UAE banks keep tapping shareholders to fund lending and FAB could be the biggest yet

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Emaar Properties plans to take Emaar Development off DFM + Drone attack halts production at Khor Mor

Good morning, everyone. Another UAE bank is looking to raise fresh equity, with First Abu Dhabi Bank (FAB) reportedly in talks over a roughly USD 5 bn rights issue, poised to become the largest on record for the ADX. That comes just as Abu Dhabi Islamic Bank’s AED 1.75 bn rights issue opens today as banks look to position themselves to keep up with lending after it outpaced deposits in 2Q.

FAB is also busy elsewhere, taking over Bahrain-based fund administrator Yasira Financial Services to add private markets back-office work to its securities services business. Dubai-based Alcazar Energy Partners closed USD 436 mn of European debt for its wind farms in Egypt, and the fund is putting up USD 190 mn of equity for the project.

On the energy front, production has shut down once again at Khor Mor following a suspected drone attack, and Adnoc is looking to bring blacklisted ships back to sea to beat the current tanker shortage. Plus: Adnoc Distribution and Dubai Taxi Company are on today’s earnings lineup.

Lights out in Kurdistan, again

Sharjah-based Dana Gas halted production at its Khor Mor gas facility in Iraq’s Kurdistan Region after a suspected drone attack started a fire, cutting off gas to the plants that generate most of the region’s electricity. The fire is out, and no injuries were reported, but production will stay suspended while the damage is assessed, the company said in a statement (pdf) without providing a timeline for a restart.

Most of the region’s power runs on Khor Mor gas: The Khor Mor facility supplies the gas that fuels more than 80% of the Kurdistan Region’s electricity, 964 reports. The attack initially knocked around 2.8 GW of generation offline, Reuters reports, citing two sources at the region’s Electricity Ministry, who said a drone hit an LPG storage tank as workers took cover in shelters.

The facility matters beyond Kurdistan, too. Khor Mor can process 750 mmscf/d after aUSD 1.1 bn expansion completed last year. In August, it began supplying 100 mmscf/d to a federal power station in Kirkuk.

It’s not the first time. Drone attacks last year slashed crude output, and the facility shut down again for security reasons in July.

Adnoc looks to blacklisted ships to beat tanker shortage

Adnoc wants to put sanctioned tankers back to sea: State oil firm Adnoc is among at least four firms in talks with US officials for licenses to buy or lease ships blacklisted for carrying illicit oil, Bloomberg reports, citing people it says are familiar with the matter. The others are Trafigura, Vitol, and Mercuria. The talks cover about 50 of the c. 1.6k ships under US sanctions, including supertankers. The Treasury is reviewing applications case by case, with no timeline for approvals.

The ships would go toward fixing a freight crunch. Tanker shortages and the risks of sailing through Hormuz pushed freight rates to record highs in recent weeks. Sending a supertanker of US crude to Asia cost nearly USD 40 a barrel in early October, up from USD 5 a year earlier. Rates have eased since but remain near historic highs, helping keep oil around USD 100 a barrel. Washington is on board: Energy Secretary Chris Wright said last month the idea is to convert “dark tankers to legitimate tankers.”

Exit stage left?

Emaar Properties plans to take Emaar Development private and off the DFM if it can acquire roughly half of the shares held by the developer’s minority shareholders. Emaar Properties’ board gave final sign-off last week to its AED 15-a-share cash offer, which values the developer at AED 60 bn, to acquire the remaining c. 20% stake in the firm it doesn’t already own, according to a DFM filing (pdf). The filing sets out the endgame for the first time: once Emaar holds at least 90% plus one share, it will compulsorily acquire the rest within 60 days of settlement, convert Emaar Development into a private joint stock company, and apply to delist it.

To get there, Emaar needs c. 394 mn of the 794 mn shares in public hands. Emaar Properties and its subsidiary Emirates Property Holdings hold 80.16% between them. The offer opened on Thursday after the Capital Market Authority (CMA) cleared it on 30 October. It closes on 10 December, with results due 11 December, unless Emaar extends the window by 14 days.

