Abu Dhabi’s plan to grow 70% of basic food counts on investors

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WHAT WE’RE TRACKING TODAY

THIS MORNING: GCC plans a military HQ in Kuwait + DP World fast tracks its Fujairah play

Good morning, everyone. When the war exposed the fragility of regional food supply chains, Abu Dhabi came up with a plan to fix it: growing 70% of its basic food by 2040. We spoke to authorities about the details of the plan and who’ll be funding it, as well as to experts to see where the challenges lie.

Inflation in Dubai climbed back to its August level, reaching 5.5% in October as transport costs drove the increase. It also marked the first time housing hasn’t been the main driver of inflation since October 2022.

In real estate news, Emaar is planning a AED 12 bn development for Dubai Creek Harbour as it looks to make it a magnet for corporate tenants, Nakheel is eyeing a residential masterplan near Palm Jebel Ali, and Damac is planning a AED 3 bn project for Ajman.

PLUS- The UAE’s IPO drought ends on the trading floor this morning: DIP Holding, the Dubai Investments unit that owns Dubai Investments Park, starts trading on the DFM today in the country’s first listing of 2026. Dubai Investments priced the 20% float mid-range at AED 1.12 a share, raising AED 1.9 bn and valuing the company at AED 9.7 bn. The opening price offers the first clear read on how much appetite investors have for new paper since the war began — books were oversubscribed, but we don’t know by how much, so today’s debut will speak volumes.

Would you like to have lunch with us on Thursday, 10 December? We’re setting a table in DIFC for a very small and exclusive group of readers and business leaders in the UAE. If you’d like to be there, just hit reply to this email, tell us who you are and what you do, and we’ll take it from there.

Wait, lunch? Yes, lunch. Two hours, one table, no panel, no slides, just an open conversation among peers. We want to hear how the people running businesses in the UAE see the next twelve months: what’s working, what’s getting harder, and where the money is actually going now that the region is open for business again. Expect good food, good company, and the kind of conversation nobody has on stage.

Seats will be strictly limited and the lunch is invitation-only, but we’re planning on doing this more often. So, yes, we won’t be able to accommodate everyone unfortunately.

Everything that will be said at the table stays at the table under Chatham House rules. We’ll be in touch with the people we’re inviting over the next two weeks or so with the details.

Adnoc L&S vessel struck

One of Adnoc Logistics and Services’ vessels was struck and damaged in an attack in the Arabian Gulf, the state-backed shipping firm said in a statement relayed by Wam. The incident happened yesterday within UAE territorial waters, but Adnoc didn’t specify who was behind the strike. The waterway had been relatively quiet in recent months, though an Adnoc-affiliated vessel was struck by Iranian missiles in August.

Easier airport access

Dubai approved an AED 2 bn extension of its metro network to Al Maktoum International Airport City, according to an official announcement relayed by the Dubai Media Office. The first phase of commercial operations at the expanded Al Maktoum International Airport (DWC) is slated for 2032.

How it’ll work: This brings the world’s largest airport project closer to a direct public transport connection, with services scheduled to begin in 2031. The extension will take Route 2020 to DWC’s West Terminal, connecting the airport city to Dubai's existing metro network. It will also establish links with the airport express line and Etihad Rail’s high-speed rail network. The new extension is separate from the proposed Airport Express Line connecting Dubai International Airport and DWC.

IN CONTEXT- We took a closer look at the UAE’s public transport drive, with Dubai itself looking to become a 20-minute city, and experts told us successful rollout largely depends on the quality of last-mile options and how easily people can get to and from stations.

PLUS- Dubai’s Executive Council approved an AED 9.6 bn plan through 2040 to build community facilities, including health, education, security, sports, and senior-citizen facilities, in existing and new residential areas, with Emirati neighborhoods first in line, according to a Dubai Media Office statement.

GCC shows unified military front

Kuwait will soon be home to a GCC military headquarters, the bloc said in a statement after defense ministers approved the decision. The Unified Military Command will see “the allocation of appropriate forces to it,” and the statement also noted the need to “equip [member states] with the capacity to confront various current and future challenges and threats.”

