Gov’t opens up T-sukuk program to retail investors

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WHAT WE’RE TRACKING TODAY

THIS MORNING: FAB, ADCB eye Significant Risk Transfers ahead of new capital buffer requirements + G42 denies claims of ties to Huawei, Chinese missiles

Good morning, lovely people, and welcome to the start of a new week — which is also the final week of October. We kick it off with news that retail investors will now be able to invest in the government’s treasury sukuk program under a new initiative, along with a new digital asset partnership between MultiBank and UFC champion Khabib Nurmagomedov in Dubai, updates on Amanat’s education unit’s IPO, and an acquisition from Piper Sandler.

WEATHER- It’s a sunny day in Dubai, with a high of 34°C and an overnight low of 25°C, according to our favorite weather app. It’s slightly cloudier in Abu Dhabi, with a chance of some early showers and a high of 33°C, and an overnight low of 23°C.

WATCH THIS SPACE-

#1- G42 denies “defamatory” claims from US intelligence agencies of ties to Huawei, Chinese missiles: Abu Dhabi AI firm G42 denied allegations from US intelligence agencies that it gave Huawei access to technology to help extend the range of China’s PL-15 and PL-17 air-to-air missiles, the Financial Times reports, citing people familiar with the matter. The firm said the intelligence, gathered in 2022, was “false and defamatory allegations” from “sources with questionable motive and intent,” and that its relationship with Huawei was limited to cloud services and has already ended in 2023.

Huawei also rejected the allegations, saying there was “no technology provision or transfer” that could have been used for military purposes.

REMEMBER- G42 earlier agreed to remove Huawei equipment from its data centers amid concerns from Washington over ties with Chinese tech firms, part of a broader shift toward cooperation with US firms following Microsoft’s USD 1.5 bn investment in 2024. The cooperation helped allow agreements to export Nvidia chips to the UAE, though the US has been limiting exports and only approved chips for US-linked infrastructure.

G42 has a lot riding on chips from the US: The company now leads the 5 GW Stargate AI campus, developed with Nvidia, OpenAI, Cisco, Oracle, and SoftBank under the USD 500 bn US Stargate initiative and a USD 200 bn US-UAE investment pact. The first phase, Stargate UAE, is expected to open in 2026, with final agreements on the remaining 4 GW still under negotiation amid continued US security scrutiny.

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#2- First Abu Dhabi Bank and Abu Dhabi Commercial Bank are in talks with advisors to undertake Significant Risk Transfers (SRTs) as means to boost their capital amid elevated capital requirements, according to Bloomberg. The move — which is still at early stages and would be subject to regulatory approvals — comes in preparation for a slight increase of 50 basis points in capital requirements next year, according to the business information service.

Both banks are sitting comfortably with healthy common equity tier 1 ratio, with FAB’s currently at 13.7% — above its self-imposed target of over 13.5% — and Abu Dhabi Commercial Bank set to boost its CET1 ratio by 120 basis points after its AED 6.1 bn rights issue.

SRTs are financial transactions used by banks to transfer credit risk of a loan portfolio to a third party. These transactions, often instrumented by credit-linked notes, allow lenders to free up capital for loans, acquisitions, and shareholder payouts, as the risk of default is insured, and help them avoid having to issue new equity or cut dividends.

REMEMBER-ADCB has been cleaning up its bad debt, selling USD 1.4 bn in distressed loans to Davidson Kemper earlier this month, and another USD 1.1 bn distressed loan portfolio two years ago.

51 of the largest financial institutions have seen a nearly one third increase in SRTs transactions in 2024 from the previous year covering up to EUR 21 bn of credit risk on EUR 260 bn loans, according to a survey on risk sharing released by the International Association of Credit Portfolio Managers. These transactions are mainly dominated by European and North American banks. The global SRT market is expected to grow at an average of 11% annually over the next two years, according to a Bloomberg intelligence survey.

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#3- British Finance Minister Rachel Reeves will be engaging in trade talks with officials from the GCC during her visit to Saudi Arabia for FII, Bloomberg and Reuters report. Talks initially began in 2022, with Trade Minister Chris Bryant telling parliament this month that talks were at an “advanced stage.”

