DIP breaks the ice with a pop on its debut

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WHAT WE’RE TRACKING TODAY

THIS MORNING: NMDC hunts M&A to outrun regional headwinds

Good morning, everyone. It’s a big morning for UAE capital markets: the IPO drought is officially over, and First Abu Dhabi Bank (FAB) is preparing the largest rights issue in ADX history.

DIP Holding closed its first day on the DFM up 5.4% at around AED 1.18, valuing the Dubai Investments Park landlord at about AED 10.2 bn in the UAE’s first listing of 2026. The pop landed within the 4-10% base case analysts gave us, and it puts the listing squarely in the middle of other recent IPOs’ performance. Both institutional and retail investors turned up, showing that liquidity and appetite are there when an offering is priced sensibly, analysts told us.

Meanwhile, FAB wants AED 15 bn from its shareholders — more than the four other UAE bank rights issues since 3Q 2025 combined.

On the earnings front, Presight is wagering on an international rebound in 4Q after its recent domestic-heavy quarter, and we also have financial results from Lulu, DAE, Binghatti, and Alec Holdings.

Plus: NMDC is hunting M&A, currently evaluating three to five targets, and Emirates is buying six A380s it currently leases from Qatar’s Lesha Bank as Boeing 777X delays persist.

NMDC hunts M&A to outrun regional headwinds

NMDC Group is eyeing M&A to make up for the war-induced slump, Bloomberg reports, citing Group CEO Yasser Zaghloul. The Abu Dhabi-based marine and energy services firm is evaluating three to five targets and hopes to announce the first takeover in December, he said.

Why now? The slowdown in activity means it’s a good time for M&A that could boost growth, Zaghloul said. For NMDC, a key contractor to Adnoc, Strait of Hormuz disruptions dragged its 9M revenue growth down to 4% — a steep drop from 10% last year and nearly 60% in 2024. Zaghloul expects growth to return to 20% or higher once the conflict ends and projects and trade resume.

IN CONTEXT- NMDC has already started expanding its presence internationally after acquiring a 51% stake in Spanish water utility Lantania Aguas and securing new awards across the UAE, Taiwan, Oman, and the Philippines.

Data point

0.1% — that’s how much Dubai residential property values edged up m-o-m in October, their first monthly increase since February, according to ValuStrat’s latest Price Index report (pdf). The modest uptick follows a cumulative 10.2% correction since February, with values still down 5.7% y-o-y. Apartments took the bigger annual hit, falling 7.2% y-o-y against a 4.8% decline for villas. The figures build on the near-flat prices recorded in September, suggesting the correction is losing momentum.

But the sales market hasn’t bounced back: Ready-home transactions rose 23.9% m-o-m but remained 25.6% below October 2025 levels, while off-plan registrations were down 47.4% y-o-y. Performance also varies sharply by location: Jumeirah Islands villa values climbed 7.3% y-o-y, while Burj Khalifa apartments fell 22.4%. As we reported last week, Dubai’s market is showing signs of stabilization after a sharper correction than Abu Dhabi’s, where residential values have continued to rise.

PSA

WEATHER- Temperatures are cooling to 31°C in Dubai and 30°C in Abu Dhabi today, with both emirates seeing lows of 25°C overnight, according to our favorite weather app.

The big story abroad

The PLA-linked Northwestern Polytechnical University bought Nvidia’s H200 AI chips last month despite a US blacklist, Reuters reports, citing procurement and corporate records. The report adds to investor jitters at Nvidia, which is investigating claims that Chinese intelligence targeted CEO Jensen Huang. Northwestern is one of the “Seven Sons of National Defense,” a group of US-sanctioned schools with a history of defense research for Beijing. The university bought the chips for its management school through Shaanxi Bosuan Network Technology rather than directly from Nvidia. The Trump administration began approving some H200 exports to China case by case in January, but separate restrictions on Entity List organizations such as Northwestern still apply.

