ADQ to invest USD 600 mn in new US-led critical minerals consortium

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WHAT WE’RE TRACKING TODAY

THIS MORNING: PE-backed IPOs could start trickling in in the Gulf + Deadline for content creators’ license extended

Good morning, and happy FRIDAY. We close out the week with a packed issue, led by Abu Dhabi’s most recent critical minerals push, as ADQ joins the US in investing some USD 600 mn in global critical minerals projects. Meanwhile, joining its peers in upgrading the UAE’s GDP growth forecast this morning is Fitch Solutions’ BMI, which now sees the country’s GDP growing at 5% this year.

ALSO- Emaar is investing AED 100 bn in its latest Emaar Hills project, which will feature an ultra-luxury community named Dubai Mansions.

PLUS- Emirates NBD, du, and more are out out with its 3Q earnings; Mashreq facilitated a USD 1 bn syndicated loan for Energy Development Oman; and Property Finder invests in Stake.

WEATHER- Dubai will see a high of 35°C today, and an overnight low of 26°C, while the mercury in Abu Dhabi peaks at 36°C, with a low of 24°C.

WATCH THIS SPACE-

#1- Bankers are eyeing the Gulf as the next testing ground for private equity-backed listings, marking a shift that could reshape how buyout firms exit their regional investments, Bloomberg reports. Barclays and Emirates NBD Capital say early discussions are already underway with private equity owners exploring exits through the UAE and Saudi markets, as IPO markets deepen beyond state-linked and family-run firms into sectors such as healthcare, retail and services, though limited liquidity and valuation discipline still pose a threat.

What the pundits are saying: “There are now more discussions happening with a broader range of owners who see the region, especially the United Arab Emirates, as a viable listing destination [...]. While the number of private equity-owned businesses here is still smaller than in more mature markets, activity has clearly increased,” said Nikita Turkin, head of Central and Eastern Europe, Middle East and Africa equity capital markets at Barclays.

Yes, but: One anticipated IPO was recently delayed, underscoring challenges for PE investors. Dubizzle’s IPO was meant to allow Bain Capital and Kingsway Capital to offload their stakes, but was delayed earlier this week. IPOs here also usually offer smaller 20-30% stakes, which compared to private equity firms’ controlling stakes of 50-57% limit how much they’ll be able to lock in from the exit, Emirates NBD Capital’s Hitesh Asarpota — who is less convinced a major wave of PE-backed IPOs is likely in the next 12-18 months — said. As a result, many funds are assessing alternative exit routes — such as accelerated book-builds — to unlock liquidity and reduce exposure.

#2- Emirates NBD’s play for RBL gets neutral verdict from Fitch: Emirates NBD’s planned acquisition of India’s RBL won’t affect the Dubai lender’s credit rating, according to a Fitch Ratings commentary. The agency said ENBD’s A+ long term issuer default rating remains supported by its “systemic importance” and close state ties, and added that it would retain its bbb- capitalization and leverage score even after the acquisition wraps, based off of the bank’s 1H 2025 financials.

REFRESHER- Earlier this week, ENBD agreed to acquire between 51-74% of Mumbai-listed RBL Bank through a USD 3 bn preferential share issuance. The Reserve Bank of India indicated it may greenlight the acquisition, which requires overriding the current cap on foreign ownership.

Its operating environment score of bbb will likewise not be impacted negatively, given the limited exposure to India, representing only 6% of the bank’s assets, and the Indian banking sector’s already solid score of bb+. The bank’s exposure to Turkey means it already carries a lower rating compared to its UAE peers, which mostly carry a bbb+ rating.

Higher offshore exposure: The RBL purchase, which marks the largest foreign investment in India’s financial sector and its biggest-ever bank equity raise, would raise ENBD’s overseas exposure to around 30% of its total assets, up from 25% now.

#3- Habibi, invest in Andhra Pradesh: N. Chandrababu Naidu, chief minister of the southern Indian state of Andhra Pradesh, invited investments from UAE-based companies including Sharaf Group, Transworld Group, Burjeel Holdings, and Sobha Group during his visit to Dubai, The Times of India reports. The highlights of the visit:

Naidu invited Sobha Realty founder PNC Menon to invest in Amravati, the greenfield capital city of Andhra Pradesh, and to explore investments in real estate, tourism and hospitality, after Sobha invested some USD 11 mn in a library in the city;
Sharaf Group, through its subsidiary Hind Terminals, is exploring logistics and warehousing projects near Andhra Pradesh’s industrial parks, seeking locations with rail, road, and port connectivity;
Transworld Group expressed interest in partnering with the state government to set up a shipbuilding facility;
and Burjeel Holdings discussed establishing a cancer-speciality center in Tirupati city.

DATA POINTS-

#1- Chinese firms are continuing to flock to Dubai, with the Dubai Multi Commodities Center reporting a 16% y-o-y increase in Chinese company registrations over the past 12 months, bringing the total to more than 1k, according to a press release. The district has now seen five consecutive years of double-digit growth in Chinese companies, with businesses from emerging sectors like blockchain, AI, and digital infrastructure leading the drive.

#2- Rak’s active business licenses rose 5.7% in 3Q 2025: Ras Al Khaimah’s active business licenses surged to 21.5k in 3Q 2025, up 5.7% from the previous year, state news agency Wam reports. Some 24.6% came from recently-established licenses, up 17.5% from the previous year, while licenses issued three to five years ago rose by 20.6%. Licenses operating for over 10 years in the emirate accounted for 53.5% of total active permits.

