CBUAE cuts interest rates + Masdar-led consortium looks set to take Indian renewables player private

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Abu Dhabi to invest up to USD 2 bn in India’s logistics sector + CBUAE cuts interest rates by 25 bps

Good morning, lovely people. We have a busy, investment-heavy issue for you this morning, with plenty of news out of the country’s sovereign wealth fund and biggest corporate players.

Renewables energy giant Masdar and the Abu Dhabi Investment Authority look set to be taking India’s Renew Energy private after raising their offer price; while Mubadala just acquired a stake in a Madrid-based university. Meanwhile, Al Futtaim Group is one of several firms pledging to expand in Saudi Arabia as FII continues in the Kingdom this week, with some USD 2.7 bn in investments earmarked over the next three years.

BUT FIRST- The Central Bank of the UAE cut interest rates for the second time this year, lowering them by 25 bps in line with the US Federal Reserve’s move in its meeting yesterday, according to a statement (pdf). The base rate applicable to the overnight deposit facility was cut to 3.90%, while the rate applicable to borrowing short-term liquidity remains the same at 50 bps above the base rate for all standing credit facilities.

We have more on what drove the Fed’s decision and what’s expected for the rest of the year in this morning’s Planet Finance, below.

WEATHER- Expect a high of 34°C in Dubai today, and a low of 26°C, while Abu Dhabi will see a high of 33°C and a low of 25°C.

WATCH THIS SPACE-

#1- UAE to invest up to USD 2 bn in India’s logistics sector: Abu Dhabi is planning on investing upwards of USD 2 bn in India’s Maharashtra’s ports and shipbuilding sector, according to a statement on X . The agreement — inked between Abu Dhabi Ports Group, Abu Dhabi Investment Office, and India’s Maharashtra Ports Department — aims to focus on shipbuilding, ship-breaking, as well as shipping and port infrastructure.

The two countries have been boosting logistics cooperation: India and the UAE were planning to expand their 10-year trade agreement to include eight new sectors — including logistics — with an aim of more than USD 100 bn in annual bilateral trade. Last year, India and the UAE inked several agreements on bilateral trade, including setting up a multi-modal trade corridor.

ALSO- DP World’s marine and ship repair subsidiary — Drydocks World — inked a heads of terms agreement with India’s Cochin Shipyard to set up India’s first vessel repair cluster at the International Ship Repair Facility in Cochin, Kerala, according to a press release.

ICYMI- Earlier this year, the two entities inked an MoU to develop ship repair clusters in Kochi and Vadinar, aiming to strengthen maintenance capacity and repair facilities.

#2- S&P Global expects Dubai’s economy to grow by an average of 2.9% between 2025 and 2028, the global rating agency said in a research note. The ratings agency primarily attributed its outlook to high levels of diversification, along with business-friendly regulations, an expanding tourism sector, and a strong real estate sector and investment interest. The emirate’s GDP grew 3.2% last year despite regional geopolitical conflicts, outperforming other GCC countries, with the region's GDP averaging 1.5%.

Non-oil sectors collectively make up 70% of Dubai’s nominal GDP. These sectors include wholesale and retail trade, transportation and storage, financial services, manufacturing, real estate, and tourism, according to the report.

Background: S&P Global sees the UAE’s economy growing at an average of 4% over the next three years, also largely driven by an anticipated surge in oil-related activities in Abu Dhabi as Opec+ members continue to unwind earlier oil cuts.

#3- Speaking of Dubai’s tourism sector: The emirate’s hotel market is heading for another record year, with occupancy projected to reach 81% in 2025 — up 4.6% y-o-y — as the emirate doubles down on its tourism, business, and events push, the National reports, citing STR data. The emirate sits just behind New York and Las Vegas when it comes to occupancy rates.

Prices are also going up, with average daily rates (ADR) in Dubai expected to climb 6.5% to AED 730. Meanwhile, Abu Dhabi hotels’ ADRs are set to rise at an even higher clip by 13.7% y-o-y to AED 697 on the back of big entertainment events.

