Good morning, friends. It’s a relatively busy start to the week, with M&A emerging as the theme of the day. Leading our newswell this morning is a twofer of east-facing banking acquisitions, as Emirates NBD acquires a majority stake in India’s RBL Bank and IHC snaps up a majority stake in Pakistan’s First Women Bank.

PLUS- We also have a few more potential (albeit unconfirmed) acquisitions in the pipeline, as reports emerge that Mubadala is looking at acquiring a US billboard operator and an unknown UAE consortium is looking at bidding for a controlling stake of Manchester United.

AND- Happy Diwali to all those who observe the occasion. We hope that you’re celebrating the festival of lights with your loved ones.

WATCH THIS SPACE-

#1- Mubadala Capital is weighing a move to acquire US billboard operator Clear Channel Outdoor Holdings, with discussions remaining preliminary, Bloomberg reports citing people familiar with the matter. Activist investor Anson Funds Management has been pressing Clear Channel’s board to explore a sale, following earlier campaigns by other investors that prompted the company to shed its international operations and focus on the US market, Bloomberg previously reported.

The move would build on a string of recent US investments by the Abu Dhabi-based sovereign wealth fund. In 2025, the Mubadala reinvested in PCI Pharma Services, joined a USD 150 mn funding round for AI software developer Anaconda, and acquired a 24.1% stake in US-based, Kimmeridge-owned Caturus. Mubadala also committed USD 1 bn to a new partnership with Fortress Investment Group, with the funds to be deployed across Fortress’s credit and special situations strategies.

#2- Dubai Airports IPO could draw strong global interest: A potential listing of Dubai Airports — operator of DXB, the world’s busiest international hub for a decade — would likely attract strong institutional demand, given solid airport valuations and steady returns, Dubai Airports CEO Paul Griffiths told The National. Any decision on a listing would be made by the government as the majority stakeholder, he added.

The draw: Airports trade at price-to-earnings ratios in the twenties and are seen as “blue chip utilities,” he said, citing sovereign investments in London Heathrow by Qatar and Saudi Arabia as precedent.

Aviation remains a key growth driver for Dubai, with the sector projected to contribute AED 196 bn to GDP and support 816k jobs by 2030, up from AED 137 bn and 631k jobs in 2023, according to Oxford Economics. Construction of the new USD 35 bn Al Maktoum International (DWC) terminal will add AED 6.1 bn and 132k jobs.

REMEMBER- DXB, nearing full capacity, is expected to reach about 115 mn passengers by 2031 before operations shift to DWC in 2032 — a move Griffiths described as a top priority, as the new airport ramps up to handle 260 mn passengers by 2050.

#3- UAE consortium eyes Manchester United bid: An unidentified UAE-based consortium of investors is reportedly preparing an offer to acquire the Glazer family’s controlling stake in English football club Manchester United, The Independent reports. The consortium approached former United winger David Beckham to act as an ambassador and potentially an investor for the bid, The Sun reports separately.

BACKGROUND- The Glazers remain under fire: Beckham, who co-owns Inter Miami and Salford City, has been a vocal critic of the Glazers and previously urged them to sell the club. The American family, long under pressure from fans to step aside, sold a 27.7% stake to Sir Jim Ratcliffe’s Ineos Group in early 2024, giving the British b’naire control over football operations — though this has done little to ease supporter unrest.

Any takeover wouldn’t be the first of its kind, as rival club Manchester City is owned by City Football Group, whose majority shareholder is Sheikh Mansour bin Zayed Al Nahyan’s Abu Dhabi United Group. The club recently reached a settlement with the UK’s Premier League over its arbitration challenge but is still facing 115 alleged financial fair-play breaches.

#4- Dubai limits AI contracts to certified firms: The Dubai Finance Department instructed government entities to award AI-related service and consultancy contracts only to companies certified with the Dubai AI Seal, according to a Dubai Media Office statement. The move supports the Trusted AI Companies Classification Initiative, which aims to ensure transparency, governance, and quality standards in AI solutions used across Dubai’s public sector.

AI Seal? Launched in January by the Dubai Center for AI under the Dubai Future Foundation, the six-tier AI Seal certifies companies from S to E based on their AI activities and project portfolio, allowing approved firms to display the seal on their platforms to boost credibility.

PSAs-

#1- You can now buy and sell vehicles through a new app, after Abu Dhabi’s Integrated Transport Centre rolled out the Shary platform, which allows transactions through an escrow account to be made, according to a press release. The new platform, developed in partnership with Tamm, Abu Dhabi’s one-stop government services platform, allows for cashless auto transactions along with real-time tracking and updates.

ICYMI- The government recently integrated marriage certificates and automatic license renewals to the Tamm app, as it looks to become the first AI-native government by 2027.

