Good morning, friends. It’s clear that plenty of people are bridging the long weekend, judging by the uncharacteristically slow pace of news and the volume of out-of-office replies in our inbox.

Think of it as the calm before the storm, before thousands of financiers, investors, and hedge fund managers descend on Abu Dhabi next week for Abu Dhabi Finance Week, and some of the same crowd — along with high-profile celebrities and tourists — alike land in the capital for the F1 Grand Prix.

The big theme of the day today is capital markets, with the ADX launching a new high-dividend focused index, and Mashreq Capital rolling out a multi-asset BTC, gold, and equity fund for retail investors.

🌁WEATHER- Expect another foggy morning, as the mercury peaks at 29°C in Dubai and Abu Dhabi, before cooling to a low of 22°C in the former and 20°C in the capital.

UPDATE-

Output at Dana Gas’ Khor Mor facility in the Kurdistan Region of Iraq has been fully restored after a recent attack disrupted operations, according to a press release (pdf). The company’s liquid storage tank was struck by a rocket last week, causing a fire and the suspension of operations to assess the damage. The authorities didn’t disclose who was responsible for the attack.

This isn’t the first attack this year, after a drone strike “targeted the [field’s] vicinity” in February, though the company’s operations were unaffected. Later on in July, a series of drone attacks in the wider Kurdistan region slashed crude output by 140k barrels to 150k bbl / d and led some producers to temporarily halt production, Reuters reported.

WATCH THIS SPACE-

#1- Paramount’s Warner Bros. offer gets Adia backing? The latest offer from Paramount Skydance to fully acquire Warner Bros. Discovery is reportedly backed by the Public Investment Fund, the Qatar Investment Authority, and the Abu Dhabi Investment Authority, unnamed sources told Variety. The offer is mostly backed by Oracle co-founder Larry Ellison, while GCC backing is below the threshold that requires foreign investment approval in the US, the sources added.

Background: Ellison, who acquired Paramount this year for USD 8 bn, reportedly held preliminary and “active” talks with the PIF and other Gulf investors to secure financing for a potential bid, the Financial Times reported last month. Earlier reports by Variety on Gulf backing were denied by Paramount at the time.

Fierce competition: The offer will reportedly be going up against offers from industry titans Netflix and Comcast. There’s no word yet on details of the rival offers, but sources say Netflix is trying to sweeten the bid by pledging to honor Warner’s agreements to distribute films in theaters in case its offer goes through.

#2- Adnoc is among several potential investors reportedly in talks with the German government to buy the trading unit of Securing Energy for Europe GmbH (Sefe), the former trading and supply arm of Russian gas firm Gazprom, Bloomberg reports, citing people familiar with the matter. The government is eyeing several options, which could include carving out the trading unit and separating it from strategic gas assets, or pursuing privatization through a public share offering as they look at reprivatization from “all angles,” the sources said.

Sefe? The company was nationalized in 2022 in a EUR 6.3 bn transaction at a time when the energy crisis was at its peak, but the European Commission now demands that the government reduce its stake in the firm, which is still importing Russian LNG to Europe through France on the back of a legacy contract. The company is currently expanding its LNG assets and recently acquired German gas grid operator Wiga in an effort to boost its valuation ahead of the exit. The government had tapped JPMorgan Chase and Deutsche Bank to work on the privatization process.

#3- Adnoc Gas plans to leave some 20% of output from its Ruwais LNG plant uncontracted, positioning the company to capture upside price swings from market volatility instead of locking all volumes into long-term contracts, CEO Fatema Al Nuaimi told The National.

Adnoc has been converting heads of agreements into sales agreements over the past year, inking offtake agreements for the plant in which it will hold a 60% stake with the likes of Shell, Indian Oil Corporation, Germany’s Sefe, German energy infrastructure firm EnBW, Malaysia’s state-owned oil and gas firm Petronas, as well as a Japan’s Jera and Osaka Gas.

Adnoc’s commitments cover more than 8 mn tons of the facility’s planned 9.6 mtpa capacity, covering some 83% of planned capacity roughly 16 months after the project’s final investment decision in June last year. The USD 7 bn project is scheduled to come online by the end of 2028, with Shell, TotalEnergies, BP, and Japan’s Mitsui each holding 10% stakes.