Two days of Ukraine peace talks in Abu Dhabi ended without a breakthrough. The US side said it saw “some openings,” however, and Moscow and Kyiv both confirmed that a large-scale prisoner-of-war exchange could happen soon. US negotiators Steve Witkoff and Jared Kushner will fly to Moscow on Thursday to meet Russian President Vladimir Putin, followed by a visit to Dublin to meet Ukrainian President Volodymyr Zelensky. Kushner said getting Europe “added to the format” would be on his agenda with Putin. Territory remains the sticking point: Moscow continues to demand that Ukraine give up the parts of Donetsk it still controls, and Kremlin negotiator Vladimir Medinsky said “every inch” of land would be “returned to Russia one way or another.”

A shortfall of nearly 1 mn homes triggered Spain’s first general strike since 2012. The walkout involved 4 mn people braving stormy weather to set up picket lines over the housing crisis, less than three weeks before an early general election. Shops shut across major cities, including Madrid and Barcelona, global fashion brands included. Spain’s largest unions reported 90% turnout at ports and in the auto sector, as well as “total stoppages” at factories including Volkswagen’s in Navarre and Seat’s in Barcelona.

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UAE’s first IPO of the year passes its first test with a 5.4% pop

DIP Holding closed its first day on the DFM up 5.4% at around AED 1.18 a share, valuing the Dubai Investments Park landlord at about AED 10.2 bn in the UAE’s first listing of 2026. Dubai Investments priced the 20% float at AED 1.12, raising c. AED 1.9 bn. The gain lands within the 4-10% base case Century Financial’s Vijay Valecha set out for us last month.

For a dividend stock — and for the geopolitical backdrop — the debut performance is impressive. Kamco Invest’s Director of Investment Strategy and Research Junaid Ansari had expected a first-day gain below 10%. “Given that DIP is a play on dividend yield and not a growth story, the gains are better than expected,” he tells EnterpriseAM. The debut lands in the middle of the range of recent UAE listings: Parkin, Dubai Taxi, and Dubai Residential REIT rose far more on day one but in a much stronger market, while Lulu, Talabat, and Alec fell on their first days.

Valecha compares it with Dubai Residential REIT’s debut, which delivered a 13.6% return on the first day, and says that “given the geopolitical stance and rising-yield environment [of today,” DIP’s debut’s returns are “stellar.”

Leaving money on the table paid off: Dubai Investments priced just below the midpoint of its range, even though orders covered the book within minutes, a decision the company said was meant to support “a strong and sustainable aftermarket.” Ansari says the debut shows the DFM’s liquidity and investor appetite are “still fully intact when an [offering] is priced sensibly.”

Institutions anchored the book, and retail added the pop. A book covered that quickly usually means institutional investors were waiting, Ansari says. Saudi Arabia’s PIF, a Blackstone unit, and local family offices were among the buyers, Bloomberg reported. Retail investors got only 5% of the offer, though “the day-one pop was surely backed by retail investor excitement,” Ansari adds.

The broader market has held up, even in the face of a global sell-off: UAE stocks have held up better than most since the US midterm results hit global markets, with the Nasdaq falling nearly 8% last Thursday after Democrats secured control of Congress. The MSCI UAE index remains within its 2023-2026 uptrend, and solid 3Q earnings support a “cautiously constructive outlook,” Forex.com market analyst Razan Hilal said in an emailed note.

What’s next: Ansari calls DIP an “ice breaker” but expects most of the pipeline to wait. More than 40 companies remain on the sidelines in the region, he says, and some could move in late 4Q if the region remains stable, though 2027 is more realistic. “If the next two or three trade well, the pipeline could open up quite quickly,” he adds, provided they also price with room left for investors.

Valecha sees this as a positive signal — one the “UAE pipeline needed.” “It should give issuers on the sidelines the confidence to move,” he tells us. “A window that has been shut since February now looks open again, with 2027 being seen as the year when listings can resume once again.”

Possibly up next? “Companies with steady, income-paying businesses are likely to go first,” Valecha expects. “Once a few deals go well, the window usually opens up to a wider mix of companies.” He flags Emirates Global Aluminium, whose USD 10-15 bn offering was put on hold, as one to watch.

