Good morning, wonderful people. It’s another busy issue this morning, with plenty of M&A, IPO, and debt news. We take note of an oversubscribed USD 500 mn bond issuance from the Bank of Sharjah, as well as an oversubscribed institutional offering ahead of Amanat Holding’s IPO — plus an update for the merger of 2PointZero, Ghitha, and Multiply Group, as parent firm IHC’s shareholders give the transaction the green light.

ALSO- Abu Dhabi’s property market saw record growth in 3Q 2025, with prices rising amid tight supply and sustained demand. And in energy news, the GCC Interconnection Authority breaks down its plans to invest USD 3.5 bn in strengthening its grid link.

WEATHER- Dubai will see a high of 33°C, and an overnight low of 22°C, according to our favorite weather app. Meanwhile, Abu Dhabi’s temperatures will peak at 31°C, with an overnight low of 21°C.

WATCH THIS SPACE-

#1- Dubai officials explore options for Majid Al Futtaim stake sale: Government-appointed officials overseeing Majid Al Futtaim Holding are in talks over several strategic options for the USD 19 bn conglomerate, including a potential minority stake sale, Bloomberg reports, citing people familiar with the matter. Other scenarios under review include a partial divestment of business lines and an IPO, though discussions remain at an early stage and no final decision has been made.

Financial advisers have reportedly pitched for a role in the potential share sale, but it remains unclear if any banks have been formally mandated, with Majid Al Futtaim yet to comment on the discussions.

REMEMBER- The firm named Fadel Al Ali as chairman earlier this year, replacing Sir Michael Rake, after the Dubai government stepped in with a special judicial committee to restructure MAF’s governance to resolve a long-running succession impasse following the death of its founder and stabilize the group’s future. It also converted it into a public joint stock company with a lower decision-making threshold. Five government and four family representatives joined Al Ali on the board.

#2- DP World has kicked off operations at Syria’s Tartus Port under a 30-year concession agreement with the port’s authorities inked back in July, according to a statement. The company is now undertaking a study of the port’s infrastructure, and is conducting technical surveys and design planning for a development roadmap, the statement said.

Refresher: DP World is investing USD 800 mn to redevelop the port under a build-operate-transfer (BOT) model and turn it into a trade node linking Europe, the Middle East, and North Africa. Tartus is Syria’s second largest port, with an annual handling capacity of about 20k containers and about 4 mn tons of cargo.

The company will focus on dredging port access channels, as well as basins and berths, in the medium term, while rehabilitating and replacing handling equipment and introducing new, specialized assets, to improve bulk and breakbulk cargo handling, the statement added.

Speaking of Syria…: Sharjah-based Dana Gas has signed an MoU with the Syrian Petroleum Company (SPC) to assess the potential redevelopment and expansion of several gas fields in central Syria, including Abu Rabah — one of the country’s largest gas discoveries — and other SPC-operated assets, according to a press release (pdf). The company will conduct a technical study and draft a development plan to ramp up gas output, pending a successful evaluation and a final agreement.

REMEMBER- Dana Gas already operates in Iraq’s Kurdistan region, recently kicking off commercial gas sales from the USD 1.1 bn Khor Mor gas field expansion project, ahead of schedule. The company also launched a USD 100 mn venture in Egypt’s onshore Nile Delta with the Begonia 2 appraisal well — the first in a series of 11 appraisal and exploration wells planned under the two-year investment program, aiming to add 80 bcf in recoverable reserves.

UAE majors are doubling down on Syria: AD Ports Group also recently acquired a 20% stake in Syria’s Latakia International Container Terminal for AED 81 mn earlier this month, following in DP World’s footsteps.

#3- AD Ports and The Eurasian Economic Commission will look into developing digital transport corridors and logistics hubs across the Eurasian Economic Union (EAEU), according to a statement. The two sides inked a protocol looking to exchange knowledge and expertise on digitization across transport, logistics, and infrastructure.

IN CONTEXT- The UAE ratified a comprehensive economic partnership agreement with the EAEU in June after concluding trade talks earlier in December. The agreement targets cooperation in sectors like renewable energy, logistics, and construction across the bloc’s five member states: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.

OIL WATCH-

The International Energy Agency (lEA) finally admits its earlier oil demand projections needed an update — and now sees oil and gas demand continuing to rise until 2050, according to its World Energy Outlook 2025 (pdf). The agency expects the world to fall short of its climate goals, signaling that fossil fuels will maintain a dominant role for decades.

IN CONTEXT- The agency’s earlier forecasts had projected that oil and gas demand would peak this decade and decline toward 2050. Now, it’s aligning more with Opec’s view, which sees demand continuing to grow through to mid-century on the back of rising usage in road transportation, aviation, and petrochemicals. This also comes amid a shift in US priorities under President Donald Trump, who has been calling for more oil and gas production and revoking renewables-friendly policies.

The agency used two scenarios for analysis: Under the IEA’s current policies scenario (CPS) — which reflects existing government measures rather than future climate ambitions — oil demand is projected to reach 113 mn bbl / d by mid-century, around 13% higher than in 2024. In the stated policies scenario (STEPS) — which includes announced but not yet implemented policies — demand peaks “around 2030” and stabilizes near 96.9 mn bbl / d in 2050.

Why the two scenarios? The return to CPS and STEPS reflects “growing uncertainties in the political, economic, and energy context,” IEA’s Executive Director Fatih Birol told Bloomberg.

Under CPS, sustained demand would absorb global oil and LNG oversupply faster, pushing crude prices to around USD 90 / bbl by 2035. Meeting that demand would require some 25 mn bbl / d of new projects. Our region is expected to remain the dominant oil exporter, sending out 3x more oil than the next-largest exporter in 2035.