#2- The government is rolling out a golden visa for endowment donors, with the General Directorate of Identity and Foreign Affairs (GDRFA) and the Endowments and Minors Affairs Foundation launching the new category for “financial supporters of humanitarian work,” Khaleej Times reports.

The process: The foundation will nominate eligible donors — both residents and non-residents — and head up regulatory supervision, with the GDRFA issuing residency permits. A joint committee will also be formed to oversee the initiative’s implementation and ensure it meets its social objectives.

#3- Abu Dhabi sets eligibility rules for private sector maternity support: Emirati women working in the private sector can apply for Abu Dhabi’s Maternity Leave Support Service, which would provide them with an additional 30 days of leave, increased financial support, and paid pension contributions, Gulf News reports. To qualify, the applicant needs to hold an Abu Dhabi family book, work in the private sector, and have a newborn with an Emirates ID. The program is optional for private sector firms, and applications must be submitted via Tamm within 30 days of the child’s birth.

HAPPENING THIS WEEK-

Global Food Week will take place from tomorrow to Thursday at the Adnec Center in Abu Dhabi. Experts and industry leaders from the agriculture, food manufacturing, food security, and hospitality sectors will meet for discussions, exhibitions, and networking sessions focusing on showcasing solutions to improve global food security and sustainability. Last year’s event saw AED 6.2 bn worth of agreements signed.

The Healthcare Future Summit will run from tomorrow until Thursday at the Dubai World Trade Center. The summit will bring together healthcare professionals, industry leaders, and researchers to discuss the landscape of vaccine development and global disease control. Discussions will cover vaccine formulations, cancer research and therapeutic vaccines, antimicrobial resistance, measles, and the role of AI in vaccine innovation.

TheReuters NEXT Gulf Summit is taking place on Wednesday at The St. Regis Saadiyat Island Resort in Abu Dhabi. The summit will bring together regional and global leaders and firms to discuss challenges and prospects facing Gulf economies in areas including geopolitics, banking and financing, and AI and technology.

TheAlternative Investment Summit is running on Wednesday and Thursday at the Jumeirah Emirates Towers in Dubai, gathering asset managers, private equity firms, and institutional investors to discuss developments, market trends, and evolving regulatory frameworks in investment.

TheWorld Investment Conference and Sharjah Investment Forum are running from Wednesday to Friday at the Jawaher Reception and Convention Center in Sharjah, bringing together policymakers, investors, and multilateral institutions for over 60 workshops and conference sessions to discuss investment solutions, with this year focusing on SMEs, AI, and youth entrepreneurship.

S&P Global’s annual Islamic Finance Conference is happening on Thursday at the DIFC Atrium in Dubai.The conference brings together industry leaders, regulators, and investors to discuss the future of Islamic finance. The event will focus on the global outlook for the sector with sessions exploring growth investments, structural challenges, and the GCC’s changing capital markets.

THE BIG STORY ABROAD-

Israel has reinstated a ceasefire in Gaza after airstrikes killed 26 people in Gaza yesterday, prompted by an attack in Rafah that killed two Israeli soldiers. Israel had briefly halted the truce and stopped aid entry into Gaza, accusing Hamas of a “blatant” violation. Following US pressure, the Israeli side announced that aid will once again start entering Gaza. (Reuters | BBC | AP | The Guardian)

ELSEWHERE IN THE WORLD- Eight crown jewels were stolen from the Louvre Museum in Paris after four thieves broke into the museum during opening hours and robbed it. The thieves had targeted nine objects but dropped the ninth one during their escape. A specialized French police unit is currently investigating the robbery. (Reuters | AP | NYT | CNN | BBC)

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MARKET WATCH-

Oil prices could fall toward USD 50 / bbl if the Russia-Ukraine war de-escalates, senior commodities strategist Eric Lee at Citigroup told Bloomberg on Friday. A ceasefire — which the US eyes in the upcoming high-level talks next week — could halt Ukrainian drone strikes on Russia’s refineries and lead to eased restrictions on its crude, increasing global supply.

The hypothetical c. USD 10 decline in benchmark Brent crude — which now stands at USD 61 / bbl — would weigh heavily on oil producers, especially the US’ shale industry. Attention now turns to Opec leader Saudi Arabia as markets watch closely to see whether the Kingdom will defend prices by cutting production or line up with the US’ strategy favoring lower oil prices.

CIRCLE YOUR CALENDAR-

TheEmiratiMedia Forum will take place on Tuesday, 28 October at the Museum of the Future in Dubai. The event will bring together UAE media organisations, editors-in-chief, and professionals from the media sector to discuss the role of regional and international affairs in the UAE’s media landscape, as well as the media sector’s role in addressing misinformation. The forum aims to strengthen the media sector’s use of digital technology to ensure impactful content.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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