the region since taking office, and will discuss pressure against Iran, with his UAE leg also focusing on combating money laundering and the financing of terrorism.

#2- A UAE delegation is attending the China International Import Expo until Monday, 10 November in Shanghai, according to the Abu Dhabi Media Office. The delegation, led by Deputy Chairman of the Presidential Court for Development Theyab Al Nahyan, is attending on behalf of President Mohamed bin Zayed Al Nahyan. The six-day expo will focus on deepening bilateral investment ties and exploring cooperation in key sectors like advanced technology, clean energy, food security, and logistics.

THE BIG STORY ABROAD-

A battle in the courts over Trump tariffs is making the headlines this morning. Arguments in front of the US Supreme Court yesterday indicated a ruling that could be represent a huge blow to Trump’s economic and foreign policy. A number of conservative judges joined liberals in questioning the legality of blanket tariffs — announced by Trump back in April at his “Liberation Day” event — as an overreach of executive power. (Washignton Post | Reuters | Associated Press)

The challenges come at a fraught time for Republicans: Trump lashed out at Senate Republicans asking them to use a maneuver to end the longest-ever government shutdown. The 36-day spill is weighing down on the economy., forcing the government to cut flights at airports, and harming the party at high-profile elections, evident in local victories in New York, Virginia, New Jersey and elsewhere that set the stage for huge Republican losses at midterm elections a year from now.

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MARKET WATCH-

Opec’s crude output rose in October to some 28.43 mn bbl / d, around 30k bbl / d above September’s figures, according to a Reuters survey. The increase was driven mainly by Saudi Arabia and Iraq and comes even as Opec+ started implementing additional curbs on select members to offset previous overproduction.

Mixed signals: Five Opec producers — Algeria, Iraq, Kuwait, Saudi Arabia, and the UAE — were expected to collectively boost supply by 86k bbl / d in October before accounting for 140k bbl / d in compensation cuts from Iraq and the UAE. The survey found their actual combined increase hit 114k bbl / d, with production estimates for Iraq and the UAE remaining disputed.

Some fluctuation: Opec secondary-source data suggests adherence to quotas, while other trackers, including the International Energy Agency, see materially higher flows.

REMEMBER- Opec+ had agreed on a 137k bbl / d increase for October, unwinding the 1.65 mn bbl / d voluntary cuts layer, after they initially unwound the full 2.2 mn bbl / d layer by end-September. It is set to pause hikes in 1Q 2026 after following through with a supply increase in November and December.

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