Good morning, friends. It’s a reasonably busy start to a new week as earnings season continues (albeit at a much calmer pace) and a handful of major M&A transactions move forward.

THE BIG STORY here at home is Adnoc’s planned EUR 14.7 bn acquisition of Covestro getting conditional approval from the European Commission, marking a big step forward in the process.

ALSO IN THIS MORNING’S NEWS WELL- Dubai Islamic Bank took its first sustainability-linked issuance to market, raising USD 1 bn from the notes, while the latest data from Savills shows a busy quarter for Abu Dhabi real estate.

WATCH THIS SPACE-

#1- The Abu Dhabi Investment Authority (Adia) is reportedly mulling selling part of its stake in Qatari telecom operator Ooredoo, sources familiar with the matter told Bloomberg. The fund is reportedly weighing a transaction that could raise USD 500-600 mn from a partial sell-down of its 10% holding, currently valued at about USD 1.3 bn, the source said.

More on Ooredoo: The telco’s shares are up 24% YTD and the company brought in normalized net income of USD 843 mn during 9M 2025 — up 6% y-o-y and leading it to raise its dividend target. Its largest shareholder is the Qatar Investment Authority, which holds 53%.

Adia’s been divesting across its international portfolio…: The fund sold an eight-property US student housing portfolio with Landmark Properties for USD 1 bn, offloaded its 70% stake in Singapore’s PLQ Mall, divested its stake in French car-leasing firm Ayvens, and trimmed its stake in Swiss skincare firm Galderma.

… and pivoting towards Indian IPOs + hedge funds: Adia’s expansion in India this year includes backing automotive component maker Tenneco Clean Air India, solar manufacturer Emmvee Photovoltaic Power, digital stockbroker Groww, Lenskart, LG’s India unit, EV maker Ather Energy, and Anthem Bioscience’s IPO. It has also poured USD 40 bn into dozens of hedge funds this year by increasing its use of separately managed accounts.

#2- Airbus vs Boeing showdown for flydubai jet order: Separate reports from Bloomberg and Reuters suggested that Airbus and Boeing are both in the lead to land the majority of an order for as many as 300 jets from flydubai. Bloomberg had first reported that the budget airline is slated to tap Boeing for the order, with Reuters reporting hours later that Airbus “looks set to beat Boeing,” with insider sources.

Flydubai is expected to announce the order, consisting of 200 narrow-body planes with an option for 100 more, at this week’s Dubai Airshow. At present, the airline only operates Boeing aircraft, but delays in 737 deliveries have prompted it to explore other options, sources told the news outlet.

REMEMBER- The US Federal Aviation Administration authorized Boeing to ramp up 737 Max production to 42 jets per month starting November. The model has been under scrutiny due to safety concerns since Alaska Air technicians found loose hardware in the door plug area on several Boeing 737 Max 9 planes.

DP World in talks to build dry port in Egypt: UAE port operator DP World is in negotiations with Egypt’s Transport Ministry to secure development and operating rights for the Sadat dry port, Al Borsa quotes Egypt’s General Authority for Land and Dry Ports head Sayed Metwally as saying. The ministry is currently reviewing DP World’s feasibility studies, he said, without disclosing the port’s cost. Unconfirmed reports had previously put the expected investment cost at USD 160 mn.

DP World is also eyeing the Shaq El Tebaan dry port in Cairo, trying to secure the contract to develop and operate the 125-feddan, USD 100 mn port, Metwally said. Earlier this year, the Transport Ministry scrapped the port’s tender after none of the three bidders met technical requirements. At the time it was reported the authority will instead relaunch the project through a closed-envelope auction, with technical bids due next January and financial offers the following month.

Emirati real estate developer and contractor Arkan is stepping into the Egyptian market with plans to invest more than EGP 10 bn through a new vehicle — called SLCITI — in the first phase of its expansion, according to a press release. SLCITI will focus on studying the local market using big data and AI tools to track demand, assess potential investments, and support Arkan’s plans to develop a diversified portfolio.

