Good morning, friends, and happy FRIDAY. We wrap a busy week with another packed issue as Dubai Airshow continues to flood our newsfeeds with aviation-related news. The big theme yesterday? Local manufacturing and maintenance, repair, and overhaul capabilities.

Also worth your attention this morning: AD Ports upped its stake in an Egyptian terminal operator; Tadweer and Masdar plan to develop a waste-to-SAF plant in Abu Dhabi; and UAE and Canada signed an investment protection agreement and have agreed to launch trade talks.

WEATHER- Temperatures will reach 33°C in Dubai, before cooling to an overnight low of 19°C, and 32°C in Abu Dhabi, with an overnight low of 21°C.

WATCH THIS SPACE-

#1- FAB lines up new AT1 paper: First Abu Dhabi Bank (FAB) tapped a roster of international and regional banks, including our friends at HSBC, to arrange investor calls on Wednesday ahead of a potential USD-denominated, non-call perpetual AT1 issue, Zawya reports. The Reg S offering is a benchmark-size, fixed-rate, resettable six-year AT1 instrument, with an expected Baa3 rating from Moody’s. FAB is rated Aa3 by Moody’s and AA- by both S&P and Fitch.

ADVISORS- Abu Dhabi Commercial Bank, Barclays, Emirates NBD Capital, First Abu Dhabi Bank, and Standard Chartered Bank are also joint lead managers and bookrunners on the transaction.

#2- Abu Dhabi courts global contractors for USD 54 bn project pipeline: Abu Dhabi Projects and Infrastructure Center (Adpic) is seeking private sector partners from Turkey, Singapore, and China for its USD 54 bn infrastructure projects pipeline over the next five years, with the total expected to double by 2040, Reuters cites director Maysarah Eid as saying. Adpic met with major Turkish contractors — including Dogus, Kalyon, and Summa — during an Istanbul roadshow, after similar stops in Singapore and China. The center will draw up a shortlist from the three countries for Abu Dhabi’s upcoming “mega portfolio” of projects, Eid said.

REMEMBER- Adpic earlier said it aims to sign AED 47 bn in private-sector infrastructure contracts in 2H 2025, having already awarded AED 22 bn in public-private partnerships (PPPs) this year. The emirate has AED 450 bn in planned infrastructure projects over the next 5-10 years. Adpic also signed seven MoUs in Singapore this month.

What’s coming: The pipeline includes bridges and tunnels, along with national housing and social infrastructure, which accounts for about 50% of planned spending, Eid said. Projects will span Abu Dhabi, Al Ain, and Al Dhafra, funded either directly by the government or through long-term partnerships with developers and investors.

#3- IHC eyes USD 25 bn from minority holding exits: Abu Dhabi’s International Holding Company (IHC) could see as much as USD 25 bn in inflows from minority investment exits over the next year and a half, CEO Syed Basar Shueb told Reuters. The firm is keen on making a swift exit on investments where it can’t secure a controlling stake, he added.

The state of play: The conglomerate is close to finalizing at least two divestments, the first of which could come as early as next year, Shueb told the news outlet, though he didn’t specify holdings it was looking to exit.

USD 25 bn in, USD 30 bn out: On the flip side, IHC has earmarked up to USD 30 bn to be deployed over the same 18-month time frame, with a solar and wind energy project in Chad possibly the first venture to be the first recipient of the capital inflows, which will come through a mixture of debt and equity financing.

ICYMI- The holding firm recently moved to consolidate three of its key portfolio firms — Multiply, 2PointZero, and Ghitha Holding — into a single entity, 2PointZero Group, which is set to have combined assets of roughly AED 120 bn. It also recently divested its 42.5% stake in Abu Dhabi developer Modon to Abu Dhabi government-owned L’imad Holding Company as part of a strategic review of its portfolio that looks to cap its exposure to real estate — along with other sectors — at 20%. Its subsidiary Multiply also sold its stake in Pal Cooling Holding to Tabreed and CVC DIF for AED 3.9 bn.

#4- Emirates Islamic to shut five branches by year-end in digitization reshuffle: Emirates NBD’s Islamic finance subsidiary, Emirates Islamic, will shut down five of its branches by year-end, as the firm restructures and refocuses toward digitization and resource efficiency, Gulf News reports, citing deputy CEO Mohammad Kamran Wajid. The bank has selected locations hat are near other Emirates Islamic and Emirates NBD branches, and plans to reallocate staff to other roles, while new branches could be on the cards in high-growth areas like the northern Emirates.

IN CONTEXT- This follows Emirates NBD ’s recent full acquisition of the bank, leading to its delisting from the Dubai Financial Market. Emirates NBD completed the mandatory buyout of the remaining 0.029% in shares, increasing its stake to 100% and reregistering all shares in its name, though Emirates Islamic continues to operate independently.

#5- The UAE is launching a new trade program aimed at enhancing its role in foreign trade, according to a statement reported by the state-news agency Wam. The Global Center of Trade program will be implemented through eight initiatives, including attracting 1k global companies, and the launch of a UAE Export Portal which will connect thousands of Emirati exporters with foreign markets to boost non-oil exports and expand re-export operations. It will also include a training initiative for exporters, an international trade expo, promotional events, and a plan to integrate AI into trade.

REMEMBER- The country aims to boost non-oil foreign trade to AED 4 tn by the end of 2031, compared to AED 3 tn in 2024.