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#4- Abu Dhabi to expand agri-trade with new initiative: The Abu Dhabi Investment Office (ADIO) has formed a partnership with agri-food agencies that aims to boost exports of high-quality perishable goods from Al Ain and Abu Dhabi, according to a press release. Under the new partnership, ADIO will help offer new trade routes for Abu Dhabi exports, while Abu Dhabi Airports, ADAFSA, Abu Dhabi Customs will join forces to streamline the movement of agricultural products through global logistics corridors.

Who’s involved? ADIO linked up with Abu Dhabi Airports Company, Abu Dhabi Customs, and Abu Dhabi Agriculture and Food Safety Authority (ADAFSA), as well as local agri-tech firms Silal, Pure Harvest Smart Farms, ESG Agro and Elite Agro Holding.

Abu Dhabi’s agricultural exports are set to target markets according to seasonal demand, like Europe and Asia during the winter season. A committee — formed from all the involved partnerships — is set to be established to oversee the project’s implementation — with periodic evaluations to monitor its progress.

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#5- Dubai is getting a new museum: Dubai will see the construction of the Dubai Museum of Art, a five-storey cultural hub on Dubai Creek developed by Al Futtaim Group and designed by Japanese architect Tadao Ando, according to a Dubai Media Office statement. The museum will serve as a platform for regional and international contemporary art and will include adaptable exhibition halls, a library, study rooms, and event spaces for artist talks, workshops, and art fairs.

DATA POINTS-

#1- Adia capitalizes on SMAs to increase hedge fund exposure: The Abu Dhabi Investment Authority (ADIA) poured USD 40 bn into dozens of hedge funds so far this year by increasing its use of separately managed accounts (SMAs), sources familiar with the matter told Bloomberg. The sovereign entity’s hedge fund exposure through SMAs rose by several bns of USD compared to 2024 as it steps up its investments in alternative assets.

SOUND SMART- SMAs are investment structures that give large investors direct ownership and control when it comes to allocations to hedge funds. They allow investors to tailor strategies, use debt financing, and benefit from discounted fees and more efficient capital use. The uptick in popularity led 60% of hedge funds to offer them last year, with 8% of them offering their first SMA, according to a Goldman Sachs report.

ICYMI- At the start of the year, Adia acquired a minority stake in Canada-based managed account services provider Innocap Investment Management, which facilitates investment through SMAs.

Adia has been expanding its alternative investments portfolio this year: In addition to the Innocap stake acquisition, the fund invested in credit-focused asset manager Oak Hill Advisors’ European special situations strategy in September, which offers flexible financing solutions for European corporate and non-corporate borrowers.

#2- GCC GDP grows 3.0% in 1Q 2025: The combined real GDP of Gulf Cooperation Council (GCC) countries rose 3.0% y-o-y to USD 466.2 bn in 1Q 2025, while nominal output climbed 5.7% y-o-y to USD 588.1 bn, Wam reports, citing GCC-Stat data. All members saw positive growth during the quarter, reflecting broad-based expansion across key sectors.

The oil sector remained the region’s largest contributor, accounting for 22.9% of total GDP, followed by manufacturing at 12.7% and wholesale and retail trade at 9.6%. Other activities made up roughly a quarter of total output, underscoring steady momentum in non-oil diversification efforts across GCC economies.

ICYMI- The IMF recently raised its growth prediction for GCC GDP by 0.9% to 3.9% for this year, while BMI penciled in growth of 3.9% and the World Bank pegs the region as seeing 3.5% growth.

PSA-

Abu Dhabi to roll out dynamic speed limits: Starting today, Sheikh Zayed bin Sultan Road in Abu Dhabi will have variable speed limits that adjust in real time between 80-100 kph, the Integrated Transport Center said in a post on X. The system, part of a nationwide effort to reduce road accidents, will lower limits during adverse weather, peak traffic, or roadworks to improve safety and ease congestion.

HAPPENING TODAY-

#1- The Future Hospitality Summit (FHS) will run from today until Wednesday 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 also taking place today 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 today 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 Asia Pacific Cities Summit is also underway today and will run until Wednesday at the Dubai Exhibition Center. The three-day summit gathers government leaders, urban planners, and industry experts from across the Asia-Pacific region to discuss sustainable city development, smart infrastructure, and cross-border collaboration.

HAPPENING THIS WEEK-

#1- The Emirati Media Forum (EMF) will take place tomorrow 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.

#2- The Annual Gulf Ins. Forum is happening tomorrow and on Wednesday 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.