LNG will be the next big thing: Final investment decisions for new export projects have surged in 2025, with some 300 bcm of annual capacity expected to come online by 2030 — a 50% increase in available global supply. The IEA projects LNG demand to rise to 880 bcm in 2035, reaching 1 tcm in 2050, and up from 560 bcm in 2024 — driven primarily by growing electricity needs from data centers and AI-related power consumption.

Data infrastructure is emerging as the new energy driver: Global data-center investments could reach USD 580 bn in 2025, exceeding the USD 540 bn annually spent on oil supply.

UAE officials have been banging this drum for a while now, arguing there’s no end in sight to rising oil and gas demand and that the answer has to be more investments in all forms of energy. Adnoc’s CEO Sultan Al Jaber said in his opening speech at Adipec this year that oil consumption is expected to remain above 100 mn bbl / d beyond 2040. Renewable energy capacity is also expected to double, he said, while LNG demand is projected to rise by 50%, fueled by a 4x surge in data-center power demand, a growing global aviation fleet, and a 30% increase in jet fuel consumption.

DATA POINTS-

#1- Some 90% of UAE businesses plan to increase trade and investment in Saudi Arabia over the next five years, according to an HSBC press release (pdf) citing its New Networks of Capital: Saudi Arabia report(pdf). The report — which surveyed over 4k executives from international firms generating between USD 50-500 mn annually — found a growing number of businesses showed strong confidence in the Kingdom as a new corridor for regional and international growth. Over 78% are planning to increase investments within the next six months.

Economic stability was cited by 59% of UAE respondents as a key part of Saudi’s growing business appeal, closely followed by growth (58%), while 42% viewed the Kingdom as a gateway to GCC markets. Some 94% said the country’s sustainability and ESG agenda are a catalyst for investment. Technology and innovation remain the most popular for current (47%) and future investments (46%), while project finance (52%) and risk management solutions (46%) were reported as the most attractive segments for participation.

Nearly half of UAE businesses see private equity/venture capital funds as the top expansion route into the Kingdom (48%), followed by mutual funds (46%), and partnerships and joint ventures (45%).

#2- AI adoption among DIFC firms surges to 52%: More than half of financial firms operating within the Dubai International Financial Center (DIFC) now use AI in their operations, rising to 52% from 33% last year, state news agency Wam reports, citing a Dubai Financial Services Authority survey. Generative AI use saw the highest jump y-o-y (+166%).

Out of 661 DIFC-based firms, the majority said they integrated AI into at least one business sector and plan further expansion next year. This growth is driven by strong governance, ethical data use, and robust risk management, the regulator noted.

PSA-

You can now renew your car ins., request inspections, and complete your car registration on Abu Dhabi government service platform Tamm 4.0 — after car ins. firm Shory rolled out an AI-powered vehicle ins. renewal service on the app, according to a press release (pdf). The service is supported by new features on Tamm including AutoGov, which enables automatic renewals, and comes as part of broader plans for Abu Dhabi to become the world’s first AI-native government by 2027.

HAPPENING TODAY-

#1- Abu Dhabi Autonomous Week is underway until Saturday at Yas Marina Circuit’s Vehicle Experience Zone and the Adnec Center in Abu Dhabi. The six-day event convenes global smart mobility leaders to scale sustainable mobility solutions and explore investments across land, sea, air, and industrial uses.

#2- Abu Dhabi will host RoboCup Asia-Pacific until Saturday at Khalifa University, bringing together leading robotics and AI researchers for competitions and demonstrations under the RoboCup Federation’s global initiative. The event will showcase advancements in autonomous robotics, AI learning models, and humanoid soccer robots, aligning with the UAE’s push to advance applied AI research.

#3- The ACI Financial Markets Association will hold the ICA Conferenceand Exhibition from today until Saturday at Conrad Dubai. The three-day event will gather professionals in financial trading, treasury management, and investment banking to discuss trends shaping global and regional markets.

HAPPENING NEXT WEEK-

Canadian Prime Minister Mark Carney will be in Abu Dhabi from next Tuesday for a working visit focusing on attracting new investments and trade partnerships, and expanding the trade and economic partnership in areas like energy, agriculture, infrastructure, and AI, according to a statement. The PM will meet with business execs to attract investments to build out Canada’s export infrastructure and boost access for Canadian exporters.

THE BIG STORY ABROAD-

Shutdown to end as soon as today: The US House of Representatives voted 222-209 to reopen the government, passing the funding bill through the Congress and to US President Trump’s desk for signature. The vote ends a stalemate that led to the longest government shutdown in history — entering its 44th day — affecting food aid, economic reports and airport flights, as well as causing layoffs of federal workers which are set to be reversed under the bill. (Bloomberg | NYTimes | Financial Times | CNN | Reuters)

Another US story is dominating headlines: A new trove of emails from Jeffrey Epstein was released by lawmakers, reigniting scrutiny into The Donald’s ties with the disgraced financier as content hinted at Trump’s knowledge of Epstein’s activities at the time. Trump responded to the release by accusing Democrats of attempting to lure attention away from the end of the government shutdown. (Reuters | Washington Post)

ALSO WORTH NOTING THIS MORNING-

  • Anthropic plans to spend USD 50 bn on AI infrastructure in Texas and New York. (CNBC)
  • A severe water shortage crisis is hitting Tehran, threatening to make the Iranian capital uninhabitable for its 10 mn residents. (Reuters)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq and Hassan Allam Properties. Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA logistics industry?

***

Tags: