Good morning, wonderful people. This is your reminder that the long weekend is only one sleep away, in case you (like us) are struggling to keep your eyes open this morning.

There’s some good news and bad news in this morning’s issue. The good news? Hiring has been on the rise in 3Q 2025, according to Cooper Fitch.

The bad news? Don’t expect salaries to rise significantly next year, with just a 1.6% average increase expected across the board. We spoke with Cooper Fitch CEO Trefor Murphy to break down why that is, and what that means for businesses’ hiring plans in 2026.

Plus: We have a new tokenized litigation fund coming to Dubai, and Global South Utilities has committed USD 1 bn to energy projects in Yemen.

PSA- Whether you want to watch yourself or you’re forced to by your spawn: It’s Stranger Things day. We haven’t seen them yet, but the first four episodes of what its producers are calling Volume 1 of the final season dropped on Netflix last night. Three more (Volume 2) drop on 25 December, and the finale will stream on 31 December. Each episode will be well north of an hour long.

WEATHER- The mercury peaks at 29°C today in Dubai before cooling to 19°C, and 29°C in Abu Dhabi before reaching a low of 20°C.

MORNING MUST-READ- Emirates NBD’s CEO Shayne Nelson spoke with the Economic Times ahead of the launch of the open offer to acquire a controlling stake in private-sector Indian lender RBL BAnk on 12 December, outlining the strategic rationale for the bank’s USD 3 bn push into India. He cited the country’s need for substantial capital expansion as it is projected to become a USD 7 tn economy by 2030, and also discussed areas of focus post-acquisition, and explained why the bank chose RBL as its target for expansion.

The choice came as the bank looked to secure meaningful control, with other potential candidates like Yes Bank and IDBI Bank unlikely to support majority ownership under their existing shareholder frameworks, he’s quoted as saying. The regulatory openness to a majority stake acquisition combined with the compelling India growth narrative and institutional strength, was the decisive factor enabling ENBD to make a long-term commitment, Nelson told the daily.

As for future expansion plans? The bank is focusing on the five markets in which it already operates — Turkey, India, the UAE, Egypt, and Saudi Arabia — with an eye to grow its market share in Saudi.

Key takeaways:

  • Nelson sees the RBI’s openness to a foreign bank taking a majority stake as a reflection of India’s confidence in its financial sector and crucial for attracting this strategic investment despite a 26% voting cap on foreign investors;
  • Nelson suggests that removing that voting cap would further boost confidence and capital inflows to the sector;
  • ENBD sees a universal banking model for RBL focusing on wealth management, expanding corporate banking using global relationships, and leveraging the strong NRI corridor between India and the GCC, which accounts for 50% of NRI flows to India. ENBD already has a significant Indian customer base globally, he added;
  • The bank will also prioritize SMEs, agriculture, and investment banking, leveraging ENBD’s existing client base and a strong India-GCC remittance corridor, which Nelson said accounts for around half of remittance flows to India. The lender has applied for a merchant banking licence and plans to leverage RBL’s presence in Gujarat’s GIFT City;
  • ENBD’s USD 3 bn investment will significantly boost RBL’s capital from the current USD 1.8 bn to support a lending book of up USD 25 bn. Leveraging that capital is the top priority, he added.

REMEMBER- ENBD agreed to acquire between 51-74% of Mumbai-listed RBL Bank through a USD 3 bn preferential share issuance.

WATCH THIS SPACE-

#1- Robotaxis land in Abu Dhabi: Uber and Chinese autonomous mobility firm WeRide have rolled out the first driverless robotaxi services in Abu Dhabi in Yas Island, according to a statement. They plan to cover nearly half of Abu Dhabi’s core areas, including Al Reem and Al Maryah and will expand operations beyond Yas Island before the end of the year.

The move makes Abu Dhabi the first non-US city to launch fully driverless robotaxi operations on the Uber platform — and marks the first city-wide Level 4 autonomous driving license outside the US.

It’s been cooking for a while: WeRide received federal approval to operate itsrobotaxi services in Abu Dhabi on 31 October, after conducting tests in 2Q 2025, as Abu Dhabi looks to lead the charge on autonomous transport. Meanwhile, Dubai is also aiming to make 25% of all journeys autonomous by the end of the decade.

#2- Petrofac has moved to place its international operations, under Petrofac International Limited (PIL), into administration, folding it into its insolvency processes for the UK-based unit, according to a statement. The move is expected to support its restructuring and M&A plans.

What’s next: PIL, which once managed much of the group’s engineering and construction work in the Middle East and North Africa, now holds no active contracts and will seek court approval in Jersey, the statement says. Existing staff will be redeployed to other company units when possible, the company said.

ICYMI- The company recently said its UAE operations remained unaffected, even after it laid off 180 employees following the loss of a major contract in Europe. The company is working on several projects in the UAE including 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.