“The competition is definitely heating up between Dubai and Abu Dhabi,” said STR’s Director of Client Relationships Sarah Duignan, noting that the price gap between the two markets has narrowed to AED 30 from AED 331 in 2015, as Abu Dhabi’s premium offering is catching up.

ICYMI- The UAE’s hospitality industry has had a strong year so far, with revenue per available room up 11.9% y-o-y in the year to August 2025, and occupancy reaching 78.5%.

#4- Alpha Dhabi reverses course on investment in Indonesian road toll infrastructure: Abu Dhabi-based holding company Alpha Dhabi has terminated discussions with Indonesian toll road developer PT Bakrie Toll Indonesia over a potential investment in road toll infrastructure in the country, according to a disclosure (pdf) to the ADX yesterday. The company had entered a non-binding agreement with the Indonesian firm earlier in September, but remained at a preliminary stage. No reason was provided for the termination of the agreement.

#5- A trade agreement between the UK and GCC can be reached “very soon,” Reuters quoted UK Finance Minister Rachel Reeves as saying earlier this week. Reeves — on the first visit to the region by a British finance minister in six years — met with Commerce Minister Majid Al Qasabi to talk trade, economic relations, and promising sectors and will hold talks with counterparts from Bahrain, Kuwait, and Qatar to advance negotiations with the block.

#6- Emaar Properties explores expansion in Saudi Arabia: Emaar Properties plans to expand its operations in Saudi Arabia, particularly within the tourism, residential real estate, and commercial retail sectors, Founder and Chairman Mohamed Alabbar said in an interview with Asharq Business. This move comes amid strong performance reported from Emaar’s linked ventures in the Kingdom, including Americana and Noon, with the latter exploring a dual-listing in Saudi Arabia and the UAE within the next two years.

In similar news, Lulu Group also plans to expand its operations in the Kingdom, with plans to increase its stores from 70 to 100, chairman of the group told CNBC Arabia (watch, runtime: 4:12) in an interview.

HAPPENING TODAY-

#1- The International Forum of Sovereign Wealth Funds kicks off today and runs through to Friday at ADGM. Hosted by Abu Dhabi Investment Authority and Mubadala Investment Company, the event brings together global CEOs and senior executives from sovereign wealth funds with combined assets of more than USD 10 tn, and serves as a platform to exchange ideas and insights on the role sovereign wealth funds play in responding to global volatilities and shaping economic resilience.

#2- The Ras Al Khaimah Global Real Estate and Investment Summit is taking place today and will run until tomorrow at the Al Hamra International Exhibition and Convention Center in Ras Al Khaimah. The two-day event convenes global investors, policymakers, and developers to discuss shifts and trends in real estate, cross-border investment, and sustainability. The summit features over 40 expert speakers, aiming to connect capital with investment projects across the Middle East.

THE BIG STORY ABROAD-

It’s a busy morning in the international business press, with a slew of Big Tech earnings, along with politics-related updates as Israel continues to strike Gaza despite claiming the ceasefire is still on, and as the Dutch national elections get underway.

The key takeaways from Big Tech earnings:

Meta’s shares fell 8% after close as investors reacted to what Meta CEO Mark Zuckerberg forecast as a massive increase in capital spending next year to build out AI infrastructure. Revenues for 3Q 2025 beat analyst estimates with a 26% y-o-y jump, though failed to offset a 32% increase in expenses. (Reuters | Wall Street Journal | Bloomberg)
AI was also the reason Microsoft’s earnings took a hit, as a USD 3.1 bn investment in ChatGPT maker OpenAI ate out of its net income. It also said its capital spending will increase this year. Its shares fell 4% after the bell. (Reuters | CNBC)
Google parent Alphabet also hiked capex plans, though its advertising and cloud computing businesses beat analyst expectations. Its shares rose 6% afterhours. (Reuters | WSJ)
Over in South Korea, Samsung’s operating income in 3Q 2025 more than doubled on an increase in chip sales. (CNBC)

IN OTHER AI NEWS- US chipmaker Nvidia became the world’s first USD 5 tn company (WSJ), and OpenAI might be targeting a USD 1 tn valuation from a potential IPO next year following its restructuring (Reuters).