GCC Secretary General Jasem Albudaiwi also praised “Gulf cohesion” in countering “treacherous Iranian attacks,” echoing a similar recent statement from diplomatic advisor to the UAE Anwar Gargash who called for the need to “revive collective Gulf action” in response to the attacks on Saudi Arabia.

For now, there are no further details on what the headquarters would entail more specifically; however, analysts previously said integrated air defense systems are needed to defend against future strikes, according to Bloomberg. So far, air defense systems themselves have proved costly and also triggered a re-think of the wider defense supply chain, bringing a focus on greater self-reliance.

UAE sells oil from Saudi tanker

The UAE is selling Saudi oil from the Gem No. 2 tanker that was struck by a projectile last month and triggered an oil spill in the vicinity, Reuters reports, citing industry sources and a tender document. Authorities contained the leak at the end of the month, with the Emirati Energy Ministry now offering ship-to-ship loading for 1.87 mn barrels of crude between 10-20 November, according to a tender that has since closed.

IN CONTEXT- Saudi Arabia greenlit the sale, and even though it’s rare for the UAE to sell crude from the Kingdom, it comes as both countries look to keep oil exports moving as much as possible despite the ongoing instability. Adnoc has also reportedly held talks with US officials for licenses to buy or lease ships that had been blacklisted to fix a tanker shortage. Ship-to-ship transfers in particular have helped the UAE keep crude barrels moving despite the regional instability.

DP World fast-tracks Fujairah play

DP World is fast-tracking development of its two new terminals at Fujairah, Arabian Business reports, citing chief executive Ahmad Yousef Al Hassan. The targeted start of operations timeline is now 18-24 months, he said, having been brought down from the initial 24-30 months target when it was announced in July.

We also have an investment ticket now: The overall project will come in at AED 2.5 bn for the two terminals, which are set to lift DP World’s UAE container handling capacity to nearly 22 mn TEUs from 19.4 mn TEUs. Still, Al Hassan said the Fujairah terminal wasn’t a “replacement or back-up” for Jebel Ali, but instead offered more optionality.

It’s not the only Hormuz-bypass project that’s been pushing ahead: Adnoc has already accelerated work on its West-East pipeline to boost export capacity outside of Hormuz, with recent reports circulating that the state oil giant is considering a third pipeline for crude deliveries to bypass the strait.

UAE ambitions

The UAE branches of Banque Misr are likely to go to the National Bank of Egypt (NBE) by the end of November or mid-December, CEO Mohamed El Etreby said in an interview with CNBC Arabia. The transaction now has near-final approval from the UAE central bank, with only commercial registry procedures left before final sign-off. NBE has finished due diligence and valued the branches at 1.02x book, under terms that leave Banque Misr liable for any obligations that surface within a year of closing, he added.

A bigger UAE foothold is the goal: The acquisition is part of NBE’s push for a direct presence in the UAE, where it already runs a representative office and holds a Category 3 license at the Dubai International Financial Centre, and has separately applied to open branches of its own, Etreby said.

REMEMBER- The UAE central bank gave NBE a preliminary nod to take over the branches in September, weeks after the US Treasury’s FinCEN proposed cutting them off from correspondent banking with US institutions. FinCEN alleges the branches processed about USD 1.8 bn between January 2024 and June 2026 for 103 companies that may be linked to Iranian shadow-banking networks. Fitch expects the proposal to have limited impact on Banque Misr’s credit rating, since the branches account for less than 5% of its assets and net income. It added that the sale to NBE would lower the risk, though it’s unclear whether the deal would lift the restrictions.

PSA

WEATHER- Temperatures will reach 33°C in Dubai today, with a slightly cooler 32°C in Abu Dhabi, before it cools to 27°C overnight in both emirates, according to our favorite weather app.

The big story abroad

China’s trade surplus broke the USD 1 tn mark for the second straight year. The country’s surplus hit USD 1.04 tn over the first 10 months of the year, keeping it on track to top last year’s all-time high of USD 1.2 tn. October exports rose 35.2% from a year earlier, with chips and cars powering this year’s gains, even as Beijing faces growing calls to bring its trade into better balance.

