Mubadala shelves its Brazil port exit, and UAE players look to Canada and the UK

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Canada investment pledge starts to move + Adnoc’s Hormuz bypass could be opening within months

Good morning, everyone. Some plans and projects have hit a speed bump, while others are moving full speed ahead. Mubadala and Trafigura are pulling the plug (for now) on their Porto Sudeste sale after the Brazilian iron ore port received lackluster bids of some USD 1.5-2 bn below their target.

Other projects are showing signs of moving ahead, namely, the UAE-Canada USD 50 bn investment pledge, with Emirati firms and Canadian counterparts negotiating up to USD 15 bn in trade and investment in sectors like mining, logistics, energy, and sovereign wealth fund investment.

PLUS- Amanat is entering the UK with another healthcare takeover + Adnoc’s Hormuz bypass pipeline could be up and running as soon as early next year, expanding export capacity to customers in Asia who are ready to store more Gulf crude in-house.

We also spoke to Seven Stars Legal Group about its DIFC-regulated fund lending to UK law firms, as well as its strategy and returns target.

RATE WATCH- The Central Bank of the UAE (CBUAE) kept its Base Rate, which applies to the Overnight Deposit Facility, at 3.9% after the US Federal Reserve left its interest rate on reserve balances unchanged, according to a statement (pdf). The CBUAE also kept the rate for borrowing short-term funds from the central bank at 50 basis points above the Base Rate across all its standing credit facilities.

Canada’s pledge starts to move

The UAE’s investment pledge to Canada could soon turn into deals: Emirati companies are negotiating up to CAD 21.1 bn (USD 15 bn) in trade and investment with Canadian counterparts across mining, logistics, energy, and sovereign wealth fund investment, according to the Abu Dhabi Media Office. That’s roughly 30% of the CAD 70 bn (USD 50 bn) the UAE pledged during Canadian Prime Minister Mark Carney’s visit to Abu Dhabi last November. The figure came out as Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed signed the CEPA and defense and energy MoUs in Ottawa this week.

REMEMBER- As recently as July, none of the pledged money had moved. Carney’s own Major Projects Office reportedly told a visiting UAE delegation in June that Canada had no shovel-ready projects to put the capital into, and a USD 1 bn critical minerals agreement Carney said was being finalized last November still hasn’t materialized.

DP World has the first concrete agreement. It signed an MoU with Arctic Gateway Group and CenterPort Canada to build a transport corridor linking the Port of Churchill and the Hudson Bay Railway to its global network. Masdar also signed a cooperation arrangement with Natural Resources Canada to pair UAE renewables developers with Canadian partners.

PLUS- Abu Dhabi satellite operator Space42 and US-based Viasat signed an MoU with Canada’s Terrestar Solutions to develop a global open standard for sharing satellite infrastructure to connect mobile phones, Bloomberg reports. Terrestar will work on interoperability with Equatys, the direct-to-device joint venture Space42 and Viasat launched in September with up to USD 1 bn in equity. That pitch is aimed at governments wary of depending on US providers, and Canada is one of them: Carney has said the country will diversify away from Starlink.

Dar Global goes fundraising for Dubai

Dar Global is sounding out a Dubai-only real estate fund, run through its DIFC-based asset management arm Dar Global Capital Partners (DGCP), according to a statement. The fund has no disclosed size, timeline, or anchor investors yet. Dar Al Arkan, the London-listed international arm of the Saudi developer, has also given DGCP a broader mandate to buy property across the GCC, Europe, the UK, and the US.

The pipeline is bigger than home sales can carry: Dar Global, which earns when it sells homes, saw its revenue rise 66% to USD 258 mn in 1H 2026 against a pipeline that nearly doubled to USD 23 bn of gross development value. Fee income and outside capital spread the risk on the larger projects, which was the logic behind its purchase of a DIFC-licensed firm in August 2025. DGCP serves professional clients only, pitching sovereign funds, institutions, and the ultra-wealthy.

ADGM’s crypto miners get their rulebook

ADGM finalized its rules of the road for crypto miners. The ADGM Registration Authority’s guidance, published yesterday after a consultation that opened in January, keeps mining on a commercial licence rather than under the financial regulator. In exchange, licence holders must disclose their ultimate beneficial owners and confidentially hand over the wallet addresses their mining rewards flow to. ADGM-registered headquarters running mining sites abroad also fall under the authority’s supervision. Binding regulations come in a second phase, with a fresh consultation still to be scheduled.

