Samana eyes IPO, debut sukuk + DIB plans maiden s-linked sukuk

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: DIB eyes debut s-linked sukuk + Multiple shareholders sign off on 2PointZero, Ghitha merger

Good morning, lovely people. We have a mixed bag of news for you today, from more movement from Dubai’s real estate developers in capital markets, to fresh regulations from the Dubai World Trade Center allowing firms to issue multiple share classes — a move that is set to be a boon for both investors and founders.

PLUS- We have more investment news from Crescent Enterprises’ CE-Invests, which is planning a AED 1 bn drive across India, Southeast Asia, and the Gulf.

AND- A morning must-read for the AI nerds and worried parents among you thinking about the dangers of the online world for vulnerable and young users. We spoke with Google’s director of trust and safety to dive into what Google is doing to safeguard young users and prevent online scams and deepfakes from taking over. Let’s dive in.

WEATHER- Expect a slightly warmer day in Dubai today, with a high of 35°C and an overnight low of 22°C, according to our favorite weather app. Over in Abu Dhabi, the mercury peaks at 32°C, with an overnight low of 22°C.

WATCH THIS SPACE-

#1- ADX-listed Multiply Group’s shareholders have signed off on its planned merger with2PointZero and Ghitha via share swap at its general assembly yesterday, according to an ADX disclosure (pdf). The company will increase its share capital to AED 8.6 bn, from AED 2.8 bn currently, and issue a total of 23.36 bn shares to acquire the two firms.

Post-acquisition structure: Following completion, shareholders of 2PointZero will own 62.5% of Multiply, while IHC Food and IHC Companies Management (IHC CM) will jointly hold 5.1%. The transactions will consolidate the three International Holding Company (IHC) subsidiaries under Multiply, which will in turn own 100% of 2PointZero and 83.9% of Ghitha.

#2- Dubai Islamic Bank (DIB) has reportedly tapped banks to arrange its maiden sustainability-linked sukuk issuance under its USD 12.5 bn Trust Certificate Issuance Program, Zawya reports. Investor calls for the sukuk kicked off yesterday.

This is potentially a five-year, fixed-rate, USD-denominated Reg S senior unsecured offering, according to the outlet. The issuance is expected to carry the same rating of the lender, which is rated A3 by Moody’s and A by Fitch with a stable outlook.

DIB mandated our friends at HSBC as joint lead managers and bookrunners, alongside Arqaam Capital, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, ICBC, KFH Capital, KIB Invest, Maybank, QInvest, Sharjah Islamic Bank, and Standard Chartered Bank. Standard Chartered Bank will act as sole sustainability structurer.

#3- Adia-backed Indian eyewear retailer Lenskart Solutions’s debut on the NSE was relatively muted, ending the day up 0.3% from its issue price of INR 402 after a day of choppy trading, Reuters reports. Its shares opened 1.8% below its issue price, witnessing sharp fluctuation and briefly slipping 11% to INR 356. The eyewear retailer raised INR 72.8 bn (USD 821 mn) via its initial public offering — one of the year’s largest — with bids topping USD 13 bn. The IPO valued the company at USD 7.7 bn.

Background: The Abu Dhabi sovereign wealth fund is Lenskart’s largest shareholder. Adia bought a 10% stake in the Indian company back in 2023 in a USD 500 mn purchase agreement comprising new and existing shares.

Blurry market vision: Despite netting USD 33 mn in income and 23% y-o-y revenue jump to USD 760 mn in FY 2025, the company’s valuation remains stretched, analysts told Reuters. “The (weak) listing shows the importance of looking at the valuation and not to go blindly by grey market premium or oversubscription to apply for an IPO,” one analyst said. Ambit Capital last week also issued a sell rating for Lenskart, flagging valuation concerns, with valuation at roughly 55x two-year forward EBITDA, about 15-30% higher than its peers Trent and Nykaa, as per The Hindu Businessline.

#4- UAE + Chad could sign trade agreement by year-end: The UAE could finalize negotiations on a trade and economic partnership agreement with Chad before the end of the year, Reuters cites Trade Minister Thani Al Zeyoudi as saying on the sidelines of the UAE-Chad Trade and Investment Forum in Abu Dhabi. Negotiations have now moved on to discussions around market access, Al Zeyoudi said, adding that bilateral trade reached USD 1.9 bn last year, up 30% y-o-y.

