Divestment day: IHC sells stake in Modon, Taqa divests stake in Indian power plant

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Adnoc could close Covestro acquisition before early December + DMCC to develop new financial center

Good morning, lovely people, and happy FRIDAY. Today’s issue is all about Abu Dhabi’s biggest firms reviewing their portfolio and rebalancing their investments — with IHC selling its entire stake in Modon as it looks to reduce exposure to the property sector and scale investments in other, high-growth sectors. Meanwhile, Taqa is divesting its stake in a power plant in India as its shifts its focus to cleaner energy.

Plus: It’s another investment-heavy day, with Lunate anchoring a new platform by Blackrock-owned HPS with USD 1 bn in investments, DP World pledging USD 5 bn in investments in India, and more.

WEATHER- More of the same: Temperatures in Dubai and Abu Dhabi will peak at 33°C, with an overnight low of 25°C, according to our favorite weather app.

WATCH THIS SPACE-

#1- Abu Dhabi National Oil Company (Adnoc) could close its EUR 14.7 bn acquisition ofGerman chemicals maker Covestro in 4Q 2025, before 2 December, Covestro said in an earnings call (pdf). The company narrowed its full-year forecast for net income due to weak demand, with lower prices caused by oversupply from Asia due to US tariffs. It said the acquisition will secure it financially.

REFRESHER- Adnoc’s acquisition of Covestro marks its largest-ever M&A transaction and one of the biggest Gulf takeovers of an EU-listed company, as the state-backed energy major continues to diversify downstream and expand its global chemicals footprint. The acquisition is pending clearance from the European Commission after Adnoc submitted a package of concessions to ease EU concerns over a state-backed unlimited guarantee.

ALSO ON TRACK- UAE-based Sidara’s acquisition of the UK’s Wood Group is set to close soon after the company published its 1H 2025 earnings and 2024 accounts, which had been delayed due to an independent review of its accounting. The company said the move “represents an important step towards delivery of the Sidara offer which, if approved by shareholders, will lead to a significant injection of capital to the group,” in a statement yesterday.

#2- UAE to hand over 60% of revenues from Islamabad Airport in takeover? Abu Dhabi Investment is currently in negotiations with Pakistan after it agreed to takeover operations of Islamabad International Airport, with current talks floating the idea of the UAE earmarking a 60% revenue share for Pakistan, Bloomberg reports, citing Pakistan’s joint Aviation Secretary Wasim Tariq at a briefing.

REFRESHER- In September Pakistan’s cabinet greenlit the transfer of operations of Islamabad Airport to the UAE under a government-to-government model, though at the time no investment ticket or timeline was given. Talks ironing out the fine print were set to follow on the transfer, which was agreed upon as a condition of the International Monetary Fund’s USD 7 bn bailout reform agenda.

Who was pipped at the post? Pakistan’s government rejected a bid from a consortium made up of Turkey's Yapi and ERG UK who had offered to keep 40% of revenues for Pakistan, Tariq said.

More to come: The Pakistani government is now in the process of appointing financial advisers to facilitate the transfer of its remaining two airports, and national carrier Pakistan International Airlines is also set to be sold by the end of the year.

#3- DIFC proposes amendments to real property law: Dubai International Financial Center (DIFC) has released a consultation paper (pdf) proposing amendments to the Real Property Law and Regulations. The changes focus on fees and deadlines related to property leases, as well as liabilities for construction defects. The deadline for providing feedback is 28 November.

Proposed amendments include:

Giving the real property registrar the right to waive penalties and other provisions where deemed appropriate, in cases including third-party delays or exceptional circumstances;
Extending the time period for registering a lease to 45 days from 30 days;
Extending the deadline to settle freehold transfer fees for off-plan sales to 60 days from 30 days;
Bringing in a 10-year liability period on contractors for construction defects;
Lowering the penalty for failing to register a lease to USD 100, down from USD 1k;
Scrapping the USD 545 application fee for lapsing of caveats, after the right to apply for such lapses was abolished.

REMEMBER- The latest amendments to DIFC’s Real Property Law and Regulations came last November, providing clarity on where the law stands on issues outside of DIFC statutes, backstopping any gaps with English Common Law and other international common law jurisdictions.