PSAs-

#1- UAE content creators now have until 31 January 2026 to obtain mandatory permit: The UAE Media Council has extended the deadline for content creators to secure the mandatory advertising license to 31 January 2026, the Council announced. Introduced in July with the initial deadline set for 31 October, the permit applies to all individuals — citizens, residents, or visitors — generating paid or unpaid promotional content online.

For citizens and residents, the permit is valid for one year at no-charge for the first three years, with renewals available thereafter. Meanwhile, visitors can obtain a renewable three-month permit.

#2- Dubai eases self-build permits for Emirati villas: Dubai Municipality gave the green light to some engineering consultancy offices to issue self-build permits for Emirati villas, allowing them to issue approvals without prior municipal review, according to a statement. More offices will be added to the approved list later on.

How it works: Accredited offices will verify compliance with the Dubai Building Code and planning regulations — including land use, height, and parking — before submitting applications via the Dubai Building Platform to receive the permit.

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HAPPENING TODAY-

The World Investment Conference and Sharjah Investment Forum continue today 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.

HAPPENING NEXT WEEK-

#1- The FutureHospitality Summit (FHS) will run from Monday, 27 October until Wednesday, 29 October at Madinat Jumeirah in Dubai. The summit brings together global hospitality leaders, investors, and industry leaders to explore investments to scale their businesses across key sectors, from hospitality to sustainability, technology, startups, talent, education, and branded residences.

#2- The UAE Africa Tourism Investment Summit is taking place this Monday, 27 October, in Dubai. Part of the FHS, the summit will convene over 250 senior officials, policymakers, and investors from 53 African countries to explore investments and foster cross-collaboration between government entities and private sectors in tourism, investment, infrastructure, and hospitality sectors in the UAE and Africa.

#3- The annual Network Forum Middle East opens on Monday, 27 October at the Hilton Abu Dhabi Yas Island, bringing together over 100 regional capital market leaders from asset management, post-trade, investment banking, and custody sectors. This year’s event will spotlight Abu Dhabi’s evolving market infrastructure, including the ADX Group’s new platform, and its subsidiaries Abu Dhabi Clear and Abu Dhabi Central Securities Depository.

#4-The Emirati Media Forum (EMF) will take place on Tuesday, 28 October at the Museum of the Future, organized by the Dubai Press Club. The annual event will gather senior UAE media executives, editors, and content creators to discuss the sector’s digital transformation and strategies to strengthen trust and counter misinformation.

#5-The Annual Gulf Ins. Forum will take place on Tuesday, 28 and Wednesday, 29 October at the Millennium Plaza Downtown Hotel, Dubai. The event will gather insurers, brokers, and regulators from across the region to discuss reins. capacity, pricing, solvency, and risk management in GCC markets, with sessions focusing on resilience, catastrophe response, and financial strength.

THE BIG STORY ABROAD-

Another big AI transaction is dominating headlines: Google agreed to supply AI startup Anthropic with some 1 mn specialized AI chips in a transaction worth tens of bns of USD. The tensor processing units — TPUs, which power machine learning workloads — would be deployed in 2026, and would bring 1 GW in AI compute capacity online. Google is already among Anthropic’s backers, and the startup was recently in talks with Abu Dhabi investor MGX for potential funding. (Bloomberg | Reuters | CNBC)

ALSO GETTING ATTENTION- Data centers tied to Oracle could be in line for a massive USD 38 bn debt facility in what would be the largest such transaction for AI infrastructure ever, with JPMorgan and Mitsubishi Financial Group set to be among the banks leading the transaction. (Bloomberg)

PLUS- Intel’s shares rallied yesterday after the chipmaker returned to profitability in 3Q 2025 following six quarters of losses, and gave an upbeat forecast for revenues and sales. This was the company’s first earnings after the US government took a stake in the firm, Softbank invested in it, and Abu Dhabi investor MGX and Silver Lake took control of its programmable chip unit Altera. (Bloomberg | Reuters)

OIL WATCH-

Spot crude premiums jump as US sanctions hit Russian oil: Spot premiums for Middle Eastern crude climbed after fresh US sanctions on Russian producers Rosneft and Lukoil drove expectations that China and India will be seeking alternative supplies, Reuters reports. CashDubai rose to a three-week high of USD 2.71/bbl, while Oman climbed to USD 3.12 and Murban USD 2.86, as trading surged on tighter supply.

Driving the move: The sanctions disrupted flows of Russian grades such as Urals and ESPO, which typically supply more than 3 mn bbl/d to India and China. Indian refiners, including Reliance Industries and state-run firms, have recently been cutting Russian purchases and turning to Middle Eastern, West African, and Brazilian crude to avoid breaching restrictions.

REMEMBER- Washington’s push against Russian oil has already narrowed the Brent-Dubai exchange for swaps to USD 0.6/bbl from USD 3.9 in June, as Indian refiners pivot to Gulf and Atlantic Basin grades.

ADQ to invest USD 600 mn into global mining, refining projects alongside the US

New critical minerals fund gets USD 600 mn commitment from ADQ: Abu Dhabi sovereign wealth fund ADQ has joined the US government and private equity fund Orion Resource Partners to invest in a USD 1.8 bn fund targeting critical minerals and refining projects, according to a statement. They will each commit USD 600 mn to the fund, also known as the Orion Critical Mineral Consortium, which is targeting an eventual pool of USD 5 bn.