Slovakia calls Germany’s Ukraine-for-budget ultimatum a “textbook case of blackmail.” Slovakia, the Czech Republic, Hungary, and Bulgaria are resisting Berlin’s push to make new Ukraine aid a condition for signing off on the EU’s next long-term budget. Slovakia has threatened to use its veto. Kyiv faces a EUR 70 bn funding gap next year, and Brussels has pledged to cover about EUR 45 bn of it, with a new round of joint EU debt emerging as the leading option.

AI’s power hunger has firms hunting for used turbines and retired jet engines. Wait times for expensive new gas turbines now run into the next decade, pushing utilities, developers, and companies rushing to supply electricity to AI data centers to scour global markets for used units, bring idle machines back into service, and repurpose decommissioned jet engines, Reuters reported yesterday. Appetite for power-intensive data centers keeps climbing even as concerns about AI’s dangers grow and the recent sell-off of related shares, which leaves turbines and other key power equipment in short supply.

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Abu Dhabi wants to grow 70% of its basic food by 2040, and it’s counting on investors to foot a big part of the bill

When shipping through the Strait of Hormuz effectively stopped in March, the UAE learned how exposed its food supply is. Around 70% of the Gulf’s food imports pass through the strait, and the UAE imports 80-90% of its food. Iran, a large supplier to the UAE, banned food and agricultural exports indefinitely. Retailers kept shelves stocked at a higher cost by flying food in and rerouting shipments. Food security rose to the top of the government’s priority list, alongside defense and infrastructure.

Abu Dhabi’s answer is to grow much more of its own food and to have private investors pay for much of it. The Abu Dhabi Agriculture and Food Safety Authority (Adafsa) wants the emirate to produce 70% of its basic food commodities at home by 2040, up from 30% today, while cutting farm water use to 12.7k cbm per hectare a year from 24.7k. Over the same period, it wants agriculture’s contribution to the economy to grow 3.6x to AED 34.6 bn from AED 9.5 bn, according to the strategy unveiled at the Global Food Security Summit last month.

“It’s a very ambitious target,” Leigh Mante, a junior climate and energy fellow at ORF Middle East, tells EnterpriseAM. “At the end of the day, you can’t produce everything within the context of this region. You’ll also still need to import.”

The strategy builds on a year of emergency measures. In April, ADQ’s Silal expanded its Ensure Essentials program and signed 14 supplier partnerships, and the federal government approved an AED 1 bn fund to localize staples like dairy, poultry, and flour. New trucking routes through Oman’s Sohar and Salalah kept cargo moving. The crisis “reinvigorated a desire to increase domestic self-sufficiency and domestic production,” Mante says.

Inside the strategy (and its challenges)

The strategy targets 25 products across six categories: vegetables, fruits, poultry, red meat, dairy, and fish, Zayed Salem Al Kathiri, acting executive director of Adafsa’s strategy and policy sector, tells EnterpriseAM. They were chosen for their share of the local diet, their nutritional value, and how realistic it is to produce them locally. Grains, rice, and edible oils are not included.

Red meat and dairy will be the hardest to produce locally, because both are water-intensive. “The UAE imports a lot of beef from Brazil or Australia, and they tend to produce the less water-intensive products in the country, like fruits and vegetables,” Mante says.

Water is the main constraint: “It’s still a very arid region with limited freshwater resources,” Mante says. Agriculture accounts for about 70% of Abu Dhabi’s groundwater use. Desalination supplies only 18% of farm water, and recycled water less than 1%. For decades, the Gulf has dealt with water scarcity by producing more water, mostly by building desalination plants. Adafsa’s target aims instead to make farms use less, and Mante sees that as progress. “Just the fact that they’re looking at cutting water use is a good signal,” she says.

The war also showed the risk of relying more heavily on desalination. In April, Iran threatened to hit desalination plants if the US attacked its power plants. A desalination plant in Bahrain had already been hit earlier in the conflict, and a power and water desalination plant in Kuwait was struck days later, though Iran denied responsibility and blamed Israel, we reported at the time.