#4- Dubai Multi Commodities Center (DMCC) will develop a new financial center in Dubai, which will house banks, fintech, accelerators, and investors, extending beyond trade and commodities, according to Dubai Media Office. More details on the new center will be announced at the Dubai Precious Metals Conference next month.

The expansion comes as Dubai’s commercial space remains as tight as ever — the vacancy rate in Dubai International Financial Center (DIFC) dropped to 2% and rents jumped by a record 46% at the start of the year. Rents surged by as much as 94% in key locations like Business Bay, pushing prices to rival those at premium DIFC properties. Demand is only set to increase as DMCC saw some 1.1k new companies join the center in 1H 2025, bringing its total to 26k.

#5- UAE’s Rotana eyes Damascus for investment as Syria opens up: Abu Dhabi-based hotel operator Rotana is eyeing hotel projects in Damascus and has been approached by investors and developers for projects in the country, as well as in Iraq and Lebanon, the firm’s chief executive Philip Barnes told The National.

Where we’re at: Rotana is talking with developers looking to manage their hotels in Syria — though any possible projects are still 2-3 years away from completion. Hospitality players are reportedly also seeking incentives from the Syrian government to set up shop there.

IN CONTEXT- Since the fall of Bashar Al Assad’s regime last year, Syria has attracted nearly USD 28 bn in investments to support economic recovery. The country recently announced plans for an international investment roadshow to drum up capital from GCC investors. Emirati players are already involved in the country’s recovery, with DP World set to develop and operate Tartous Port, Abu Dhabi’s National Investment Corporation developing a metro system in Damascus, and Al Habtoor Group expressing interest in real estate and hospitality ventures in the capital.

PSA-

More details on incoming sweetened drink tax: The Federal Tax Authority (FTA) has told producers and importers of sugar-sweetened beverages to review their drink formulations and specified the allowed quantities of sugar before the tax comes into effect early next year, according to a statement. The new system will follow a tier scheme that depends on the concentration of sugar, rather than a flat rate.

We knew this was coming: Announced last July, the mechanism will link tax per liter directly to the sugar content per 100 ml.

The new sugary system: Drinks with 8g or more of sugar or other sweeteners per 100 ml will be classified as high-sugar, while drinks with 5-8g count as moderate-sugar, and those with less than 5g of total sugar will be low-sugar drinks. Energy drinks will be subject to the 100% rate, while those containing natural sugars will be fully exempt.

HAPPENING TODAY-

#1- Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan is in South Korea to attend the Asia-Pacific Economic Cooperation Forum, which wraps tomorrow, according to a statement.

#3- The International Forum of Sovereign Wealth Funds is on its final day today 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.

#3- The Ras Al Khaimah Global Real Estate and Investment Summit is wrapping up today 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-

Another day, another wave of Big Tech earnings is upon us:

#1- Amazon’s shares soared 14% in afterhours trading after the company posted the fastest increase in cloud revenues in three years and forecast quarterly sales above estimates. (Reuters | Bloomberg | Wall Street Journal)

#2- Apple expects next quarter to be its best ever in terms of iPhone sales as holidays spur buying, with double-digit growth forecast — double analyst estimates. The company narrowly beat analyst expectations with its net income and sales figures in its fiscal fourth quarter. (Reuters | Bloomberg | WSJ)

Meanwhile, Netflix has reportedly tapped Moelis & Co to mull a bid for Warner Bros Discovery’s studio and streaming business, potentially giving it control over plenty of franchises, from Harry Potter to DC Comics. (Reuters | Bloomberg)

PLUS- A day after saying it plans to hike spending on AI next year, Facebook owner Meta raised USD 30 bn in bonds, marking the biggest bond sale of the year, with some USD 125 bn in orders placed. (Bloomberg)

And across the pond, Prince Andrew is prince no more: King Charles stripped Prince Andrew from his royal title and evicted him from his royal residence in a rare move aiming to salvage the royal family’s reputation amid fresh revelations about his friendship with Jeffrey Epstein and [redacted] abuse allegations from Virginia Roberts Giuffre, one of Epstein’s victims. (Financial Times | AP | Guardian | New York Times | WSJ)

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CIRCLE YOUR CALENDAR-

The Abu Dhabi Investment Office is hosting DriftX from Monday, 10 November to Wednesday, 12 November at Yas Marina Circuit in Abu Dhabi. Part of the Abu Dhabi Autonomous Week, the event will showcase autonomous and robotic mobility solutions like self-driving cars, maritime vessels, and eVTOLs.