#3- Mubadala-backed global fintech and neobank Revolut has reached a USD 75 bn valuation in its latest share sale, up from USD 45 bn last year, according to a statement. Bloomberg reports. The round included Coatue, Greenoaks, Dragoneer, Mubadala-backed Fidelity, Nvidia’s NVentures, Andreessen Horowitz, and others. It’s not clear whether Mubadala directly invested in the round. Following the sale, the firm said it is planning to expand into 30 new markets

And in the UAE? The neobank is currently focusing on building out and completing final regulatory and compliance checks, and is working with the Central Bank of the UAE (CBUAE) to secure full approval, the firm’s GCC CEO Ambareen Musa told Arabian Business. It is focusing on hiring and establishing local partnerships, and will designate a GCC HQ later on, she added.

REFRESHER- The company secured in-principle approval from the CBUAE earlier this year to roll out its services in the Emirates. Revolut CEO Nik Storonsky was also reported last month to have moved his residency from the UK to the UAE, with a filing showing his residency may have been in effect for up to a year. Abu Dhabi’s Mubadala first invested in Revolut last September as part of a USD 500 mn share sale that valued the company at USD 45 bn. Over the summer, the sovereign wealth fund was reported to be looking to expand its stake in the neobank through possibly taking over a USD 100 mn stake from existing shareholders.

#4- S&P Global expects GCC banks to maintain a stable credit outlook well into 2026, with an average long term rating of A- as of November 15, 2025, an upgrade from last year’s thanks to improving banks’ ratings in Saudi Arabia and the UAE, according to a note. The stable outlook is “underpinned by broadly stable profitability, supportive asset quality, and solid capitalization,” S&P states.

Growth across UAE banks will come from retail lending – constituting 27% of total credit – boosted by population growth, consumer confidence, and digitalization efforts, while corporate lending will drive the growth among Saudi banks.

GCC banks also hold sufficient liquid assets to withstand large outflows from private sector deposits should geopolitical tensions arise, a risk factor that S&P’s forecasts have not incorporated. UAE banks show the highest capital surplus — the ratio of liquid assets to capital outflows — of more than USD 200 bn, according to S&P calculations.

Despite showing stable financial performance in 2025 with an average return on asset (RoA) of 1.7%, S&P sees a slight decline in profitability among GCC banks due to expected interest rate cuts in 2026 with an average cost of risk of 50-60 bps.

#5- State-owned defense firm Edge said its top priority is developing an air-defense system to counter small drone attacks, Bloomberg reports. The project, SkyKnight, will be its flagship product, and is set to be operational next year, CEO Hamad Al Marar said at the Dubai Airshow, the news outlet reported.

The details: SkyKnight’s radar-guided missiles’ 10 km range make it ideal for intercepting swarms of small threats. The project development comes “with drone threats in mind,” the CEO said, as the UAE looks to bolster domestic defense capabilities amid recent regional events, including Houthi attacks and Israel’s tensions with Iran.

ICYMI- Edge signed three agreements last July with 4iG’s Space and Defense Technologies unit, with the agreements including plans to localize production of the SkyKnight missile system. The company has annual revenues of USD 5 bn.

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.

Dubai Chamber of Commerce has held 166 business meetings in Kuala Lumpur as part of the trade mission, Wam reports. The meetings connected 20 Dubai-based companies across a range of sectors, with investment prospects flagged in the transport and warehousing, real estate, hotels and tourism, plastics, business services and healthcare sectors. An MoU was also signed between Dubai Chambers and Malaysia’s National Chamber of Commerce and Industry of Malaysia to strengthen bilateral trade relations and boost business ties.

#3- The Big 5 Global Exhibition is on its final day 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 on its final day 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 is on its second and final day 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 on its final day 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.

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THE BIG STORY ABROAD-

Two tragedies are dominating front pages this morning, a residential mega-fire in Hong Kong and a shooting near the White House.

Hong Kong’s worst residential fire in decades killed 44 and left hundreds more missing. Efforts are ongoing to stop the blaze, and the police arrested three people from a construction company that was carrying out maintenance work on the building. (Reuters | CNN | Financial Times)

MEANWHILE- Washington, DC is on high alert, after a gunman shot and critically wounded two National Guard members, a few blocks from the White House. The shooting — a day before Thanksgiving — sent shockwaves through the US, with more National Guard units deployed to the capital. The suspect is said to be an Afghan man who came in the country fleeing Taliban rule in 2021. (NYTimes | Washington Post)

ALSO WORTH READING-

  • Apple’s iPhone shipments could beat Samsung this year for the first time in 14 years. (CNBC)
  • Army officers announced a coup in Guinea-Bissau, a day before presidential election results were due out. (Reuters)

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