Another Asian home for Gulf crude

The Philippines is in talks with the UAE, alongside Saudi Arabia and Kuwait, to store crude and refined fuels on its territory, Philippine Energy Secretary Sharon Garin told Reuters. It is also talking to Russia, the US, Japan, and Australia to shield itself from supply disruptions and price spikes. No investment commitments, storage volumes, or emergency access arrangements have been announced.

Adnoc already stores crude in India, Japan, and South Korea. It agreed to increase its crude storage presence in India to as much as 30 mn barrels, nearly triple the roughly 11 mn barrels it already leases through India’s strategic reserve. Abu Dhabi also expanded its joint crude stockpiles in Japan in May and arranged to store more than 6 mn barrels in South Korea in March.

IN CONTEXT- Both the UAE and Saudi Arabia are seeking to expand their storage capacity in Japan roughly tenfold, though capacity constraints and cost-sharing arrangements remain obstacles.

Hormuz bypass could be up and running soon

Speaking of crude, Adnoc’s Asian refinery customers may be getting theirs via the new Hormuz bypassing pipeline as soon as early next year, Bloomberg reports, citing sources it says are familiar with the matter. The state oil giant was already accelerating work on the West-East pipeline after the war started, with an original timeframe only indicating it’d be ready next year. The pipeline is set to double the UAE’s Hormuz bypass export capacity as authorities hope to get to a place of zero reliance on the strait.

What could be moving: Upper Zakum could be among the first orders to pass through the pipeline under term agreements instead of being transported through Hormuz. Currently, the UAE’s existing Habshan-Fujairah pipeline delivers Murban.

PSAs

Abu Dhabi is linking Ramhan and Jubail islands to the E12: Abu Dhabi’s Department of Municipalities and Transport says advanced works are underway on seven bridges, three tunnels, and a network of ramps and utility corridors linking Ramhan and Jubail islands to the Sheikh Khalifa bin Zayed Highway (E12). The project carries an AED 872 mn budget and is due for completion in 2027, according to the Abu Dhabi Media Office. It’s the third big road package since July, after the E20 expansion and a 13 km Musaffah overhaul announced earlier this month.

REMEMBER- We flagged the island-to-mainland push back in 2024, when Abu Dhabi’s Integrated Transport Center greenlit AED 3 bn in road projects, including a 25 km road linking Abu Dhabi island to the mainland via an intermediary.

#2- Meanwhile, in Dubai… all roads lead to the metro station: Dubai’s Executive Council approved yesterday a AED 2 bn development plan to lift real estate values in select urban centers by AED 20 bn by raising the share of people living around mass transit stations to 74%, from 52% currently, state news agency Wam reports. The plan covers six main centers and 42 sub-centers, which together make up 12% of Dubai’s urban area, though Wam did not specify which areas are targeted.

GO DEEPER- We took a closer look earlier this month at the UAE’s public transport push. Dubai has more than AED 54 bn committed to two new metro lines and is aiming to put 80% of essential services within 20 minutes of residents. The catch is getting people from their front door to the platform.

WEATHER- Temperatures will come at highs of 36°C tomorrow in Dubai, with overnight lows of 27°C, while it’ll be the coolest it's been for a while in Abu Dhabi, with highs of 34°C and lows of 26°C.

The big story abroad

Families, companies, and governments across Europe are under growing strain as gas prices climb back above EUR 100 a megawatt-hour for the first time since 2022. The anger over living costs is spilling into unrest in several parts of the continent. Gas prices are now more than three times what they were before the Iran war. The latest jump comes from higher demand for heating, unusually small gas reserves across Europe, and concern that a wider conflict could squeeze global supplies even more. The impact is also reaching beyond gas, as rising oil, diesel, and electricity costs push up energy inflation across Europe.

China is scrambling to prop up its stock market as its AI stocks struggle. China’s CSI 300 blue-chip index has fallen about 20% from its June peak, and the slide has spread to Hong Kong. Weak consumer demand, a long property slump, and shrinking government spending are behind the drop. Beijing has sent state-backed funds to buy shares, but analysts say a lasting rebound needs stronger demand at home. Investors are watching this week’s Communist Party plenum for signs of bigger stimulus.