During the forum, the two countries signed 39 agreements worth over USD 6.2 bn, including 18 projects by UAE firms. Chad also unveiled its Chad Connection 2030 development plan in Abu Dhabi, seeking USD 30 bn in investment across infrastructure, energy, mining, agriculture, logistics, and financial services, with the UAE expected to be a key investor.

ALSO– Talks with Nigeria on a trade and economic partnership agreement are at an advanced stage, as are talks with Rwanda, Al Zeyoudi said.

#4- The UAE says it will not join the proposed international stabilization force (ISF) in Gaza for now, as no clear framework for its mandate exists, Reuters cites diplomatic advisor to the UAE president Anwar Gargash as saying. “The region remains fragile,” he said, calling for cautious optimism and adding that the UAE would continue supporting political efforts toward peace and providing humanitarian aid to Gaza.

BACKGROUND- The US-drafted proposal, still under discussion at the UN Security Council, would authorize the ISF to demilitarize Gaza, protect civilians and aid routes, and support a new Palestinian police force. Washington approached several countries — including the UAE, Egypt, Qatar, Turkey, Indonesia, and Azerbaijan — to contribute, though Israel ruled out Turkish participation.

Have you checked out EnterpriseAM MENA <> India? It’s our newest briefing tracking one of the world’s most dynamic trade, investment, and cultural corridors. Every Monday, Wednesday, and Friday, we’ll track the transactions, trends, and market moves connecting these two dynamic regions. The flow of capital, talent, and trade between MENA and the Indian subcontinent is one of the most important economic stories in the world — and we’re telling as only we can.

If you’re investing, trading, or scouting for your next big move in MENA or India, subscribe to EnterpriseAM MENA <> India by tapping here to get the strategic intelligence you need.

HAPPENING TODAY-

#1- Abu Dhabi Autonomous Week is underway until Saturday at Yas Marina Circuit’s Vehicle Experience Zone and the Adnec Center in Abu Dhabi. The six-day event convenes global smart mobility leaders to scale sustainable mobility solutions and explore investments across land, sea, air, and industrial uses.

#2- The UAE-Chad Investment and Trade Forum is on its second and final day in Abu Dhabi, convening over 2k participants including officials, investors, and African government delegations. The forum will see MoUs signed across the infrastructure, energy, agriculture, logistics, and financial services. The program includes five main sessions covering critical minerals, hydrocarbons, industrial attractiveness, infrastructure and logistics, as well as investments in human capital and emerging technologies.

#3- The Egypt-Gulf Cooperation Council Trade and Investment Forum is also on its second and final day in Cairo, state news agency Wam reports. The two-day forum will feature panel discussions and B2B and B2G meetings, focusing on expanding Egypt-GCC ties across sectors like renewable and clean energy, industry, infrastructure, logistics, tourism, agriculture, digital economy, education, and healthcare.

#4- The World Tobacco Middle East (WTME) exhibition is on its second and final day at the Dubai World Trade Center. The joint event will feature six exhibitions, hundreds of brands, and the launch of the WTME Awards, recognizing innovation in global tobacco and cigar production.

#5- Abu Dhabi will host RoboCup Asia-Pacific until Saturday at Khalifa University, bringing together leading robotics and AI researchers for competitions and demonstrations under the RoboCup Federation’s global initiative. The event will showcase advancements in autonomous robotics, AI learning models, and humanoid soccer robots, aligning with the UAE’s push to advance applied AI research.

HAPPENING THIS WEEK-

The ACI Financial Markets Association will hold the ICA Conferenceand Exhibition from Thursday until Saturday at Conrad Dubai. The three-day event will gather professionals in financial trading, treasury management, and investment banking to discuss trends shaping global and regional markets.

THE BIG STORY ABROAD-

The US Senate approved a funding measure to reopen the federal government, a major step towards ending the longest shutdown on record. The bipartisan bill — passed 60-40 — includes three full-year funding measures for parts of the government, as well as stopgap funding for the rest until 30 January. The date potentially sets the stage for another shutdown next year if negotiations fall through on key issues like the Affordable Care Act.