ADVISORS- JPMorgan is financial advisor to Emaar Properties on the offer, and A&O Shearman is counsel. Emirates NBD Capital is lead manager, with First Abu Dhabi Bank (FAB) as co-lead manager.

Invictus eyes M&As

ADX-listed Invictus Investment, a Ghitha unit, is looking to buy majority stakes in companies valued at AED 730 mn to AED 1.1 bn, CEO Amir Daoud Abdellatif told Al Khaleej. The agri-commodities firm wants to expand its investments in the midstream and downstream sections of the value chain. Any takeover plays would come as the firm targets AED 25 bn in revenue by 2028, he said. That’s nearly double the AED 13.3 bn it booked last year, which was itself up 49% y-o-y on the back of acquisitions.

The footprint so far: Invictus already has either entire or majority stakes in Mozambique’s Merec Industries, Angola’s Angata, and Morocco’s Graderco, as well as a majority stake in an unnamed North African agro-food manufacturing firm. It offloaded a 49% minority stake in Merec last month for an undisclosed amount, meaning the firm has fresh funds to recycle into new takeover targets.

Out-solaring everyone by 2031

The UAE is set to overtake Australia as the world’s biggest solar power generator per person by 2031, according to the International Energy Agency’s (IEA) Renewables 2026 report (pdf). The UAE ranked second in 2025, generating roughly 1.5k kWh of solar power per person. The IEA’s forecast puts it at just over 4k kWh by 2031, more than five times the projected global average. Oman and Qatar also make the top five, with Oman jumping to third place.

Why the upgrade: The IEA raised its UAE outlook this year, citing plans to expand Dubai’s Mohammed bin Rashid Al Maktoum Solar Park to more than 7 GW from 5 GW and the government’s decision in January to raise its clean energy target to 35% by 2031, up from 32% by 2030.

Abu Dhabi eyes more energy efficiency

Abu Dhabi is making moves on energy aggregation and improving energy demand flexibility, launching a regulatory framework for licensing and operating energy aggregator firms, according to the Abu Dhabi Media Office. Licensed firms will work with energy-intensive industrial players to coordinate cutting or shifting power consumption when grid demand peaks. A pilot program last year cut peak loads by around 251 MW on average, up from 106 MW in 2024.

Why it matters: More efficient electricity use would help ease strain on the grid at peak times, for example during summer, as more power-hungry projects like data centers expand in the UAE.

PSA

Abu Dhabi Islamic Bank’s (ADIB) AED 1.75 bn rights issue opens for subscription today. Shareholders can buy new shares at AED 16.45 per share until 24 November, with the new shares due to start trading on the ADX on 18 December, according to a statement. The rights themselves trade on the ADX until 16 November. The issue price was set 28.8% below ADIB’s closing price the day before its board approved the raise in August.

REMEMBER- We reported the timetable last month. ADIB is the latest in a string of UAE bank raises, and FAB may be next (see today’s Lede, below).

WEATHER- Temperatures will reach 34°C in Dubai and 33°C in Abu Dhabi, before falling to 27°C overnight in both emirates, according to our favorite weather app.

The big story abroad

Lenders cooling on AI debt: Banks and credit investors are scrutinizing AI-related financing more closely and are wary of adding exposure to borrowers. Some say they would be hesitant to fund more transactions, even with guarantees from the biggest names in tech, Reuters reports, citing banking and credit sources. The pullback follows a selloff that wiped USD 2.5 tn off the Nasdaq 100 on Thursday, plus worries that the midterm results would bring more oversight on data centers.

Spying reports are rattling Nvidia investors. The chipmaker’s shares fell more than 5% yesterday after the company opened an investigation into reports that CEO Jensen Huang had been targeted by a Chinese intelligence operation. China has denied trying to entrap Huang, dismissing the allegations as “unsubstantiated” and “nothing but smears against China.”

France is blaming Iran for last month’s supermarket cyberattack. Paris summoned Iran’s ambassador and plans retaliatory sanctions “at a European level” over the October hack, which hit some 700 retailers. The hackers reportedly took remote control of store refrigerators and freezers, switched on defrost cycles to push up temperatures, and destroyed large amounts of fresh and frozen food. Some of the equipment caught fire. Tehran did not immediately comment on the allegations.