Oracle says it will start generating more funds than it uses in the second half of fiscal 2028, as it tries to ease concerns about the cost of its AI expansion. Much of Oracle’s growth depends on ChatGPT maker OpenAI, and building data centers for that deal has led the company to take on large amounts of debt and issue new shares. Oracle has capped any new fundraising at USD 20 bn through fiscal 2030.

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Mubadala, Trafigura shelve USD 5 bn Brazil port sale as iron ore market weakens

Mubadala and Trafigura are holding onto their Brazilian iron ore port for now, after bids came in c. 30% below what they wanted. Mubadala Capital and the commodities trader have shelved the sale of Porto Sudeste and plan to keep the terminal until they can get a better price, Bloomberg reports, citing people familiar with the matter.

Why it matters: Mubadala had been weighing using the proceeds to expand investments in Bahia, where its subsidiary Acelen Renováveis is building a biofuels refinery. Acelen secured USD 1.5 bn in financing for the refinery in May, less than half the USD 3 bn-plus the broader development is expected to need before it starts operating in 2029. Trafigura has a stake in that project’s success too. In June, it signed on to supply feedstock and market some of the refinery’s output.

The owners wanted c. USD 5 bn, and buyers offered USD 3-3.5 bn. Mubadala and Trafigura appointed Goldman Sachs and UBS BB to advise on a potential sale in 2024, valuing the port at around USD 5 bn, but weaker iron ore prices dragged offers down. By August, bids of roughly USD 3 bn and USD 3.5 bn had emerged from infrastructure investors including BlackRock’s Global Infrastructure Partners (GIP), I Squared Capital, and Stonepeak. Brazilian steelmaker Gerdau has since pulled out of a consortium that was weighing a bid alongside GIP and miner Vale. Mubadala and Trafigura bought a combined 65% of the port in 2014.

Bidders would have been buying locked-in cargo: Porto Sudeste extended its contracts last year with miners Itaminas for 8 mn tons and AVG for 4 mn tons in potential annual volume, running both agreements for roughly 20 years. The new contracts also raised minimum-volume commitments, though the operator didn’t disclose the tonnages. Vale was separately weighing a long-term take-or-pay transaction to back the GIP-led bid, which would have given investors more revenue visibility without Vale taking equity.

The port sits at the end of a c. 545 km chain from mine to ship. Ore from Morro do Ipê, the Minas Gerais mine Mubadala and Trafigura own together, travels c. 30 km by truck along the BR-381 federal highway to rail terminals in Sarzedo and Brumadinho, then c. 515 km by rail to the coast, according to the Morro do Ipê 2024 sustainability report (pdf). At the port, the ore is stored, blended, and carried through a 1.8 km conveyor tunnel to the shiploaders, according to the Trafigura 2024 annual report (pdf).

Rising freight costs are already hitting the port’s customers: Itaminas said in September it would halt one of its four processing plants this month and put c. 300 workers on collective leave, citing higher maritime freight costs. It is also using the stoppage for maintenance and upgrades. Freight has climbed to around USD 42 a ton from USD 19 a year earlier, Itaminas CEO Thiago Toscano said. Elsewhere in Minas Gerais, CSN Mineração cut its 2026 production and third-party purchasing guidance to 39-41 mn tons from 45-47 mn tons in September, citing pressure on margins from freight, it said in a filing with the US Securities and Exchange Commission.

Volumes are growing, but the terminal is still running at just over half its capacity. Porto Sudeste shipped a record 27.8 mn tons of iron ore last year, up 27% from 21.9 mn tons in 2024, and 13.6 mn tons in 1H 2026, roughly last year’s pace, according to its earnings release (pdf). Last year’s throughput used c. 56% of the terminal’s 50 mn-ton annual capacity. Its licence allows it to expand to 100 mn tons.

Oil could give the next owner a second line of business: Porto Sudeste is investing BRL 177 mn in dedicated mooring and berthing for oil and petroleum products, which will move liquid-bulk transfers off the pier it currently shares with iron ore. The facilities are due in 1H 2027. They will let the terminal handle up to 144 liquid-bulk operations a year, up from 19 in 2025, and add 50 mn tons of annual transfer capacity, taking the total to its 100 mn-ton licensed limit. That would make the port less dependent on iron ore, though how much oil will add to revenue is still untested.