The fund aims to invest in existing and near-term critical minerals projects internationally, challenging China’s dominance in the sector, the statement said. This includes midstream and upstream projects in the supply chain, including potentially smelting, Orion CEO Oskar Lewnowski told Bloomberg. It will manage offtake and develop domestic processing,

It comes amid US President Donald Trump’s push to secure critical minerals from across the world that are needed for the defense industry and the energy transition. The US is investing through its development finance arm the US International Development Finance.

The fund will be in search of other investors ranging from sovereign wealth funds to private sector partners and other US agencies, Lewnowski added.

This is not ADQ and Orion’s first link-up: The two firms formed a 50-50 JV based in Abu Dhabi earlier this year to invest USD 1.2 bn in metals and mining over the next four years. The JV planned to target mining companies in Africa, Asia, and Latin America through equity investments, senior debt, royalties, revenue shares, and purchase agreements, and to secure long-term agreements to source essential minerals.

The UAE committed some USD 1.4 tn in investments in the US earlier this year, which included an agreement to build a USD 4 bn aluminum smelter project to provide critical mineral supply chain support and double the US’ aluminum production capacity, and another USD 4 bn gallium smelter project targeting support for semiconductors.

BMI upgrades GDP growth forecast to 5%

Fitch Solutions’ research unit BMI revised upward its GDP growth forecast for the UAE to 5% in 2025, marking a 0.7 percentage point increase from its latest forecast in July, MENA Country Risk Senior Analyst Mariette Kas-Hanna said in a webinar attended by EnterpriseAM. BMI expects our economy to accelerate further to hit 5.2% next year, marking a 0.4 percentage point decrease from the July forecast.

The rationale: The upgrade is mainly attributed to Abu Dhabi’s strong non-oil sector performance in 2Q 2025, with the emirate contributing 60% to the UAE’s GDP, according to a BMI note. The outlook is also boosted by “sustained reform momentum and robust project spending, which drove strong performance in the construction, financial, real estate, and the transport and storage sectors,” Hanna said.

This helped the UAE’s economy navigate the negative impacts of weaker oil prices, heightened market uncertainty and regional tensions, which disrupted aviation during 2Q 2025. Abu Dhabi’s strong growth also offset Dubai’s likely weaker growth given its exposure to global demand, the analysts said.

Abu Dhabi’s growth forecast for 2025 was also revised upward to 5.9%, up 0.9 percentage points from July’s forecast. BMI sees its GDP growth decelerating to 5.4% in 2026.
BMI’s revision follows a recent upgrade to our growth forecasts from the IMF and World Bank’s to 4.8% this year, which is broadly in line with the Central Bank of the UAE’s (CBUAE) revised forecast of 4.9% in 2025. Standard Chartered also sees the economy expanding by 5% in 2025.

The acceleration of growth in 2026 is based on expectations of elevated growth in both the oil and non-oil sectors, with 1H 2026 expected to maintain the trend of 2025, helped by the lifting of OPEC+ production cuts. The oil sector’s growth is forecast to stabilize at 7% y-o-y in the first six months of next year, while the non-oil sector will expand 5.8% y-o-y, boosted by easing geopolitical tensions, according to the note
The non-oil sector is expected to see a pickup over the next couple of years, supported by trade and economic partnership agreements between the UAE and several countries, with 13 agreements having entered into force. This is widely predicted to boost non-oil exports and re-exports, BMI analysts said in the webinar.
REFRESHER- The UAE’s CEPA program underpins its goal of pushing foreign trade to USD 1 tn by 2031. Non-oil foreign trade jumped 24% y-o-y to nearly AED 1.7 tn in 1H 2025, with trade contributing 15.6% of non-oil GDP in 1Q 2025. The sector is now on track to hit AED 4 tn by 2027 — four years ahead of the original 2031 target.
Downside risks stem from a potential oil supply glut, which could weigh on oil prices, as well as renewed regional tensions, according to the note. BMI warned about the possibility of pausing or decelerating the phasing out of supply restrictions by Opec+, though the research unit believes that the cartel members will be reluctant to renew cuts.

REGIONALLY- GCC growth is forecast to accelerate to 4.2% next year, up from 3.9% projected in 2025, with the uptick driven mainly by the accelerated phasing out of Opec+ production cuts, and robust performance of the region’s non-oil sectors due to strong spending on projects as countries sustain their diversification efforts. Inflation in the GCC could also pick up to 1.8% in 2026 as a result of global food price increases, but “will remain benign and slightly lower than historical average.”

MENA region growth is also expected to accelerate for the second consecutive year to 3.6% in 2026, up from 3% in 2025, supported by stronger growth forecasts across most countries in the region amid contained inflation, lower borrowing costs, and de-escalating geopolitical risks, BMI analysts said in the webinar. Growth in North Africa is projected to be 4.1% in 2026, up from 4% in 2025, driven by faster growth in Egypt, BMI’s Ramona Moubarak said.

Mashreq facilitates USD 1 bn syndicated loan to Energy Development Oman

Our friends at Mashreq co-led a USD 1 bn syndicated term facility for Energy Development Oman(EDO) alongside Gulf International Bank (GIB), acting as coordinator, initial mandated lead arranger, bookrunner, and underwriter, according to a press release. The five-year loan drew strong demand, prompting EDO to increase the size of the facility from the USD 750 mn it initially sought. A large share of commitments came from Asian and other non-GCC lenders, broadening the company’s funding base.

Use of proceeds: EDO plans to use the proceeds for general corporate needs and to retire part of an existing USD 2 bn facility maturing in 2029.

IN CONTEXT- The facility, which Mashreq said attracted 15 regional and international lenders, comes after the lender opened its first branch in Muscat earlier this year, initiating direct presence and on-the-ground operations in the Gulf country.