#3- The Branded Residences Forum is taking place on Wednesday at Madinat Jumeirah in Dubai, bringing together developers, hospitality groups, and investors to examine the growing demand for branded real estate and evolving partnerships between luxury hotel brands and property developers.

#4- Federal National Council (FNC) speaker Saqr Ghobash will lead a delegation to Azerbaijan tomorrow to attend the international parliamentary conference, marking the 30th anniversary of Azerbaijan’s constitution, state news agency Wam reports. The FNC delegation will hold bilateral talks aimed at deepening parliamentary cooperation between the UAE and Azerbaijan, covering legislative and constitutional affairs.

THE BIG STORY ABROAD-

All eyes are on US-Asia ties this morning, as the US and China look closer to agreeing a truce on tariffs that would do away with the US’ 100% tariff on Chinese imports and delay China’s rare earth export controls. US officials say a framework has already been hashed out for US President Donald Trump and Chinese President Xi Jinping to ratify when they meet on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, on Thursday. (Reuters | Bloomberg | Financial Times | Wall Street Journal)

Trump is still covering his bases with agreements with other Southeast Asia partners that will relax trade barriers and expand rare earth elements’ access for the US. The agreements with Malaysia, Thailand, Vietnam, and Cambodia comes as the US looks to diversify its critical minerals supply chains. (Reuters | Bloomberg)

In M&A news, Swiss pharma firm Novartis is acquiring rare disease drugmaker Avidity for USD 12 bn — its largest acquisition yet. (Bloomberg | WSJ)

AND- The latest on the Louvre heist: French police arrested two suspects they say could be related to the theft of bns worth of jewels from Paris’ Louvre Museum last week. (Guardian | Reuters)

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Retail investors can now participate in the government’s T-sukuk program

The Finance Ministry is opening up its treasury sukuk to retail investors through a new initiative, allowing citizens and residents to invest directly in shariah-compliant government-backed treasury sukuk (T-Sukuk) through national banks, according to a ministry statement. The initiative aims to boost financial inclusion and widen the investor base for government financial instruments.

How it works: The move will enable individuals to invest in AED-denominated T-sukuk — which were previously limited to institutional investors — through fractionalized digital investment platforms run by national banks, with the minimum investment starting from AED 4k. The first bank joining the initiative will be made public on 3 November, the statement said.

REMEMBER- The UAE holds monthly T-sukuk auctions as part of a wider program, which is consistently oversubscribed. The latest T-sukuk issuance in September raised AED 1.1 bn, and was 4.6x oversubscribed, attracting AED 5.1 bn in bids.

The initiative will also help stimulate portfolio diversification and long-term savings for retail investors in the UAE, opening them up to high quality, government-backed and highly secured shariah-compliant notes.

The digitization aspect will also help boost transparency and reduce technical barriers, global head of Islamic finance at Fitch Ratings, Bashar Al Natoor, told EnterpriseAM.

A lot rides on effective outreach and proper onboarding: “Effective retail outreach will depend on investor education, seamless onboarding, and strong standards of transparency and disclosure to build trust among new participants,” he said, adding that regulatory transparency and financial literacy will also be important to sustain demand. “Further detail is awaited on distribution channels, ongoing investor protections, secondary trading mechanisms, and performance metrics as the program matures,” he added.

“Going forward, consistent monitoring of retail uptake, secondary market development, and cross-border opportunities will be essential to assess the initiative’s effectiveness,” he added.

Access for global investors next? Similar initiatives usually test waters locally first, scoping out demand before rolling it out to a wider, international base of retail investors, account director for EMEA and MENA analyst at TS Lombard Hamzeh Al Gaaod told EnterpriseAM. Following this play would boost capital inflows and liquidity for the Emirates as it looks to develop its capital markets to rival those of peers like China and India, he added.

The UAE’s debt market is approaching USD 400 bn, amid elevated momentum in both conventional and Islamic segments, according to Al Natoor. Infrastructure investment, ESG mandates, and increasing investor expectations, are the key factors supporting this growth, with the UAE ranking as the second-largest debt capital market in the GCC, he explained.

Amanat Holding issues prospectus for its education unit’s IPO on Tadawul

The subscription period for the IPO of Amanat Holding’s Riyadh-based education arm Almasar Education on Tadawul will kick off in November, according to its newly issued prospectus (pdf). This comes a little under a month after Almasar secured Capital Market Authority (CMA) approval for the IPO, which will see the firm take a 30% stake — 30.7 mn shares — to market.