MEANWHILE- Mubadala is still deepening its Brazil biofuels play, this time through distressed debt. Mubadala and Brazilian corn-ethanol producer FS are looking at buying debt held by creditors of Raizen, the troubled sugar, ethanol, and fuel distribution company jointly owned by Shell and Cosan, Bloomberg reports, citing people it says are in the know. Talks are preliminary, and FS has hired Morgan Stanley to advise.

Buying the paper now is a route to a Raizen stake at distressed prices: Raizen agreed with creditors in March to restructure about BRL 65 bn (USD 12.2 bn) out of court, and those creditors will swap the debt for more than 80% of its capital. Mubadala and FS are not the only suitors: alternative asset manager IG4 Capital Group signaled interest in June in buying enough debt to take control of Raizen but is now seeking only credit tied to the company’s sugar and ethanol division, according to the business news service.

Amanat enters UK healthcare market with GBP 76 mn Cornerstone acquisition

Amanat is taking Cambridge Health Group (CHG) to the UK just four months after buying out its remaining minority shareholders. The Dubai-listed investor's wholly owned subsidiary acquired UK specialist care provider Cornerstone Healthcare from private equity firm Ignite Growth in a transaction worth up to GBP 76 mn (c. AED 380 mn), according to a DFM disclosure (pdf). The acquisition takes Cambridge’s capacity past 1k beds and establishes its first operations outside the Gulf.

Why it matters: Amanat is putting its AED 1.5 bn growth strategy to work by expanding its specialist healthcare business internationally. The company has now completed or committed 60% (AED 900 mn) of the original investment target across healthcare and education, leaving roughly AED 600 mn still to deploy or commit.

What’s it buying? Cornerstone operates four specialist care homes with 283 beds across southern England, treating patients with complex dementia, acquired brain injuries, severe mental illness, and neurological conditions. Its existing homes have recorded annualized revenue growth of nearly 10% over the past three years.

The numbers: Cornerstone is expected to generate GBP 36 mn in revenue and GBP 7 mn in EBITDA in 2027. The acquisition carries an initial enterprise value of GBP 71 mn, with up to GBP 5 mn in additional payments linked to performance. Amanat funded the purchase internally.

REMEMBER- Amanat has only recently taken full control of Cambridge. The company spent AED 105 mn in June to acquire the remaining 10.03% of CHG.

The expansion plan: At the time of the takeover, Cambridge operated more than 700 beds across the UAE and Saudi Arabia, with Amanat targeting bringing capacity to over 1k beds through expansion and acquisitions. With the UK acquisition completed, Amanat has raised Cambridge’s medium-term target to more than 1.5k beds through further developments and acquisitions.

The UK acquisition also opens up a new market: Cornerstone has established relationships with local health service commissioning bodies and local authorities. Amanat plans to expand its Bristol operations and move into additional services, including higher-acuity acquired brain injury and intermediate care. Cornerstone’s existing management team will remain in place.

Dubai’s new tokenized fund for UK law firms targets a 16% annual return

The sponsor behind a new DIFC fund lending to UK law firms is targeting a 16% annual return for investors, Leon Clarance, chief strategy officer of the fund’s sponsor Seven Stars Legal Group, tells EnterpriseAM. The fund opened to professional investors this week as a DFSA-regulated exempt credit fund in the DIFC, it said in a press release. It has no commitments yet and hasn’t made any loans.

How it works: The fund will make senior secured loans to regulated UK law firms and claims management companies. They use the money to pursue consumer compensation claims against banks, insurers, and other deep-pocketed respondents over motor finance mis-selling, PPI, irresponsible lending, pension transfers, and housing disrepair.

Seven Stars Fund CEIC is targeting GBP 250 mn, with a hard cap of GBP 400 mn and a minimum investment of USD 50k. DFSA-authorized Truleum Venture Partners manages the fund, Apex Group administers it, and fund interests are issued as ERC-3643 security tokens on Apex’s Tokeny platform. It’s aimed at family offices, private credit investors, private banks, and wealth management platforms in the GCC and internationally and won’t be offered to retail investors, Clarance said.