Binance Blockchain Week will be happening on Wednesday, 3 December and Thursday, 4 December at the Coca-Cola Arena in Dubai. The two-day event focuses on cryptocurrency and digital asset innovation, featuring panel discussions and product showcases to attract leading figures from the crypto industry.

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

IHC sells Modon stake, closer to acquiring stake in India’s Sammaaan Capital

Abu Dhabi’s International Holding Company (IHC) subsidiaries Alpha Dhabi and IHC Real Estate Holding have together offloaded IHC’s entire 42.5% stake in Abu Dhabi developer Modon, to Abu Dhabi government-owned L’imad Holding Company, according to a statement. The company now owns an 84.76% stake in Modon.

IHC netted AED 26.3 bn from the sale, according to two separate disclosures to the ADX here (pdf) and here (pdf).

The sale comes as part of a strategic review of its portfolio, with an eye towards “balanced exposure across sectors and geographies,” state news agency Wam reported. The company’s sector concentration framework entails that its exposure to any given sector is capped at 20%, so it will now recycle the capital from the real estate sector to sectors like healthcare, technology, energy, food and agriculture, and financial services, Wam said.

The company also said it is a “timely” exit that will help it unlock additional liquidity, given Modon’s revenues and profitability. The developer reported some AED 6.5 bn in revenues in 1H 2025, up 199.1%, while its bottomline came in at AED 2.1 bn, down 75.7% due to an acquisition gain in 1H 2024. IHC had originally acquired (pdf) a stake in Modon in 2023.

MEANWHILE- IHC is on track to close its USD 1 bn acquisition of a stake in Mumbai-listed mortgage-focused Sammaan Capital, after the majority of the lender’s shareholders approved the transaction, with some 94.41% voting in favor at an extraordinary general assembly (pdf).

The company is now set to acquire a 41.2% stake in the firm through its affiliate Avenir Investment, which will acquire newly issued shares in the lender. The plan was initially to issue 330 mn equity shares and 306.7 mn convertible warrants at INR 139 per share. The transaction will also trigger a mandatory open offer to acquire an additional 26% stake at the same price.

REMEMBER- IHC plans to deploy USD 110 bn in India over the next five years, and it has previously invested in Adani Group companies and Haldiram Snacks Foods.

ADVISORS: Jefferies and Citi Bank are reportedly advising Sammaan Capital on the transaction.

Taqa sells full stake in Indian power plant

Taqa exits India’s lignite power play: Abu Dhabi National Energy Company (Taqa) has fully exited its India 250 MW lignite power plant after selling its 100% stake in Taqa Neyveli Power Company to MEIL Energy, an affiliate of India-based Megha Engineering and Infrastructure, according to a disclosure (pdf). The sale was valued at around AED 387 mn.

Going green: The sale comes as the firm shifts its focus to low-carbon, flexible gas-fired power generation, and expanding renewable investments through its stake in Masdar. “This sale represents a considered adjustment to our generation portfolio as we continue progressing towards a more sustainable energy mix,” CEO of Taqa’s generation business Farid Al Awlaqi said. The company’s gross clean power generation stands at some 70 GW.

Making moves: Taqa also moved to offload selected assets in Alberta, tapping TPH&Co to advise Taqa North on the divestment.

Taqa began paring back its oil and gas business since 2022, after completing a strategic review and opting to retain its upstream operations with the exception of upstream assets in the Netherlands.

Lunate earmarks USD 1 bn to anchor global investment platform with Blackrock-owned HPS

Abu Dhabi-based asset manager Lunate will commit USD 1 bn to anchor the launch of HPS Strategic Solutions Partners Platform with BlackRock-owned global alternative investment firm HPS Investment Partners, according to a statement. HPS, which had USD 165 bn in assets under management as of June, and Lunate, which manages USD 110 bn, are co-creating the platform, Reuters reported.

