Good morning, friends, and happy hump day to you all. There’s no end in sight to the slew of agreements and orders from Emirati airlines and defense firms as the Dubai Airshow enters its third day, while on the macro front, Dubai inflation came in at its highest in nearly a year in October.

PLUS- Curious about the state of the union of AI in the GCC? Mckinsey’s State of the AI report tells us that adoption is on the rise, but true value realization is still slow. We have everything you need to know in the news well, below.

☀️WEATHER- It’s a warm and sunny morning, with Dubai set to see a high of 31°C and a low of 23°C, while Abu Dhabi will see a high of 30°C and a low of 22°C.

⚽Our wait for the World Cup is getting a little longer, after a last-minute penalty for Iraq saw the team beat the UAE 3-2 in aggregate, ending our chances at qualifying for next year’s football tournament.

WATCH THIS SPACE-

#1- South Korea signs onto UAE’s Stargate AI megaproject: Seoul will partner with the UAE on its US-backed Stargate UAE initiative to build one of the world’s largest AI data campuses, Reuters reports, citing a government announcement from South Korea made during President Lee Jae Myung’s visit to Abu Dhabi.

The two countries also inked a framework agreement to increase bilateral AI investment, including in infrastructure, supply chains, and R&D. They will also explore projects ranging from co-operating hyperscale AI data centers to global AI smart port projects.

REFRESHER- Stargate UAE, announced during US President Donald Trump’s visit to the UAE in May, is set to be the first deployment of the US’ wider USD 500 bn Stargate infrastructure program and will form part of a 5 GW US-UAE AI data center cluster. US players OpenAI, Nvidia, Cisco, Oracle, and Japan’s SoftBank are partnering on the project, which is set to open in 2026.

ALSO FROM THE VISIT- The two countries agreed to expand cooperation in space, biohealth, economic cooperation, defense, intellectual property, and nuclear energy. This includes, in the field of defense, working on joint development of weapons, technology cooperation, and local production.

South Korea could gain some USD 15 bn in defense projects on the back of this cooperation framework, Korean news outlet Kyunghyang Shinmun reports.

#2- Adnoc is among several companies interested in the assets of Russian energy firm Lukoil, especially its natural gas operations in Uzbekistan, Bloomberg reports, citing people in the know. This comes as firms including US private equity firm Carlyle Group, as well as oil and gas firms Chevron and Exxon also eye some of its assets — though the caveat is the firm is looking to sell its entire international portfolio in one shot ahead of US sanctions set to take effect on 13 December. This could mean that a financial firm could step in to buy the assets and sell them piecemeal over time, the business news information service reports.

#3- Joby Aviation picks sites for Dubai vertiports: US-based Joby Aviation has selected the American University in Dubai, Atlantis the Royal, and Dubai Mall for its next electric vertical take-off and landing (eVTOL) vertiports, according to a press release. The sites — set for launch in 2026 — will be developed by UK-based Skyports Infrastructure, and are part of Joby’s six-year exclusive agreement with Dubai’s Road and Transport Authority to set up air taxi services.

REMEMBER- The air taxi operator completed its first crewed eVTOL aerial taxi flight between Margham’s Dubai Jetman Helipad and Al Maktoum International Airport this week. Its first eVTOL aerial taxi vertiport in Dubai — located in Dubai International Airport — is 60% complete, with the firm on track to launch it in 1Q 2026, ahead of commercial rollout.

#4- AD Ports, CMA CGM to expand joint terminal at Khalifa Port: Port operator AD Ports Group has inked an agreement with French shipping giant CMA CGM to expand their joint terminal at Khalifa Port, boosting its capacity by 50% to 2.7 mn TEUs by 2028, according to a statement. The move comes less than a year after the terminal launched operations.

The agreement aims to raise the port’s overall container handling capacity by 9% to 10.5 mn TEUs per year, as well as expand the quay wall’s length to 1.2 km and yard area by over 40% to 667k sqm. The project will also upgrade utilities and systems, including reefer racks to monitor refrigerated container storage.

BACKGROUND- AD Ports and CMA CGM operate the terminal under a joint venture — with CMA Terminals holding a 70% stake and AD Ports holding 30%. The pair first announced the AED 3.1 bn terminal project in 2021, initially committing some AED 570 mn, and inking a 35-year concession agreement for the terminal.