Mashreq previously said its Oman strategy would focus on energy, logistics, tourism, manufacturing, and real estate, aligning with the sultanate’s Vision 2040 economic diversification plan. The bank already financed several tourism-related property projects and plans to leverage its experience to support large-scale infrastructure and smart-city developments.

ADVISORS- Sohar International Bank joined as the only Omani lead arranger, alongside Mashreq and GIB.

Emaar to develop Emaar Hills with AED 100 bn in investments

Emaar launches ultra-luxury community within AED 100 bn Emaar Hills project: DFM-listed developer Emaar Properties is investing a total of AED 100 bn into its luxury master-planned community Emaar Hills, according to a press release. The community, situated next to the developer’s Dubai Hills Estate, features 40k ultra-luxury residences, including a recently launched limited collection of 10k-20k sq ft villas called Dubai Mansions.

Other features include wellness, retail, and leisure facilities, landscaped parks, and a championship golf course.

REMEMBER- Emaar is branching out: The developer recently launched Rukn Mirage, a new in-house contracting arm under its Mirage subsidiary, to manage select internal projects while continuing to outsource others.

As well as exploring options further afield: The firm is exploring acquisitions in the US, India, China, and Europe as part of a broader strategy to fuel international growth, founder Mohamed Alabbar had previously said. Earlier this week, Alabbar flagged China and India’s emerging economies as promising and also pointed to a gap in US real estate, currently suffering from a housing shortage and an overheated market.

Emirates NBD, du, Bank of Sharjah and more are out with 3Q earnings

EMIRATES NBD-

EmiratesNBD reported a 23% y-o-y rise in net income to AED 6.4 bn in 3Q 2025, according to its financial statements (pdf). Total income climbed 11% y-o-y to AED 12.7 bn, with net interest income and income from Islamic financing and investment products together rising 6% y-o-y to AED 9.0 bn.

The result came in ahead of analysts’ forecasts, with Emirates NBD’s bottom line exceeding mean estimates of AED 5.5 bn compiled by LSEG, Reuters reports.

Net income remained largely flat on a 9M basis, coming in at AED 19 bn. Total income, on the other hand, saw a 12% y-o-y uptick to AED 36.7 bn on the back of strong loan growth, helping offset the effect of rate cuts.

Driving the growth: Emirates NBD’s earnings momentum was driven by sustained loan growth from both international and domestic markets, and a strong deposit mix, especially from low-cost current and savings accounts, according to a separate earnings release (pdf). Lending was particularly strong in Saudi Arabia, helping the bank’s loan book expand by 19% to AED 99 bn.

Looking ahead, the bank expects to complete its acquisition of a 60% stake in India’s RBL Bank by 2Q 2026, pending approvals. It also revised its full-year loan growth guidance up to the early 20% range, citing continued strong demand.

EMIRATES ISLAMIC-

EmiratesIslamic reported a 2.1% increase in net income to AED 853 mn in 3Q 2025, according to its financials (pdf) and press release (pdf). Total operating income rose 9.7% y-o-y to AED 1.5 bn, supported by higher net income from financing receivables and investment products, which climbed 7.1% to AED 1.2 bn.

On a nine-month basis, the bank delivered a net income of AED 2.7 bn, up 9% y-o-y, driven by broad-based growth across both funded and non-funded income. Operating income rose 9% y-o-y to AED 4.5 bn, with net income from financing receivables and investment products increasing 6.5% to AED 3.4 bn.

BANK OF SHARJAH-

Bank of Sharjah’s third quarter net income rose 33.4% y-o-y to AED 166.3 mn, with operating income up 37.8% to AED 259.4 mn as income from net interest and exchange rose, according to its financials (pdf).

For the nine-month period, the bank’s net income rose 47% y-o-y to AED 435 mn, driven by an uptick in loans and fixed income investments and a dip in funding costs, according to a separate earnings release (pdf). Operating income climbed 46.1% to AED 713 mn, supported by higher net interest income, which surged 60.1% y-o-y to AED 514 mn.

DU-

Emirati telco du reported a 1.8% y-o-y rise in net income after tax to AED 732.1 mn in 3Q 2025, according to its financials (pdf). Revenues increased 7.9% to AED 3.9 bn, driven by continued growth across its mobile, fixed, and ICT segments, according to a separate earnings release (pdf). Mobile revenues climbed 8.4% y-o-y to AED 1.8 bn, while fixed-line revenues rose 8.9% to AED 1.1 bn, supported by expanding customer bases and stronger demand for high-speed connectivity.

For 9M 2025, du’s net income grew 14.6% y-o-y to AED 2.2 bn, while total revenues rose 8% to AED 11.6 bn. The company said it remains on track to achieve full-year revenue growth of 6-8% as it continues scaling its digital and AI-driven services, including the launch of its AI Park ecosystem.

EMIRATES DRIVING COMPANY-

EmiratesDriving Company reported a 29.1% rise in net income to AED 113 mn in 3Q 2025, supported by the acquisition of a new subsidiary, geographic expansion, and higher student enrollments, according to its financials (pdf) and a separate earnings release (pdf). In July, the firm acquired 22.5% of Mwasalat Holding, following a takeover of 51% of Excellence Premier Investment the previous year. Revenues for the period were up 29.5% to AED 209.3 mn. During 9M, net income rose 31% y-o-y to AED 271.9 mn, supported by a 67% surge in revenue to AED 562.7 mn.