Over in the Netherlands, the country’s centrist right party is on track to nab the most votes in the elections, setting the stage for Rob Jetten to take the helm as the youngest ever prime minister of the Netherlands at 38. He would replace longstanding PM Geert Wilders. (Reuters | Financial Times)

Closer to home, Israel said it would halt airstrikes on Gaza and uphold the US-brokered ceasefire after a slew of attacks on Tuesday, which it said was in retaliation for the killing of an Israeli soldier in Gaza. (Bloomberg | Reuters)

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Masdar-led consortium raises offer to take India’s ReNew Energy Global private

India’s ReNew Energy Global agreed in principle to an improved buyout offer from a consortium led by Masdar, an Abu Dhabi Invest Authority subsidiary, the Canada Pension Plan Investment Board (CPP Investments), and ReNew founder and CEO Sumant Sinha, according to a filing with the US Securities and Exchange Commission (SEC).

Background: The consortium — which collectively owns around 64% of ReNew — first made its move late last year as part of a plan to take the company private and inject fresh capital into India’s fast-growing renewable energy sector. ReNew operates a 10.3 GW portfolio of solar, wind, hydro, and hybrid projects across India, making it the country’s second-largest clean energy generator after Adani Green.

The sweetened offer: The consortium raised its proposed allcash offer to USD 8.15 per share, up 15.3% from the USD 7.07 per share offer made in December 2024. The revised price represents a 28.5% premium to ReNew’s closing share price of USD 6.34 on 10 December 2024 — the last trading day before the initial offer was made public — and a 41.5% premium to the company’s 30-day volume-weighted average price of USD 5.76, the filing said. The initial offer had valued the company at USD 2.82 bn, Reuters had said at the time.

The board backs the offer: A special committee of ReNew’s board, advised by Rothschild & Co and Linklaters, said it would unanimously recommend that shareholders vote in favor of the transaction should a final binding offer be made on these terms, according to the SEC filing. Japan’s JERA Nex, which owns about 11.6% of ReNew’s issued share capital and 25.7% of shares not already held by the consortium, has also indicated that it is minded to support the offer, pending satisfaction with final terms and documentation, the SEC filing said.

Market reax: Renew Energy’s shares closed down 1.8% yesterday.

IN OTHER ADIA NEWS-

Adia trims another portion of its stake in Galderma: The Abu Dhabi Investment Authority (Adia), Swedish private equity firm EQT, and Singapore’s Auba Investment, offloaded an additional 8.4% stake in Swiss skincare firm Galderma through a block trade worth CHF 2.6 bn (USD 3.3 bn), Investors In Healthcare reports. The selldown marks the latest in a series of share sales by the fund and Galderma’s pre-IPO investors, with the current size of their stakes remaining unclear.

The details: The group offloaded around 20 mn shares at CHF 130 apiece, marking a 6.9% reduction to Monday’s closing price, Bloomberg reports, citing terms it has seen. Despite the sale, Galderma shares traded at about CHF 138 the following day.

BACKGROUND- Galderma repurchased 2.38 mn of its shares from the same consortium in May at CHF 97.75 apiece for a total amount of CHF 232.5 mn (USD 281.2 mn) as part of an accelerated bookbuild, Investors In Healthcare reported elsewhere. The consortium previously divested a 6.3% stake in the Swiss firm in March, by which time their stake was reduced to 50%, and another USD 1.2 bn stake back in September 2024 after it had initially sold off a 10% stake in August.

The divestment comes amid robust performance: Galderma’s shares have surged over 160% since their March 2024 debut, ranking among Europe’s best-performing IPOs. The company recently reported a 22% y-o-y jump in net sales in 3Q 2025 to USD 1.3 bn.