#5- Emirati b’naire and Emaar chairman Mohamed Alabbar is investing USD 145 mn in a resort in Italy, after buying the Castello di Antognolla in Umbria for USD 55 mn, the businessman told Bloomberg. He aims to create “one of the most prestigious resorts in the world,” complete with fashion events and culinary competitions. The investment is personal and not through Emaar or Eagle Hills.

The details: The Antognolla project will see the 12th-century castle redeveloped into a hotel, wellness resort and 3k-sqm longevity centre, alongside 80+ luxury homes, a polo club and other amenities. The site already includes an 18-hole golf course.

As for his other overseas ventures: A luxury tourism project Alabbar is pursuing in Madagascar faces a setback after lawmakers impeached the country’s former president and the army took over, though it is currently in wait-and-see mode. Meanwhile, his firm Eagle Hills is pushing ahead with a USD 6 bn project in Georgia, as well as additional projects in Albania, Serbia, Croatia, Latvia, Bahrain, Ethiopia and Morocco. However, its plan to redevelop land in Budapest into a “mini-Dubai” was blocked by the Hungarian government earlier this year.

PSAs-

#1- National holiday extended to private sector: Monday, 1 December and Tuesday, 2 December have been confirmed as a national holiday for private sector employees to celebrate Eid Al Etihad, marking a four-day weekend across the UAE, according to the Human Resources and Emiratization Ministry. For residents following the Saturday-Sunday weekend, their holiday will run from Saturday, 29 November to Tuesday, 2 December, while Sharjah residents will enjoy a five-day weekend, including Friday, Khaleej Times reports.

#2- The Central Bank of the UAE (CBUAE) has reportedly scrapped the AED 5k minimum salary requirement for accessing bank financing, allowing low-salaried residents better access to financial services, Emarat Al Youm reports. Minimum salary requirements will now be at each bank’s internal discretion.

Bank accounts for all? The move came as the CBUAE launched the UAE’s National Financial Inclusion Strategy 2026-30 at the two-day MENA Financial Inclusion Leaders’ Summit, Wam reports. The strategy includes 12 initiatives focused on providing inclusive bank accounts for all residents, improving financial literacy, offering products tailored to women, youth, and people of determination, and enabling access to financial services for entrepreneurs and MSMEs.

#3-Dubai Ports rolls out AI system for instant approvals: The Dubai Ports Authority introduced an AI- and RPA-powered system that automatically issues operational approvals and safe-work permits for activities such as accepting dangerous goods, vessel bunkering, ship-waste discharge, and port-facility work, according to a press release. The platform will instantly process eligible requests — estimated at around 44k transactions a year — while routing exceptional cases to human review to maintain compliance.

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HAPPENING TODAY-

#1- A UAE delegation is visiting Singapore and India 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.

#2- South Korea’s President Lee Jae Myung is on the third and final day of a state visit to the UAE, 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.

#3- Canadian Prime Minister Mark Carney is in Abu Dhabi today 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.

#4-Dubai Airshow is on its third day and runs until Friday at Al Maktoum International Airport in Dubai. The event features over 1.4k exhibitors and 192 aircraft on display, and looks to develop new solutions for sustainable aviation. Expect plenty of agreements as well as discussions around key issues facing the aviation industry, from MRO and airport and airline management to cybersecurity, workforce development, airport tech, and women’s leadership in aerospace.

#5- Middle East Iron & Steel is on its third and final day at Madinat Jumeirah Conference Center. The event brings together over 1.3k international senior executives to discuss the latest trends in the steel and iron industry.

#6- Dubai Future Forum wraps today at the Museum of the Future, bringing together policymakers, technologists, and futurists to explore long-term trends shaping the region, from AI to proactive med, and urban resilience. Some 100 innovative projects from students, graduates, and professors from global universities will be showcased, with five projects set to be chosen for support to prepare them for real-world application.