REMEMBER- We first wrote about the fund in November 2025, when it was described as a tokenized litigation fund. Clarance says the investment thesis hasn’t changed and that full-recourse lending was always its foundation. “What has changed is the institutional framework surrounding that established strategy; the fund now operates within a regulated credit fund structure, incorporating independent fund management, administration, valuation, governance, and tokenized distribution,” he tells us.

SOUND SMART- The difference is in who carries the risk. Traditional litigation funders usually get their money back only if claims succeed, whereas Seven Stars’ borrowers must repay regardless of how individual claims turn out. That doesn’t remove the risk, Clarance says, adding that a firm’s ability to repay still depends on how its claims perform.

The fund plans to lend to some 20-30 borrowers and will lend to FCA-authorized claims management companies and SRA-regulated law firms. Seven Stars Legal Group’s own lending is concentrated in a small number of UK law firms. One firm accounts for more than 30% of its capital deployed, and the group is working to bring its book back within its limits, Clarance said.

What’s next: The fund expects a first close of some GBP 50 mn in 1Q 2027. It will then raise toward its GBP 250 mn target through 2027 and will keep deploying for at least four years after the first close.

Americana’s 3Q earnings surge on stronger sales

Americana Restaurants reported USD 70 mn in 3Q 2026 net income, rising 63% y-o-y, according to its earnings release. Revenues increased 14.4% y-o-y to USD 712.3 mn driven by 8.6% growth in like-for-like sales. On a 9M basis, Americana’s bottom line was up 60.4% y-o-y to USD 217.2 mn, with revenue rising 12.9% y-o-y to USD 2 bn.

Projections: The company expects full year net profit margin to increase by 150 to 175 basis points over previous year, up from previous guidance of +100-150 bps. Looking ahead, it expects to add another 120-130 net new stores by year-end, while its exclusive development agreement to bring Taco Bell to the UAE opens another avenue for growth.

Arada trims its 2027 sukuk tab + DP World opens Bologna facility

Arada trims its 2027 sukuk tab by USD 169 mn

Sharjah developer Arada accepted USD 169.2 mn in tenders to buy back part of its outstanding sukuk due 2027, according to a company statement. The amount represents around 41% of the USD 411.7 mn outstanding when the offer launched. Settlement is expected on 2 November, leaving USD 242.5 mn in certificates outstanding. Arada doesn't currently plan to redeem the remaining certificates early, although it retains that option.

ADVISORS- Our friends at Mashreq acted as dealer managers, alongside Emirates NBD and Standard Chartered. Sodali & Co served as tender and information agent.

REMEMBER- The buyback follows Arada’s USD 400 mn sukuk issuance last week, the first public debt sale by a UAE developer since the regional conflict began. The five-year issuance priced at a 9% yield, with at least USD 200 mn earmarked for fresh funding and the balance available to refinance existing debt. The buyback will reduce Arada’s 2027 repayment obligations while leaving part of the original sukuk in circulation.

DP World opens Bologna facility

DP World opened a 22k sqm temperature-controlled hub near the northern Italian city of Bologna, with Italian organic food firm Alce Nero as its anchor customer. The Castel San Pietro Terme site has around 30k pallet positions and offers warehousing, transport, and e-commerce fulfillment, according to a press release. DP World runs warehousing and distribution for Alce Nero, and the hub has space for other food, beverage, and consumer goods businesses. It adds to DP World’s existing presence in Italy.

Doing one’s own thing

Mubadala Capital’s head of ventures Ibrahim Ajami will leave next year to launch his own venture fund, Noha, the Financial Times reports, citing people familiar with the matter. Ajami has backed tech companies including SpaceX, Waymo, and Stripe. Noha aims to raise about USD 500 mn and will invest in younger US startups, putting about 90% of its money in the US and the rest elsewhere, including the UAE. Mubadala Capital would provide a few hundred mn USD in seed money. Talks are ongoing and no final decisions have been made, the sources said.

Fed holds rates ahead of midterms and plans a new meeting schedule

The US Federal Reserve left its benchmark rate unchanged at 3.75-4% after September’s hike and keeping clear of potential political backlash a week before the US midterms. The pause matched the roughly 90% probability markets had assigned it, according to Reuters, and keeps the focus on the quarter-point increase investors have all but priced in for December. Only two members of the Fed’s Open Market Committee voted to raise rates by 25 bps, according to the Fed’s post-meeting press release.