The challenge is how they’ll save water. “Agritech is very energy-intensive, so there’s also an energy dimension that needs to be addressed in addition to the water one,” Mante says. The key is to plan water and energy together, with farms and industries sharing sites so water can be reused. “Integrated water management will become very important: having co-located industries and sectors where there’s a circular environment, where water is moved from one use to another and recycled internally,” she says. “Developing a circular economy for food and being able to balance this nexus of water, energy, and food is going to be very important, and it will require a lot of coordination and also government support.”

Even the right crops need fertilizer, and that supply came through the strait too. Granular urea prices rose USD 60 per ton after the strait effectively closed, we reported in March. The UAE and Oman are both exploring green ammonia as a local alternative. “This crisis has reinvigorated those efforts to expand green ammonia production specifically for fertilizer,” Mante says.

Where private capital comes in

Adafsa is counting on private capital for much of the 3.6x growth. Government spending will be redirected toward productivity gains and measurable results, and two of the strategy’s 13 programs focus on redirecting agricultural subsidies and on farm financing, Al Kathiri says. Investors are expected to co-invest in greenhouses, smart irrigation, and farm solar; to build and run assets from palm replanting to cold chains; and to sign guaranteed offtake agreements for dates, fruits, vegetables, and livestock.

The private share of the AED 34.6 bn target has not been set, but Adafsa has started talks with private-sector players, and investment volumes will be defined once each program’s public-private partnership (PPP) structure is finalized, Al Kathiri says.

Mante expects investors to favor the technologies that are easiest to sell. The priority should be “making sure that they’re not just investing in the flashy technologies, but also in what’s important, like drought-resistant seeds,” she says.

Grains aren’t on Adafsa’s list, but Mante thinks they could be grown here, just not with the technology that gets most of the attention. Vertical farms suit high-value fruit and vegetables, but “it’s not very cost-efficient to be producing grain in a vertical farm,” she says. Growing staples in the UAE’s heat and salty soil instead depends on crops bred for those conditions, like the higher-yield, drought- and salt-tolerant wheat varieties developed at Sharjah’s wheat farm. “Investing in these drought-resistant seed alternatives is going to help with domestic food production,” Mante says.

That research is slow to pay off, which is where the state comes in. Seed trials take years, and “there’s not going to be an immediate return on investment,” Mante says. “That’s why the public sector needs to come in and do the de-risking, so that the private sector can do the rest.” She also points to crop ins. and agri-guarantees for smallholder farmers, as well as shared food hubs that pool research, water, and energy infrastructure.

It’s not about ending imports

Adafsa’s new strategy is clear: It chooses its priority crops and varieties and focuses on increasing self-sufficiency for those — not trying to do everything at once.

Even at 70%, Abu Dhabi will still depend on imports, so diversified trading partners and backup routes are “equally as important” as domestic output, Mante tells us. She says the UAE’s comprehensive economic partnership agreements (CEPAs) could cut delays with faster customs clearance and single-window systems, which matters more when rerouted perishables are spending longer in transit. The UAE is also widening its partner list, including a food partnership with India and Africa and closer ties with Brazil. “There are partners that they wouldn’t have normally considered before that they’re starting to consider more now,” she says.

What’s next: Adafsa’s program-by-program PPP structures will be the first real test, showing how much private money is committed and where it goes. Water policy is also on the calendar. GCC states restarted talks on intra-regional water cooperation in August, Mante says. The UAE co-hosts the UN Water Conference with Senegal at Adnec in Abu Dhabi on 8-10 December, and Mante expects regional cooperation to come up.

Emaar bets AED 12 bn on offices at Dubai Creek Harbour, Nakheel adds 50k residents next to Palm Jebel Ali

Emaar is planning a AED 12 bn development to make Dubai Creek Harbour a magnet for corporate tenants, with plans for a 300k sqm commercial and office district built around Dubai Square and the proposed Dubai Creek Tower, according to a press release.