The measure will now head to the House, where it’s poised to pass as soon as Wednesday, then land on President Trump’s desk to be signed into law. (Washington Post | Reuters | CNN)

ALSO IN WASHINGTON, DC- Ahmed Al Sharaa became the first Syrian President ever to visit Washington, DC, after he met with US President Trump yesterday at the White House. The landmark talks saw Trump vow to help Syria’s economy after years of war and international isolation, while the Treasury department extended its waiver of the so-called Caesar sanctions by 180 days. A full removal of sanctions on Syria would need to be passed in the Congress. (Reuters | Semafor)

ALSO-

Visa and Mastercard revised up their settlement with merchants to USD 38 bn, seeking an end to 20 years of disputes over collection of swipe fees. (Reuters)
Two data centers are sitting empty in California, as greater demand on AI services highlights the energy bottleneck. (Bloomberg)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq and Hassan Allam Properties.

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA logistics industry?

***

OIL WATCH-

India bags more Middle Eastern crude: India’s Hindustan Petroleum Corp (HPCL) has booked 2 mn bbl of Abu Dhabi’s Murban crude for January amid a wider diversification push that has also seen Mangalore Refinery and Petrochemicals secure 1 mn bbl of Basra Medium crude, Reuters reported, citing trade sources. HPCL also bought 2 mn bbl of US West Texas Intermediate crude. HPCL and Mangalore have both paused Russian oil imports, Reuters added.

ICYMI- Spot premiums for Middle Eastern crude climbed late last month after fresh US sanctions on Russian producers Rosneft and Lukoil drove expectations that China and India will be seeking alternative supplies. The sanctions then helped stabilize prices after a five-month low.

Samana Developers gears up for its maiden sukuk issuance + eyes an IPO in 2026

Dubai-based Samana Developers is planning a 2026 IPO as well as a sukuk issuance as the Dubai property boom continues to spur activity among the emirate’s real estate developers. Samana claims to hold around a 4% share of Dubai’s property market.

The developer plans to issue a sukuk worth around USD 300 mn by the end of 1Q 2026, CEO Imran Farooq told Bloomberg in an interview. Emirates NBD, Dubai Islamic Bank, and Standard Chartered are advising on the transaction, Farooq said, adding that a fourth bank might be added.

Samana would be joining other players that tapped the market this year including Sobha Realty which closed the largest green sukuk issuance by a real estate company globally, raising USD 750 mn in September, and Sharjah-based real estate developer Arada, which issued a USD 450 mn sukuk in July.

Proceeds will be used to acquire prime and waterfront land, supporting Samana’s expansion of its ultra-luxury residential portfolio, Farooq said.

Samana is on track to close 2025 with AED 7.1 bn (USD 1.9 bn) in sales, up from AED 5.1 bn in 2024, driven by European buyers and investors from Egypt, Lebanon, and Turkey, Farooq said. The developer is seeking approvals for 1.1k apartments on The World Islands, where it owns six islands in the iconic man-made archipelago.

Samana is also weighing a Dubai stock exchange (DFM) listing, with plans to offer 15-25% of the company in an IPO by end-2026, Farooq said. Binghatti, Arabian Construction, and Arada are among other private developers exploring IPOs. Alec Holding, a Dubai-based construction firm, also made its debut on the DFM last month, though it’s currently trading just below its AED 1.4 IPO price at AED 1.39.

ALSO IN THE IPO PIPELINE-

Amanat Holding’s Riyadh-based education arm Almasar Education is guiding on a price range of SAR 18.5-19.5 for its Tadawul IPO ;
Hookah brand Al Fakher’s parent firm Advanced Inhalation Rituals is planning a US listing on Nasdaq in 1H 2026;
Dubai Investments plans to list 25% of Dubai Investments Park;
Emirates Global Aluminium could be reviving plans for a potential IPO that could rank among the region’s largest;
ADQ-backed Etihad Airways highly-anticipated IPO could be delayed to 2026 ;
Dubai Holding plans to float two of its property portfolio units;
Abu Dhabi Investment Group is eyeing listings for its financial unit and energy subsidiary this year;
Hospitality group Five Holdings also tapped advisors for a potential listing.

DWTC FreeZone allows firms to issue multiple share classes under new framework

DWTC firms can now issue multiple share classes: The Dubai World Trade Center Authority (DWTCA) introduced a new framework allowing companies registered in the DWTC FreeZone to issue different classes of shares beyond standard ordinary shares, according to a statement. The reform expands capital structuring options for registered firms effective immediately.