Institutional bookbuilding opens next week: Initially, 100% of the offering will be limited to institutional investors. They will be able to subscribe to a maximum of 5.1 mn shares each with the minimum amount set at 100k between 2-6 November. A 30% clawback is reserved for retail investors who will get a three-day subscription period starting Tuesday, 18 November; during which they can apply for a minimum of 10 shares and up to 250k shares each. Final allocations due Wednesday, 26 November.

REFRESHER- Amanat tapped SNB Capital in November 2024 to arrange the listing, which has been in the works since May 2024, when Amanat announced plans to carve out its education platform into a separate holding company. Its board discussed the proposal that July, and Almasar was formally launched as a standalone brand in March 2025, with headquarters in Riyadh. Reuters reported last year that the offering could raise around USD 300 mn.

Post-IPO structure: Amanat Holding will be netting all the proceeds from the sale, with its shares remaining in lockup for a period of six months from listing.

Earnings snapshot: Almasar’s revenues jumped 23% y-o-y to SAR 153.8 mn in 1Q 2025, while its net income was up 6.2% y-o-y to SAR 48.8 mn over the same period. The company said it intends to distribute annual dividends subject to profitability and cash flows.

The rationale: The offering comes as Almasar sees steady growth in its earnings and rising enrollment across its schools and centers, CEO Fadi Habib told Asharq Business (watch, runtime: 8:16) in an interview, adding that demand for private and higher education in Saudi Arabia and the UAE remains supported by long-term national development plans. Almasar Education operates across Saudi Arabia and the UAE, serving more than around 28k students.

The firm has been aggressively expanding here at home, doubling its day-care centers for students with special needs to 39 up from 21 in 2022 and increasing its schools 14 from 10, Habib told Asharq Business. It earmarked SAR 115 mn in capex to lift day-care capacity to about 8k students, 50-70% of which is already invested, with 15 new schools and centers slated to open over the next two years.

Almasar is also banking on higher education as a growth driver, looking to replicate the success of Middlesex University Dubai, where international students now account for half of enrollment, across Saudi campuses. “We’re focused on higher education in Saudi Arabia. We want to expand geographically and plan to invest in the Kingdom’s higher education sector in a way similar to what we’ve done in the UAE,” Habib said.

Not the only Amanat IPO in the cards? Earlier in 2023, Amanat was said to have tapped EFG Hermes and First Abu Dhabi Bank (FAB) to prepare a potential listing of its healthcare arm, which could see it raise about USD 200 mn in IPO proceeds.

ADVISORS- Our friends at EFG Hermes co-managed bookbuilding alongside SNB Capital who is quarterbacking the transaction as financial advisor, bookrunner, and underwriter with Clifford Chance acting as legal counsel to the issuer. Baker Mackenzie is advising the bookrunner, while PwC is handling financial and tax due diligence. Euromonitor International provided market research, and Deloitte is acting as auditor.

Receiving agents include EFG Hermes, SNB Capital, Riyadh Capital, Saudi Fransi Capital, AlJazira Capital, Yaqeen Capital, AlBilad Capital, ANB Capital, Derayah Financial, AlRajhi Capital, Alistithmar Capital, Alinma Investment, SAB Invest, Alkhabeer Capital, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Al Osool Capital.

MultiBank, UFC champion roll out Dubai-based multi-bn-USD tokenized sports platform

MultiBank, Khabib Nurmagomedov launch tokenized sports venture: Global derivatives broker MultiBank Group and former UFC champion Khabib Nurmagomedov launched a multi-bn-USD joint venture to build a regulated tokenized sports ecosystem in Dubai, according to a statement. The new entity, MultiBank Khabib, will develop digital assets linked to sports-related ventures, including some 30 Khabib-branded gyms set to be rolled out.

The ecosystem will use MultiBank’s USDMBG token to support the trading and investment of tokenized sports assets.

The rationale: The venture looks to link regulated finance with the sports industry by issuing tradable digital assets backed by real-world sports ventures, MultiBank said. The model targets institutional and retail investors seeking exposure to alternative assets through UAE-built blockchain infrastructure.

REMEMBER- Multibank opened an Abu Dhabi office in August to serve regional clients following the launch of CFDs on ADX- and DFM-listed shares via its app.