The platform will target large-scale investments in major companies across the US and Europe, and provide customized financing solutions to support their strategic growth objectives. It will focus on privately negotiated preferred and common equity investments, as well as related debt instruments, in both sponsor and non-sponsor owned corporations. The companies said they will also work together to provide MENA-based investors access to the new platform, as they seek to capitalize on growing global demand for private credit.

Lunate and Blackstone have other partnerships in the works: The asset manager formed a strategic partnership with alternative asset manager Blackstone to develop a new platform earlier this year to build a USD 5 bn portfolio of Grade A logistics assets across the GCC.

DP World to invest additional USD 5 bn in India’s supply chain sector

DP World will invest an additional USD 5 bn in India to strengthen its supply chain network through multimodal connectivity and infrastructure, according to a press release. The announcement was made during India Maritime Week 2025, where DP World inked five MoUs with several industrial partners. The signed agreements include:

An MoU between its feeder and multimodal transportation business Unifeeder Sagarmala Finance Corporation to develop India’s shipping capabilities to develop green coastal and short-sea shipping across India;
An MoU between DP World and the Cochin Port Authority to upgrade handling facilities at DP World’s International Container Transshipment Terminal in Kochi;
A tripartite MoU between Drydocks World, Cochin Shipyard, and the Center of Excellence in Maritime and Shipbuilding (CEMS) to improve skill development in shipbuilding and repair;
An MoU between Deendayal Port Authority, DP World, and Nevomo (MagRail) to design and install a 750-metre booster pilot track in the port.

Background: Abu Dhabi is also planning on investing upwards of USD 2 bn in India’s Maharashtra’s ports and shipbuilding sector, under an MoU inked between Abu Dhabi Ports Group, Abu Dhabi Investment Office, and Maharashtra Ports Department. Meanwhile, 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.

It’s all part of a bigger plan: DP World, which has invested USD 3 bn so far in India, had planned to boost its presence in the country by expanding into more industrial parks and logistics projects. The port operator launched operations at Cochin Economic Zone in the Vallarpadam terminal back in June 2024 and also operates in Mumbai’s Nhava Sheva Business Park and Chennai’s Integrated Chennai Business Park. The firm also operates five container terminals in India’s Mundra, Cochin, and Chennai, as well as two in Mumbai.

CBUAE’s October T-Sukuk for was oversubscribed 4.2x

The Central Bank of the UAE's (CBUAE) AED 1.1 bn T-Sukuk auction in October was 4.2x oversubscribed, receiving AED 4.6 bn in bids, with participation from eight primary investors, according to the state news agency Wam.

(**Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The details: The auction included two tranches, with the first tranche set to mature in October 2027, offering a yield of 3.49%, while the second tranche will mature in 2030 with a yield of 3.65%. The yields represent a spread of 7 basis points above comparable US Treasuries.

October’s auction builds on successive oversubscribed auctions over the past months, including one in September seeing 4.6x in demand and one in July which saw 5x in demand and received AED 4.5 bn in bids. June’s auction drew AED 6.2 bn in bids and was 5.6x oversubscribed, May’s auction was 6.3x oversubscribed, and April’s AED 6.12 bn gave it a subscription rate of 5.6x.

REMEMBER- The Finance Ministry is opening up its T-sukuk to retail investors, allowing individuals to invest directly in shariah-compliant government-backed treasury sukuk through national banks. The initiative aims to boost financial inclusion and widen its investor base for government-backed financial instruments.

A few key new details around the initiative have been made public: While we’re still waiting for the partnering banks to be announced, the Finance Ministry published FAQ s to offer more details on what to expect. Retail investors will pay a preferential transaction fee of 0.25% for buying and selling T-sukuk, while a yearly running fee amounting up to 0.30% will be applied on the total investment portfolio on a monthly or a quarterly basis, or as applicable. Investors will also receive their returns on a semi-annual basis.

No taxes will apply on individuals investing in T-sukuk, given the absence of income tax, according to the ministry.