What this means: Firms can now issue a wider variety of shares, beyond ordinary shares which offer all shareholders equal rights, including preference, restricted, and tiered shares ranging from A to D, each affording a different level of rights to shareholders. A company may set and define specific details — such as distinct voting, dividend, transfer, redemption, or conversion rights for each class — by amending its Memorandum of Association, providing more flexibility in governance and investment structures.

The rules cater to founders too: The framework enables equity-based incentive schemes and succession planning mechanisms, particularly relevant for startups and family-owned businesses.

Requirements: Companies must disclose class-specific rights in their constitutional documents and implement transparency safeguards to protect minority shareholders.

The rationale: The update aligns DWTC FreeZone’s rules with global jurisdictions that permit differentiated ownership and control structures. It follows DWTCA’s 2024 jurisdiction extension to One Za’abeel, which expanded its regulatory remit, along with another regulatory framework update from October which allowed freezone firms to operate in mainland Dubai.

CE-Invests to invest AED 1 bn across the GCC, India, and Southeast Asia

CE-Invests to deploy AED 1 bn across GCC, India, and Southeast Asia: Crescent Enterprises’ strategic investments platform CE-Invests plans to invest AED 1 bn over the next three years across India, Southeast Asia, and the GCC, according to a press release. The plan, which includes both direct investments and fund allocations, targets four key sectors: consumer, healthcare, financial services, and manufacturing.

The investment firm plans to acquire significant minority stakes through AED 75-200 mn tickets, the statement added.

Why those markets? “Large, youthful populations with rising incomes and investor‑friendly policies make our target markets ideal for scaling businesses and compounding returns,” Senior VP at CE‑Invests Ghada Abdelkader said.

REMEMBER- We recently spoke with Abdelkader about the company’s investment strategy and the firm’s interest in acquiring minority stakes of mid-market companies that require capital to scale. The investment firm recently participated in Indian interior design and build firm Flipspaces ’ expanded series C funding round. The firm raised USD 50 mn, up from an initial USD 35 mn, with Singapore’s Panthera Growth Partners and Japan’s SMBC Asia Rising Fund also taking part.

OTHER INVESTMENT NEWS-

An Israeli lab-grown dairy startup secured USD 20 mn from UAE fund Tau Capital, an venture capital fund backed by Sheikh Tahnoon bin Zayed Al Nahyan in what is one of few Gulf investments into Israel since the war in Gaza began in 2023, Bloomberg reports. The startup is eyeing further Gulf investments, including from Saudi Arabia and Bahrain, to support the commercial rollout of its fermentation-based, cowfree milk protein, CEO Aviv Wolff said, citing growing interest from Gulf states in food security and deep tech.

Tau in Israel: Tau Capital also recently backed Israeli cybersecurity startup Dream Security, with the firm set to deploy its threat detection and comms solutions across different Emirati ministries and national infrastructure.

How Google keeps AI in check in the age of deepfakes and online scams

Google invests USD 1 bn a year just in trust and safety, its director of trust and safety, Amanda Storey (LinkedIn), told EnterpriseAM UAE in a sit-down in Dubai. This is at a time when lawsuits against AI firms are claiming AI was behind their children and teenagers’ suicide, and the use of AI has seeped into the very fabric of daily life — making the questions of trust and safety when online are more contentious — and crucial — than ever.

From how to monitor and ensure the safety of the behavior of under-18 users, to preventing scams and the proliferation of deepfakes, there’s hundreds of engineers working behind the scenes at Google trying to make the digital world a safe(r) one for everybody. This comes hand in hand with efforts alongside regulators and government agencies that are trying to regulate AI while AI is developing by the day — building the plane while it’s flying in every sense of the phrase.

There is a lot that goes into not only monitoring online behavior and the use of AI, but ensuring every locale has its own guardrails online that align with its laws and culture. In the Middle East, for example, while having to deal with a myriad of online scams like everywhere across the world, Google also has to ensure the region is censored from ads that go against local laws or regulations — ads related to gambling and alcohol, for example, would be prohibited, Storey said.