More tokenization on the way: In May, MultiBank signed a USD 3 bn real estate tokenization agreement with Dubai-based developer MAG and blockchain firm Mavryk, and later led a USD 10 mn funding round for Mavryk to develop blockchain infrastructure for real-world asset tokenization worth up to USD 10 bn.

Piper Sandler acquires Mena Growth Partners to expand in the GCC

Piper Sandler to establish GCC investment banking hub in Abu Dhabi: US-based investment bank Piper Sandler has entered into a definitive agreement to acquire Mena Growth Partners, an Abu Dhabi-based merchant bank that will serve as the US firm’s base for GCC investment banking operations, according to a press release. The transaction is expected to close in 1Q 2026, subject to conditions. The value of the acquisition has not been disclosed.

The plan: The Mena Growth Partners team, led by founder Eric Wilson (LinkedIn), will act as consultants to Piper Sandler, while Nabeel Siddiqui (LinkedIn), currently managing director at Piper’s London office, will relocate to Abu Dhabi to also head up the firm’s regional investment banking practice.

ADVISORS- Al Tamimi & Company acted as advisors for Piper Sandler, with Charles Russel Speechlys and TMF Group providing legal advice for Mena Growth Partners.

OTHER M&A NEWS-

Real estate financier Amlak Finance sold its Egypt arm to Al Baraka Bank Egypt for EGP 400 mn (AED 30.8 mn), according to a disclosure (pdf) to the Dubai Financial Market. The move marks Amlak’s complete exit from the country and is set to narrow its earnings for the rest of the year by AED 94 mn.

ICYMI- Amlak Finance recently settled up its debt ahead of schedule, repaying a total of AED 10.2 bn owed to 29 financiers since 2014. The firm had said it was exiting its real estate finance portfolio to finish the settlements earlier than planned.

Rakbank posts record 3Q earnings

The National Bank of Ras Al Khaimah (Rakbank) saw its net income reach AED 707 mn for 3Q 2025, up 18% y-o-y, according to its financials (pdf) and a separate earnings release (pdf). Operating income for the quarter reached AED 1.3 bn, a 10% y-o-y increase and its highest quarterly results so far. This was supported by stable net interest margins as well as stronger inflows from fees and commissions, Islamic financing, and ins. income.

Net income for 9M rose 23% y-o-y to AED 2.1 bn, driven by a 10% rise in operating income to AED 3.9 bn and higher non-interest income which made up more than 30% of its bottomline.

Dubai surpasses Las Vegas in hotel count as tourism surge drives record expansion

Dubai overtakes Las Vegas in hotel count: Dubai now boasts more hotel rooms than Las Vegas, cementing its position as one of the world’s largest hospitality markets, Bloomberg reports, citing data from CoStar Group. The emirate doubled its available hotel beds over the past decade to 151.8k as it looked to pivot from a transit hub to a destination in and of itself, and now only trails London’s 152.7k rooms, excluding Chinese cities that rely heavily on domestic tourism.

The next wave: Dubai has 56 hotels under construction — adding more than 15k rooms — including the Ciel Tower, due to open in November as the world’s tallest hotel. Much of the new supply is concentrated in the luxury and upper-upscale segments, and the hotel push comes alongside similar efforts in the culinary, sports, and entertainment sectors, as the Emirates looks to draw more numbers in.

Tourism momentum: The boom is fueled by record international arrivals through DXB and steady GCC visitor demand. Hotel occupancy averaged 83% between January and May 2025, up from 81% a year earlier, even as Las Vegas reported monthly declines since February as the US’ tariff agenda weighed on inbound visitors.

Hafeet Rail to add new Oman-Emirates freight line

LOGISTICS-

Hafeet Rail + Noatum Logistics ink agreement on UAE-Oman rail freight service: AD Ports’ subsidiary Noatum Logistics inked a preliminary agreement with Hafeet Rail to construct a new freight rail service connecting Oman’s Sohar to Abu Dhabi, according to a press release. The service will operate daily, running seven shipping container trains per week, each with a 276-TEU capacity. The containers will carry general cargo, manufactured goods, food products, pharma products, and agrifoods between the two countries.