Other names that have shelved or delayed plans to IPO earlier this year:

Etihad Airways (ADX): Bankers had expected ADQ-backed Etihad Airways’ USD 1 bn listing around 2Q 2026, but the war pushed it back, and there’s no new date;
Dubai Holding (DFM) had planned to float two property units, but paused preparations to list its retail assets as tourism fell;
Dubizzle (DFM) has yet to revive the Dubai listing it postponed last year;
Both Five Holdings and IHC’s 2PointZero (ADX) had hired advisors or started IPO preparations before the war broke out, but neither has issued an update since;
Al Habtoor shelved its DFM listing earlier this year;
Dubai Investments’ other units: Dubai Investments said in January 2025 it planned to list four subsidiaries, and DIP is the first.

FAB seeks AED 15 bn in rights issue

First Abu Dhabi Bank (FAB) is going ahead with plans to raise AED 15 bn through a rights issue to finance its next growth phase, after its board approved the move, according to an ADX disclosure (pdf). While less than earlier reports of an AED 18.4 bn issuance, it is still poised to be the largest ever rights issuance to hit the ADX.

The nitty-gritty: The bank plans to issue 1.11 bn shares at AED 13.52 apiece, subject to shareholder and regulatory approvals. The offering is priced 30% below its 10 November closing price. The raise is set to be backed by a big name: sovereign wealth fund Mubadala, which holds a 37.9% stake in the lender, has already pledged to take its full pro-rata slice.

Capital for the next leg: The proceeds will support expansion across both FAB’s UAE operations and its international franchise, including investments in technology and AI, while preserving capital and liquidity buffers. The fresh equity comes on the back of an ambitious 2026-2031 playbook targeting 10-15% annual loan and revenue expansion and over AED 50 bn in cumulative dividends, all while holding its Common Equity Tier 1 ratio above 14%.

REMEMBER- FAB would be joining a queue, as several names in the UAE banking sector have turned to shareholders to keep credit flowing. The common denominator is a lending boom running ahead of deposits. Four banks have announced or completed rights issues since 3Q 2025, bringing the total to about AED 11.5 bn:

Abu Dhabi Islamic Bank’s AED 1.75 bn rights issue opened for subscription earlier this week;
Abu Dhabi Commercial Bank (ADCB) closed its AED 6.1 bn December raise with all 592.2 mn shares subscribed and demand for additional stock exceeding supply by 3x;
Sharjah Islamic Bank (SIB) raised AED 2.59 bn in May;
United Arab Bank secured AED 1.03 bn in 3Q 2025.

Fresh equity offers another way to expand balance sheets without stretching capital ratios. SIB’s capital adequacy ratio rose to 19.5% in June from 16.2% at end-2025, with the raise driving much of the increase, while ADCB said its issue would help it stay ahead of tighter capital requirements for systemically important banks.

What’s next: Shareholders will vote on the proposal on 7 December. Completion is expected in the first quarter of 2027.

ADVISORS- FAB is serving as lead manager, bookrunner, and sole receiving bank, with JPMorgan acting as financial advisor and Allen Overy Shearman Sterling providing counsel.

Presight bets on an international rebound in 4Q after a domestic-heavy 3Q, as defense and agentic AI gain traction

AI-powered data analytics firm Presight AI Holding expects international momentum to pick up again in 4Q 2026 following a quarter driven almost entirely by domestic work, Senior Director of Investor Relations Roger Tejwani tells EnterpriseAM. Group revenue rose 14.7% y-o-y to AED 749.2 mn in 3Q 2026, while net income after tax climbed 31% to AED 144.5 mn, according to the company’s management discussion and analysis report (pdf). EBITDA rose 27.7% y-o-y to AED 168.3 mn, with the margin widening 228 bps to 22.5%.

International revenue fell 73.7% y-o-y to AED 79 mn in 3Q, by our math, making up just 10.5% of group revenue, down from 46% a year earlier and 23.5% in 2Q. Domestic revenue nearly doubled to AED 670.2 mn over the same period. In the first nine months of the year, international revenue dropped 20.2% to AED 453.3 mn, accounting for 21.1% of the total top line.