On the 3Q earnings menu today: NMDC Group, Alef Education, DFM

NMDC GROUP-

NMDC had a solid 9M: The National Marine Dredging Company (NMDC) Group saw its net income increase 26% y-o-y to AED 2.8 bn in 9M 2025. Meanwhile, the ADX-listed firm’s top line increased 11% y-o-y to AED 20.5 bn during the same period, largely on the back of improved margins and consistent delivery on projects across segments, according to an earnings release (pdf) published last week.

Global drive(r): The firm’s current backlog reached AED 62.3 bn as of September 2025, driven by strategic expansions in global markets. NMDC Group’s total awarded projects in 9M 2025 also reached the size of AED 17.7 bn — with global markets accounting for 38% of the total. The Group secured a USD 1.1 bn EPC contract for a pipeline project in Taiwan and a USD 104. mn contract for a new marina development in Oman, and entered the Philippines market through a USD 610 mn dredging work contract for a harbor project in Manila Bay.

ALEF EDUCATION-

Alef Education reported a net income of AED 132.4 mn in 3Q 2025, an 11.2% increase y-o-y, according to its quarterly financials (pdf) and management and discussion analysis report (pdf). It also logged a revenue of AED 215.5 mn, up 9.2% from the previous year.

For 9M, the firm reported a top line of AED 572.8 mn (+3.9% y-o-y), underpinned by improved performance from its support and services segment. The segment saw revenues up by 26.4% y-o-y, six new contracts worth a total of AED 57 mn, and strong cost efficiency and core operations — resulting in a 5.6% bottom-line uptick to AED 364.7 mn.

As for dividends: The company is aiming to distribute AED 135 mn in annual dividends to its 20% market shareholders in two installments, according to a separate earnings release (pdf).

Looking ahead: Alef Education expects revenues to grow by 3-4% during FY 2025 and EBITDA to rise by 8-9% y-o-y. Its net income is anticipated to increase 7-8%, with a margin of 60%.

DUBAI FINANCIAL MARKET-

Dubai Financial Market (DFM) reported a net income of AED 140.1 mn for 3Q 2025, up 48.8% y-o-y, according to its financials (pdf) and a separate earnings release (pdf). Total income increased 32.2% y-o-y to AED 204.5 mn.

For 9M 2025, net income was up 3x y-o-y, reaching AED 851.7 mn. Total income surged by 137.5% y-o-y to AED 1.1 bn over the same period. Growth was supported by robust trading activity, diversified income streams, and a one-off gain from the sale of an investment property worth AED 467.2 mn.

The DFM rounded off 9M with a market capitalization of AED 995 bn, up 9.7% since the start of the year, and its total traded value came in at AED 133 bn — rising 82% as the index welcomed 82.7k new investors during the period. Foreign investors accounted for 84% of newcomers and institutional investors were behind 70% of overall traded values.

Adio eyes more FDI flows with Australia through new MoUs

INVESTMENT-

Adio, Australia ink agreements on FDI + trade: The Abu Dhabi Investment Office (Adio) has inked two investment and trade-focused agreements with Australia, according to two statements from the Abu Dhabi Media Office (here and here). The agreements come after the two countries’ recent trade and economic partnership agreement took effect.

An MoU with Australia’s National Reconstruction Fund Corporation (NRFC) will see the two develop initiatives to boost bilateral foreign direct investment flows, as well as share economic and policy data to support investment and intergovernmental cooperation. NRFC’s primary focus is Australia’s manufacturing sector.

Adio also partnered with the Australia Arab Chamber of Commerce and Industry (ACCI) in a tie-up that will include business delegations, market insights sharing, and networking efforts to increase trade and investment between the ACCI and Arab League states.

REAL ESTATE-

#1- India’s Panchshil Realty partners with Betterhomes on UAE debut: India-based luxury developer Panchshil Realty is partnering with Dubai-based real estate agency Betterhomes to launch its first project in Dubai, according to a press release. Betterhomes will lead on sales and consultancy for the project, which is the Indian firm’s first venture into the Emirati market.

About Panchshil: The luxury developer has delivered around 35 mn sq ft to date, with another 43 mn sq ft set to come online in India spanning offices, data centers, luxury residential communities and hotels, and retail.