ICYMI- Hafeet Rail is a USD 2.5 bn joint project between the UAE’s Etihad Rail, Mubadala, and Oman’s Asyad Group that aims to boost bilateral trade via the joint railway network. Hafeet inked a slew of contracts at the start of the year as part of the rail project. The two countries also agreed to develop the Al Rawdah Special Economic Zone between Sohar port and the UAE’s Jebel Ali port earlier this year.

#2- Port operator DP World inaugurated its USD 85 mn Sokhna Logistic Park in Egypt’s Sokhna Industrial Zone, according to an Egyptian cabinet statement. The first phase of the project has begun operations, while the second will go online in 3Q 2026, once both are operational the zone will create 300 jobs. The project includes a bonded warehouse for container storage and a duty-paid warehouse for goods storage, supporting sectors such as raw materials, packaging, agriculture, electronics, building material, textiles, cars, spare parts, and electric vehicles.

More to come? DP World plans to replicate its smart rail transport model implemented in India in Egypt within the next 12 months, as part of its broader strategy to expand into developing Egypt’s rail infrastructure, Bin Sulayem said.

REAL ESTATE-

Dubai-based Damac Properties is entering Iraq, with the firm launching its first luxury residential real estate community, Damac Hills Baghdad, in the country, according to a press release. The development will be made up of three clusters within a gated community and is part of a wider 6.2 mn project. The group did not disclose the value of the project or a timeline for execution and handover.

This isn’t Damac’s first global expansion move this year, with the firm debuting its first real estate project in the US at the start of 2025 — shortly after it committed USD 20 bn to data centers in the country.

AI-

Intel joins Kerno to expand UAE-built AI infrastructure: Dubai-based enterprise IT infrastructure firm Kerno Enterprises signed an MoU with semiconductor giant Intel Corporation to co-develop high-performance AI, universal, and edge computing systems for local enterprise and government clients, according to a press release. Production will take place at Kerno’s Dubai Silicon Oasis facility with a capacity to assemble up to 60k servers annually using advanced surface-mount and automated assembly technologies.

ICYMI- Kerno signed a separate agreement with US chipmaker AMD last week to co-develop Emirati-made AI and cloud infrastructure for the region, with a focus on the UAE and Saudi Arabia. The partnership includes plans for a joint testing and integration lab and an AI competency center to support local enterprise and government deployments under the Made in the Emirates initiative.

TRANSPORT-

Space42 teams up with e& UAE on autonomous mobility and smart cities: AI-powered space tech firm Space42 signed an MoU with telecom operator e& UAE to develop and deploy autonomous mobility and smart city technologies across the Emirates, according to a press release. The two will launch pilot projects for testing autonomous shuttles, robotaxis, and logistics fleets, as well as to integrate non-terrestrial and terrestrial networks into autonomous mobility operations.

DEBT-

Fitch Ratings affirms Fertiglobe’s IDR at BBB: Fitch Ratings kept Adnoc-owned urea and ammonia producer and exporter Fertiglobe’s long-term issuer default rating (IDR) at BBB, affirming the company’s outlook as stable, the firm said in a research note. It also reaffirmed its senior unsecured rating at BBB.

The rationale: The rating is above its standalone credit profile (SCP) of BBB- due to its support from Adnoc, which is ultimately backed by Abu Dhabi. Fertiglobe is an important part of Adnoc’s wider decarbonization and diversification drive, and is set to see strong demand for low-carbon ammonia as carbon costs in Europe rise, the agency said. Future income from a low-carbon ammonia plant slated for 2027 completion and robust financial fundamentals are upsides; however, asset exposure to Algeria and Egypt weighs on its rating due to power and gas outages impacting production levels.

Cooling US inflation makes the case for Fed rate cuts

Softer US inflation boosts case for Fed rate cuts: The US’ core consumer price index (CPI)(pdf) rose just 0.2% m-o-m and 3.0% y-o-y in September, its slowest pace in three months and 0.1 percentage points below Wall Street’s estimates on both measures, Bloomberg reported on Friday. The report is “tepid enough to seal the deal for a 25-bp rate cut later this month, and another one in December,” economists Anna Wong and Chris G. Collins noted.

Headline inflation showed a similar picture, increasing 0.3% m-o-m and 3% y-o-y, also coming in just shy of expectations by 0.1 percentage points.