The firm still expects international markets to bring in 25-30% of full-year revenue, and its medium-term ambition of drawing roughly half of revenue from abroad is “still intact,” Tejwani says. The decline in the past quarter is more a function of timing: international contracts are multi-year sovereign programs, where contracting, financing, and mobilization can stretch across several reporting periods. Presight also builds in extra safeguards abroad — around regulatory jurisdiction and compliance, and through financing agreements set up separately from the commercial contracts to limit credit, currency, and liquidity risk — all of which take time to put in place, Tejwani says.

Order intake slowed sharply in the quarter: New orders came in at just AED 300 mn in 3Q, and the order backlog slipped to AED 4.4 bn from AED 4.9 bn at the end of June, though it is still up 19.4% y-o-y. Tejwani points to the nine-month view instead: Presight booked AED 3.2 bn in new orders, up c. 30% y-o-y and roughly 1.5x the revenue it recognized over the period — a book-to-bill ratio he calls “pretty healthy.”

Swings from one quarter to the next are built into the model, Tejwani says. Presight typically runs 20-25 national-scale projects at once, and revenue and margins shift depending on whether those projects are in heavier, lower-margin infrastructure phases or higher-margin software and platform rollouts. 3Q leaned toward software, which lifted margins, he says.

On a nine-month basis, the firm is “very much in line” with its medium-term guidance, Tejwani says. Revenue rose 23.6% y-o-y to AED 2.2 bn in 9M 2026, EBITDA grew 24.8% to AED 471 mn, and net income after tax increased 23.5% to AED 395.2 mn. Presight targets organic revenue growth of 20-25% a year through 2029.

The international pipeline

Several African agreements already have commercial terms agreed and are now going through financing, Tejwani says, while smart city talks in Montenegro and government discussions in Malaysia and Vietnam are progressing.

Presight is also moving into more developed markets: Presight signed an MoU with Greece’s Digital Governance Ministry in October to explore AI-powered monitoring of municipal waste, water networks, and transport safety. The projects will be built to EU standards, which Tejwani says shows the firm’s UAE-built technology can scale beyond the markets it has historically served.

AIQ began its first international commercial deployment in India during the quarter and is running pilots in eight other energy markets. That international traction is “now starting to come through in a more meaningful way,” Tejwani says.

Looking ahead

Agentic AI is “front and center” of the domestic business and played a big role in 3Q’s growth, though Presight doesn’t break out agentic revenue separately, Tejwani says. Demand is being driven by the UAE government’s mandate to run 50% of government services on agentic AI within two years. New agreements that landed during and after the quarter include one with the Abu Dhabi Hazardous Materials Management Center to use agentic AI for risk detection and monitoring, and an MoU with Scale AI on agent building, evaluation, and governance.

Defense is starting to register too: Non-kinetic defense made up some 5-10% of 3Q revenue — “meaningful, not necessarily material” — and Presight may have more to announce at IDEX early next year, Tejwani says.

REMEMBER- Defense has climbed up Presight’s priority list over the year. Tejwani told us in May that the firm planned to expand its defense tech stack and sharpen its focus on domestic resilience as the regional conflict put national security front and center, seeing plenty of non-kinetic use cases it could scale into mission-critical solutions. By 2Q, it had landed its first two federal non-kinetic defense contracts, built around integrating databases — including across the Defense Ministry — to support real-time decisions on supply chain logistics and joint manpower operations.

The SME push will take longer. The marketplace that will let SMEs order and access AI tools under Presight’s MoU with the Abu Dhabi Chamber of Commerce and Industry is still being built, and Tejwani expects the rollout to ramp up in phases through 2027. The goal is to roll it out to more than 100k SMEs in the emirate.

3Q results from Lulu, DAE, Binghatti, and Alec Holdings

Weak consumer sentiment weighs on Lulu’s 3Q earnings

Lulu Retail reported USD 29.1 mn in 3Q 2026 net income, down 19.1% y-o-y despite revenue rising 2% to USD 1.9 bn, according to an ADX disclosure (pdf). EBITDA stood at USD 175 mn, while gross income fell 1.2% y-o-y to USD 443.5 mn.

