Good morning, friends, and a very happy FRIDAY. It’s been a busy week of news as Adipec brought about a slew of energy agreements, contracts, and acquisitions, but today brings a slightly calmer stream of energy updates and a mixed bag of capital markets updates.

Mubadala-backed Aquarian’s acquisition of BrightHouse Ins. is the big story of the day, while Lunate has launched another thematic ETF tracking AI infrastructure bellwethers. Plus: Adnoc Logistics and Services joined MSCI’s Emerging Markets Index after its follow-on offering earlier this year.

We also have earnings from several major UAE firms, including Emirates Group, Emaar, Empower, and more. Let’s dive in.

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🌞WEATHER- We should be back to sunny days as the dust lifts across Dubai and most of Abu Dhabi, with the weather also cooling down in both emirates. The mercury peaks at 32°C in Dubai, with an overnight low of 22°C, while Abu Dhabi will see a high of 30°C, with an overnight low of 23°C.

SETTING THE RECORD STRAIGHT-

Abu Dhabi’s International Holding Company (IHC) said it is not pursuing a sale of shares in Aldar properties, following a Bloomberg report earlier this week that said its subsidiary, Alpha Dhabi, was exploring a 2% stake sale in the company, according to a press release (pdf). The company confirmed its shareholding in Aldar remains strategic to the group and forms part of its long-term outlook on Abu Dhabi’s real estate sector. The stake sale, Bloomberg said, could have raised around USD 400 mn.

REMEMBER- IHC, the largest ADX-listed company, reduced its exposure to real estate assets in Abu Dhabi with Alpha Dhabi and IHC Real Estate’s sale of the parent company’s entire 42.5% stake in Modon last week 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.

WATCH THIS SPACE-

#1- Adnoc’s EUR 14.7 bn planned takeover of German chemicals maker Covestro is nearing regulatory approval, with the European Commission likely to grant clearance “in the coming weeks,” Reuters reports, citing people it says are familiar with the matter. The commission has set 2 March 2026 as the formal deadline for its review but a decision could come much sooner after it resumed the assessment on 24 October, following a September pause to request additional information. Covestro had previously guided for the acquisition to close before 2 December, during its 3Q earnings call.

REFRESHER- The transaction would mark Adnoc’s largest-ever acquisition and one of the biggest Gulf-led takeovers of a European-listed company. Earlier last month, Adnoc submitted a package of concessions to the European Commission aimed at clearing antitrust hurdles including a pledge to retain Covestro’s intellectual property within Europe, which was later refined, and proposed changes to Adnoc’s articles of association to address concerns over a state-backed unlimited guarantee.

#2- Adnoc is leaning on US-style hydraulic fracturing to accelerate development of its unconventional gas resources, Bloomberg reports, citing upstream chief Musabbeh Al Kaabi. Early results from Abu Dhabi’s unconventional fields are “very promising,” he said, noting that output in some areas is already outperforming benchmarks from US shale fields.

SOUND SMART- Unconventional gas is the type locked in tight rock formations that won’t flow with normal drilling, so companies use horizontal wells and high-pressure fracking to crack the rocks and release the gas — or oil. The upside is access to larger volumes of gas that were previously uneconomic; the tradeoff is higher cost and more complex drilling.

REMEMBER- Adnoc Drilling’s unconventional segment contributed more to revenues in 3Q than previous quarters, with a 370% y-o-y increase to USD 158 mn, as it works through contracts such as the USD 1.7 bn it was awarded by Adnoc last year to recover unconventional energy resources across 144 wells in the UAE.

SPEAKING OF ADNOC- The firm’s distribution unit is setting aside USD 250-300 mn a year to fund organic expansion in the UAE, KSA, and Egypt, Wam reports, citing CEO Bader Al Lamki. The company is also assessing non-organic options, including acquisitions and potential new-market entries, as it looks to lift long-term returns.

The fuel retailer plans to set up some 100 new stations this year, with more than 70 of them in Saudi Arabia under a low-cost operating model. The network is projected to reach 1.15k stations by 2028. On the mobility side, the company expects to scale its EV charging footprint to 500-750 points by 2028, up from 368 today.

ALSO- AIQ, Adnoc’s JV with G42, is working to bring its AI solutions to overseas markets, CEO Dennis Jol told The National. The firm is currently running pilot programs in six countries including Colombia, Kazakhstan, and Indonesia, where it plans to deploy its Advanced Reservoir 360 platform through a partnership with Indonesian state-owned firm SKK Migas. AIQ is eyeing expansion in both the Global North and South, Jol said, and will focus on renewable and hydrocarbon energy integration.

#3- The UAE’s islamic banks’ revenues are expected to get a boost from the Finance Ministry’s recently launched retail T-sukuk initiative as it introduces a new fee-based revenue stream and boosts short-term liquidity, Moody’s said in a note seen by EnterpriseAM.

Liquid assets represented 23% of tangible banking assets for UAE Islamic lenders as of June, almost half the rate observed in conventional lenders, Moody’s said. The ratings agency now anticipates a gradual improvement in access to those instruments on the back of the initiative.

ICYMI- The Finance Ministry tapped Abu Dhabi Islamic Bank (ADIB) as its first partner for its retail sukuk initiative, which will allow retail investors to invest in T-sukuk for the first time, through fractionalized digital platforms operated by national banks.

PSAs-

#1- You can now hail a taxi through the Careem app in Fujairah, after Careem and Dubai’s Roads and Transport Authority’s JV Hala launched in the emirate, according to a press release. The Hala service is already available in Dubai and Ras Al Khaimah.

ALSO- Prepare to pay a little more for the taxis you book through Careem and S’hail, after the base fare was hiked to AED 13, from AED 12 earlier, and peak-hour rates and booking fees were introduced, according to a post on X from the RTA. New peak hours on both weekdays and weekends — from 8am to 9:59am and 4pm to 9:59pm — will see an AED 5 flagfall charge plus an AED 7.5 surcharge, while weekends and Fridays will see the flagfall charge rise to AED 5.5 between 12am and 5:59am with a standard booking fee of AED 4.5.

HAPPENING TODAY-

#1- 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.

#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-

Musk is getting his USD 1 tn package: Tesla shareholders approved CEO Elon Musk’s USD 1 tn pay package — the largest ever for a CEO and a figure larger than the size of most economies. This sets Musk up to become the world’s first t’naire, and to expand his stake in the EV maker to 25% or more over the next 10 years. The package is tied to targets including a significant expansion of Tesla’s market value, getting its robotaxis off the ground, and improving its car business as it continues to lose market share to Chinese competitors. (Bloomberg | Financial Times | Reuters | Wall Street Journal | New York Times)

ALSO- Swiss commodity trader Guvnor has withdrawn its USD 22 bn bid to take over Russian energy firm Lukoil’s international assets after the US blocked the transaction, criticizing the firm for being “the Kremlin’s puppet.” (FT | Reuters)

CLOSER TO HOME- Sudan’s Rapid Support Forces agreed to a ceasefire proposal put forward by the US, the UAE, Saudi Arabia, and Egypt, which would last three months and be followed potentially by an end to hostilities. The caveat? This is not the first ceasefire it has agreed to, with several previously failing to end the war against the Sudanese army which has now been ongoing for 30 months. The news comes following an escalation of violence after the RSF took over the city of El Fashir, with reports of mass killings and kidnappings. (Reuters | Guardian)

AND- Kazakhstan is set to join the Abraham Accords, US President Donald Trump said yesterday, formalizing its already normalized ties with Israel. (Reuters)

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