REMEMBER- Dubai Square has been churning headlines. The newly announced business district will flank the AED 180 bn Dubai Square mega-mall, in what is set to be three times the size of the Burj Khalifa area in Downtown Dubai. The developer is also formally repositioning the redesigned Dubai Creek Tower as the district’s commercial anchor — after the project’s construction tender restart early this year — with port closures and pricing pressures pushing back its schedule.

A city behind the workplace: The development is planned around 75.5k homes for a projected population of 200k, with schools, healthcare facilities, and community retail. It also features direct, climate-controlled links to two on-site metro stations.

Why it matters: Dubai’s prime office stock is close to full. With vacancy rates in financial corridors like DIFC and One Central hovering near zero, corporate allocators have few options for large-floorplate space or regional headquarters. By retrofitting the commercial footprint into its residential masterplan, Emaar is creating a supply relief valve.

Meanwhile, Nakheel eyes Palm Springs community near Palm Jebel Ali

Nakheel is pushing into Dubai’s southern expansion corridor with Palm Springs, a 3.8 mn sqm residential masterplan bordering Palm Jebel Ali, according to a press release (pdf). Designed for roughly 50k residents across 15 neighborhoods, the development packs in villas, apartments, two schools, and a hospital. It sits near Al Maktoum International Airport and Expo City Dubai in the southern corridor where Nakheel is already building out Palm Jebel Ali.

REMEMBER- Nakheel awarded AED 3.5 bn in villa contracts at Palm Jebel Ali to Ginco General Contracting and United Engineering Construction. In September, it also awarded an AED 800 mn contract for 537 homes at Bay Grove Residences on Dubai Islands, due for completion in late 2028.

Dubai inflation jumps to 5.5% in October as petrol hike feeds through

Dubai’s annual inflation accelerated to 5.5% in October from 5.0% in September, returning to August’s rate, according to Dubai Data and Statistics Establishment figures (pdf). Prices rose 1.1% m-o-m after slipping 0.05% in September.

Fuel is mostly to blame: Transport inflation jumped to 19.3% y-o-y from 14.7%, with prices up 6.3% in October alone. Within transport, fuel and lubricants rose 53.2% y-o-y after October’s petrol hike took Super 98 to AED 4.40 a liter, 58.8% above a year earlier.

That pushed transport past housing: Transport added 2.3 percentage points to headline inflation, ahead of housing’s 2.2. It’s the first time housing hasn’t been the biggest contributor since October 2022, according to Emirates NBD research (pdf). Housing, the largest item in the basket, eased to 5.8% from 6.2% in September and 7.4% in January.

Food is the stickier problem: Food and beverage inflation hit 9.1%, its fastest pace since at least January 2010, up from 8% in September and 0.9% in January. Monthly food price growth barely slowed, easing to 1.0% from 1.1%.

A sign of life in tourism: Accommodation prices jumped 66.1% m-o-m in October but were still 11.7% below a year earlier. Emirates NBD puts the rebound down to seasonal demand and some recovery in hotel pricing power after steep declines earlier this year.

What’s next: Petrol prices fell to AED 4.15 for November, but that’s still 58.2% above a year earlier, so Emirates NBD expects transport inflation to stay elevated in November. The bank sees headline inflation holding broadly steady through year-end before easing in 2027 as oil prices moderate.

BACKGROUND- Businesses are also feeling the pinch and passing their own rising costs on to customers. Dubai firms raised their selling prices at the fastest pace on record in October, citing higher costs for raw materials, fuel, energy, freight, and rent, according to S&P Global’s PMI. We covered it last week.

Adnoc Gas, Aramex, Parkin report 3Q results

Adnoc Gas rebounds on improved shipping

Adnoc Gas is back to last year’s form: Adnoc Gas’ net income doubled q-o-q to USD 1.3 bn in 3Q 2026, essentially flat with the same quarter last year, after the Strait of Hormuz disruption cut 2Q net income roughly in half, according to the company’s management discussion and analysis report (pdf).