Non-oil foreign trade surged 24.6% y-o-y in the first nine months of 2025 to nearly AED 2.7 tn, as non-oil exports rose 42.5% y-o-y to AED 579.4 bn, according to the statement. Meanwhile, non-oil imports grew 22.8% y-o-y during the period, reaching AED 1.5 tn, and the value of re-exports reached AED 597.7 bn, recording a 15% y-o-y rise.

SPEAKING OF OVERSEAS TRADE- The UAE made its first overseas transaction using the digital AED with China this week after linking their financial infrastructures, according to a statement (pdf) by the Central Bank of the UAE (CBUAE). The newly linked payment systems will allow residents of both countries to make instant transfers, facilitating payments such as tuition, remittances, and cross-border commercial transactions.

The transaction was carried out via the Jisr platform, a multi-CBDC network developed by the CBUAE, joined by a number of banks in the UAE and China and set to include more central banks next year.

The two countries also launched a multi-scheme prepaid card — Jaywan-UnionPay, a collaboration between the UAE’s domestic card scheme Jaywan, its Chinese counterpart UnionPay, and Lari Exchange, according to the statement.

REMEMBER– The Finance Ministry and Dubai’s Department of Finance, in collaboration with the CBUAE, executed the country’s first government financial transaction using the Digital AED earlier this month.

#6- Flydubai is introducing premium economy cabins as it looks to shed budget carrier label: Dubai-based airline flydubai is set to launch a three-class configuration — business, premium economy, and economy — on its new Boeing 787 Dreamliners, CEO Ghaith Al Ghaith said on day four of the Dubai Airshow. The new feature marks a step away from the carrier’s origin as a budget airline. The new jets will serve new routes and boost flight frequencies on existing services, with deliveries scheduled to begin by end-2027.

ICYMI- Flydubai placed an order with US manufacturer Boeing for 75 737 Max jets (with an option to add another 75) this week. The value of the order was not disclosed, though it raises flydubai’s orderbook at the airshow to 300 aircraft. It also tapped Boeing’s rival Airbus for a massive order of 150 A321 aircraft for the first time in a transaction valued at USD 24 bn, sources told Reuters.

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HAPPENING TODAY-

#1- A UAE delegation is on a visit to Singapore and India that wraps today 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- Canadian Prime Minister Mark Carney is in Abu Dhabi 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 and the heads of UAE sovereign wealth funds to attract investments to build out Canada’s export infrastructure and boost access for Canadian exporters.

Investment pact on the table: Carney is aiming to sign a formal foreign investment promotion and protection agreement with the UAE during the trip, with a senior Canadian official telling CBC that an agreement is “ready to go.”

#3-Dubai Airshow is on its final day 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.

#4- The Investment and Business Summit is on its third and final day 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.

HAPPENING THIS WEEK-

A UAE delegation led by Abu Dhabi Crown Prince Khaled bin Mohamed bin Zayed Al Nahyan is heading to the G20 summit on Saturday, 22 November and Sunday, 23 November in Johannesburg, South Africa, state news agency Wam reports. The summit aims to focus on global economic growth, the energy transition, sustainable development, climate and health barriers, and innovation-led international partnerships.

Have you checked out EnterpriseAM MENA <> India? It’s our newest briefing tracking one of the world’s most dynamic trade, investment, and cultural corridors. Every Monday, Wednesday, and Friday, we’ll track the transactions, trends, and market moves connecting these two dynamic regions. The flow of capital, talent, and trade between MENA and the Indian subcontinent is one of the most important economic stories in the world — and we’re telling it as only we can.

If you’re investing, trading, or scouting for your next big move in MENA or India, subscribe to EnterpriseAM MENA <> India by tapping here to get the strategic intelligence you need.

THE BIG STORY ABROAD-

Shaky markets are still dominating headlines, after Nvidia’s bumper earnings yesterday failed to keep concerns of an AI bubble at bay, with several AI firms’ — including Nvidia, Broadcom, and Advanced Micro Devices — shares tanking yesterday, pulling the S&P 500 down 1.6% and the Nasdaq down 2.2%. (CNBC | Financial Times | Guardian | Wall Street Journal)

Meanwhile, Warner Bros received bids from Netflix, Paramount Skydance, and Comcast as the company mulls a sale of its business, after rejecting a nearly USD 60 bn bid from Paramount Skydance earlier. Netflix and Comcast are eyeing its film and TV library, while Paramount Skydance is looking to take over the entire business. (Reuters | Bloomberg | New York Times)

Geopolitics are also still getting attention, with Ukraine saying it will work with the US on its 28-point peace plan for the country and Russia, which will see Ukraine cede large chunks of territory to Russia, as well as cap the size of its military and lift sanctions on Moscow. (Bloomberg | Axios | Reuters)

CLOSER TO HOME- Iran ended its agreement allowing the International Energy Agency to inspect its nuclear stockpile after the UN’s atomic watchdog passed a resolution ordering it to provide details on its enriched uranium and nuclear sites with “without delay.” (Bloomberg | Washington Post | NYT)

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OIL WATCH-

Emirates National Oil Company’s (Enoc) subsidiary Dragon Oil has made a new oil discovery in Egypt’s Gulf of Suez, state news agency Wam reports. Initial assessments suggest production could reach around 3k bbl / d once the well is tied into the existing network. The company plans to connect the well to the North-East Ramadan platform by July once commercial viability is confirmed.

Expanding the regional footprint: Dragon Oil was awarded the North July oil concession, northeast of the Gulf of Suez last September, and was set to invest at least USD 20 mn, including drilling up to three wells. It was also considering three new potential investments in Egypt last month.

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