The bottom-line decline came on the back of non-food sales remaining under pressure from weak consumer sentiment, despite improving from 2Q. Total operating expenses increased 1.2% y-o-y, while costs across the store network fell modestly. Lulu opened five stores during the quarter, bringing its YTD openings to 22. E-commerce sales rose 53% y-o-y to USD 177 mn, accounting for 9.7% of retail sales.

By region: The UAE remained Lulu’s largest market, generating USD 729 mn in revenue, up 4.9% y-o-y. Saudi Arabia revenue fell 6.6% y-o-y to USD 342 mn, while Oman grew 1.2% to USD 291 mn. Qatar revenue declined 2.3% y-o-y to USD 252 mn, while Kuwait recorded 9.9% growth to USD 188 mn. Revenue from other markets, including external sales from sourcing centers, increased 12.4% y-o-y to USD 133 mn.

9M performance: Revenue slipped 1.1% y-o-y to USD 5.9 bn in the first nine months of the year, while net income dropped 27.5% to USD 118.1 mn.

Lease of life

A larger leasing portfolio and higher aircraft-sale gains lifted Dubai Aerospace Enterprise’s (DAE) 3Q net income 6.8% y-o-y to USD 135 mn, according to the aviation services firm’s financials (pdf). The rise followed a roughly 57% y-o-y drop in 1H net income, by our math. Total revenue, including other income, rose 33.8% y-o-y to USD 581 mn. Macquarie AirFinance (MAF), which DAE took over on 28 July, contributed USD 184.9 mn in revenue and USD 25.4 mn in net income through the end of September.

A bigger fleet brought bigger costs: Depreciation and amortization jumped 54.8% y-o-y to USD 264.7 mn in 3Q, and finance expenses rose 35.5% to USD 189 mn. Together, those increases absorbed most of the quarter’s revenue gain.

The nine months look weaker: 9M net income fell 43% to USD 323.2 mn, mainly because ins. recoveries dropped to USD 10 mn from USD 312.2 mn a year earlier. Revenue rose 13.2% to USD 1.4 bn, with net lease revenue up 21.8% to USD 1.3 bn. Engineering maintenance revenue halved to USD 76.2 mn, as customers couldn’t bring aircraft in for scheduled maintenance, and labor revenue fell because of the regional situation, the company says.

Binghatti doubles revenue as finance costs bite

Binghatti Holding more than doubled its 3Q revenue, up 104.4% y-o-y to AED 5.4 bn, as property handovers picked up pace, while net income climbed 69.2% to AED 1.4 bn, according to the developer’s reviewed interim financial statements (pdf). Core residential property development, including its signature branded partnerships, drove virtually all revenue, contributing nearly AED 5.4 bn, a 99.6% share, in 3Q. Revenue from services brought in AED 17.2 mn, and sales from restaurants provided AED 5.3 mn.

For 9M, revenue climbed 66.2% y-o-y to AED 14.9 bn, helping to lift the company’s bottom line by 65.4% to AED 4.4 bn. Results for the period were also buoyed by a AED 433.9 mn boost from a fair value gain on financial investments.

Alec rebounds in 3Q, but backlog heads lower

A rebound in energy services helped Alec Holdings swing back into the black in 3Q, with net income nearly doubling y-o-y to AED 375.3 mn following a AED 16.6 mn loss just one quarter earlier, according to the company’s earnings release (pdf). Revenue rose 38.4% y-o-y to AED 4.9 bn, while the net margin widened to 7.6% from 5.4%.

Energy services drove the comeback: The division generated AED 186.1 mn in gross earnings in 3Q, more than double a year earlier, with its margin recovering to 11.3% from a negative 16.1% in the previous quarter. 2Q offshore stoppages and higher project costs pushed Alec into a quarterly loss. For 3Q, building and construction remained the biggest top-line contributor, with revenue up 54.5% y-o-y to AED 3.1 bn.

On a 9M basis, net income rose 36.5% y-o-y to AED 589 mn as revenue jumped 56% to AED 13.9 bn. But the scars from 2Q are still visible: the net margin slipped to 4.2% from 4.8%, while energy services’ gross margin fell to just 0.7% from 8.6% a year earlier. Cash conversion also lagged earnings growth, with operating cashflow falling to AED 505.6 mn from AED 1.1 bn as receivables tied up more working capital.