But the Internet has become a very complex place, with plenty of actors — both good and bad. This means no single company can fight the fight alone, and new, innovative solutions for preventing dangerous situations and scams from happening are needed. Storey’s massive team at Google is working on paving the way for some of these initiatives — spanning from education to a global clearing house for scam signals. She broke it all down for us in our conversation. Edited excerpts below:

Enterprise: First off, what do trust and safety mean in the context of the digital world? Have their meanings changed with the rapid development of AI?

AS: I like to think of it as philosophy meets Six Sigma. The philosophy is setting the policies and deciding what kind of content and behavior is acceptable on our products and services, and what kind of content and behavior we will not allow, be it scams or non-consensual explicit imagery or apps with malware in them. Six Sigma is about the actual enforcement of those policies at speed, at scale, and at high quality.

That takes constant monitoring and refinement because bad actors are always innovating and trying to evade detection, and fundamentally are very creative in how they try to abuse the systems.

In 2024, we took down 450 mn ads and suspended 5 mn advertiser accounts specifically related to scams violations. Celebrity scam ads specifically have been an issue, and we’ve suspended around 700k offending accounts in 2024 just for that type of abuse. We’ve seen a 90% drop in user reports for that kind of scam, which suggests that the tools that we’re using are working, which is really encouraging to see.

We’ve been doing this work at Google for 25 years at this point; I think it’s some USD 1 bn or so a year that we invest in trust and safety work. It’s been baked in from the beginning that you can’t be trusted unless you’re safe and you can’t grow unless you’re trusted.

E: Has AI exacerbated or introduced any particular forms of problematic content that Google has had to address in recent years?

AS: A lot of what we’d call traditional forms of abuse — some of which I mentioned previously — are continuing, and they’re being exacerbated by AI, but we’re not really seeing a dramatic increase of new examples of abuse through AI.

We are seeing AI-enabled scamming behavior, but scams have been a problem that we’ve been wrestling with for many years at this point. Yes, we’re having to evolve our policies and our detection mechanisms to keep pace with that AI enablement, but fundamentally the abuse type and approach are the same.

Similarly, something like nonconsensual explicit imagery is easier to create now using AI tools, so we’ve had to look at what our policies are doing to prevent people from accessing those kinds of tools. We’ve taken action on the Play Store and on search to make sure it’s much harder for people to get access to the kinds of apps or sites that would allow them to create that sort of imagery. We also have our existing policies that if we find that kind of imagery, we’re taking it down.

E: What’s your take on the current regulatory landscape around AI? How is Google adapting to ongoing changes to regulations as countries refine their regulatory frameworks for AI?

AS:I think we’re really starting to see movement in the regulatory space. We’ve got around 100 AI-related files now around the world, and the EU AI Act has passed, so we’re making sure that we’re engaging very closely with regulators.

The UAE specifically is doing a lot of work in terms of being a pioneer in terms of AI regulation, especially in the region, and being at the forefront of the AI space in general. What I see here is interest in infrastructure, in investments in R&D locally, and in encouraging innovation and the application of AI.

We’ve always said that we think AI is too important not to regulate and too important not to regulate well. I think one of the interesting trends that we see in the AI regulatory space is that governments are trying to regulate AI a little bit like medical devices, where you’re regulating the device itself rather than the outcomes or the use cases.

I think it’s important to make sure we’re checking the use cases and not limiting a technology that can be used for enormous good in society whether for healthcare or climate change or economic productivity. It’s a space that definitely requires a lot of discussion and collaboration to get right, but we’re very committed to doing that for the long term.

E: Tell us a bit about the education layer that goes into digital trust and safety. What are some of the biggest AI education initiatives Google is working on in the region?

AS:We have a program called Abtal Al Internet to train kids on how to be safe online, which we rolled out in 2018. We’ve trained over 500k kids as part of that. There’s also the Experience AI program, which is a collaboration between Raspberry Pi and Google DeepMind that’s really about teaching students how to use AI within their own learning journey. We also provided a grant to nonprofit Village Capital to boost AI skills of underserved workers in rural areas across UAE, KSA, and Egypt, among others. This is a really wonderful philanthropic effort because AI can be such a powerful enabler for people to get things done in their life in the real world.

A lot of what trust and safety is about really comes down to the provenance of the information, and helping people understand what to look for in assessing provenance. We have our SynthID solution, which is basically a little watermark on anything that’s been AI-generated through our products. We’re also part of C2PA, which is a provenance standard across the industry, and we’ve helped to develop that.