ADVISORS- Morgan Stanley, Goldman Sachs Group, UBS Group AG, Bank of America, Citigroup, and Jefferies Financial Group acted as bookrunners on the transaction.

Mubadala acquires a majority stake in the Spanish university UAX alongside other investors

Mubadala invests in Spanish university: Mubadala Investment will, along with private equity firm Cinven and the founder of the Madrid university Universidad Alfonso X el Sabio Group (UAX) Jesús Núñez, acquire a majority stake in UAX from CVC Funds, according to a press release. The founder and management team will reinvest in UAX.

How much are we talking? While the statement didn’t disclose the value of the acquisition, Bloomberg previously reported that the university could be valued at upwards of EUR 2 bn. At the time, PAI Partners and Providence Equity were among those considering throwing their hat in the ring, with several banks and lenders talking with the private equity firms to back a takeover.

In context: This acquisition is the first for Mubadala’s in the higher education sector that we’ve heard of so far this year, and potentially the second one in the education sector more broadly after it acquired a minority USD 600 mn stake in UK private school operator Nord Anglia Education in April. The move saw Mubadala join a consortium led by Swedish PE firm EQT that also includes Dubai Holding, in their USD 14.5 bn buyout of the British firm.

Al Futtaim to invest USD 2.7 bn in KSA over the next three years

Al Futtaim Group plans to invest SAR 10 bn (c. USD 2.7 bn) in Saudi Arabia over the next three years, according to a press release. The investment plan will focus on localization and developing local supply chains in the Kingdom, with the group looking to tap into the Kingdom’s Vision 2030 ambitions.

The plan: Al Futtaim is looking to focus further on sectors where it is already active in the country, including in retail, following its acquisition of a 49.95% stake in Saudi’s Cenomi Retail for SAR 2.5 bn earlier this year, and in ins. and financial services, after its subsidiary Orient Ins expanded into the Kingdom last year. The group is also eyeing the Kingdom’s real estate and automotive and e-mobility sectors.

The pledge builds on more than SAR 5 bn (USD 1.3 bn) in investments it has poured into the Kingdom so far, and reflects “confidence in the Kingdom’s potential and our readiness to actively contribute to its economic diversification and innovation agenda,” Al Futtaim’s Group Director Marwan Shehahdeh said.

Construction market warms in 2025, but cost inflation, labor shortage weigh on sentiment

The UAE’s construction market is entering 2026 on solid footing, with the majority of Turner & Townsend survey respondents (70.8%) saying they feel the market has warmed in recent months. This comes on the back of strong economic growth, an increase in investments, and more integration of AI and digital tools in the sector, Turner & Townsend said.

Costs are also on the up, with one Turner & Townsend survey respondent estimating construction costs across the market rising between 3-5% in the Emirates. The residential and mixed-use segments saw most of the uptick. Respondents also saw more projects — especially larger-scale ones — funded through public-private partnerships.

What they said: “The ever-increasing number of projects has meant that contractors, particularly those with sought after experience, can leverage their position to secure higher margin levels, or more favourable contractual terms,” director of cost management at Turner & Townsend David Griffiths said

Contractors are having to get creative in their approaches to procuring projects, with an introduction to rate fluctuations on key raw materials, and re-measurable contracts — where costs are not fixed upfront — as they look to mitigate risk and generate interest as competition slows, the report said.

Technology + digitalization are reshaping the sector’s landscape, with digital twin adoption, cloud-based tools, AI, and building information modelling increasingly integrated into operations. Adoption is still somewhat uneven, with around 75% of respondents saying the UAE’s construction sector uses some emerging tech tools, while 12.5% reported no adoption and 12.5% saw significant uptake.

The biggest challenges? Respondents cited a shortage in skilled labor, long lead times, and higher insolvency among contractors as main hurdles, along with an increase in material costs and supply chain disruptions. These challenges are expected to continue to weigh on the sector in the next year, survey respondents said.