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq and Hassan Allam Properties.

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on [email protected].

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA logistics industry?

***

UAE banks keep tapping shareholders to fund lending; FAB could make the biggest raise yet

UAE banks are lining up to raise fresh equity as lending outpaces deposits, and the biggest may be yet to come. Abu Dhabi Islamic Bank’s (ADIB) AED 1.75 bn rights issue opens for subscription today, the fourth UAE bank raise since mid-2025, bringing the total to c. AED 11.5 bn. Meanwhile, First Abu Dhabi Bank (FAB) is in early talks about a rights issue of around USD 5 bn (c. AED 18.4 bn), Bloomberg reports, citing people it says are familiar with the matter. That would be about triple thebiggest rights issue ever done on the ADX. FAB declined to comment and may not proceed.

ADIB’s subscription runs until 24 November. Shareholders can buy new shares at AED 16.45 each, 28.8% below its closing price the day before its board approved the raise in August. The rights trade on the ADX until 16 November, and the new shares are due to start trading on 18 December. We reported the timetable last month.

FAB’s plans are still early. Executives have held informal talks with several large Wall Street banks, though it’s unclear whether any have been hired, and the size could change. One of Bloomberg’s sources said the money would go toward prospects in the UAE.

FAB would be joining a queue. Before ADIB, three UAE banks raised money from shareholders:

Abu Dhabi Commercial Bank’s (ADCB) AED 6.1 bn in December;
United Arab Bank’s AED 1.03 bn in 3Q 2025;
Sharjah Islamic Bank’s (SIB) AED 2.59 bn in May.

Why it matters: The raises are about keeping up with lending. Credit growth outpaced deposit growth in 2Q, pushing banks to pay up for deposits. Fresh equity lets banks keep lending without stretching their capital ratios. SIB’s capital adequacy ratio rose to 19.5% at the end of June from 16.2% at the end of 2025, and the bank credited much of the increase to its raise. ADCB said its raise would keep it ahead of tighter capital rules for systemically important banks.

This is what market analysts told us to expect: With IPOs scarce all year (the UAE didn’t get its first listing announcement of 2026 until Dubai Investments announced its plan to float DIP Holding last month), analysts told us in September to expect more rights issues and follow-on offerings from established, liquid names in 4Q 2026 and early 2027.

Investors have shown up so far. SIB’s issue was 3.2x oversubscribed, with foreign investors accounting for 55% of demand. It was the first major UAE equity raise since the war began. ADCB drew more than AED 12 bn in commitments for its AED 6.1 bn issue, with Mubadala, its largest shareholder, taking up its full entitlement.

What’s next: ADIB’s subscription closes on 24 November, and the take-up will be the first read on demand since SIB in May. For FAB, watch for it to mandate banks, secure board approval, and obtain a shareholder vote — steps required by every earlier raise. Mubadala is also a top FAB shareholder, so whether it commits to its full share will set the tone, as it did for ADCB.

FAB buys Bahrain’s Yasira to add private markets fund administration to its securities services arm

First Abu Dhabi Bank (FAB) acquired Bahrain-based fund administrator Yasira Financial Services, adding private markets back-office work to the securities services business it runs for regional asset managers, state news agency Wam reports. FAB didn’t disclose financial terms.

What Yasira does: Yasira administers funds across listed assets, private equity, venture capital, and real estate. For private funds, it handles the full cycle, from investor commitments and capital calls to reporting and final distributions. Yasira — formerly Crestbridge Bahrain — said it administered more than USD 7 bn in funds and structures when it rebranded in late 2023.

Private markets are the piece FAB was missing. The bank’s Middle East and North Africa Securities Services for Asset Managers platform already offers custody, fund accounting, and related services for asset managers, mostly in public markets. Yasira will be folded into it and rebranded, letting FAB sell managers a single package covering both.

Why it matters: FAB has relied on outside providers for this work even on its own products. When it launched its End of Service Benefits funds, it brought in Apex Group for fund administration, as we reported at the time.

FAB says demand is there. Linos Lekkas, the bank’s group head of investment banking and markets, said regional funds are growing larger and more complex, driving demand for integrated services. He said FAB plans to keep Yasira’s clients and invest in the platform and its staff.