E: What’s in the pipeline right now for Google in the digital safety and trust space? Any new solutions or products that you’re excited about?

AS:I think one really important area is how to manage the increasing usage of AI products by kids and teens. This is crucial because while Google has obviously had this long history of thinking about real-world harm through the trust and safety teams, there are other frontier model providers who are having to learn that.

We’ve always had default policies for under-18s to provide a greater level of protection — things like automatically sending to private a YouTube account of an under-18, or automatically turning off location history for those users. Those safety-by-design features are really important, but in the context of AI, there are some experiences that look different now.

Our chatbot now has to detect if an under-18 user is putting something into one of our products with — for example — suicidal ideation or intent, in which case they provide real-world resources to support. That’s a really dangerous and unsafe situation for a child to find themselves while interacting with an AI.

Our child safety experts in trust and safety have also ever since the beginning of our AI journey been doing what we call red teaming on those products before they go live, where they try and prompt the model like a child would to create scenarios typical of classic abusive behaviors that a child may find themselves subject to, which allows us to stress test our products before they go out.

Then comes our prohibited use policy, which simply bans certain use cases in AI, like producing child [redacted] abuse material or nonconsensual intimate imagery, for example. The key here is the monitoring aspect — so being able to detect when someone is using it in a prohibited way so we can take action.

E: Any partnerships or broader ecosystem-wide initiatives that you think will help change the game in the next few years?

AS: Issues like scams have been a really tricky problem to solve because each platform, be it a bank or a telco, only sees a slice of the user journey. No one has the full picture. If something passes through one of our platforms and then weaves offline or to a different platform or a phone call or transaction, it’s very tricky to detect as a scam.

We launched a Global Signals Exchange in October of last year with Global Anti-scams Alliance GASA with the goal of stitching together all those signals. It’s a global clearing house for signals from different entities. We’ve now got 300 partners on the platform, and around 500 mn signals shared. We have law enforcement and government there as well, so that we can all detect scams faster.

3Q earnings from Talabat, Spinneys, Fertiglobe, and Veon are in

FERTIGLOBE-

Fertiglobe swings to black in 3Q 2025: Adnoc-owned urea and ammonia producer Fertiglobe reported an attributable net income of USD 134 mn on an adjusted basis in 3Q 2025, compared to a USD 19.3 mn loss a year earlier, reflecting a one-off tax gain in Egypt linked to the deductibility of USD 720 mn in goodwill, according to its financials (pdf) and earnings release (pdf). Revenues rose 34% y-o-y to USD 758.3 mn on higher urea prices and stronger operations under its manufacturing improvement plan.

9M performance: Adjusted attributable net income rose 66% y-o-y in 9M 2025 to USD 218 mn, while revenues increased 31% y-o-y to USD 2 bn. Growth was driven by higher price realization, better production volumes, and cost efficiencies. Fertiglobe’s net debt fell to USD 984 mn, reflecting strong liquidity generation.

Looking ahead: Fertiglobe expects a strong 4Q on tight ammonia markets and robust urea demand. It reaffirmed guidance for at least USD 100 mn in 2H dividends. The company is eyeing further acquisitions, CEO Ahmed El Hoshy told Asharq Business (watch, runtime: 10:47), and is preparing to make final investment decisions within six to nine months on two clean ammonia projects: a blue ammonia facility in Texas and a green ammonia plant in Egypt. He also said Fertiglobe’s 1 mn ton Harvest ammonia project in Abu Dhabi is on track to start operations by 2027.

REFRESHER- In October, Fertiglobe completed its acquisition of Wengfu Australia’s distribution assets, expanding its Asia-Pacific footprint and diversifying into non-nitrogen fertilizers. The transaction — adding eight warehouses across five ports — is expected to contribute around USD 23 mn in annual EBITDA by 2030.

TALABAT-

Talabat saw its adjusted net income rise 15% y-o-y to USD 112 mn in 3Q 2025, while management revenue rose 31% y-o-y to USD 1.0 bn, according to its earnings release (pdf). Talabat adjusted its net income to exclude unrealized FX losses on its loan to Talabat Egypt and interest expense on loans and interest income, which are “mainly related to shareholder loans and deposits that were capitalized prior to [Talabat’s] IPO.” Gross merchandise value rose 26% y-o-y during the quarter to USD 2.4 bn, Talabat said in the release.