Revenue rose 45% q-o-q to USD 5.3 bn but was still 11% below 3Q 2025, while EBITDA climbed 70% q-o-q to USD 2 bn. A lower tax bill pushed the net income margin up nearly three percentage points y-o-y to 25.4%, which is how Adnoc Gas matched last year’s income on less revenue.

Exports drove the recovery: Export and traded liquids volumes rebounded 69% q-o-q to 198 TBtu as shipping activity improved, though they remained 28% below a year earlier. The segment’s EBITDA rose 90% q-o-q to USD 701 mn. Adnoc Gas’ share of LNG volumes from its JV with Adnoc LNG nearly doubled to 37 TBtu, and higher LNG prices nearly tripled its EBITDA to USD 204 mn. Sulfur EBITDA more than doubled y-o-y to USD 239 mn on sharply higher prices.

Domestic demand held the floor: Domestic gas volumes rose 20% q-o-q to 513 TBtu on strong seasonal demand, and segment EBITDA climbed 28% to USD 878 mn. Plants are still far from normal, though: asset utilization was 67.3%, up from 54.1% in 2Q but well short of 91.3% a year ago.

Guidance goes up: Adnoc Gas now expects full-year net income of at least USD 4 bn, up from a previous USD 3.5-4 bn range. With USD 3.1 bn booked in 9M, that implies 4Q income of at least c. USD 920 mn. Its export volume guidance of 680-740 TBtu for the year points to 4Q exports roughly in line with 3Q. The firm is assuming shipping will resume at similar levels in 4Q, CFO Peter van Driel said during an earnings call attended by EnterpriseAM, without clarifying what measures Adnoc Gas took to ramp up shipping during the quarter.

REMEMBER- The number of vessels transiting the Strait of Hormuz has risen steadily m-o-m, which explains much of the rebound, van Driel said, though he didn’t say how Adnoc Gas cargoes are getting through. Since the spring, Adnoc has relied on shuttle runs: tankers cross the strait with their transponders off and hand their cargoes to buyers’ ships in transfer points like Fujairah. Adnoc has used the same approach for LNG, with carriers going dark to load at Das Island, the UAE’s only LNG export plant.

The company has been evaluating alternative export routes, but nothing has been decided, he added. In August, van Driel said Adnoc Gas was studying a new LNG export facility on the UAE’s east coast that would bypass the strait.

Dividends: The board approved a USD 940 mn quarterly dividend, up 5% y-o-y and payable on 8 December.

Boxes beat the baseline

Revenue growth and cost management lifted Aramex’s 3Q net income more than ninefold y-o-y to AED 47.8 mn from a thin AED 5.2 mn, according to the company’s earnings release (pdf). Revenue rose 24% y-o-y to AED 1.98 bn, Aramex’s highest quarterly revenue for the second quarter running and about 8% above the AED 1.8 bn it booked in 2Q, by our math.

Forwarding carries the load: Freight forwarding drove most of the growth and set a second straight quarterly record, helped by steady demand and firm pricing, the company says. Aramex continued to lean on alternative Europe-to-Middle East land routes and chartered air and sea capacity to keep cargo moving through the quarter. Domestic express, international express, and logistics and supply chain solutions also grew y-o-y.

On a 9M basis, revenue climbed 16% y-o-y to AED 5.4 bn, while net income rose more than eightfold to AED 112 mn from AED 13.1 mn. EBITDA grew 24% to AED 514.2 mn, with the margin widening to 9.5% from 8.9%.

Seasonal cards and fines bring Parkin a record quarter

Parkin’s income growth more than doubled its pace in 3Q: Dubai parking operator Parkin’s net income rose 27% y-o-y to a record AED 199.2 mn in 3Q 2026, according to the company’s earnings release (pdf). Total income climbed 21% to AED 415.2 mn during the quarter.

Fines and seasonal cards are doing the work: Enforcement revenue jumped 32% y-o-y to AED 136.4 mn, seasonal card revenue rose 40%, and developer parking revenue grew 69%. Together, they more than offset a 5% drop in public parking revenue, as drivers move from hourly tariffs to seasonal cards still priced at pre-tariff levels.