Momentum set to continue: The construction sector is on track to hit USD 130.8 bn in output value by 2029, with the pipeline standing at USD 478.7 bn as of September, according to Knight Frank. Key projects include the AED 22 bn Dubai-Abu Dhabi hyperloop and the AED 20 bn Gold Line metro.

CBI launches CBIx to back fintech, AI, and tokenization ventures

CBI debuts CBIx to drive fintech and AI ventures: Local lender Commercial Bank International (CBI) launched CBIx, an independent subsidiary focused on ventures in AI, fintech, Web3, and tokenized finance, according to a statement (pdf). Headquartered in Dubai, the unit operates separately from the bank, allowing CBI to pilot new financial models and products across emerging digital sectors.

Under CBIx will be a corporate venture capital arm to invest in startups both in the UAE and internationally, Managing Director Ala Aljayyusi told EnterpriseAM. It has already started investing across several sectors, including 3D holographics with an investment in Tekle, Aljayyusi said. The goal is to focus on ventures that “create tangible value for the bank, our clients, or the broader innovation landscape,” he added.

Early projects through CBIx are funded through a mix of internal capital and external partnerships, Aljayyusi said. “We’re seeing significant interest from investors and collaborators who believe in the CBIx approach, [which is] not just about deploying funds, [but] about connecting ideas with the right resources, networks, and commercial pathways,” he added, describing CBIx as a “multiplier” as opposed to just a financier.

Other CBIx initiatives: The platform’s first projects include custom financial products for the gaming sector in partnership with the Dubai International Financial Center (DIFC) Gaming Hub, and help facilitating the establishment of the QCD Money Market Fund (QCDT) — the UAE’s first regulated tokenized fund launched last month, developed with QNB, Standard Chartered, and DMZ Finance.

Borouge, Multiply, Phoenix, and others hand in earnings

BOROUGE-

Adnoc petrochemicals JV Borouge reported net income of USD 294.5 mn in 3Q 2025, down 10.1% y-o-y, but up 52% q-o-q, according to its financials (pdf) and a separate earnings release (pdf). Revenues also fell 9.5% y-o-y to USD 1.4 bn due to lower benchmark prices.

Quarterly growth was fueled by record production following the completion of the planned Borouge 3 plant turnaround in 2Q 2025 — a scheduled maintenance program that temporarily reduced output earlier in the year. Robust sales volumes, up 19% q-o-q to 1.4 mn tons, also buoyed results along with strong pricing.

Nine-month performance: Net income dropped 15.4% y-o-y to USD 768.8 mn for 9M 2025, while revenues declined to USD 4.2 bn, down 5.3% y-o-y, reflecting lower pricing.

Looking ahead: Borouge reaffirmed its FY 2025 dividend guidance at 16.2 fils per share, with 2H payouts expected in April 2026. The Borouge 4 expansion project — now over 90% complete — is expected to add 1.4 mn tons of annual capacity once operational.

MULTIPLY GROUP-

Multiply Group reported a 162% y-o-y rise in net income to AED 1.9 bn in 3Q 2025, according to its financials (pdf) and a separate earnings release (pdf). Revenues more than doubled y-o-y to AED 1.2 bn. Results were driven by the consolidation of Spanish fashion retailer Tendam — in which it acquired a 67.91% stake at the start of the year — organic growth across operating verticals, and the sale of its district cooling arm PAL Cooling, which boosted results by AED 2.7 bn.

On a nine-month basis, net income stood at AED 2.7 bn — a 7.3% rise y-o-y. Revenues doubled to AED 2.2 bn from AED 1.1 bn in the same period last year.

PHOENIX-

Abu Dhabi-based Phoenix Group posted a net loss of USD 46.4 mn in 3Q 2025, compared to income of USD 47.6 mn a year earlier, as it saw a USD 48.5 mn noncash impairment on its South Carolina sites, according to its financials (pdf) and a separate earnings release (pdf). Revenues dipped 11% y-o-y to USD 31.9 mn. Still, hosting activity improved and self-mining activity increased 6% y-o-y, and margins climbing to 46%.