#4- GCC aims to finalize joint air defense shield: GCC states are focused on completing a unified air defense network “in the near future,” GCC Secretary-General Jasem Al Budaiwi told Al Arabiya on Tuesday (watch: runtime: 21:45), ahead of the 46th GCC summit. He described the meeting as “extremely important” in light of recent attacks on Qatar, including an Iranian missile strike on Al Udeid US base and an Israeli strike on a meeting of senior Hamas members in Doha, which highlighted the need for a coordinated defensive posture. The bloc will also focus on increasing defense training programs and making them more comprehensive.

Regional energy integration is also a focus, including linking southern Iraq to the Gulf electricity grid, The National reports, citing Al Budaiwi. The first 500 MW are expected in early 2026, before scaling that to 2 GW. The project could also extend Gulf electricity exports to other Arab states facing shortages, he added.

The GCC Summit’s final communique emphasized the importance of cooperation in renewable energy, AI and tech, as well as trade and tourism, and encouraging investment in strategic projects, particularly in infrastructure, transport, energy, communications, water, and food. On the trade front, the bloc is finalizing agreements with New Zealand and South Korea, Al Budaiwi is quoted as saying by the National.

#5- CBUAE to offer AED 18.5 bn in next M-bills auction: The Central Bank of the UAE (CBUAE) will offer up to AED 18.5 bn in monetary bills at its upcoming auction next Monday, 8 December, according to a statement (pdf). The offering includes a 28-day tap issuance worth up to AED 2 bn, an 84-day new issuance worth up to AED 2 bn, a 168-day tap issuance worth up to AED 1.5 bn, and a 336-day new issuance worth up to AED 13 bn. All bills will settle on 10 December.

Decoding central bank speak: M-bills are short-term, zero-coupon securities issued in AED with typical maturities of 1-12 months. They are sold via competitive tenders to licensed dealers and are not listed for public trading. A tap issuance allows the CBUAE to reopen an existing line to manage liquidity without launching a new series.

#6- Art collectors and aficionados, rejoice: Design Miami is bringing its collectible fair to Dubai under a joint program, according to a press release. Slated for early 2027, the partnership will launch a flagship fair alongside year-round initiatives to convene leading galleries, collectors, and designers. The event is currently underway in Miami and also has an edition in Paris.

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HAPPENING TODAY-

#1- Sotheby’s inaugural Abu Dhabi Collectors’ Week kicked off yesterday and runs until Friday, 5 November at the St Regis Saadiyat Island Resort in Abu Dhabi. In partnership with ADIO, the flagship event features auctions, exhibitions, masterclasses, and panel discussions across luxury sectors including high jewelry, rare watches, collector cars, fine art, and real estate.

#2- The Binance Blockchain Week is taking place today and continues until tomorrow at the Coca-Cola Arena in Dubai. The event brings together global stakeholders from blockchain builders and crypto firms to regulators, investors, and Web3 innovators for panel discussions, workshops, and networking aimed at shaping the future of Web3 and digital assets.

THE BIG STORY ABROAD-

It’s a pretty slow news day in the business press, with no one story dominating headlines. Among those getting ink:

#1- HSBC has appointed Brendan Nelson as chairman, making his interim role permanent seven months after launching a search to replace former chair Mark Tucker. The decision came just a day after CEO Georges Elhedery said Nelson was not seeking the position permanently. Nelson joined the bank’s board in September 2023 and has been serving as interim chair since October. He will continue to chair the Group Audit Committee until HSBC releases its 2025 results in February, after which a successor will be announced. (Reuters | Wall Street Journal | Financial Times)

#2- Meta has poached Apple’s head of user interface design Alan Dye to accelerate its push into AI-powered devices. Dye, who led Apple’s user interface design team since 2015 and played a key role in products like the Apple Watch, iPhone X, and Vision Pro headset, will join Meta as chief design officer. His departure adds to recent senior exits at Apple, including COO Jeff Williams and AI chief John Giannandrea. (Financial Times | Bloomberg | Reuters)

#3- Bond investors are sounding the alarm over the US Treasury appointing Kevin Hassett as the next Federal Reserve chair, fearing he could bow to political pressure from President Donald Trump to cut interest rates aggressively, Financial Times reports. The Treasury has sought market feedback on potential candidates, including Hassett, during November meetings. Hassett, a former Trump adviser and economist, has emerged as a frontrunner to replace Jay Powell when his term ends in May 2026.

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CIRCLE YOUR CALENDAR-

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