Guidance is up: Parkin raised its full-year enforcement revenue guidance to AED 460-480 mn from AED 420-460 mn and its seasonal card and permit guidance to AED 300-320 mn from AED 280-300 mn. It expects public parking revenue near the midpoint of its AED 510-550 mn range, with developer parking unchanged at AED 130-150 mn.

Adnoc Drilling takes offshore rigs abroad, Damac plans AED 3 bn for Ajman, Mubadala makes secondaries play

Adnoc Drilling takes its offshore rigs abroad

Adnoc Drilling secured two offshore rig contracts in Kuwait worth AED 1.15 bn (USD 313.6 mn) from Kuwait Oil Company to supply and operate two high-spec jack-up rigs under two four-year firm contracts, according to an ADX disclosure (pdf). The mandate is the company’s first offshore work outside UAE territorial waters.

The details: The contracts cover mobilization and four years of firm operations, with the option for a fifth-year extension. Operations are expected to start in 4Q 2027, with the first full-year financial contribution in 2028.

BACKGROUND- Adnoc Drilling already operates onshore in Kuwait. In January, it closed its acquisition of a 70% stake in SLB’s land rig business in Kuwait and Oman, which brought two rigs in Kuwait and six in Oman. In May, it closed its purchase of an 80% stake in MB Petroleum Services, which added more than 20 rigs across Oman, Kuwait, Saudi Arabia, and Bahrain.

Mubadala makes secondaries play

Mubadala Capital is buying into New York-based secondaries manager LSV Advisors, according to a press release. The majority of the funds resulting from the sovereign wealth fund’s minority stake in the investment manager will give it liquidity to cycle back into future continuation funds, the press release said. LSV focuses primarily on GP-led continuation vehicles and manages around USD 5 bn in AUM. An investment ticket wasn’t disclosed, but the transaction is expected to close in 1H 2027.

ADVISORS- Evercore acted as financial advisor to Mubadala Capital, while Houlihan Lokey advised LSV.

IN CONTEXT- Last year, the global secondaries market reached a record USD 20 bn. Elsewhere in the UAE, the Abu Dhabi Investment Authority has been doubling down on the secondaries market for some time now, ramping up exposure to follow-on investments.

Damac plans AED 3 bn Ajman build

AED 3 bn worth of real estate is coming to Ajman after local developer Al Zorah Development Company inked a land acquisition agreement with Damac Properties, according to a press release. Damac will develop a 1.4 mn sqf mixed-use residential project, slated to be the first of several from the developer in the area. The first phase will include two towers with 421 units and is scheduled to launch in 1Q 2027.

Berkshire called its own stock cheap every quarter of 2026, buying back USD 14.4 bn

Warren Buffett’s Berkshire Hathaway has called its own stock cheap every quarter of this year, even as 3Q earnings fell c. 28%. The NYSE-listed conglomerate bought back none of its shares last year, but that changed when Greg Abel took the helm as CEO from Buffett in January. Berkshire repurchased about USD 14.4 bn of its own stock over 9M 2026, with the amounts climbing every quarter, from USD 235 mn in 1Q to USD 4.5 bn in 2Q and USD 9.6 bn in 3Q, according to its quarterly SEC filing.

That’s Berkshire’s own rule: The conglomerate only buys back shares when its CEO (after consulting the chairman) judges the price to be below intrinsic value, conservatively determined, according to the filing. Its share count was still falling through 28 October, the filing’s cover date, a sign the buying continued after the quarter closed. The buying also accelerated through 3Q, with more than half of the quarter’s purchases coming in September at an average of around USD 758k per Class A share, or roughly 1.4x book value by our math.

The USD 9.6 bn was a record for quarterly buybacks, the Financial Times reports. Investors read it as a vote of confidence: Abel is “showing confidence in Berkshire and the prospect of its businesses,” J Stern & Co CIO Christopher Rossbach told the salmon-colored paper. Check Capital’s Chris Ballard told the publication the stock had looked deeply undervalued in recent months.

Over the same quarter, Berkshire was a small net seller of listed equities, Bloomberg reports. Its own stock came first, then a whole company (the USD 6.8 bn Taylor Morrison takeover), and listed equities came last. That’s a sharp turn from 2Q, when heavy stock buying left Berkshire a net buyer of about USD 11 bn of listed equities.