On a nine-month basis, Phoenix reported a net loss of USD 229.1 mn versus USD 169.8 mn in income a year before, as the firm saw higher overall costs during the period and revenues fell 40.9% y-o-y to USD 92.3 mn.

Looking ahead, the company said it expects to add 62 MW of new capacity in Ethiopia in 4Q 2025 and another 44 MW across North America by 1Q 2026, which will double self-mining capacity to 13 EH/s.

BINGHATTI-

Dubai real estate developer Binghatti Holding doubled its net income to AED 839 mn in 3Q 2025, according to its financials (pdf) and a separate earnings release (pdf). Its top line rose 67% y-o-y to AED 2.6 bn, while sales grew 79% y-o-y to AED 3.5 bn.

Over the nine-month period, the company’s revenues almost tripled y-o-y to AED 9 bn. Net income came in at AED 2.6 bn — a 145% increase from the previous year. Robust sales momentum, ahead-of-time project handovers, and strong performance from its mainstream and premium mainstream options drove the results. Non-resident investors made up 60% of total sales.

In the pipeline: Binghatti’s total assets grew 73% y-o-y to AED 22 bn, driven by project expansion and pipeline growth. The company has 27 projects currently under development — up 29% y-o-y — set to offer over 20k residential units with a combined GDV of AED 44 bn. Its pipeline also includes 11 new projects, with over 18k units planned to launch.

DUBAI AEROSPACE ENTERPRISE-

Dubai Aerospace Enterprise (DAE) saw its bottom line grow 82.3% y-o-y to USD 566.7 mn in 9M 2025, which management attributed to stronger operating performance and ins.-related recoveries, according to an earnings release (pdf). The firm’s revenues increased 25.6% y-o-y to USD 1.3 bn during the same period, driven largely by higher lease revenues from newly acquired aircraft. The firm acquired 249 owned aircraft during the period.

NATIONAL BANK OF FUJAIRAH-

The National Bank of Fujairah reported a net income AED 320 mn in 3Q 2025, a 52.9% increase y-o-y from the previous year, according to its financials (pdf) and a separate earnings release (pdf). Operating income for the quarter came in at AED 662 mn — up 6.2% compared to the same period last year.

During the nine months period, the company saw a net income of AED 945.4 mn, a 45.4% increase y-o-y, while its operating income saw a 10.6% uptick to AED 2 bn. Results were underpinned by robust business growth, strong asset management, and reduced impairment provisions.

General Commercial Gaming Regulatory Authority taps chief of licensing amid gaming push + New execs at Coca Cola, Hashgraph Ventures

GCGRA taps new licensing chief: The General Commercial Gaming Regulatory Authority (GCGRA) named Jennifer Carleton (LinkedIn) as chief of licensing and investigations, according to a post on LinkedIn. Carleton brings 30 years of experience in gaming law and regulation, advising prominent public and private gaming institutions and working with global regulators. Prior to joining the GCGRA, Carleton held an executive role at Sightline Payments, where she oversaw anti-money laundering, Title 31, BSA, and currency regulation activities.

REMEMBER- The UAE became the first regulated gaming market in the GCC after issuing its national gaming framework last year. The GCGRA has since rolled out key licenses, including the country’s first lottery license to The Game, vendor approvals for TCSJohnHuxley and Australia’s Aristocrat, and a commercial gaming license for Wynn Resorts, which is set to be the first integrated gaming resort in the MENA region.

Coca Cola Middle East names new VP: Coca Cola Middle East tapped Manuel Burgos (LinkedIn) as the company’s regional vice president and general manager, where he will oversee its regional franchise partnerships, according to a press release. Burgos brings over 16 years of experience in franchise management, marketing strategies, and operational leadership at Coca Cola. He was previously vice president and general manager for the firm in Colombia and Venezuela.