The order book is the one to watch: Backlog fell 9.3% from 2Q and 10.6% y-o-y to AED 29.4 bn as project execution outpaced new awards, with management flagging a slower and more competitive tendering market. Around AED 5.9 bn is expected to convert into revenue in 4Q, while Alec is still guiding for FY 2026 revenue growth of roughly 45-50%.

Emirates buys six Airbus A380s from Qatar’s Lesha

Emirates is buying six Airbus A380s it currently leases from Qatar’s Lesha Bank. The bank is selling the superjumbos through its Lesha Aviation Fund, according to a press release. Ownership of two has already transferred, and the other four will follow in stages as their leases expire, the last by April 2028. The transaction value wasn’t disclosed.

Lesha is still a net buyer of aircraft: Lesha agreed to acquire aircraft lessor Amedeo Air Four Plus for around GBP 190 mn earlier this year. Amedeo owns 12 widebody aircraft — including six A380s, two Boeing 777-300ERs, and four Airbus A350-900s.

Emirates is keeping its older widebodies flying longer

Emirates has had to extend the life of its existing widebody fleet as Boeing 777X delays continue. Emirates now expects only three to five 777Xs in late 2027, Emirates President Tim Clark was quoted as saying by Reuters at a media event. Another 10 could potentially arrive in 2028, which would bring cumulative deliveries to just 15 against a total order of 270 aircraft.

IN CONTEXT- That’s later than the original timeline anticipated. In July, the airline had hoped to secure its first 777-9s in 2Q 2027. It's now in talks with Boeing to raise next year’s number, though Boeing is “fairly vague” on timing, Clark added. The 35 smaller Boeing 787s it has on order could be used to plug the gap if the timeline extends further, he said.

More ways to fund

The airline is also exploring other ways to finance its fleet: Emirates secured a 12-year shariah-compliant French leasing arrangement with Dubai Islamic Bank and Natixis CIB to finance two Airbus A350-900 aircraft this year, adding another financing structure to its fleet investment strategy, it said in a press release earlier this week.

An industry-wide issue

There’s already a distinct market shortage. Airbus and Boeing’s combined order backlogs stretch beyond 11 years, with delivery delays pushing leasing rates higher. That’s brought more interest and focus to in-service fleets to plug that gap. Dubai Aerospace Enterprise acquired Macquarie AirFinance for USD 9 bn, and Adia is acquiring a stake in a USD 1.4 bn aircraft portfolio leased to international airlines.

Mashreq picks Hessa Kamali to lead brand, corporate communications

Our friends at Mashreq tapped Hessa Kamali (LinkedIn) as global head of brand and corporate communications, the lender said in a statement on LinkedIn. Kamali joins from Etihad, where she previously served as head of social media marketing and inflight magazine.

About the new hire: Kamali brings 13 years of experience in marketing and communications across various industries to the role, having held senior posts including head of marketing at AutoData Middle East, director of marketing and communications at New Media Academy, and acting head of marketing at Al Futtaim.

CE-Ventures backs drug developer, Multipolitan bags USD 2 mn, Shorooq puts down roots in Qatar, Kotak Mahindra Bank plants flag in Dubai

CE-Ventures joins Series A for Alzheimer’s drug developer

CE-Ventures, the VC arm of Sharjah’s Crescent Enterprises, backed London-based Oyster Therapeutics in a USD 60 mn Series A round, joining pharma major Eli Lilly and specialist backer 4BIO Capital, according to a press release (pdf). The round will fund clinical trials for Oyster’s lead drug candidate, an oral targeted protein degrader targeting tau-driven neurodegenerative diseases like Alzheimer’s.

Portfolio, with an exit: CE-Ventures already co-led biotech CrossBridge Bio’s seed round in 2024 for next-gen antibody-drug conjugates, with Eli Lilly later acquiring the company in April 2026. “Oyster meets the same core criteria: a clearly defined target, strong scientific evidence supporting its causal role in disease, and the potential to address a significant unmet medical need,” Damir Illich, vice president of Life Sciences at CE-Ventures, tells EnterpriseAM. He will join Oyster’s board as an observer, representing CE-Ventures.