AJMAN BANK-

Ajman Bank reported an 82.3% y-o-y increase in net income to AED 134.9 mn in 3Q 2025, according to its financials (pdf). Net operating income rose 38.6% y-o-y to AED 260.4 mn during the quarter, supported by an uptick in income from Islamic investment securities, and from fees and commissions.

For 9M 2025, net income climbed 31% y-o-y to AED 380 mn, while net operating income grew 7.1% to AED 660 mn. The bank attributed its performance to robust financing activity, strong core operations performance, disciplined balance sheet management, and ongoing digital transformation initiatives aimed at enhancing operational efficiency, according to a separate earnings release (pdf).

Abu Dhabi reconstitutes AI and Advanced Tech Council

G42 CEO, Faisal Al Bannai among the new members of the AIATC: President Sheikh Mohamed bin Zayed Al Nahyan issued a resolution to reconstitute the AI and Advanced Technology Council (AIATC), chaired by Sheikh Tahnoon bin Zayed Al Nahyan, with Abu Dhabi Crown Prince Khaled bin Mohamed bin Zayed Al Nahyan as vice-chair, Wam reports.

Members include Secretary-General Khaldoon Khalifa Al Mubarak, Industry and Advanced Technology Minister Sultan Al Jaber, Abu Dhabi Finance Department Chairman Jassem Al Zaabi (LinkedIn), Advanced Technology Research Council Secretary-General Faisal Al Bannai, and G42 CEO Peng Xiao (LinkedIn).

AIATC? Set up last year, the council regulates and develops Abu Dhabi’s AI and advanced technology policies, investment, and research programs, supporting the emirate’s target of becoming the world’s first fully AI-native government by 2027.

DP World pours USD 226.9 mn into London Gateway hub + Property Finder takes stake in… Stake

LOGISTICS-

DP World has invested GBP 170 mn (c. USD 226.9 mn) in container handling technology at its London Gateway logistics hub, according to a press release. The new capabilities involve a high-bay storage system (HBS) named Empty Superstack — developed by its JV with SMS Group BoxBay — and features electric cranes which can hold up to 27k TEUs. The system will be installed in the hub’s fully electric berth 4, and stack 20 and 40-foot empty containers up to 16 levels high within an automated facility in a bid to boost safety, capacity, and efficiency, the press release said.

Latest London Gateway hub expansions: DP World partnered up with UK-based retailer Tesco to expand its London-based hub with a multi-mn GBP distribution center earlier this year. The center — which is set to focus on dry grocery distribution — is scheduled for operations in 2029. Its exact investment ticket was not disclosed.

PROPTECH-

Property Finder invests in digital real estate platform Stake: Dubai-based Property Finder acquired an undisclosed equity stake in Stake, a fractional real estate investment platform that allows users to invest in property starting from AED 500, according to a press release. The investment comes shortly after Property Finder secured a USD 250 mn loan from Ares Management to fund regional growth, following a USD 525 mn capital injection from Permira and Blackstone Growth earlier in September.

More on Stake: The platform is regulated by the Dubai Financial Services Authority and the move comes as Stake continues to scale across the UAE and Saudi Arabia. Since launching in 2021, the platform has drawn over 1 mn users, facilitated 250k investments across more than 500 properties, and exceeded AED 1.3 bn in transactions. Its investors include Mubadala Investment Company, Saudi Aramco’s Wa’ed Ventures, and Middle East Venture Partners.

INVESTMENT-

Chinese smart truck firm Trunk joins NextGen FDI: Trunk, a Beijing-based provider of autonomous solutions for commercial vehicles, is the latest firm to join the UAE’s NextGen FDI initiative, according to a press release. Trunk will establish its regional HQ in the Emirates, from which it is set to launch logistics operations next year. It’s looking to produce 2k smart trucks, and will oversee the manufacturing, operation, upkeep, and sales of the vehicles.

BACKGROUND- We’ve seen several firms join the NextGen FDI program in recent months. Singapore-based engineering solutions firm Quest Global joined in July, with plans to build engineering centers to support the energy, defense, and advanced manufacturing sectors. AI solutions provider DoxAI came on board at the start of the year, as did US-based energy data analytics firm Welligence and AI and machine learning firm Qualcomm.

SUSTAINABILITY-

du, Ericsson to launch digital recycling platform across UAE: Swedish telecoms firm Ericsson and UAE telecom operator du inked a commercial reseller agreement to create a recycling platform to resell waste materials, according to a press release. The two will set up Ericsson Connected Recycling (ECR), available as an app and online, to link sellers of recycled materials with buyers. ECR also has a tracking option, and Kuwait’s Alshaya Group will be its first user. Initially, it will focus on the hospitality sector, but it plans to scale up, including into the metal and electronic waste segments.

BACKGROUND- Recent developments in the UAE’s waste management scene include Tadweer rolling out a new waste collection arm and snapping up Masdar’s stake in the Sharjah Waste-to-Energy plant. Lootah Biofuels started supplying the UAE with sustainable aviation fuel made from waste cooking oil, and Abu Dhabi launched a waste management monitoring system over the summer.

RETAIL-

Lulu, Mulk to build freezone development and mall in Ajman: Lulu International Holdings and UAE-based Mulk International entered into a JV to develop a 2.5 mn sq ft freezone and freehold development, TradeArabia reports. The two inked an agreement with Ajman Land Department and Tourism Development Department Chair Sheikh Abdulaziz bin Humaid Al Nuaimi for the project, which will include a 400k sq ft retail center, Mirkaaz Mall, managed by Lulu’s malls division, Line Investments & Property.

