THIS MORNING: Investors haggle over DIP’s price tag + an Emirati could enter the race for UN top job

Good morning, everyone. The Future Health Summit is in full swing in Abu Dhabi as it enters its final day, bringing together healthcare players from around the world. One such name is smart ring maker Oura, which is putting down roots in Abu Dhabi and whose executives tell us has made its first local hires. Oura also launched its first project in the country: a study looking at whether ring data can give early warning signs about premature birth in elevated-risk pregnancies.

On the flip side, Abu Dhabi-based CNTXT AI is making moves outside of the UAE with a new office in Silicon Valley that’ll double as a deployment center for testing its clients’ robots and partners’ hardware before rollout.

PLUS- Some would-be investors in DIP Holding’s listing are asking Dubai Investments to lower its valuation expectations and sweeten the offering, even after it committed to some AED 2.2 bn in dividends over three years.

AND- It’s earnings season for Emirates NBD, Emirates Islamic, Dubai Islamic Bank, and Commercial Bank of Dubai, which delivered their 3Q and 9M results.

UAE official up for UN top job?

An Emirati could join the race to succeed António Guterres as UN secretary-general. Supporters of State Minister Lana Nusseibeh have been sounding out UN missions on a possible run, and she could enter the race as early as this week, the Financial Times reports, citing diplomats and UN insiders. Nusseibeh was the UAE’s ambassador to the UN from 2013 to 2024.

The race is deadlocked, and that is drawing in late entrants. Six months of hustings have failed to produce a candidate that all five permanent members of the Security Council can back. Frontrunner Rebeca Grynspan, the former Costa Rican vice-president who heads UN Trade and Development, secured nine “encourage” votes in last week’s straw poll. That would be enough to secure the final vote, but she also drew two “disapprovals” from veto-wielders. Second-placed Rafael Grossi of the IAEA also drew two “encourage” votes. Whoever is elected inherits an organization in a budget crisis, with the US, traditionally its largest donor, pushing for deep cuts.

REMEMBER- It’s been a big week for Emirati officials: Ali Alhosani has recently become the first Emirati elected executive director at the IMF.

Investors haggle over DIP’s price tag

Some would-be investors in DIP Holding’s DFM listing are asking Dubai Investments to lower its valuation expectations and sweeten the offering further, even after it committed to some AED 2.2 bn in dividends over three years, Bloomberg reports, citing people familiar with the matter. Banks are pitching valuations of AED 11-14 bn, which, at the top end, with DIP’s AED 700 mn 2026 payout, would give a 5% dividend yield. That would put it in line with toll operator Salik and parking operator Parkin. The lower end would put it closer to Dubai Residential REIT. Some investors want a yield closer to Emaar’s 9%, while others argue DIP’s long-term leases and steady rent justify a lower yield. No decision has been made on valuation yet.

Management is open to a discount, but not that much: Dubai Investments CEO Khalid bin Kalban told Bloomberg the company would “definitely be looking” at pricing below the banks’ fair value estimates to lift the yield. He rejected the Emaar comparison, though, saying that developers are exposed to market demand and cyclicality, while DIP has no capex and covers maintenance through tenant service charges, which makes it closer to an infrastructure play.

The war is still hanging over the IPO: Investors are also worried that hostilities could resume after the US midterm elections next month, according to Bloomberg’s sources. Some argue that regional stocks are now cheap after the sell-off, so DIP has to give them a reason to buy a new listing over shares already on the market.

More listings could follow: Bin Kalban said Dubai Investments could list other portfolio companies as soon as next year. The company has previously flagged Emirates Glass and district cooling provider Emicool as IPO candidates.

REMEMBER- DIP is the first real test of investor appetite for a UAE listing since the war froze the pipeline, and the offering has already been scaled back once. Dubai Investments is selling 20% of DIP Holding, down from an earlier 25%, according to its intention-to-float notice. Management had previously valued the unit at AED 10.8-11 bn. Dubai Holding, EGA, and Al Habtoor have all paused or shelved listings this year. Analysts told us a weak debut could mean lower valuations or further delays for the issuers waiting behind DIP.

Maven opens in Dubai

Maven Investment Partners is closing its New York office to double down on Dubai, where the proprietary trading firm has recently opened shop, Bloomberg reports, citing a person it says is familiar with the matter. Leadership sees the most room for growth in Dubai, which gives the firm a base from which it can trade both European and Asian markets. The employee-owned multistrategy firm also has offices in London, Hong Kong, Amsterdam, Chicago, and Monaco.

EGA brings more of Al Taweelah back online

Nearly half the reduction cells at Emirates Global Aluminium’s Al Taweelah smelter are now back up and running, seven months after Iranian strikes knocked out production in March, the firm said in a statement. EGA has restarted 613 of its nearly 1.3k cells, almost double the 315 that were running in late August. Full production isn’t expected until 1Q 2027. The site’s alumina refinery, which turns bauxite into the alumina the smelter runs on, is at about half capacity.

REMEMBER- EGA has also been developing its workarounds to shore up supplies from elsewhere, including by taking a stake in Eco Green, an Italian aluminium recycling company, and planning to move more exports to the east coast. It has also recently said it is waiting on its first shipment of Guinean bauxite following the settlement of its dispute with the Guinean government.

The attacks keep coming

More cyberattacks have targeted key sectors in the past months, with the UAE Cyber Security Council saying in an X post that it dealt with 750k attempts targeting sectors like energy and education. Techniques used by attackers include phishing and AI-powered attacks — something we’ve flagged has been on the rise, particularly when it comes to targeting the financial sector.

ICYMI- Cyberattacks are now costing the economy up to USD 2.5 bn a year, experts have recently told us. Previous rounds of attacks in July and August also involved targeting the energy and education sectors, as well as aviation.

PSA

WEATHER- Abu Dhabi will see highs of 38°C and overnight lows of 27°C, while Dubai is slightly warmer, with highs of 39°C before cooling to 28°C overnight, according to our favorite weather app.

The big story abroad

Meta will begin offering shares without voting rights in January 2027 to pay for its costly AI expansion. The decision comes as Meta spends heavily on advanced chips and data centers to compete with AI rivals like OpenAI and Anthropic.

Italy has brought in tougher security rules after rioters, some of them minors, reportedly looted shops, started fires, and damaged property in Milan’s main shopping area amid anti-government protests. A government decree will send 500 extra soldiers to Milan for the rest of the year, make parents pay for damage their children cause, and make it easier to take minors aged over 14 to court.

Russian President Vladimir Putin told US envoy Steve Witkoff that Russia is willing to restart three-party peace talks with the US and Ukraine in early November. The talks would focus on setting up a postwar security arrangement for Russia and Ukraine. Officials from the three countries have met on and off throughout the war.

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