What’s next: CE-Ventures expects to remain active across biotechnology, frontier technology, fintech, and consumer businesses over the next 12-24 months, with particular interest in AI, advanced energy, data and analytics, and financial infrastructure, says Illich.

Multipolitan bags USD 2 mn at a punchy USD 25 mn cap

UAE-based mobility tech startup Multipolitan raised USD 2 mn in pre-seed funding led by Singapore-based venture studio EmergentX, according to a press release. The round gave it a pre-money valuation of USD 25 mn.

Multipolitan’s plan: The ADGM-headquartered firm is now preparing to launch its consumer platform for managing international travel and relocation this December. It’s also planning to expand its team, which is currently based across the UAE, Singapore, and India. The platform will manage tasks like passport requirements, document expiry alerts, and residency monitoring to comply with immigration rules.

Shorooq is putting down roots where the money is

Abu Dhabi-based investment firm Shorooq is taking its Qatar expansion from fundraising to a physical presence, securing initial regulatory approval to establish an advisory business in Doha, according to a Qatar Financial Centre (QFC) statement. Shorooq Doha Advisory Services received preliminary authorization from the QFC Regulatory Authority, adding Qatar to the firm's regional footprint alongside Riyadh, Bahrain, and Cairo. A timeline for beginning operations wasn’t disclosed.

REMEMBER- The firm has already secured backing from Qatar’s biggest investor: Shorooq launched a USD 200 mn late-stage growth fund in February, backed by the Qatar Investment Authority and other sovereign and institutional investors. The fund targets GCC technology companies looking to scale ahead of an IPO. The Doha presence would put Shorooq closer to its investors and potential portfolio companies as it builds out that strategy.

Kotak gives its Dubai presence a fresh address

India's Kotak Mahindra Bank inaugurated new premises for its Dubai representative office on Sheikh Zayed Road as it looks to deepen relationships with Indian families and businesses whose financial interests span the UAE, India, and beyond, according to a press release. The office isn’t a new banking branch: Kotak established its Dubai representative presence in 2009, and the central bank-licensed office cannot offer banking products or services in the UAE.

What’s the bigger play? Kotak is looking beyond remittances to clients managing businesses, investments, and family wealth across borders as the UAE and India work toward doubling bilateral trade to USD 200 bn by 2032. The group’s ties to the UAE also extend to investment management: Abu Dhabi Investment Authority committed more than USD 675 mn to a USD 1 bn Indian real estate fund managed by Kotak Alternate Asset Managers earlier this year.

MENA startup funding falls 96% in October to USD 40 mn as megadeals vanish

Startup funding across the MENA region plunged 96% m-o-m to around USD 40 mn in October, although September’s USD 1.1 bn made for an unusually high comparison base. Three Saudi fintech rounds — Barq, Tabby, and Lendo — accounted for USD 762.5 mn, or nearly 70% of September’s total. The number of transactions also fell 56% to 32 from 73, according to a monthly report by Wamda and Digital Digest. And Wamda’s count for October 2025 was USD 784.9 mn, putting the y-o-y drop at 95% as well.

But the slowdown went beyond the absence of big-ticket plays. Not a single startup across the region secured funding beyond the early stage in October. Early-stage startups raised USD 33.7 mn across 24 transactions, while debt financing was limited to a single USD 550k transaction. There were also no late-stage or mega-round investments. Seven other startups raised USD 5.7 mn between them without disclosing a stage.

The month was narrow as well as small. B2B startups took USD 34.3 mn across 21 transactions, or 86% of the month’s total, and female-founded or mixed-gender teams raised USD 200k between them from two rounds — 0.5% of the month.

Saudi Arabia led the region, attracting USD 18.8 mn, or 47% of October’s funding, across nine transactions. Autobia’s USD 12 mn Series A accounted for nearly two-thirds of Saudi Arabia’s total and 30% of all funding raised across MENA. And the UAE followed with USD 12.9 mn across 10 transactions, while Qatar came third with a single USD 5 mn round. The rest of the field was smaller than a single Series A: Kuwait USD 650k, Jordan USD 560k, and Syria USD 365k.

