Good morning, friends. It’s the start of a busy week both home and abroad, with Abu Dhabi hosting the annual Abu Dhabi Finance Week and a slew of crypto-focused events happening in tandem, the UAE attending the US’ critical minerals-focused Pax Silica summit later on Friday, and the US Federal Reserve meeting midweek to make a decision on interest rates.

(We’re going to be on the ground at ADFW and would love to say hi. Drop us a note in a reply to this email if you’d like to meet.)

The “capital of capital” is already capturing plenty of attention ahead of ADFW, with Bloomberg out with a big take on the tns of USD powering the emirate’s economy and its investments abroad. The business news information service attempts to map out the intricately linked webs of capital in the emirate, from its sovereign wealth funds to leading firms like Lunate and IHC, and their links to powerful royal figures like Sheikh Tahnoon bin Zayed Al Nahyan.

ADGM also published its 3Q 2025 updates just in time, and it’s been a busy year for the financial hub. Its assets under management (AUM) jumped 48% y-o-y in 3Q 2025, while the number of asset and fund managers rose to 161, with a total of some 220 funds, according to a press release. It now also has 11.9k active licenses, with the number of operational entities climbing 43% y-o-y to 3.2k — 328 of which are in financial services. The workforce grew to 39.9k, reflecting increased activity across Al Maryah and Al Reem islands.

Real estate activity in the ADGM also accelerated, with transaction values rising 104% y-o-y, off-plan and ready unit sales increasing by 78%, and project registrations doubling, boosted by the integration of Al Reem Island into ADGM’s jurisdiction.

PLUS- More is coming. As is usual for every ADFW, more hedge funds are announcing their plans to expand to the capital. LSE-listed Man Group, the world’s biggest listed hedge fund with USD 213.9 bn in assets, is gearing up to apply for a license for an Abu Dhabi office, targeting a 2026 launch, Bloomberg reports. Pending regulatory approval, the unit is expected to serve as a strategic base focused on distribution, investment, trading, and execution, with plans to scale operations over time.

The hedge fund previously had a Dubai office between 2005 and 2016, which it shut in a strategic reshuffle. It already has ties with regional allocators specializing in investments, as well as in research and training programs. The emirate’s focus on “innovation and AI,” along with its positioning as a global financial center, were cited as reasons for the move by a Man Group spokesperson.

This all follows an already eventful weekend in Abu Dhabi, with the Formula 1 World Championship seeing McLaren driver Lando Norris crowned champion for the first time after a tight race. Katy Perry, Post Malone, and Benson Boone were among several acts that performed throughout the weekend as celebrities, tourists, and UAE residents alike flocked to the capital for the weekend.

ALSO IN TODAY’S ISSUE- We have a hearty heaping of macro indicator soup — from the UAE’s purchasing managers’ index for November to the World Bank’s latest update for the UAE and a labor market update. Plus: An Istanbul-based digital assets platform acquires CoinMENA, and DP World was tapped for a project to modernize Afghan ports.

HAPPENING TODAY-

#1- Abu Dhabi Finance Week runs until Thursday, 11 December at the ADGM in Al Maryah Island. The largest finance event in the UAE promises a star-studded lineup, with the likes of Microsoft founder Bill Gates, BlackRock CEO Larry Fink, and JPMorgan CEO Jamie Dimon among the speakers on the schedule. Day one will host the Abu Dhabi Economic Forum, which will feature government officials, heads of sovereign wealth funds, and economists to discuss the future of sustainable economic development.

#2- The DeFi Technologies Insights Global Symposium is happening today at the Emirates Palace in Abu Dhabi. The symposium will convene leaders across digital finance and capital markets to explore how digital assets, blockchain, and AI are redefining modern finance across institutional and sovereign markets globally.

#3- The BTC MENA Conference is on today and tomorrow at the Adnec Center in Abu Dhabi. The two day event brings together leaders, investors, and key stakeholders to discuss the evolving landscape of BTC and the key challenges facing the ecosystem. The conference will examine the convergence of regional capital, energy planning and infrastructure development.

#4- The Global AI Show is also taking place today and tomorrow in Abu Dhabi, connecting AI experts, tech leaders, policymakers, investors, and startups to explore how AI can shape business and government functions across key sectors including finance, healthcare, and cybersecurity.

#5- The Bridge Summit is starting today and will run until Wednesday, 10 December at the Adnec Center in Abu Dhabi. The three day multimedia conference convenes C-suite executives, policymakers, media professionals, and content creators featuring panel discussions, talks and keynotes to discuss the future of media, entertainment and the creative landscape.

HAPPENING THIS WEEK-

The UAE is among eight countries attending the Pax Silica summit hosted by the US on Friday, 12 December at the White House. The meeting will gather close US allies including Japan, South Korea, Singapore, the Netherlands, the UK, Israel, and Australia as the US looks to reduce dependence on China and counter its dominance in AI technology. Washington aims to secure agreements with the attending countries — all of whom either possess critical mineral resources or host major semiconductor firms.