#2- Union Properties launches second real estate project in Motor City: DFM-listed Union Properties has launched Mirdad, an AED 2 bn residential development in Dubai’s Motor City, according to a DFM disclosure (pdf). The 365k sq ft development will be made up of four residential towers and include 1.1k units ranging from studios to three-bedroom apartments. Completion is slated for 4Q 2028.

Two down, one to go: The development is part of Union Properties’ plan to invest AED 6 bn over three Motor City projects. The firm’s first Motor City build is the AED 2 bn Takaya development, launched last year and slated for completion in 4Q 2027. The third and final project was in the design and planning phase when the strategy was announced last September.

AUTOMOTIVE-

Indian used cars platform Cars24 will build an AED 55 mn automotive refurbishment hub at DP World’s National Industries Park after the two inked a partnership, according to the Dubai Media Office. Cars24, a unicorn startup valued at over USD 3 bn, will start construction on the 220k sq ft solar-powered facility in November and aims to have it operational by August 2026.

More details: The facility will process more than 100k vehicles annually and be integrated with DP World’s logistics network and economic zones. Its operations will include refurbishment, quality inspections, and post-sales and export support, with a focus on EVs.

INVESTMENT-

National Bonds has launched the Shariah-compliant Capital Protected National Bonds Fund under the alternative end-of-service benefits system, according to a press release. The fund allows employees to invest their savings in approved financial instruments offering stable returns and market protection. Employees can contribute up to 25% of their salary to the scheme, adding to contributions from end-of-service funds from employers.

ICYMI- In February, alternative asset manager Lunate launched a similar investment fund, after the UAE cabinet approved its alternative end-of-service benefits scheme to offer UAE-based employees alternative end-of-service benefits and savings plans to the traditional system.

INVESTMENT-

A new AED 4.7 bn endowment district in Dubai: Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum launched the Mohammed bin Rashid Endowment District — a development backed by AED 4.7 bn in investments that will channel its proceeds to global education and healthcare initiatives, a Dubai Media Office statement read.

How it’ll work: The 2 mn sq ft district will be made up of residential, educational, and healthcare developments, including a 250-bed hospital, 2k residential units, a mosque, and retail and service amenities. It aims to attract over 12k visitors daily and will give the proceeds to endowment-linked projects. Currently AED 330 mn of the AED 4.7 bn total capital earmarked for the project has been contributed by a group of investors, the statement read.

Saudi IPOs drive MENA’s strongest run since the financial crisis — EY

The MENA IPO market recorded its strongest performance since the global financial crisis during 9M 2025, according to EY Global’s latest IPO Trends report (pdf). The region (including Israel) saw 54 IPOs in the first three quarters of the year, raising USD 6.3 bn. The surge reflected continued diversification across sovereign wealth investment, energy, and technology-driven sectors as well as ongoing regulatory reform and active listing pipelines across the GCC.

3Q 2025 saw 17 IPOs, generating a combined USD 1.1 bn in proceeds — up 38% in transaction count and 19% in value compared with the same quarter last year. Saudi Arabia continued to lead the region, accounting for nine listings — six on Nomu and three on main market Tadawul — with total proceeds reaching USD 646.5 mn. The largest of these was Dar Al Majed Real Estate, which raised USD 335.8 mn on the main market Tadawul. Saudi’s market capitalization stood at USD 2.7 tn.

Saudi IPOs this year are concentrated in real estate, industrials, retail, hospitality, and construction, compared to 2024 when healthcare, transport, and mobility were in the lead, EY MENA IPO Leader Gregory Hughes said.

Looking ahead: Despite macro headwinds, several IPOs are expected to come to market in the next six months, signaling an active pipeline, EY said. On Saudi, Hughes added that despite KSA’s weakened fiscal position, we can still expect a healthy pipeline in 4Q 2025.

Global IPOs rebound: Worldwide, IPO activity rose to 914 listings in 9M 2025, raising USD 110.1 bn, up 41% y-o-y in proceeds. 3Q alone saw 370 IPOs raising USD 48.2 bn, an 89% increase y-o-y. The US, India and China remain the three largest markets by volume and proceeds, EY said. The report described the rest of 2025 and early 2026 as “a period of gradual re-opening rather than a straight-line rebound,” adding that well-prepared issuers with solid fundamentals and transparent business cases are most likely to perform well.