M&A-

Green Dome to acquire Transcorp in GCC logistics push: UAE-based Green Dome Investments (GDI) agreed to acquire Transcorp International, a cold-chain logistics operator active in the UAE, Saudi Arabia, and Qatar, for an undisclosed sum, according to a press release. The agreement sees Crescent Enterprises’ CE-Ventures exit its stake in the firm, which it had acquired in 2018.

Market impact: Transcorp will be integrated into GDI’s logistics arm, Elite Co., expanding its footprint in Saudi Arabia as the Kingdom’s logistics sector is set to see an uptick in activity from Vision 2030 projects. Elite Co. and Transcorp will operate in five GCC markets, managing 1.5k vehicles, 27 warehouses, and serving 800 clients between them.

The acquisition marks GDI’s fourth since 2017, raising its total deployed capital to over USD 120 mn. Backed by Sisco Holding, GDI plans further acquisitions in 2026 to develop a fully integrated regional logistics platform spanning express, e-commerce, and cold-chain services.

GAMING-

Sportradar Group receives UAE gaming vendor license: Switzerland-based gaming and sports tech company Sportradar Group secured a gaming vendor license from the UAE’s General Commercial Gaming Regulatory Authority (GCGRA), according to a press release. The license enables the sports tech firm to provide its data-driven technology and analytics services to licensed gaming operators within the UAE.

BACKGROUND- The UAE became the first to offer regulated gaming services in the GCC region, after establishing the GCGRA and its official national gaming framework last year. It has since then rolled out several gaming licenses, more recently a commercial gaming license for Wynn Resorts, slated to be the region’s first integrated gaming resort by 2027.

TRADE FINANCE-

Mashreq, Traydstream roll out digital trade asset platform: Our friends at Mashreq and UK-based trade finance fintech Traydstream launched TraydFund, a digital platform designed to facilitate secondary market sales of trade finance assets, according to a LinkedIn post. Co-developed with Mashreq’s corporate venture capital arm, NeoVentures, the system allows banks to trade, syndicate, and participate in trade finance assets through a single digital channel, improving efficiency, transparency, and liquidity across the sector, according to a separate statement.

FOOD-

Adio inks agreements on protein fermentation and production: The Abu Dhabi Investment Office (Adio) is partnering with UK-based New Agrarian to establish a multi-tenant protein fermentation facility in Abu Dhabi, according to a press release. New Agrarian will also set up and provide financial backing for a hub in Abu Dhabi to support international firms working in the protein fermentation sector.

A protein facility: A second MoU with US biotech firm Every Company, which specializes in protein production, and Netherlands-based precision fermentation firm Vivici, will see all three design, find financing for, and work to commercialize a facility for alternative protein production, according to a separate press release. The facility will have a 4 mn liter capacity, be multi-tenanted, and meet Halal certification standards.

ICYMI- Adio’s recently partnered with Wusoom Holding to develop protein fermentation facilities, as part of its larger plan of developing sustainable food production and innovative protein solutions.

M&A on track for its best year since 2021 amid sovereign wealth fund push

Sovereign wealth funds (SWFs) are pushing global M&A activity to new highs, with volumes already surpassing the USD 3.5 tn mark this year, up 34% y-o-y, according to data compiled by Bloomberg. This puts us on track for the best M&A year since 2021, the business news information service said.

More than USD 1.3 tn in transactions were logged in 3Q, driven by a series of high-value mega plays. Much of that momentum came from our part of the world, where MENA-involved M&As brought in USD 157.3 bn in 9M across 963 transactions, up 166% y-o-y, driven by the UAE (USD 45 bn) and Saudi Arabia (USD 5.6 bn), according to LSEG data.

ICYMI- Some of the biggest plays YTD were SWF-backed: The Public Investment Fund (PIF) led a USD 55 bn leveraged buyout of video-game maker Electronic Arts last month, marking the largest global transaction so far this year. Mubadala’s AI arm, MGX, followed with a USD 40 bn partnership with BlackRock to acquire Texas-based Aligned Data Centers. Rounding out the list, Abu Dhabi’s ADIA and Singapore’s GIC most recently took minority stakes in Blackstone and TPG’s USD 18.3 bn acquisition of medical-device maker Hologic.

SWFs also ❤️ AI: Abu Dhabi’s ADIA backed Thoma Bravo’s USD 12 bn takeover of HR software firm Dayforce in August, while Mubadala’s MGX invested in OpenAI, xAI, and plans to join the Stargate venture. Meanwhile, Singapore’s GIC and Qatar’s QIA invested in rival AI firm Anthropic.

Cutting out the middle-men: Gulf SWFs are increasingly taking matters into their own hands, expanding in-house investment teams to execute transactions directly rather than relying on Wall Street intermediaries, Bloomberg wrote. The shift gives them greater control, lower fees, and access to co-investment rights alongside major private equity players.

The award for the most active sector for M&A in the region goes to: materials, which remained the top-performing sector in MENA M&A in terms of value, contributing USD 32.6 bn, or 57% of total regional transaction value. Momentum came largely from heavyweight corporates rather than sovereign funds, including ADNOC and OMV’s planned merger of Borouge and Borealis into a USD 60 bn chemicals giant, which also includes a USD 13.4 bn acquisition of NOVA Chemicals still pending completion. It was followed by energy and financials at USD 4.6 bn each.