Alcazar closes USD 436 mn of European debt for its 500 MW wind farms in Egypt

Dubai-based Alcazar Energy Partners reached financial close on its 500 MW Niat and Rasgha wind farms in Egypt, with the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and Germany’s DEG each providing a third of a USD 436 mn debt package, Alcazar said in a statement yesterday. The two 250 MW farms at Ras Ghareb on the Gulf of Suez cost USD 626 mn combined and are due to start commercial operation by the end of 2028.

The rest is equity from Alcazar’s own fund. Alcazar Energy Partners II, the USD 490 mn fund that wholly owns both projects, is putting in c. USD 190 mn. The three lenders are on both sides of the transaction: they are also investors in the fund, alongside the International Finance Corporation (IFC), the Asian Infrastructure Investment Bank (AIIB), France’s Proparco, and Dutch development bank FMO.

Construction is underway. Siemens Gamesa will supply the turbines and handle long-term maintenance. Orascom Construction, which is folding into an Abu Dhabi-based platform with OCI Global, will do the civil and electrical works. State grid operator Egyptian Electricity Transmission Company (EETC) will buy all the power under a 25-year power purchase agreement. Alcazar expects the farms to generate more than 2.3 TWh a year.

There’s more to come. Alcazar is also buying Egypt’s state-owned 580 MW Gabal El Zeit wind farm for USD 420 mn. That agreement was signed in July and has yet to close its financing, with the IFC weighing USD 120 mn toward it. Alcazar puts its two Egyptian transactions at more than USD 1 bn combined.

Why it matters: Egypt needs foreign developers and development bank debt to hit its target of 45% renewable electricity by 2028. It pulled that target forward from 2035 after the war nearly tripled its monthly gas import bill, the International Energy Agency (IEA) says.

Adnoc Distribution’s 3Q profit holds flat as inventory gains dry up + DTC sees softer demand

Adnoc Distribution’s 3Q net income was flat y-o-y at AED 818 mn, as the inventory gains that inflated its 1H earnings dried up. Rising oil prices handed the company AED 762 mn in gains on fuel held in stock in 1H, but it booked none in 3Q, according to its management discussion and analysis report (pdf). That compares with AED 88 mn in gains in 3Q 2025. Excluding inventory movements and one-offs, EBITDA rose 13.3% to a quarterly record of AED 1.25 bn.

Higher pump prices lifted revenue by 39.1% y-o-y to nearly AED 13 bn during the quarter, mostly on higher selling prices. Adnoc Distribution earns a fixed margin per liter on much of its fuel retail business, so pricier fuel swells sales far faster than income. Gross income rose 4.2% to AED 1.9 bn.

Fuel still makes up the bulk of sales, but non-fuel is where income grew fastest. Fuel retail revenue rose 36.1% to AED 8 bn in 3Q, c. 62% of the total. Non-fuel retail — from convenience stores, car care, and rentals — brought in just AED 490 mn of revenue. It still contributed AED 275 mn of gross income, up 12.9% y-o-y, making up c. 15% of the company’s total.

Over 9M, net income rose 36.6% y-o-y to AED 2.9 bn on AED 35 bn in revenue, helped by AED 762 mn in inventory gains, up from AED 234 mn a year earlier. Aviation was the fastest-growing line, with its revenue nearly doubling to AED 2.4 bn as volumes rose 49.3%, though gross income from the business inched up just 2.3%.

Dubai Taxi’s National Taxi play lifts revenue, not income

Dubai Taxi Company’s (DTC) 3Q net income dipped 25.3% y-o-y to AED 57.1 mn, despite a 25.7% increase in revenue to AED 735.5 mn, according to its financial statements (pdf). While top-line growth was buoyed by fresh consolidation, DTC’s bottom line was squeezed by a 112.1% spike in finance costs to AED 35 mn and softer demand with total trips down 5.2% y-o-y, the company said in its press release (pdf).

Where the wheels turned: The AED 1.5 bn acquisition of National Taxi, completed in July, added 6.1 mn quarterly trips and AED 168 mn in revenue — with integration about 30% complete. Taxi services generated AED 643.4 mn in revenue, while delivery-bike revenue rose 75.2% to AED 32.1 mn. Limousine and bus revenues remained broadly flat.

