Good morning, lovely people, and happy hump day. It’s one of those days that we like to call a Goldilocks day — not super busy for a Wednesday morning, but nowhere near quiet.

The two big stories of the day are S&P Global’s affirmation of Ras Al Khaimah’s A/A-1 rating on strong fiscal fundamentals and forecast growth, along with Amanat’s Saudi education arm wrapping the retail portion of its IPO, with 1.2x oversubscription. Also: Morocco’s hospital giant Akdital Holding is planning to raise funds for its expansion into the UAE and Saudi Arabia.

PLUS- We have a run-down of how Dubai and Abu Dhabi-listed firms’ earnings growth fared compared to the rest of the GCC — and the good news is: growth trumped that of firms on other indices across the region.

WEATHER- Expect a partly cloudy day with slightly cooler temperatures in both Dubai and Abu Dhabi, with the mercury peaking at 29°C in Dubai before cooling to 21°C, and 29°C in Abu Dhabi before reaching a low of 19°C.

WATCH THIS SPACE-

#1- Foreign listing incoming? London and Lagos-listed telecom player Airtel Africa ’s mobile unit Airtel Money secured a regulatory waiver from the Securities and Commodities Authority (SCA) to pursue a UAE listing, IFR reports. The fintech, which is owned by Indian telecom operator Bharti Airtel and has virtually no operational or revenue footprint here at home, had also been weighing London and other European exchanges as potential venues for a listing.

The IPO, planned for 1H 2026, could fetch around USD 1 bn in proceeds and a USD 4 bn valuation. It would also mark the UAE’s first African equity listing, which would be a boost for the Emirates’ push to attract foreign issuers.

Bankers say the IPO will likely hinge on landing a heavyweight Emirati cornerstone investor, which would determine whether the stock lands on the DFM or ADX. Domestic demand for the offer is expected to be thin given Airtel’s lack of UAE ties, despite some minority shareholders being based out of Abu Dhabi.

About the IPO-hopeful: Airtel Money reported USD 623 mn in mobile money operations revenue in 1H 2025, a 33.7% y-o-y increase, while EBITDA rose 30.7% to USD 323 mn, IFR wrote. The business now serves 49.8 mn users, up 20% y-o-y.

ADVISORS- The company held bank pitch meetings in September to start filling out the syndicate, but Citi remains the only mandated global coordinator for now, with other banks still awaiting confirmation.

#2- UK energy services company Petrofac’s UAE operations are “continuing as normal,” despite the layoff of 180 employees after the company was hit a major loss of a USD 15 bn offshore wind contract in the Netherlands and as it continues to face mounting debt, The National reports, citing a company source. The company’s local arm Petrofac Emirates is delivering on schedule, the outlet says, citing an Adnoc Gas representative.

Current projects include a USD 1.2 bn Adnoc gas expansion on Das Island, a USD 330 mn compressor plant at Habshan, and a USD 615 mn carbon capture facility.

Petrofac has a debt of roughly USD 4 bn following years of losses and reputational fallout from a bribery case that resulted in a EUR 77 mn penalty in 2021, the news outlet says. Although a restructuring plan was cleared earlier this year, the wind contract’s cancellation cast doubt over the company’s ability to sustain long-term operations.

#3- Animoca receives green light to operate as fund manager: Hong Kong-based Web3 venture capital and software firm Animoca Brands received in-principle approval (IPA) from ADGM’s Financial Services Regulatory Authority to operate as a regulated fund manager, according to a press release. The company will be authorized to manage a collective investment fund in or from the ADGM, subject to securing final regulatory approval.

REMEMBER- The company is planning to open its first regional office in Dubai, and is also planning to set up funds for startups, although the amount of investments allocated to the region has not been disclosed. The Dubai office will focus on financing, market access, and mentorship for local startups and more established crypto companies.

#4- Emaar is building a new mall: Emaar and Eagle Hills chairman Mohamed Alabbar said the firm will develop a AED 180 bn Dubai Square Mall in Dubai Creek Harbour, set to be three times the size of the Burj Khalifa area in Downtown Dubai, according to a post on X. The mall, which is scheduled to open in three years’ time, will allow electric vehicles access to its interior, and will integrate AI-driven retail systems, Gulf News reports.

Alabbar first hinted at the project in February last year at the Sharjah Entrepreneurship Festival, Khaleej Times previously reported. “This will be the first time cars can enter a mall so it will be very unique,” he said at the time.

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PSAs-

#1- Dubai has set new rules for reporting and managing lost and abandoned property, replacing the 2015 framework, Wam reports. Anyone who finds lost property — excluding public employees on duty — must register it in Dubai Police’s electronic system within 24 hours and hand it over within 48 hours. Police will oversee the logging, storage, and public announcement of items through a new digital system, and will give owners a chance to reclaim items before disposal or claim their value within three years if sold. Finders may receive 10% of the item’s value (capped at AED 50k) and can request to keep unclaimed items after one year, subject to police approval.

Violations of the new rules carry fines of AED 500-100k, doubled for repeat offenses. The new law takes effect upon its publication in the Official Gazette.