HVM taps new senior exec: Hashgraph Ventures Manager (HVM), the ADGM-regulated VC fund of Swiss-based tech and investment firm The Hashgraph Group, appointed Dara Campbell (LinkedIn) as its new senior executive officer, according to a press release. He will lead the Web3-focused fund as it looks to invest in early-stage, equity, and token-based firms.

Campbell’s 20 years’ experience spans the blockchain, VC, gaming, investment banking, and family office sectors, and he joins HVM from Varys Capital where he was head of Middle East. He was also the managing director of UAE-based gaming company Esports Management Group.

Emirates NBD extends EGP 20 bn in credit facilities to Egypt’s Elsewedy + FAB fined by Central Bank of Egypt?

DEBT-

Emirates NBD extended over EGP 20 bn in credit facilities to Elsewedy Electric to fund its expansion plans in Egypt, Saudi Arabia, and the UAE, according to a statement from the banking group. The financing, arranged by Emirates NBD teams across the three markets, will back Elsewedy’s regional projects in power, manufacturing, and infrastructure.

BANKING-

The Central Bank of Egypt has reportedly fined First Abu Dhabi Bank Misr over loans to financial services firm Beltone Holding; Beltone denies wrongdoing. Asharq Business reported that the Central Bank of Egypt has imposed fines on at least three Egyptian lenders for alleged violations of banking regulations related to loans made to Beltone Holding. The website says FAB Misr was handed a fine of EGP 1 bn (USD 77.7 mn), while at least two other banks, including NBK Egypt, were fined smaller amounts. It also reported that the regulator ordered the dismissal of a top credit officer at FAB Misr.

The CBE has not issued a statement on the matter, while FAB Misr responded briefly to Asharq Business, saying it complies with the laws and regulations of the central bank and can’t comment on matters related to its clients.

FAB’s ADX-listed shares were up 1.2% at Wednesday’s close.

M&A-

Al Batha Healthcare expands into diagnostics with acquisition: UAE-based healthcare solutions provider Al Batha Healthcare has acquired medical and laboratory solutions firm Milab Scientific (Milab), according to a press release. The value of the takeover wasn’t specified. Milab will deploy its laboratory equipment and solutions through Al Batha’s integrated network to boost the latter’s advanced diagnostics and molecular biology offerings.

ICYMI- Al Batha also recently acquired parts of Emirati drugmaker Julphar’s retail and distribution business.

HOSPITALITY-

Rotana expands footprint in KSA: Abu Dhabi-based hotel management firm Rotana Group inked an agreement to develop Rotana Jabal Omar Makkah, further expanding its presence in Saudi Arabia, according to a press release. The agreement, featuring a multi-tower complex, is part of Saudi Arabia’s broader efforts of expanding its capacity for Hajj and Umrah pilgrims, targeting 150 mn visitors by 2030.

BACKGROUND- Earlier this year the firm said it was planning to open 36 hotels across the Middle East, Turkey, Africa, and Europe, including nine it was planning to launch in Saudi Arabia. At the time, Rotana said it was planning to add five hotels to the Kingdom, and 6k rooms, this year.

PAYMENTS-

UAE-based fintech Ziina has launched a new digital card, backed by Visa and available through Apple Wallet, targeting both individuals and businesses, TechAfrica News reports. The service allows for instant spending and aims to streamline cashflow management for businesses where delayed client payments can disrupt day-to-day operations. The new digital card will offer business rewards, including price reductions for tools like Microsoft 365 and Google Workspace.

ICYMI- The new digital payment service builds on Ziina’s addition of Tap to Pay to its infrastructure earlier this year, enabling contactless, in-person payments.

Fed delivers second rate cut this year

The US Federal Reserve delivered its second rate cut this year, cutting rates by 25 bps overnight and bringing the target range down to 3.75-4%, according to a statement. The rate is now at a three-year low as policymakers navigate weak labor data, political pressures, and a government shutdown that has limited access to key economic indicators.