MARKETS THIS MORNING-

Most Asian markets are in the green on positive indicators around US-China relations following talks between US President Donald Trump and Chinese President Xi Jinping that will see the US lower tariffs on China. Japan’s Nikkei rose 1% to hit a fresh record, while the Kospi added 0.2% and China’s CSI 300 was flat.

Meanwhile, Wall Street futures point to a strong open after strong earnings reports from Big Tech yesterday.

ADX	10,212	+0.5% (YTD: +8.4%)
DFM	6,105	+0.3% (YTD: +18.3%)
Nasdaq Dubai UAE20	5,042	+0.6% (YTD: +21.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.9% o/n	3.7% 1 yr
TASI	11,656	-0.8% (YTD: -3.3%)
EGX30	38,268	+0.1% (YTD: +28.7%)
S&P 500	6,822	-1% (YTD: +16%)
FTSE 100	9,760	+0.0% (YTD: +19.4%)
Euro Stoxx 50	5,699	-0.1% (YTD: +16.4%)
Brent crude	USD 65.00	+0.1%
Natural gas (Nymex)	USD 4.05	+2.5%
Gold	USD 4,045.6	+0.7%
BTC	USD 107,513	-3.1% (YTD: +13.8%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.8	0.0% (YTD: +9.1%)
S&P MENA Bond & Sukuk	152.67	-0.0% (YTD: +9.1%)
VIX (Volatility Index)	16.91	-0.1% (YTD: -2.5%)

THE CLOSING BELL-

TheADX rose 0.5% yesterday on turnover of AED 1 bn. The index is up 8.4% YTD.

In the green: National Bank of Fujairah (+14.9%), Oman and Emirates Investment Holding (+11.1%) and GFH Financial Group (+5.1%).

In the red: Abu Dhabi National Takaful Co. (-9.9%), Phoenix Group (-3.9%) and Eshraq Investments (-2.7%).

Over on the DFM, the index rose 0.3% on turnover of AED 673.8 mn. Meanwhile, Nasdaq Dubai was up 0.6%.

My Morning Routine: Jeffrey Beyer, founder and managing director of Zest Associates

Jeffrey Beyer, founder and managing director of Zest Associates: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Jeffrey Beyer (LinkedIn), founder and managing director of Zest Associates. Edited excerpts from our conversation:

I've been a sustainability consultant for almost 20 years. I'm a committed environmentalist, but also somebody who understands the business realities of sustainability. Outside of my profession, I’m just a fun guy.

I founded Zest Associates in 2020 in Dubai as a sustainability consultancy that does two things. One side is policy and strategy work where we work with governments and agencies around renewable energy policy, energy efficiency initiatives, food security, and certification initiatives, for example. The other side is cleantech innovation support, where we work with innovators who have technologies or solutions ranging across a wide variety of fields that have a space to thrive in the Middle East, from wastewater treatment to desalination, green mining, and resource recovery. We help them enter the market, find clients and investment partners, and set up joint ventures.

I had a business in London — where I lived for around 10 years — before coming here, where I did a lot of global international policy work, helped to establish an Offshore Wind Center of Excellence, and started a cleantech venture capital fund. I wanted to bring that experience to the region, where I see a huge amount of potential to create change.

People here are quite open to good ideas, and they think big when it comes to sustainability and climate change. Paper straws aren't going to cut it; you need to really pursue big initiatives, and I think the Middle East is open to listening to big ideas. I found it to be a very receptive environment for Zest.

You need to invest a lot in infrastructure in order to bring the energy from solar panels or wind turbines into the grid, and you need to learn how to operate a grid in a safe and reliable way with new and renewable energy. Just last week, I was in California and Texas, leading a delegation of high-level Saudi officials to learn about best practices from these two jurisdictions, because they've been able to integrate huge volumes of wind and solar. They're deploying a lot of battery energy storage systems, and they're also managing the challenges that come with data center and artificial intelligence loads, which are driving a huge amount of electricity growth around the world.