#2- Speaking of fines… you can now pay off your fines and government service fees in installments with Dubai-based BNPL and shopping platform Tabby after the Finance Ministry partnered with the platform, Wam reports.

#3- OpenAI enables UAE-based data storage: OpenAI has activated local data residency in the UAE for organizations using ChatGPT Enterprise, ChatGPT Edu, and its API platform, giving businesses, government entities, and universities the option to store data inside the country to meet compliance and governance requirements, according to a statement.

The move comes as adoption continues to climb: OpenAI says its UAE user base has tripled over the past year, with around 60% of 18 to 24-year-olds and 50% of 25 to 34-year-olds using ChatGPT weekly. Enterprise users now include G42, Mubadala, Abu Dhabi Investment Council, Aldar, MBZUAI, Khalifa University, NYU Abu Dhabi, and Tabby.

REMEMBER- Public-service rollout underway: As part of the Stargate UAE initiative, OpenAI and G42 are integrating ChatGPT Plus into public services such as education and healthcare, though personal ChatGPT Plus subscriptions remain USD 20/month.

HAPPENING TODAY-

#1- A Dubai Chambers of Commerce delegation is in Malaysia and Cambodia until Friday, 28 November to explore investment and potential partnerships for Dubai companies, state news agency Wam reports. The mission includes meetings with government bodies, major companies, and one-on-one business sessions to build long-term trade and investment ties. Delegates will study local investment environments and prospects to potentially expand to those markets to support export and re-export growth.

#2- Meanwhile, a mission led by Malaysia’s Entrepreneur Development and Cooperatives Ministry is in Dubai this week, with meetings scheduled across major business hubs through Friday, Trade Arabia reports. The delegation — which includes representatives from Malaysian franchisors, SMEs, and investors — is courting UAE investors, buyers, and prospective master-franchise partners as it looks to expand Malaysian brands in the GCC and deepen bilateral trade and investment ties.

#3- The Big 5 Global Exhibition is on its third day and runs until tomorrow at Dubai World Trade Center. The four-day event convenes construction leaders and policymakers in the urban development ecosystem. Over 2.8k industry suppliers will be at the event, which will focus on advanced technologies and collaboration on infrastructure innovation.

#4- LiveableCities X is also taking place until tomorrow at Dubai World Trade Center. The event brings together international city planners, policymakers, and urban planners to discuss the latest technologies and solutions for sustainable and smart urban environments.

#5- The Doers Summit kicks off today and runs through to tomorrow at Dubai Digital Park in Silicon Oasis, bringing together founders, operators, investors, and technology players for panels, workshops, and startup showcases focused on AI, fintech, engineering, and venture building, with hands-on sessions for early-stage founders.

#6- Date with Tech is underway today and tomorrow in Dubai’s Madinat Jumeirah. The event — a new summit covering AI, digital assets, cybersecurity, immersive tech, and smart infrastructure — spotlights the region’s fast-growing tech sector, from a projected USD 166 bn AI market by 2030 to rising data-center and digital-transformation investment, and serves as a platform for next-gen technology partnerships.

#7- The DFSA-HKMA Joint Climate Finance Conference is happening today at the DIFC Conference Center. Co-hosted by the Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA), the event brings together regulators, global investors, and financial institutions to explore sustainable finance solutions and deepen bilateral collaboration. Key topics include scaling climate finance through tokenization and technology.

THE BIG STORY ABROAD-

Markets extended their rally yesterday, after new US economic data — including soft retail sales and lower consumer confidence in September — strengthened the case for a third rate cut next month. The Dow closed up 1.43%, while the S&P 500 was up 0.91%. Meanwhile, Nasdaq’s gains were limited to 0.67% on a 2.6% decline in Nvidia over Google competition fears. (Reuters | Financial Times | CNN | Semafor)

OVER IN GEOPOLITICS- A-US backed peace framework won Ukraine’s backing after a few days of intense negotiations, with “only a few remaining points of disagreement,” according to US President Trump. The amended proposal is unlikely to appeal to Moscow, which seems uncompromising on its goals to solidify territorial gains and slash Ukraine’s military within an inch of its life. (CNN | Reuters | CNBC)

ALSO WORTH NOTING-

  • Trump’s Genesis Mission will build a digital platform to concentrate scientific data and pave the way for using AI in engineering, energy and national security. (Associated Press)
  • An Ethiopian volcano eruption sent ashes all the way to Delhi. (BBC)

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MARKET WATCH-

More Murban is heading to India: Mangalore Refinery and Petrochemicals (MRPL) has purchased 2 mn bbl of Abu Dhabi’s Murban crude for January loading through a tender awarded to BP, as Indian refineries continue to avoid Russian barrels, Reuters reports.

REMEMBER- Middle East producers are finding a lifeline in China and India — which have been absorbing surplus from the region — as the world’s biggest importers shift away from Russian grades. Chinese state-owned refiner Yanchang Petroleum secured 2 mn bbl of Abu Dhabi Murban from Swiss trader Mercuria last week, while MRPL purchased 2 mn bbl of Abu Dhabi’s Murban for December loading from Glencore to replace the Russian supply. India’s Hindustan Petroleum Corp also booked 2 mn bbl of Abu Dhabi’s Murban crude for January.

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