Concerns about job numbers largely drove the decision. Downside risks to US employment rose in recent months, the statement said, pointing to a slowdown in job gains. Meanwhile, the economy is growing at a moderate pace and inflation remains “somewhat elevated,” as per the Fed’s assessment.

Not everyone’s on board: Two policymakers voted against the decision, with one wanting a bigger 50 bps cut — in line with the Trump administration pressures — and the other supporting no cuts.

The decision comes as the central bank operates “in a fog,” with no access to fresh labor data due to the US government shutdown, Fed watchers told Reuters . The latest inflation data came in delayed last week, and the government has suspended collecting new data since the shutdown began earlier in October.

Don’t count on a cut in December: “A further reduction in the policy rate at the December meeting is not a foregone conclusion, far from it,” Bloomberg quotes Powell as saying after the decision. Markets reacted to Powell tempering expectations, with the S&P 500 closed flat, paring the day’s gains. The prospect of a rate cut in December is now at two-to-one odds.

ALSO- The Fed said it would stop shrinking its portfolio of assets starting December. The process that started in 2022 — called quantitative easing — shed some USD 2.3 tn of treasuries and mortgage-backed securities. The Fed’s balance sheet is now below USD 6.6 tn, smallest since 2020.

MARKETS THIS MORNING-

Asian markets are little changed this morning, as all eyes are on the Trump-Xi summit hoping it will yield a breakthrough in trade talks. Wall Street futures are indicating a higher opening after a flurry of tech earnings.

ADX	10,162	-0.0% (YTD: +7.9%)
DFM	6,089	+0.3% (YTD: +18.0%)
Nasdaq Dubai UAE20	5,002	-0.0% (YTD: +20.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	3.7% 1 yr
Tadawul	11,752	+0.7% (YTD: -2.4%)
EGX30	38,230	-0.2% (YTD: +28.5%)
S&P 500	6,891	0.0% (YTD: +17.2%
FTSE 100	9,756	+0.6% (YTD: +19.4%)
Euro Stoxx 50	5,706	0.0% (YTD: +16.5%)
Brent crude	USD 64.92	+0.8%
Natural gas (Nymex)	USD 3.38	+0.9%
Gold	USD 3,957	-1.1%
BTC	USD 110,988	-1.7% (YTD: +18.7%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.80	+0.5% (YTD: +9.1%)
S&P MENA Bond & Sukuk	152.73	+0.2% (YTD: +9.1%)
VIX (Volatility Index)	16.92	+3.1% (YTD: -1.8%)

THE CLOSING BELL-

The DFM rose 0.3% yesterday on turnover of AED 662.8 mn. The index is up 18.0% YTD.

In the green: Al Mal Capital REIT (+15.0%), Salik Company (+3.3%) and Spinneys (+2.6%).

In the red: Dubai Ins. Co. (-8.8%), Chimera S&P UAE Shariah ETF- Share class B - Income (-5.2%) and Agility The Public Warehousing Company (-5.2%).

Over on the ADX, the index remained flat on turnover of AED 1.0 bn. Meanwhile, Nasdaq Dubai also remained flat.

CALENDAR

OCTOBER

29 October-19 November (Wednesday-Wednesday): Abu Dhabi Infrastructure Summit (ADIS).

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 Center.

NOVEMBER

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

2-3 November (Sunday-Monday): Global AI Summit, Abu Dhabi Energy Center, Abu Dhabi.

2-6 November (Sunday-Thursday): Institutional bookbuilding period for Almasar Education’s IPO on Tadawul.

3-6 November (Monday-Thursday): ADIPEC, Abu Dhabi

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 Center.

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.

18-20 November (Tuesday-Thursday): Retail subscription period for Almasar Education’s IPO on Tadawul.

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 November (Wednesday): Final allocations for Almasar Education’s IPO on Tadawul.

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 Center, 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.

21-23 April (Tuesday-Thursday) : UITP Public Transport Summit 2026, Dubai

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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