I think this is one of the great things about the energy sector — it's a very collaborative space, especially when it comes to grid operations. A company in Texas isn't really competing with one in Saudi — they're both trying to solve the same problems and are able to share their learnings and their best practices with a real genuine interest for mutual exchange. That’s how some of these challenges are being overcome; by learning from others and seeing how they’ve dealt with challenges.

In terms of cleantech, what’s important is that it also needs to be economically attractive, easy to implement, and deliver better performance, while being better for the environment. There’s several cleantech innovations I like, including in the wastewater treatment and desalination space. Food security and desertification are also key for the region, given there’s a huge push from a policy perspective around food security.

I usually start my day with a high-protein vegetarian breakfast. I'm vegetarian, partly because meat in particular produces around 12 to 20% of global emissions and drives deforestation, so there's a big environmental reason for me.

I'm most productive right in the morning when I first get to work, so I try to center myself for the day by looking at my calendar and prioritizing my tasks, so it's almost like a daily check-in with myself where I set my intention for the day. It gives me a sense of control over my day and time.

My work is mostly split between Riyadh and Dubai, so I'm based at the Energy Ministry in Riyadh most days, but then do additional consulting back in Dubai. I fly a lot, which is really bad for the environment, but it’s also a reason why I'm really focused on sustainable aviation fuels.The Middle East is the best place in the world to develop sustainable aviation fuels. It's got all the right components, so I'm really eager to push through some initiatives around SAF.

I usually work late, go home, and go to the gym. I like to cook, so I’ll usually cook a nice veggie-based meal every night. On the weekends, I like to go to the beach in Dubai, especially when the weather is a bit cooler.

I'm really passionate about international programs that try to solve challenges faced by a group of countries. I really like the idea of cross-fertilizing solutions and sharing them with other countries that are facing similar problems.

I want to try and create something that lasts, rather than doing piecemeal projects. I think forming initiatives and supporting other innovators to bloom and to bring their good ideas to the market and test them is really important. People really need someone to believe in them early on, and getting that first project is the hardest thing for innovators.

I've put together a concept for a demonstrator initiative around food security and desertification to attract innovators, prove the technical and commercial viability of innovations, and then help them scale up in the region. That’s something I’m very excited about. I’m generally quite passionate about food security and its relationship to sustainability.

I just finished a book a couple of days ago called What We Can Know by Ian McEwan. It's set in 2130, and it’s kind of a bleak dystopian future. It's a climate-ravaged world where society's broken down. The book shakes you a bit and it reminded me of the purpose behind my work. With any job, you can wake up in the morning and it’s just a day at the office and you're not always feeling really purpose-driven. Reading this book illustrated in a very human way how things turn out if we don't actually address climate change.

Two pieces of advice I think have resonated with me; one is pretty simple, from my dad, and it’s to just be reasonable with everything in life. The second one from a professional perspective is one I learned from Al Gore, who had said there’s no silver bullet for climate change. It's a buckshot approach where you just need to do everything all at once. There's no single savior or a single technology or approach, but it’s everything all at once — and I think that this resonates very well with the UAE's position around maximum energy, minimum emissions, and their approach to technologies that people around the world may not be as enthusiastic for.

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.

11-12 (Tuesday-Wednesday): World Tobacco Middle East, Dubai World Trade Center.

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.

17-18 November (Monday-Tuesday): The Mining Show, Za'abeel Halls, Dubai World Trade Center.

17-19 November (Monday-Wednesday): Middle East Organic & Natural Products Expo, Dubai World Trade Center.

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

18-19 November (Tuesday-Wednesday): Dubai International Food Safety Conference (DIFSC), Dubai World Trade Center.

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

19-20 November (Wednesday-Thursday): Knowledge Summit, Dubai World Trade Center.

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.

24-27 November (Monday-Thursday): LiveableCities X, Dubai World Trade Center.

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.

3-4 December (Wednesday-Thursday): Binance Blockchain Week, Coca-Cola Arena, Dubai.

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 Center, 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, ADGM, 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

MAY 2026

19-20 May (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, 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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