#7- The Turkey leg of the Abu Dhabi Infrastructure Summit roadshow kicked off yesterday in Ankara and continues today in Istanbul, with some USD 55 bn worth of Abu Dhabi projects featuring sustainable and smart urban infrastructure on the line for Turkish investment, state news agency Wam reports. Senior officials from both countries are exploring and strengthening public-private partnerships in housing, infrastructure, and urban development, while highlighting investments for Turkish engineering and contracting firms in modular construction, transport, and complex engineering developments.

#8- The Investment and Business Summit is on its second day today and runs till Thursday, 20 November at Al Hamra International Exhibition and Convention Center in Ras Al Khaimah, gathering investors, industry leaders, and government representatives to discuss investment prospects in Ras al Khaimah, with a focus on manufacturing, tourism and hospitality, real estate and infrastructure, and investment and finance.

#9- The Sharjah International Travel and Tourism Forum takes place today 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.

THE BIG STORY ABROAD-

A US tech market slump and the Epstein files are dominating headlines in the international press this morning. Claude-maker Anthropic received a push from Microsoft and Nvidia, but US tech stocks still took quite a hit.

Anthropic will receive up to USD 15 bn in new funding from Microsoft and Nvidia, the latest wager on the fast-growing Claude developer. Microsoft will invest up to USD 5 bn while Nvidia will invest up to USD 10 bn, part of a broader funding round expected to value Anthropic at more than USD 300–350 bn. The AI startup has agreed in return to purchase USD 30 bn in Azure computing capacity, which will run on Nvidia’s newest AI chips. (Reuters | The Financial Times | Semafor | CNBC)

Markets are not buying it: US tech stocks fell sharply on Tuesday as mounting concerns over “frothy” AI valuations triggered a broad sell-off across global markets. The tech-heavy Nasdaq Composite closed 1.2% lower, with major AI-linked names leading the declines as Nvidia slid 2.8%, while Microsoft shed 2.7% and Amazon declined 4.4%. The pullback comes ahead of Nvidia’s earnings on Wednesday, a report investors see as a critical gauge of whether the AI boom can justify the sector’s soaring valuations. (The Financial Times | Semafor | CNBC | Reuters)

ALSO- President Donald Trump met with Crown Prince Mohammed Bin Salman in the White House, where they signed agreements on defense, nuclear negotiations, AI and more. The president cleared future F-35 deliveries to Saudi and designated the Kingdom as a major non-Nato ally, while the Crown Prince pledged to increase Saudi’s investment package in the US to a whopping USD 1 tn.

AND- The US Congress voted overwhelmingly on Tuesday to release the Justice Department’s files on the disgraced financier Jeffrey Epstein, a move enabled by Trump’s abrupt reversal after months of resisting the measure. The legislation is now awaiting Trump’s signature. (Reuters | CNN | The Financial Times | New York Times | Bloomberg)

ALSO WORTH READING-

  • Cloudflare restored internet services on Tuesday after an oversized security configuration file crashed parts of its network and clocked access to platforms like X and ChatGPT. (Reuters | Semafor | CNBC)

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MARKET WATCH-

Adnoc signs new crude and trading agreements in China: Abu Dhabi National Oil Company (Adnoc) signed three agreements at the China International Import Expo in Shanghai, including an MoU between Adnoc Global Trading and China National Offshore Oil Corp (CNOOC) to explore a trading partnership across both companies’ refining and trading systems, Wam reports.

REMEMBER- Adnoc also recently renewed crude supply contracts with CNOOC and Zhenhua Oil, including a five-year LNG agreement to supply CNOOC with 500k metric tons per year starting next year, and up to 12 LNG cargoes annually for Zhenhua — which had pledged to double its Adnoc crude offtake to 200k bbl / d this year.

Adnoc’s petrochemicals JV Borouge also signed three supply agreements with Chinese cable manufacturers for upcoming renewable energy projects and an MoU with two waste management firms to develop recycling infrastructure in Ningbo.

Meanwhile, Chinese state-owned refiner Yanchang Petroleum secured 2 mn bbl of Abu Dhabi Murban from Swiss trader Mercuria, as it shifts away from Russian oil imports amid looming sanctions, Reuters reports, citing trade sources.

ICYMI- China and India have been absorbing surplus from the region as the world’s biggest importers shift away from Russian grades. Chinese refiners are taking several cargoes, while Indian processors marginally increased purchases through a series of tenders.

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