Egypt slipped to fourth place, raising just USD 1.7 mn across six transactions, averaging less than USD 300k each. That’s down from USD 49.2 mn in September, when Paymob’s USD 35 mn round accounted for most of the funding. But even excluding Paymob, September’s total would have stood at USD 14.2 mn, by our math, suggesting Egypt’s October slowdown went well beyond the absence of a large funding round.

BACKGROUND: Egyptian startups raised USD 206 mn in 9M 2026, down 20% y-o-y, and Saudi funding fell 29% to USD 1 bn, while UAE funding rose 17% to USD 1.6 bn, according to Magnitt data seen by EnterpriseAM last month. The same report logged 31 startup M&A transactions across MENA in 9M, down 26% y-o-y, and expected a higher-for-longer rate environment to weigh on venture activity through 2027. Thin exits and dear money help explain why the late-stage tier has gone quiet.

MENA startups have raised around USD 3.4 bn in the first 10 months of 2026, by Wamda’s count, compared with a record USD 7.5 bn in all of 2025. The figures capture only disclosed rounds, however. When reported funding in Egypt dried up in March amid regional war jitters, local VCs told us that capital was still moving, but transactions weren’t necessarily being announced.

Why it matters: At USD 40 mn, the monthly total is a reading on the top of the market — a handful of Gulf financings — not on the pipeline underneath. Three Saudi transactions were 70% of September’s USD 1.1 bn, and October had none. Strip those three out, and September would have still come to USD 338 mn, by our math, more than eight times October’s USD 40 mn. Early stage is where most founders in the region actually raise, and it keeps thinning: 9M early-stage dealcount was down 45% y-o-y even as mega-rounds set records. That is the line to watch, not the headline. Wamda’s own framing is that November and December will test whether investors regain confidence after the near-freeze.

MARKETS THIS MORNING-

Asian markets closed higher yesterday. Japan’s Nikkei gained 1.3% and South Korea’s Kospi climbed 2.6%, even as more investors expect the US Federal Reserve to raise interest rates by 50 basis points. Kospi started the day down 0.6%, but bounced back to finish higher.

ADX	9,585	+0.3% (YTD: -4.1%)
DFM	6,221	+0.8% (YTD: +2.9%)
Nasdaq Dubai UAE20	5,110	+1.1% (YTD: +4.52%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.6% o/n	4.6% 1 yr
TASI	10,308	+1.4% (YTD: -1.7%)
EGX30	52,500	0.0% (YTD: +25.5%)
S&P 500	7,619	+1.3% (YTD: +11.3%)
FTSE 100	10,835	+0.8% (YTD: +9.1%)
Euro Stoxx 50	6,393	+1.0% (YTD: +10.3%)
Brent crude	USD 92.76	+1.4%
Natural gas (Nymex)	USD 3.25	+1.0%
Gold	USD 3,984	-0.4%
BTC	USD 73,916	+0.6% (YTD: -15.6%)
Lunate JP Morgan UAE Bond UCITS ETF	AED 7.15	0.0% (YTD: +3.48%)
S&P MENA Bond & Sukuk	149.41	-0.3% (YTD: -1.6%)
VIX (Volatility Index)	17.49	-10.1% (YTD: +17.0%)

THE CLOSING BELL-

The ADX rose 0.3% yesterday on turnover of AED 2.2 bn. The index is down 4.1% YTD.

In the green: ADIB Rights Issue 2026 (+18.7%), Invest Bank (+10.3%), and Ins. House (+10.0%).

In the red: Aram Group (-4.5%), E7 Group Warrants (-4.5%), and Alpha Dhabi Holding (-1.9%).

Over on the DFM, the index rose 0.8% on turnover of AED 1.3 bn. Meanwhile, Nasdaq Dubai was up 1.1%.

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.

19-22 November (Thursday-Sunday): Frieze Abu Dhabi, Manarat Al Saadiyat, Abu Dhabi. (19 November is invitation-only; public admission begins 20 November.)

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.

11 December (Friday): Guggenheim Abu Dhabi opens, Saadiyat Cultural District, Abu Dhabi.

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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