AND- The Fed is planning to change the schedule of its FOMC meetings to allow for more big-picture planning, Fed Chair Kevin Warsh said in a press conference. “We believe eight meetings per year is the right number for the FOMC,” Warsh said. “But in 2027, one meeting will focus exclusively on broad monetary policy strategy, with neither a vote on the federal funds rate nor a policy statement anticipated. The rest will be regular FOMC policy-setting meetings. And I expect that in 2028, we’ll have two meetings dedicated to discussions of strategy, and six for setting policy.”

For now, the strategy for the Fed continues to be price stability, even as inflation continues to run hot. “Economic activity is expanding at a strong pace. While uncertainty remains — owing, in part, to geopolitical developments — domestic spending has been resilient. Productivity growth is strong, and capital investment robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little,” Warsh said.

The case for a pause was laid out in advance: A run of officials spent the weeks before the meeting cooling expectations for an immediate move: Vice Chair Philip Jefferson and New York Fed President John Williams said the central bank had time to assess the economy, and Governor Christopher Waller said the Fed need not tighten at consecutive meetings, Bloomberg reports. Warsh kept his own leaning to himself, telling the IMF meetings in Bangkok he would not prejudge the decision, part of what he calls a “new chapter” in which the Fed stops signaling its next move.

They were leaning against an inflation backdrop that keeps getting harder to ignore. US consumer prices rose in September at their fastest pace in five months, core came in above forecast, and producer prices climbed at their quickest rate in more than four years. The Fed’s preferred PCE gauge is stuck at 3% or above, with the September reading due today.

What worries officials most is where the pressure is coming from. They increasingly trace the pressure to demand they can control — healthy consumer spending and a surge in AI investment — on top of the energy shock from the US strikes on Iran and the lingering drag from tariffs. Brent is also back near USD 114 a barrel, up about 20% since the start of September, and diesel sits close to record highs.

With the pressure broadening, investors have largely stopped asking whether the Fed will hike again and are instead asking how many more times. TS Lombard’s Dario Perkins argues the Fed “will need to keep hiking until its target is in sight,” and could be forced into a run of moves “if the AI bubble doesn’t burst.” Monetary Policy Analytics now sees three more quarter-point hikes in the coming meetings, matching market expectations for quarterly increases through June 2027; the Fed’s own September projections penciled in just one more this year.

For Warsh, the near-term challenge is presentational. His task, MPA’s Derek Tang said, is to frame an October skip without sounding dovish, “against a wide backdrop of an FOMC still set on proving its mettle.”

Several officials see conditions as too loose to bring inflation down, which on its own would argue for tighter policy. Goldman Sachs’s conditions index is close to where it began the year despite September’s hike; a Deutsche Bank survey found 42% of investors calling conditions “moderately accommodative” against just 15% restrictive; and Piper Sandler reckons an effective 3.9% funds rate is still cushioning the economy from 5% bond yields as banks ease lending standards, Reuters reports.

Policymakers are not reading it the same way. “Most of what I’m hearing in my district is that they’re going full steam ahead,” Cleveland Fed President Beth Hammack told Bloomberg. Former New York Fed chief William Dudley said Warsh “seems to think financial conditions are important,” but that the view is “not really ingrained” at the institution; Evercore ISI called Warsh’s focus on conditions without a defined framework “a vulnerability.”

MARKETS THIS MORNING-

Asian markets were mixed earlier today. South Korea’s Kospi was fluctuating between -0.1% and 0.4%, while Japan’s Nikkei was up roughly 1%. US equities saw broad overnight gains.

ADX	9,590	-1.6% (YTD: -4.0%)
DFM	5,845	-0.3% (YTD: -3.3%)
Nasdaq Dubai UAE20	4,841	+2.6% (YTD: -1.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.6% o/n	4.9% 1 yr
TASI	10,023	+0.4% (YTD: -4.5%)
EGX30	49,281	-1.6% (YTD: +17.8%)
S&P 500	7,744	+0.3% (YTD: +13.1%)
FTSE 100	10,695	+0.1% (YTD: +7.7%)
Euro Stoxx 50	6,168	+0.1% (YTD: +6.4%)
Brent crude	USD 114.40	+0.5%
Natural gas (Nymex)	USD 3.03	+0.9%
Gold	USD 4,052	-0.6%
BTC	USD 81,415	+0.6% (YTD: -7.1%)
Lunate JP Morgan UAE Bond UCITS ETF	AED 3.53	+0.3% (YTD: -6.2%)
S&P MENA Bond & Sukuk	148.19	0.0% (YTD: -2.4%)
VIX (Volatility Index)	16.91	-3.5% (YTD: +13.1%)

THE CLOSING BELL-

The ADX fell 1.6% yesterday on turnover of AED 1.3 bn. The index is down 4.0% YTD.