Adjusted net income in 9M 2025 was up 21% y-o-y to USD 328 mn, with management revenue rising 33% y-o-y to USD 2.8 bn. GMV during the first nine months of the year was up 29% y-o-y.

The usual drivers of growth: Talabat saw top line growth across its operations in the GCC and non-GCC markets, with growth in its food and grocery and retail verticals as customer acquisition accelerated and average order frequency was also up. “The UAE, our largest market, continues to grow in line with the group average, while Kuwait, our most established market, maintains strong double-digit growth,” Talabat CEO Tomaso Rodriguez is quoted as saying.

TalabatCFO Khaled Al Fakesh told CNBC Arabia (watch, runtime: 9:24) that the firm’s growth in non-GCC markets reached 60%, compared to 20% in GCC markets. The number of platform partners rose 20% y-o-y to 80k partners in 3Q 2025 — with the group targeting 100k soon — and around 50% of the group earnings now come from digital advertising, Al Fakesh said.

Across Talabat’s eight markets, the UAE represents 35% of group contribution, while Egypt recorded 50% annual growth. The company maintains the largest market share in Egypt and sees further room to expand to additional governorates, the CFO said.

Al Fakesh also said Talabat will recommend distributing USD 420-425 mn in dividends for FY 2025 — above its prior guidance of USD 400 mn.

SPINNEYS-

Retail giant Spinneys saw its net income reach AED 41.4 mn in 3Q 2025, up 17.2% y-o-y, according to its financials (pdf) and a management discussion and analysis report (pdf). The company posted 10.8% y-o-y growth in revenues to AED 777.3 mn.

On a nine-month basis, Spinneys’ net income grew 16.4% y-o-y to AED 211.7 mn. Revenues went up 12.9% to AED 2.6 bn, driven by new store openings (including 10 in the UAE), like-for-like sales growth of 10.3%, and higher fresh, private label, and online sales growth — the latter accounting for 16.6% of total revenues, according to a separate earnings release (pdf). Increased operational efficiency and supply chain optimization boosted its bottom line.

VEON-

Nasdaq-listed, Dubai-based telecoms firm Veon recorded a loss of USD 127 mn in 3Q 2025, compared to income of USD 227 mn the year before, according to an earnings release (pdf). The firm reported revenues of USD 1.1 bn, a 7.5% increase y-o-y, underpinned by strong performance across its telecom and infrastructure services, which accounted for USD 917 mn of the total, and a 63.1% uptick in direct digital revenues to USD 198 mn. Revenues from its Ukraine operations were up 20%, while Pakistan saw 12.8% growth.

During the nine-month period, the group’s net income reached USD 599 mn, up 52.2% y-o-y, while revenues rose 7.4% y-o-y to USD 3.2 bn. Veon delisted from Euronext Amsterdam last year and moved its headquarters to Dubai in 2Q 2025, to streamline operations and reduce costs.

UN World Tourism Organization taps UAE’s Shaikha Al Nowais as Secretary General

The United Nations World Tourism Organization (UNWTO) named Shaikha Al Nowais (LinkedIn) as its new secretary-general for the 2026-2029 term, the first woman and Emirati national ever to take the role, according to a statement. Al Nowais outlined responsible tourism and technology use, capacity building, good governance, and innovative financing as key focus areas of her mandate.

Al Nowais is currently corporate vice president at Rotana Hotel Management and chairs the Abu Dhabi Chamber’s Tourism Working Group.

Aramex appoints new group CEO: DFM-listed logistics provider Aramex tapped Amadou Diallo (LinkedIn) as group CEO, effective 1 May 2026, according to a DFM disclosure (pdf). Until Diallo takes up the role, Nicolas Sibuet (LinkedIn) will continue as acting group CEO.

Diallo has over 30 years of global logistics experience in freight, express, and supply chain operations. He is currently CEO for Middle East and Africa (MEA) at DHL Global Forwarding, and has held several senior leadership positions across Europe, Asia Pacific, and MEA.