Outlook is rosy for next year: Bankers expect the M&A rally to carry into 2026 as sovereign funds and corporates continue to deploy record dry powder, with both already scouting new targets. Goldman Sachs sees dealmaking momentum accelerating into year-end, with next year potentially setting a new global record.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning on news that US President Donald Trump will meet Chinese President Xi Jinping next week, with South Korea’s Kospi leading gains with a c.2% rise, followed closely by Japan’s Nikkei. Over on Wall Street, futures are little changed as investors await September inflation data.

ADX	10,192	-0.4% (YTD: +8.2%)
DFM	6,016	+0.7% (YTD: +16.6%)
Nasdaq Dubai UAE20	4,980	-0.1% (YTD: +19.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.8% o/n	3.7% 1 yr
TASI	11,612	+0.2% (YTD: -3.5%)
EGX30	37,687	+0.3% (YTD: +26.7%)
S&P 500	6,738	+0.6% (YTD: +14.6%)
FTSE 100	9,579	+0.7% (YTD: +17.2%)
Euro Stoxx 50	5,668	+0.5% (YTD: +15.8%)
Brent crude	USD 65.78	-0.3%
Natural gas (Nymex)	USD 3.29	-1.5%
Gold	USD 4,139.1	-0.2%
BTC	USD 109,712	+2.1% (YTD: +16.2%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.78	0.0% (YTD: +8.5%)
S&P MENA Bond & Sukuk	152.62	+0.0% (YTD: +9.1%)
VIX (Volatility Index)	17.3	-7% (YTD: -0.3%)

THE CLOSING BELL-

The DFM rose 0.7% yesterday on turnover of AED 787.2 mn. The index is up 16.6% YTD.

In the green: Al Mal Capital REIT (+14.1%), International Financial Advisors (+10.0%) and Al Mazaya Holding Company (+9.4%).

In the red: Dubai Refreshment Company (-9.6%), Emirates Investment Bank (-8.8%) and Chimera S&P UAE Shariah ETF — Share class B — Income (-5.7%).

Over on the ADX, the index fell 0.4% on turnover of AED 1.2 bn. Meanwhile, Nasdaq Dubai was down 0.1%.

My Morning Routine: Ghada Abdelkader, senior VP at Crescent Enterprises

Ghada Abdelkader, senior VP at Crescent Enterprises: Each week, My Morning Routine looks at how a successful member of the business community starts their day — and then throws in a couple of business questions for fun. Speaking to us this week is Ghada Abdelkader (LinkedIn), senior VP at Crescent Enterprises. Edited excerpts from our conversation below.

If I’m asked who I am, I’ll typically start with what I do and where I’m from, but at my core, I’m a human being who’s trying to do her part and to live a better life for me and the people around me. I started my career with PwC in Cairo as part of the deals team, then moved to Dubai in 2007 during the period right before the global financial crisis when everything was at its peak, working as an investment banker.

It was a natural progression to want to take more ownership of the investment decisions and manage full transactions myself, build portfolios, and grow companies. This is when I moved to Crescent Enterprises. It was at its early stages where there were only a few investments and operating businesses. The company had a vision of building and growing a diversified portfolio of businesses and investments spanning across multiple sectors.

I don’t like routine in my work, even though I’m pretty routine in other aspects of my life — I wake up at 6am every day, eat the same thing in the morning, have the same snack at the office, because I don’t like to think about these things. But for my day job, it would kill me if I do the same thing over and over again every day. That’s where it clicked with Crescent Enterprises, because I was able to take things on and think outside of the box and broaden my experience.

When I joined, our portfolio was mostly infrastructure assets in things like ports, logistics, and healthcare, and private equity investments, and then shortly after, we started looking at venture capital as an asset class, and backing startups and entrepreneurs, particularly in the MENA region, when venture capital was still at a very nascent stage.   

That was really exciting for me — to build a diverse venture capital portfolio and manage private equity investments and operating businesses. I’ve been there now for 13 years, and I could still be considered one of the newbies on the team. We have people who have been here for over 50 years.

That’s the thing about family businesses. With Crescent, they managed to retain that family ethos and reflect it across the organization, while still being very institutionalized. We have an investment committee that has more independent members than executives.

Now I'm heading the CE-Invests platform, which focuses on growth equity. When we started investing, we identified a gap in capital required by mid-market companies that have been operational for some time, and require capital to scale. We deploy anywhere between USD 25-75 mn per transaction, targeting significant minority stakes to support and accelerate their growth through strategic guidance, robust governance, and our strong global network.

We’re looking at the GCC, predominantly the UAE and Saudi Arabia, as well as India and Southeast Asia. We really like the India-GCC corridor, and we did that with a recent investment in India-based Flipspaces, where the concept — of end-to-end design and build for commercial and retail — is a great fit for this market.

After I wake up at 6am, I hit the gym — and of course, my coffee comes with me wherever I go. Then I change and go to the office, and when I’m back home, I usually have dinner with my kids. I try to take parts of the weekend to focus on relaxing, and I always tell my daughter that we’re so lucky to live in a place that’s 15-20 minutes away from the beach — for me, that’s the best way to disconnect. I also enjoy podcasts and music especially on my commute — sometimes it’s business topics, but sometimes I listen to anything just to disconnect.

I learned a lot early on — without really being aware of it at the time — from my mom, who’s a civil engineer, and she used to work on site a lot of the time. When I was little, I would go with her sometimes to the site during my school breaks, and I remember telling her she’s a different person at work. Working in a male-dominated field, I saw how confident and decisive she was, and I think observing that had a bigger impact on me than any advice could have. The idea that women couldn’t do certain things never really existed in our home—she proved that every day through her work and at home.