For 9M, revenues dipped 1.5% y-o-y to AED 118.2 mn, while net income fell 55.5% to AED 118.2 mn. DTC’s performance was uneven across segments: Taxi revenue fell 4.2% to AED 1.5 bn, while limousine revenue declined 12.9% to AED 80.7 mn. Delivery-bike revenue, however, jumped 63.2% to AED 86.6 mn, and Bus revenue grew 2.8% to AED 95.2 mn. AED 27.8 mn in license-fee waivers from Dubai’s Roads and Transport Authority provided additional cost relief for the nine-month period.

Enza and Soter both raise fresh funds + Maserati plans island development in Dubai

Enza tops up its seed round to push deeper into Africa

UAE-based fintech enza raised USD 6 mn in a Seed+ round to expand its payments infrastructure business into more African markets, the startup said in a press release. The company already serves banks and fintechs in 12 African countries. The raise brings its total funding to USD 12.8 mn, following a USD 6.8 mn seed round last year.

Who’s in: Africa-focused VC 4DX Ventures led the round, with British International Investment (BII) joining as a new investor. Existing backers Algebra Ventures (Egypt) and Quona Capital (the US) also took part.

Maserati plans island development in Dubai

Maserati is lending its name to an island at Dubai’s World Islands, with Dubai-based developer Samana Collecta set to build 840 Maserati-branded homes alongside hotel and leisure facilities, according to a press release. Maserati Island is due for completion in 2030.

IN CONTEXT- Carmakers are crowding into Dubai’s branded residence market. Bugatti has a 43-story tower under development with Binghatti, the same developer behind Mercedes-Benz Places, a project that has drawn strong demand. Branded residences have become one of the market’s growth engines, analysts told us in July.

More big names back Soter

Digital asset insurer Soter Insure has brought Standard Chartered’s venture arm SC Ventures and Japan’s SBI Group into its Series B, completing a second close on the round, according to a press release. Existing backer Token Bay Capital, based in Abu Dhabi Global Market, also took part. Coinbase Ventures, Brevan Howard Digital, and Franklin Templeton came in at the first close in July. Soter didn’t disclose the size of the round.

What the money’s for: Soter plans to strengthen its underwriting, expand into more digital asset markets, including Asia Pacific, and boost ins. capacity. It has already partnered with Dubai Ins. to offer policies priced and settled in BTC and Ether.

UAE is all set to digitize temporary goods clearance

UAE rolled out the eATA Carnet system, replacing physical documentation with a digital platform to accelerate border clearances for temporary imports, according to state news agency Wam. Supported by Dubai Chambers and the International Chamber of Commerce, the move makes the UAE the first country outside Europe to adopt the digital carnet.

Why it matters: Known as a “passport for goods,” the ATA Carnet allows businesses to temporarily import goods without paying customs duties or import taxes. Between 2011 and 2025, the UAE issued and received 63.5k ATA Carnets covering goods valued at AED 54.4 bn. Digitizing the workflow eliminates paper handling and cuts clearance delays at ports of entry — lowering administrative friction for trade fair organizers, exhibitors, and logistics operators moving high-value equipment into the country.

Developing-world debt hits record USD 9.4 tn as private lenders return, at a price

External debt in low- and middle-income countries (LMICs) climbed 5.5% y-o-y to a record USD 9.4 tn in 2025, according to the World Bank’s International Debt Report 2026 (pdf). This is the fastest pace since 2021 and more than four times the 2022-2024 average. It came as capital markets reopened (at a price), the USD weakened against other currencies, and private investors were willing to lend.

A weaker USD flattered the headline: Currency valuation effects accounted for 28.2% of the rise in public and publicly-backed debt, the report says. The real driver was private money. Debt owed to private creditors rose by 5.2% in 2025, reaching USD 5 tn, which is a huge leap from the 0.6% rate recorded a year earlier. The reopening of bond markets came at a price too. Bond issuance by LMIC public-sector borrowers rose 34.6% to USD 250.6 bn, or 68.1% of new disbursements.