The moderation in prices was primarily driven by softer services and shelter costs. Housing costs saw their smallest increase since early 2021, with owners’ equivalent rent — a component that accounts for roughly a quarter of the CPI — rising just 0.1%. Goods inflation also eased amid a decline in used car prices. Still, services prices (excluding housing and energy) — a measure the Fed watches closely — remained firm, signaling sticky underlying pressures.

Uneven impact: The Fed’s Beige Book noted rising input costs across industries, though the effect is varied. Companies like Procter & Gamble reported minimal impact, while others — including O’Reilly Automotive — responded by raising prices. Tariff-exposed categories such as apparel and furnishings saw sharper gains, with apparel prices climbing at their fastest pace in a year.

Growing tariff concerns: While the impact of tariffs has been milder than expected, economists warn of renewed price pressures as President Trump’s latest duties on household goods take effect. Firms have so far absorbed most cost increases but are likely to pass them on to consumers soon as margins tighten, Pantheon Macroeconomics’ Oliver Allen told Bloomberg. “We anticipate a cumulative shock from tariffs totaling 0.8 percentage points by early 2026,” EY-Parthenon’s chief economist Gregory Daco told Reuters.

AND- US government shutdown delayed the report and threatens future data. While economists are confident in the September data, which was collected before the shutdown, the Bureau of Labor Statistics has not collected new data since, and a White House-affiliated account stated there will “likely NOT be an inflation release next month for the first time in history.”

ALSO FROM PLANET FINANCE-

Gold prices shed USD 138.8 per ounce last week, closing on Friday at USD 4.1k, Bloomberg reported on Saturday. The biggest weekly dip since 2013 — and one of the largest ever in USD terms — followed a period of record highs driven by frantic retail buying. The outlook is still bullish, as analysts and investors see the decline as a “healthy correction” and a “buy the dip” window for central banks and physical buyers.

MARKETS THIS MORNING-

Japan’s Nikkei is leading Asian markets’ gains this morning, up 2.1% in early trading after breaking the 50k level for the first time, ahead of Trump’s meeting with Prime Minister Takaichi this week. Meanwhile, Wall Street futures are in the green ahead of an anticipated Fed rate cut and a week of Big Tech earnings.

ADX	10,202	+0.1% (YTD: +8.3%)
DFM	6,066	+0.8% (YTD: +17.6%)
Nasdaq Dubai UAE20	5,015	+0.7% (YTD: +20.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.9% o/n	3.7% 1 yr
TASI	11,593	-0.2% (YTD: -3.7%)
EGX30	38,102	+1.1% (YTD: +28.1%)
S&P 500	6,792	+0.8% (YTD: +15.5%)
FTSE 100	9,646	+0.7% (YTD: +18.0%)
Euro Stoxx 50	5,675	+0.1% (YTD: +15.9%)
Brent crude	USD 66.08	+0.2%
Natural gas (Nymex)	USD 3.37	+2.0%
Gold	USD 4,100	-0.9%
BTC	USD 115,249	+3.2% (YTD: +23.2%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.8	+0.5% (YTD: +9.1%)
S&P MENA Bond & Sukuk	152.49	0.0% (YTD: +9.0%)
VIX (Volatility Index)	16.37	-5.4% (YTD: -5.7%)

THE CLOSING BELL-

The ADX rose 0.1% on Friday on turnover of AED 1.2 bn. The index is up 8.3% YTD.

In the green: Rapco Investment (+12.7%), Abu Dhabi Ports Company (+5.6%) and E7 Group (+3.8%).

In the red: Oman & Emirates Investment Holding Co (-10.0%), Abu Dhabi National Takaful Co (-10.0%) and Phoenix Group (-2.2%).

Over on the DFM, the index rose 0.8% on turnover of AED 551.6 mn. Meanwhile, Nasdaq Dubai was up 0.7%.

CORPORATE ACTIONS-

Sharjah Islamic Bank has sold 167.7 mn treasury shares — equivalent to 5.18% of its total share capital — for a total consideration of AED 469.6 mn, according to a disclosure (pdf).

CALENDAR

OCTOBER

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.

29-31 October (Wednesday- Friday): International Forum of Sovereign Wealth Funds (IFSWF), ADGM, Al Maryah Island

30-31 October (Thursday-Friday): Ras Al Khaimah Global Real Estate and Investment Summit, Al Hamra International Exhibition and Convention Centre

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.

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

10-11 November (Monday-Tuesday) Future Cities Week, Dubai

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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