CALENDAR

OCTOBER

22-24 October (Wednesday-Friday): World Investment Conference, Expo Center Sharjah.

27 October (Monday): The UAE Africa Tourism Investment Summit, Dubai.

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

27 October (Monday): The Network Forum Middle East, Hilton Abu Dhabi, Yas Island

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

28-29 October (Tuesday-Wednesday): Gulf Ins. Forum, Millennium Plaza Downtown Hotel Dubai.

28 October (Tuesday): Emirati Media Forum, Museum of the Future in Dubai.

29 October (Wednesday): The Brand Residences Forum, Dubai.

NOVEMBER

1-2 November (Saturday-Sunday): Women's Empowerment Convention (WE Convention), Atlantis The Royal, Dubai.

4-6 November (Tuesday-Thursday): Annual government meetings, Abu Dhabi.

4-6 November (Tuesday-Thursday): ARABAL International Aluminum Conference, Dubai

4-6 November (Tuesday-Thursday): Gulfood Manufacturing 2025, Dubai World Trade Centre

4-9 November (Tuesday-Saturday): Dubai Design Week, Dubai.

6 November (Thursday): Dubbizle to ring the DFM’s opening bell.

10-15 November (Monday-Saturday): SASC organizes Abu Dhabi Autonomous Week, Abu Dhabi.

10-15 November (Monday-Saturday): RoboCup Asia-Pacific (RCAP), Adnec Center, Abu Dhabi.

10 November (Monday): SASC organizes The Abu Dhabi Autonomous Summit, Abu Dhabi

11-17 November (Tuesday-Monday): International Council of Museums (ICOM) General Conference, Dubai.

12 November (Wednesday): Dubai Business Forum, Cipriani South Street, New York City.

12-17 November (Wednesday-Monday): RoboCup Asia-Pacific, Khalifa University, Abu Dhabi.

13-15 November (Thursday-Saturday): International Financial Markets (ICA) Conference and Exhibition, Conrad Dubai.

14 November (Tuesday): Abu Dhabi Extreme Championship, Al Ain Region, Abu Dhabi

15-17 November (Saturday-Monday): Myplant & Garden Middle East Green Expo, Dubai Exhibition Center, Expo City.

17-21 November (Monday-Friday): Dubai Airshow, Al Maktoum International Airport, Dubai.

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

19-20 November (Wednesday-Thursday): Investment and Business Summit, Al Hamra International Exhibition and Convention Center, Ras Al Khaimah

19-23 November (Tuesday-Sunday): Abu Dhabi Art, Manarat Al Saadiyat, Abu Dhabi

24-27 November (Monday-Thursday): Big 5 Global Exhibition, Dubai World Trade Center, Dubai

26 November (Wednesday): DFSA–HKMA Joint Climate Finance Conference, Dubai

26-27 November (Wednesday-Thursday): DATE (Digital Acceleration and Transformation Expo), Dubai

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

2-5 December (Tuesday-Friday): Sotheby’s Abu Dhabi Collectors’ Week, Abu Dhabi.

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

7-14 December (Sunday-Sunday): Asian Youth Para Games, APC headquarters, Dubai.

8 December (Monday): DeFi Technologies Insights Global Symposium, Emirates Palace, Abu Dhabi.

8-9 December (Monday-Tuesday): BTC MENA Conference, Adnec, Abu Dhabi.

8-9 December (Monday-Tuesday): Global AI Show, Abu Dhabi.

8-10 December (Monday-Wednesday): The Bridge Summit, Adnec Center, Abu Dhabi.

8-11 December (Monday-Thursday): Abu Dhabi Finance Week, Al Maryah Island.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

9-11 December (Tuesday-Thursday): Automechanika Dubai Trade Show, Dubai World Trade Center.

10 December (Wednesday): UAE-Russia Business Forum, Dubai

13-15 December (Saturday-Monday): Mobile Developers Week, Abu Dhabi.

18-23 December (Thursday-Tuesday): Games of the Future, Adnec, Abu Dhabi.

29-30 December (Monday-Tuesday): World Sports Summit, Dubai.

Signposted to happen sometime in 2025:

e& will complete Adnoc’s private 5G network
Executive Committee Meeting (EXCOM) conference of the World Smart Sustainable Cities Organisation (WeGO)

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JANUARY 2026

1 January: Client asset regime changes in Dubai International Financial Center take effect.

9-11 January (Friday-Sunday): 1 Bn Followers Summit, UAE.

13-15 January (Tuesday-Thursday): FESPA Middle East, Dubai Exhibition Center, Dubai

28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.

28-30 January (Wednesday-Friday): World Customs Organization Technology Conference, Adnec Center, Abu Dhabi.

31 January - 7 February (Saturday-Saturday): Mubadala Abu Dhabi Open, International Tennis Centre, Zayed Sports City

FEBRUARY 2026

3-5 February (Tuesday-Thursday): The World Governments Summit.

12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.

9-13 February (Monday-Friday): The World Health Expo (WHX), Dubai.

MARCH 2026

31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.

APRIL 2026

13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

JUNE 2026

15 June-15 September (Monday-Thursday): Dubai Mallathon, Dubai.

JULY 2026

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

Signposted to happen in 2026:

13-15 April (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.
14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference
Dubai Future Finance Week
Investopia Global Talks, Tashkent

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing.
1Q 2027: Completion of the first phase of Hassyan seawater desalination project.
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation.
1 July: Deadline for small businesses to implement e-invoicing.
1 October: Deadline for governments to implement e-invoicing.
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 between 2027 and 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai.
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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