The market is backing the call. Berkshire’s Class A shares closed at a record of around USD 869k last week, The Wall Street Journal reports. The Financial Times says the stock is up 15% this year, against the S&P 500’s 8% total return. Glenview Trust’s Bill Stone told the London daily that investors are treating Berkshire as a flight to safety as tech stocks slide, and he described Abel to the Journal as “more interested in being a better operator than Warren Buffett ever was.”

Ins. weighed on the quarter, while the rest of the group grew. Operating earnings slipped 5.8% to USD 12.7 bn as pre-tax underwriting income fell to USD 1.68 bn from USD 3.16 bn, the filing shows, with its US car ins. arm Geico’s claims costs rising. Ballard told the Associated Press the slowdown was expected as Geico steps up advertising to draw new customers after years of cuts. Elsewhere, railroad earnings rose 19.3%, energy 8.3%, and manufacturing, service, and retail 11.8% — gains the Journal reports some shareholders see as early evidence of Abel’s operator-first approach.

Why it matters: Berkshire is the market’s most-watched buyer of last resort, and its USD 352 bn pile has stayed put through the AI rally. A new CEO who would rather buy back his own stock than anything else on offer is the clearest read yet on what the world’s biggest value investor makes of this market.

What’s next: Berkshire’s 3Q 13F, due 16 November, will show exactly which stocks it trimmed and which it kept. With USD 352 bn still on hand, Stone told the Financial Times that Berkshire would be ready to buy if the AI trade unravels.

MARKETS THIS MORNING-

Asian markets rose earlier today, led by a 1.3% advance in South Korea’s Kospi, an approximate 1% gain in Japan’s Nikkei 225, and a climb of up to 0.8% in the MSCI Asia Pacific Index. Stronger-than-projected earnings from CoreWeave Inc. underpinned the rally and revived interest in the artificial intelligence trade, helping counter an inflation-driven pullback on Wall Street.

ADX	9,556	+0.8% (YTD: -4.4%)
DFM	6,170	+1.4% (YTD: +2.0%)
Nasdaq Dubai UAE20	5,056	+1.5% (YTD: +3.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.6% o/n	4.6% 1 yr
TASI	10,168	+0.6% (YTD: -3.1%)
EGX30	52,483	+2.1% (YTD: +25.5%)
S&P 500	7,521	-0.4% (YTD: +9.9%)
FTSE 100	10,752	-0.3% (YTD: +8.3%)
Euro Stoxx 50	6,328	+0.6% (YTD: +9.2%)
Brent crude	USD 91.49	-1.2%
Natural gas (Nymex)	USD 3.30	+0.2%
Gold	USD 4,041	+0.3%
BTC	USD 73,825	-1.6% (YTD: -15.7%)
Lunate JP Morgan UAE Bond UCITS ETF	AED 3.59	+2.3% (YTD: -4.2%)
S&P MENA Bond & Sukuk	149.85	+0.1% (YTD: +1.3%)
VIX (Volatility Index)	19.46	-2.3% (YTD: +30.2%)

THE CLOSING BELL-

The DFM rose 1.4% yesterday on turnover of AED 1.9 bn. The index is up 2.0% YTD.

In the green: Dubai Islamic Ins. and Reinsurance Co. (+8.3%), Aramex (+7.5%), and Alec Holdings (+5.5%).

In the red: Dubai Refreshment Company (-5.0%), National Industries Group Holding (-4.7%), and Shuaa Capital (-4.6%).

Over on the ADX, the index rose 0.8% on turnover of AED 2.5 bn. Meanwhile, Nasdaq Dubai was up 1.5%.

CALENDAR

NOVEMBER

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

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.

7 December (Monday): GITEX Scale Summit, Dubai World Trade Center, Dubai.

8-11 December (Tuesday-Friday): GITEX GLOBAL and Expand North Star, Dubai Exhibition Centre, Expo City Dubai, Dubai.

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.

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