In the green: Alpha Data (+3.9%), Aldar Properties (+3.3%), and Presight AI Holding (+2.0%).

In the red: Abu Dhabi Islamic Bank (-5.0%), United Arab Bank (-4.4%), and Burjeel Holdings (-3.5%).

Over on the DFM, the index fell 0.3% on turnover of AED 544.8 mn. Meanwhile, Nasdaq Dubai was up 2.6%.

CALENDAR

OCTOBER

27 October-3 November (Tuesday-Tuesday): DIP Holding IPO subscription period.

30 October (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

NOVEMBER

2-5 November (Monday-Thursday): Adipec, Adnec Center, Abu Dhabi.

2-6 November (Monday-Friday): Dubai Future Finance Week, Dubai.

4 November (Wednesday): DIP Holding final offer price announcement.

4 November (Wednesday): Digital Transformation Summit, Sofitel, Abu Dhabi.

4-16 November (Wednesday-Monday): ADIB rights trading period.

9-10 November (Monday-Tuesday): Annual government meetings, Abu Dhabi.

9-12 November (Monday-Thursday): EMEA Council on Hotel, Restaurant and Institutional Education Conference, Dubai College of Tourism, Dubai.

9-13 November (Monday-Friday): World Congress of Military Med, Adnec Center, Abu Dhabi.

10-12 November (Tuesday-Thursday): Dubai International Electric Vehicle Exhibition & Conference, Dubai World Trade Center.

10-24 November (Tuesday-Tuesday): ADIB rights issue subscription period.

11 November (Wednesday): DIP Holding expected to begin trading on the DFM.

16-18 November (Monday-Wednesday): World Police Summit, Dubai World Trade Center, Dubai.

17-18 November (Tuesday-Wednesday): Data Center World Middle East, Dusit Thani Hotel, Abu Dhabi.

18-19 November (Wednesday-Thursday): Touchdown Middle East 2026, Conrad Abu Dhabi Etihad Towers, Abu Dhabi.

19 November (Thursday): Middle East Defense Conference, Rabdan Academy Headquarters, Abu Dhabi.

25-26 November (Saturday-Sunday): Doers Summit, Dubai Silicon Oasis, Dubai.

DECEMBER

2-4 December (Wednesday-Friday): UN Water Conference, UAE.

4-6 December (Friday-Sunday): Formula 1 Abu Dhabi Grand Prix, Abu Dhabi.

8-9 December (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

8-9 December (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

7-10 December (Monday-Thursday): Abu Dhabi Finance Week, Al Maryah Island, Abu Dhabi.

8-10 December (Tuesday-Thursday): Abu Dhabi Water & Power Week, Adnec Center, Abu Dhabi.

8-10 December (Tuesday-Thursday): Middle East & North Africa Business Aviation Association Show, DWC, Dubai Airshow Site.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing;
14-17 January (Thursday-Sunday): MOC27 Motor, Outdoor & Camping Festival, Dubai Sevens Stadium, Dubai.
1Q 2027: Completion of the first phase of Hassyan seawater desalination project;
1-3 February (Monday-Wednesday): World Governments Summit;
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation;
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation;
21-22 April (Wednesday-Thursday): Token2049, Dubai;
11-13 May (Tuesday-Thursday): Middle East Energy, Expo City, Dubai.
31 May-2 June (Monday-Wednesday): RailX Dubai, Dubai World Trade Center, Dubai.
1 July: Deadline for small businesses to implement e-invoicing;
1 October: Deadline for governments to implement e-invoicing;
November: HR Tech, Abu Dhabi.
Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime in 2028:

Artificial Intelligence Summit.

Signposted to happen sometime in 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
Annual Meetings of the World Bank Group and the International Monetary Fund, Abu Dhabi;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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