The poorest borrowers are paying the most: Countries eligible for International Development Association (IDA) saw their external debt rise 8.1% to USD 1.3 tn and paid an average 8.2% on new commitments, the highest since the late 1980s. The interest rate gap between what these borrowers pay to private lenders and what they pay official creditors widened to 5.5 percentage points from 3.4 points in 2016.

Money is flowing back in, but debt service is still rising: LMICs’ total debt service rose 1.9% to USD 1.4 tn in 2025, a fifth straight annual increase, with payments to bondholders up 13.7% to USD 363.1 bn. Although the 2022-2025 period saw LMICs pay out roughly USD 436.1 bn more than they received, net long-term flows swung to a USD 45.4 bn inflow after a USD 118.4 bn outflow in 2024.

Market access has not faded in 2026: Several countries — including India, Indonesia, Angola, and the Philippines — had already passed their full-year 2025 volumes by August 2026, even as the Middle East conflict that began in late February raised inflation and borrowing costs across emerging markets, the IMF says, as well as commodity prices.

In our region, debt is growing faster than income: External debt in the Middle East, North Africa, Afghanistan, and Pakistan grew 5.8% to USD 598 bn at end-2025, and the region’s debt-to-gross national income (GNI) ratio rose to 29.4% from 26.7% — the biggest one-year jump of any LMIC region — even as debt service eased to 3.1% of GNI. Relative to income, Sub-Saharan Africa carries one of the heaviest burdens: external debt there equals 48% of GNI, up from 34.4% in 2015.

The bank puts Egypt’s external debt at USD 164.3 bn at end-2025, up 5.3% y-o-y and equal to 47% of GNI. Private creditors hold some USD 51.2 bn of the USD 127 bn public and publicly-backed portion (c. 40%), against USD 41.9 bn owed to multilaterals, USD 33.8 bn to bilateral lenders, and a further USD 34.4 bn in short-term debt. Egypt also ranked among the largest IMF recipients of all LMICs in 2025, the report notes. New private commitments came at an average of 7.8% against 5.1% from official creditors.

REMEMBER- The Central Bank of Egypt’s (CBE) own external position report put total external debt at USD 161.2 bn at end-FY 2024/25 (stock-to-GDP 44.2%), and a later CBE print put it at USD 166.7 bn at end-June 2026 (pdf).

No GCC state is covered by the report, and Saudi Arabia appears in Egypt’s numbers only as a creditor — owed USD 6.4 bn, behind Russia’s USD 7.1 bn.

Why it matters: The money that is coming back is the money that can leave. Private lending “expands in favorable global conditions and contracts sharply when conditions tighten,” the report says, while official lending is “highly countercyclical” by comparison. That is the exposure in Egypt’s mix: the steadier money comes from official lenders, and the market that reopened is the more expensive half.

MARKETS THIS MORNING-

Asian markets broadly gained ground earlier today. South Korea’s Kospi rose 3.5% and Japan’s Nikkei surged 2.6%, spurred by Wall Street’s gains, tech sector momentum, and easing crude prices. MSCI Asia Pacific closed 2% higher, even as US stock futures held steady.

ADX	9,483	+1.0% (YTD: -5.1%)
DFM	6,087	+1.0% (YTD: +0.7%)
Nasdaq Dubai UAE20	4,983	+1.7% (YTD: +1.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.7% o/n	4.6% 1 yr
TASI	10,107	+0.9% (YTD: -3.8%)
EGX30	51,415	+1.2% (YTD: +22.9%)
S&P 500	7,550	+2.4% (YTD: +10.3%)
FTSE 100	10,783	+1.0% (YTD: +8.6%)
Euro Stoxx 50	6,290	+1.9% (YTD: +8.5%)
Brent crude	USD 92.57	-5.9%
Natural gas (Nymex)	USD 3.20	-0.5%
Gold	USD 4,147	+0.8%
BTC	USD 75,024	+0.8% (YTD: -14.4%)
Lunate JP Morgan UAE Bond UCITS ETF	AED 3.51	-1.7% (YTD: -0.4%)
S&P MENA Bond & Sukuk	149.69	-0.1% (YTD: -1.5%)
VIX (Volatility Index)	19.92	-22.3% (YTD: +33.2%)

THE CLOSING BELL-

The ADX rose 1% yesterday on turnover of AED 1.5 bn. The index is down 5.1% YTD.