DATA POINT- China accounts for over 90% of the world’s rare earths and permanent magnet refining capacity — essential for the development of computer chips and other AI technology — followed by Malaysia with just 4%.

REMEMBER- The UAE and the US had agreed to cooperate on critical minerals supply chains earlier this year, with the UAE’s USD 1.4 tn investment pledge including projects like a USD 4 bn aluminum smelter to double the US’ aluminum production capacity, and another USD 4 bn gallium smelter project targeting support for semiconductors. Abu Dhabi sovereign wealth fund also later linked up with US government and private equity fund Orion Resource Partners for a mining-focused JV, with plans to invest USD 1.2 bn in metals and mining across Africa, Asia, and Latin America, and co-invested in the USD 1.8 bn Orion Critical Mineral Consortium, which aims to invest in international critical minerals projects.

WEATHER- Expect some fog this morning, along with a minor rise in temperatures. The mercury peaks at 31°C in Dubai and 30°C in Abu Dhabi, before cooling to a low of 21°C in the former and 19°C in the capital.

WATCH THIS SPACE-

#1- Stargate UAE to launch in 3Q 2026: Stargate UAE’s first phase is now on track for completion in 3Q 2026, with construction “going full steam ahead,” Mubadala Investments CEO Khaldoon Al Mubarak told The National. The 19.2 sq-km AI park is part of the 5 GW US-UAE data center campus currently being developed by state AI firm G42 — along with US players including OpenAI, Nvidia, Cisco, and Japan’s SoftBank — and is part of the US’ wider USD 500 bn Stargate initiative.

Where we’re at: Construction of the first 200 MW of the 1 GW capacity is underway, and the project has installed steelworks more than 1.5x the weight of the Eiffel Tower. Some 5k workers are currently working on the site, set to be one of the largest AI hubs outside the US. Full buildout is set for completion within three years.

REFRESHER- The project recently secured a major boost after the US cleared exports of Nvidia’s Blackwell chips to G42, following an initial decision to export USD bns of Nvidia chips for use in US-linked data infrastructure that did not include G42. The move allows for purchases of up to 35k GB300 units, compared to the “couple of thousand” currently available, according to Al Mubarak. The jump in chip capacity is “like going from 5 km an hour to 250 km an hour,” he added.

#2- US-based Guggenheim Investments is considering opening a new office in Abu Dhabi, with the licensing process already underway, and Riyadh, Chief Investment Officer Anne Walsh told Reuters. The firm, which has about USD 357 bn in assets, is looking to deploy more funds in the region and capitalize on investment windows in infrastructure, transportation, and AI and technology across the region. The firm already has an office in Dubai International Financial Center.

#3- Cleveland Clinic plans capacity expansion amid rising demand: Cleveland Clinic Abu Dhabi is planning on expanding its hospital bed capacity to 500 — up from around 400 — within the next two years to accommodate the rise in patient demand both domestically and internationally, CEO Georges-Pascal Haber told The National. The clinic is currently repurposing administrative sites as intensive care units, with additional plans to expand beyond Al Maryah Island with satellite clinics, surgical centers, and family health centers across Abu Dhabi.

IN CONTEXT- International patients at the hospital increased 20% this year, while last year it received over 10k international patients, up 34% y-o-y.

Major developments in the pipeline: The hospital is building the region’s first carbon-ion therapy facility in collaboration with G42 healthcare arm M42, slated for completion by 2026, delivering advanced radiation treatment targeting hard to treat tumors for cancer patients. In partnership with Archer Aviation, the clinic is also set to become the UAE’s first hospital with a vertiport for flying taxis, enabling quicker patient transport and improving time-sensitive organ transport.

#4- UAE to become the GCC’s new Civil Aviation Authority’s home base: The Supreme Council of the GCC has approved a proposal to establish a unified civil aviation authority for the Gulf region, advancing a plan that could unify aviation regulations and integrate operations across the six GCC members), state news agency Wam reports. The new entity, which is set to focus on harmonizing legislative and operational standards, will be headquartered in the UAE.

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THE BIG STORY ABROAD-

It’s a quiet Monday morning in the global press, with a few notable stories making headlines:

#1- Phase two of the Gaza peace agreement? Israeli Prime Minister Benjamin Netanyahu said he will meet with US President Donald Trump later this month as negotiations advance on the second phase of the Trump-backed Gaza ceasefire plan. Netanyahu said the meeting will address the plan’s next steps, which include ending Hamas’ rule in Gaza and establishing an interim technocratic Palestinian government overseen by an international body. (Reuters | Guardian | AFP)

#2- A water leak in the Louvre’s Egyptian department has damaged hundreds of rare books. The leak affected Egyptology journals and research documents from the late 19th and early 20th centuries but no heritage artefacts. The Louvre confirmed there were no irreversible losses, and the materials will be restored. (Guardian | Reuters | New York Times | Bloomberg)

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