Good morning, friends — are you working from home today? Unstable weather, which has brought thunderstorms and heavy rain across the UAE throughout the night, prompted the Human Resources and Emiratization Ministry to urge private sector businesses to revert to remote working today, and the Fujairah government to allow government employees to work remotely.

⛈️WEATHER- Along with the rain, temperatures are dropping significantly. The mercury rises to just 23°C in Dubai, with a low of 16°C, while Abu Dhabi will see a high of 22°C and a low of 17°C.

Today’s big story is a number — and that’s the USD 11 bn secured by Adnoc for its Hail and Ghash offshore gas development. The non-recourse, pre-export facility is a first for the gas sector.

In other unconventional financing news, Ares provided net asset value (NAV) financing to a multi-family office in DIFC. And: We have a rundown of how UAE banks’ loan, deposit, and income growth compared to its regional peers in 3Q.

Watch this space

DEFENSE: Is the UAE buying a USD 2.3 bn weapons package from Israel’s Elbit? That’s what’s in the rumor mill across several outlets who picked up the news from French news agency Intelligence Online reports. The manufacturer had announced the agreement last month, but didn’t specify who was behind it at the time, only stating it was an international agreement lasting eight years. Reports are as yet unconfirmed by both UAE and Elbit officials.

The agreement is reportedly the second-largest arms agreement in Israeli history, and will see the UAE secure aircraft defense and protection systems. Israel seems to have plugged a gap left following a delay in the UAE securing US fighter jets on the back of persistent worries about links to China.

REMEMBER- The firm was barred from the Dubai Airshow in September alongside other Israeli weapons manufacturers, following Israel’s strike on Doha as well as its military campaign in Gaza. The UK and France had also pulled Israeli firms from trade shows earlier. Still, the two countries continue to maintain business relations in the sector, with the UAE’s state-owned Edge acquiring a 30% stake in Israeli military supplier Third Eye in June.

GOLD: Emirates NBD has entered the bullion trade, rolling out bank-branded gold bars for UAE customers — the first such offering by a local lender, according to a statement. The product is sold in 10g, 50g, and 100g denominations, with bank custody and the option to redeem for physical delivery.

Why now: The timing tracks a sharp rally in precious metals. As we’ve reported, gold prices have hit record highs this year as a weaker USD, political pressure on the US Federal Reserve, and doubts around fiat currencies push investors toward safe havens.

Are gold dealers in trouble now that the big players are getting into gold? Not quite. Experts cited by The National say cost-driven buyers will still head to the souqs, where margins are thinner and jewelry demand follows a different logic than investment bullion. Still, investors who worry about the purity and resale value of gold could start flocking to bank-branded gold for the additional credibility, which could result in competitive pressures in the market, analysts said.

MEDIA: The federal government has set up a National Media Authority (NMA), folding the UAE Media Council, the National Media Office, and the Emirates News Agency (Wam) into a single federal entity reporting to the cabinet, state news agency Wam reports. The move comes as the UAE looks to consolidate its media ecosystem while attracting new investment and tightening regulations.

DATA POINT-

USD 9 tn — the number of assets now represented by firms with a presence at ADGM, according to Wam. The figure is up sharply from USD 635 bn in 2024 and USD 450 bn in 2023. 11 new entrants committed to join ADGM in the run up to and during Abu Dhabi Finance Week, including Cantor Fitzgerald, BBVA, Arab Bank Switzerland Gulf, Plenary ME Infrastructure Partners, Eurasian Development Bank, ERM, and DLA Piper, spanning asset management, banking, infrastructure investment, sustainability advisory, and services.

THE BIG STORY ABROAD-

US inflation figures are out — but the controversy around their accuracy in the wake of the US government shutdown is dominating the conversation. While core inflation seems to have come in at the slowest annual pace since 2021, economists say the long shutdown have likely distorted both the monthly and annual figures, and that key shelter figures that came in lower than expected throw the data’s credibility into question.

What’s next? Wait for December data out in January to evaluate whether there are signs of disinflation or if the slowdown was a result of issues with the data.

Why it matters: Slowing inflation would boost the case for an interest rate cut early in 2026, which so far is not a guarantee as US Federal Reserve policymakers remain more divided than ever.

^^Read: Flawed inflation data dashes Donald Trump’s hopes of a quick affordability victory (Financial Times)

Meanwhile, TikTok is making headlines as its owner, ByteDance, agreed to sell 80% of the company’s US assets to American and global investors to avoid a ban in the country — putting an end to a ban-or-no-ban saga that has been going on for years. The company’s CEO Shou Zi Chew confirmed the takeover in a memo to employees.

We knew this was happening: News that Oracle, Silver Lake, and UAE AI investor MGX are acquiring TikTok’s assets in the US first broke in September, though the news was yet to be confirmed. The transaction reportedly values the business at USD 14 bn, and will see the three investors own a 45% stake, with 30% going to affiliates of investors in ByteDance, and 19% retained by the parent firm.

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