In the green: ADIB Rights Issue 2026 (+8.7%), Abu Dhabi National Investment and Development (+7.3%), and Ooredoo (+6.5%).

In the red: Umm Al Qaiwain General Investment Co. (-4.9%), United Arab Bank (-2.9%), and Dana Gas (-2.5%).

Over on the DFM, the index rose 1% on turnover of AED 1.1 bn. Meanwhile, Nasdaq Dubai was up 1.7%.

Corporate actions

The merger that will fold the ADX- and EGX-listed Orascom Construction and OCI Global into a single Abu Dhabi-based infrastructure and investment platform cleared its last scheduled approval on Orascom’s side. Orascom’s board signed off last Thursday on the capital increase needed to deliver the merger, according to a disclosure to the EGX (pdf). The company is issuing 97.2 mn new shares to OCI, lifting its issued capital to USD 207.4 mn from USD 110.2 mn. The approval follows Orascom shareholders’ sign-off on the swap in January and OCI shareholders’ vote on 30 October. Nassef Sawiris backs both companies.

What’s next: The new shares are due to list on the ADX and the EGX on 24 November. OCI shareholders who’d rather exit than take Orascom stock have until 17 November, unless extended, to tender into a EUR 4.10-a-share offer from Sawiris’ family investment firm NNS Holding. Orascom expects the transaction to close next month, ahead of a 30 December long-stop date.

One regulatory challenge is still pending. Dutch investment firm Value8 has asked the Dutch Enterprise Chamber to investigate OCI, and that petition remains before the court. It didn’t stop the 30 October vote it sought to block, and the Chamber has yet to rule.

REMEMBER- The Chamber barred OCI from voting on the merger in January over Sawiris’ role on both sides. Sawiris moved to break the deadlock with a take-private bid in June, and court-appointed directors agreed in July to convene the EGM. That’s why the NNS offer matters: under the approved resolution, the merger only goes ahead once NNS makes its offer, declares it unconditional, and settles it.

CALENDAR

NOVEMBER

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.

11-12 November (Wednesday-Thursday): Ras Al Khaimah Investment and Business Summit, Ras Al Khaimah Exhibition Center, Ras Al Khaimah.

12 November (Thursday): Bloomberg Invest, One&Only Royal Mirage, Dubai.

16-17 November (Monday-Tuesday): The Mining Show, Dubai World Trade Center, Dubai.

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.

23-26 November (Monday-Sunday): Big 5 Global, Dubai World Trade Center, Dubai.

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.

10 December (Thursday): The deadline for Emaar Development shareholders to sell their shares to Emaar Properties at AED 15 per share.

JANUARY 2027

1 January (Friday): Deadline for large businesses to implement e-invoicing.

14-17 January (Thursday-Sunday): MOC27 Motor, Outdoor & Camping Festival, Dubai Sevens Stadium, Dubai.

FEBRUARY 2027

1-3 February (Monday-Wednesday): World Governments Summit.

2-3 February (Tuesday-Wednesday): MRO Middle East and Aircraft Interiors Middle East, Dubai World Trade Center, Dubai.

MARCH 2027

31 March: Small businesses with annual revenues of less than AED 50 mn and government entities are required to appoint an accredited service provider for e-invoicing implementation. ;

Signposted to happen sometime in 1Q 2027: Completion of the first phase of Hassyan seawater desalination project

APRIL 2027

21-22 April (Wednesday-Thursday): Token2049, Dubai;

MAY 2027

11-13 May (Tuesday-Thursday): Middle East Energy, Expo City, Dubai.

31 May-2 June (Monday-Wednesday): RailX Dubai, Dubai World Trade Center, Dubai.

JULY 2027

1 July: Deadline for small businesses to implement e-invoicing.

OCTOBER 2027

1 October (Friday): Deadline for governments to implement e-invoicing;

NOVEMBER 2027

Signposted to happen sometime in November: HR Tech, Abu Dhabi.

Signposted to happen sometime in 2027: 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.

Sections

About

Privacy & Support