Abu Dhabi creates new vehicle category for modular smart units: Abu Dhabi has become the first city to formally classify modular, reconfigurable vehicles as a distinct road-vehicle category, the Integrated Transport Center said, according to Abu Dhabi Media Office. A pilot will launch on Yas Island with Emirates Driving Company, Liftango, and Paradigma Innovation Hub to assess how the vehicles could fit into future autonomous and smart-mobility systems.

SOUND SMART- Developed by Next Modular Vehicles, the vehicles can connect or detach units based on demand, with studies and trials indicating potential gains in traffic efficiency and emissions.

DATA POINTS-

DIFC named among rising global business districts: Dubai International Financial Center (DIFC) ranked 21st out of 30 business districts in the 2025 EY-ULI Global Business Districts Attractiveness Report (pdf), which benchmarked hubs across 19 countries using 2.4k data points. The report highlights DIFC as one of the fastest-advancing districts, citing its second-place global ranking for macroeconomic conditions and grouping it with emerging regional contenders like Riyadh’s King Abdullah Financial District.

PSA-

Abu Dhabi’s Integrated Transport Center launched a new electric ART bus route, AR2 — a nearly 27-km route connecting key cultural landmarks on Saadiyat Island, including Louvre Abu Dhabi, teamLab Phenomena, and Saadiyat Walk, GulfNews reports. The service kicks off today and will operate daily between 8am-10pm at 30-minute intervals.

HAPPENING TODAY-

A UAE delegation will visit Singapore and India starting today until Friday, 21 November to boost bilateral trade and explore new sustainable development investments, Abu Dhabi Media Office reports. The delegation will meet with policymakers, investors, and business leaders in both countries to strengthen partnerships across sectors like AI, agritech, healthcare and life sciences, renewable energy, advanced technology, financial services, manufacturing, and logistics.

South Korea’s President Lee Jae Myung begins his three-day state visit to the UAE today, holding talks with President Mohamed bin Zayed Al Nahyan to strengthen cooperation in investment, defense, energy, advanced technologies, and healthcare, Asharq Business reports. The visit builds on existing relationships spanning politics, economy, nuclear cooperation, climate change, cybersecurity, food security, defense, healthcare, culture, government administration, and space.

The MENA Leaders’ Summit on Financial Inclusion is happening today and tomorrow at The St. Regis Abu Dhabi Corniche, according to a press release (pdf). The two-day summit will convene ministers, central bank governors, fintech CEOs, and international organizations such as the OECD to discuss innovation and financial inclusion across the region.

The Central Bank of the UAE will also launch its national strategy for financial inclusion during the event, according to the release. Expect lots of talk around digital financial services, women’s economic empowerment, financial literacy, consumer protection, and policies to promote a sustainable financial ecosystem.

HAPPENING THIS WEEK-

Canadian Prime Minister Mark Carney will be in Abu Dhabi from tomorrow 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 Sharjah International Travel and Tourism Forum takes place on Wednesday at Al Jawaher Reception and Convention Center. The forum will gather senior government officials, international experts, and tourism, travel, and tech industry players to explore future trends in the tourism sector.

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THE BIG STORY ABROAD-

The notorious Epstein files are dominating what’s otherwise a calm day in the international press. The divide is intensifying over whether to release the files related to the trafficking investigation into disgraced financier Jeffrey Epstein, with calls for full disclosure reportedly gaining more and more ground in the House despite resistance from President Trump and GOP leaders.

The renewed split comes after a House committee released some 20k new pages from the files last week, containing mentions and correspondence with several prominent figures including Trump. The President retaliated by directing the Justice Department to open an investigation into Epstein’s ties with Democrats, a move that some say fanned the flames even further. (Washington Post | Associated Press | Semafor)

MEANWHILE- Bitcoin is reminding everyone just how volatile cryptocurrencies are, erasing more than 30% in YTD gains only a month after reaching an all-time high. The top cryptocurrency fell below the USD 94k mark yesterday, before paring back losses to trade at USD 94.9k. (Bloomberg | Reuters)

ALSO WORTH READING THIS MORNING-

  • Massive protests are hitting Mexico over corruption and organized crime. (Semafor)
  • In defense of junior staff: Why replacing young people with AI could spark a “talent doom cycle.” (CNBC)

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