Abu Dhabi will develop more than 10 vertiports as part of eVTOL commercial rollout

TRANSPORT-

Abu Dhabi is launching more than 10 vertiports across the emirate, according to a press release. The emirate’s investment promotion arm Abu Dhabi Investment Office is rolling out the infrastructure in collaboration with the federal aviation regulator General Civil Aviation Authority, the integrated transport authority Abu Dhabi Mobility, and airport operator Abu Dhabi Airports. The initiative places the UAE capital among the first cities worldwide to commercially enable eVTOL transport at scale.

Abu Dhabi Airports is anchoring delivery and investment for buildout, while Abu Dhabi Mobility and the GCAA are integrating infrastructure and certification within a unified regulatory environment. The network will link key tourism, business and residential hubs — from Yas Island to Saadiyat to Abu Dhabi Island. Zayed International Airport and Al Bateen Executive Airport are already designated as primary locations for vertiports, with additional sites and intercity routes set to be announced in upcoming phases.

REMEMBER- Falcon Aviation had also inked an agreement with Mubadala-backed electric flying car manufacturer Archer Aviation to develop a “vertiport” network in key locations across Dubai and Abu Dhabi by this year. The two firms will develop the infrastructure for two vertiports — one at Falcon Heliport at Atlantis, the Palm in Dubai, and the other at the Marina Mall heliport in Abu Dhabi’s Corniche, as part of plans to launch eVTOL flights between the two emirates.

The Abu Dhabi Investment Office also inked 29 commercial deployment agreements for autonomous mobility technologies on the sidelines of the summit, state news agency Wam reports. The agreements, spanning air and ground delivery for e-commerce, healthcare, and industrial logistics, include:

Emirates Post and UAE-based Autologix — a JV between 7X and Zelostech — rolling out heavy-cargo logistics pilots, deploying Level 4 autonomous cargo vehicles designed without driver cabins;
UAE autonomous mobility developer K2 leading pilots with Talabat, EXM, Enec, and noon for dual air and land autonomous delivery;
Robotics firm Lodd working alongside EMX, PureHealth’s diagnostics platform PureLab, noon and Aramex on secure, cold-chain transport of medical samples and scalable parcel and mail delivery;
Abu Dhabi-based Sinaha Technology developing autonomous ground vehicles, robotics-led intelligent warehousing, and a digital fleet management system.

REAL ESTATE-

Reportage Group to build AED 1.8 bn mixed-use development in Angola: UAE-based real estate developer Emirates Reportage Development & Investment acquired two land plots spanning 10.8 mn sq ft in mixed-use economic zone Dubai Investments Park Angola, according to a DFM disclosure (pdf).

The details: The AED 1.8 bn investment will deliver two gated residential communities as part of a master-planned community by the group. Construction is set to begin in June 2026, with handovers scheduled from 4Q 2029 and completion by 4Q 2030. Together, the two developments will include a 60-key hotel, 4.8k villas and townhouses, and 8k sqm of retail space.

REMEMBER- Dubai Investments started building the USD 500 mn DIP Angola project last year. The development — housing industrial, commercial, residential, and recreational spaces — is set to become a hub for sectors like logistics, tech, and manufacturing.

HOSPITALITY-

ADNH announces AED 3 bn luxury development in RAK: Abu Dhabi National Hotels (ADNH) has launched The Residences at Nasim Al Bahr, an AED 3 bn luxury waterfront development on Al Marjan Island, according to a press release. The residential development is slated for handover in 4Q 2027 and will include units ranging from apartments to villas. The move marks ADNH’s expansion beyond Abu Dhabi and Dubai.

BACKGROUND- The move comes amid a surge in demand in the emirate’s real estate scene as it looks set to host projects like the USD 3.9 bn Wynn Marjan Island resort. Several other high-end residential projects — including The Astera, Jacob & Co Residences, and Mondrian Beach Residences — are set to come online in the coming years.

AI-

UAE partners with mimik to deploy autonomous AI across industries: Global agentic software firm mimik launched a joint venture with UAE-based investment companies Next71 and ASK Holding to establish mimik UAE, according to a press release. The JV will deploy mimik’s Device-First Continuum AI (DFC-AI) across industries, enabling decentralized intelligence in devices, vehicles, and infrastructure. The partnership aims to improve the UAE’s data sovereignty and its shift from cloud computing to more integrated AI usage.

About the platform: DFC-AI is an autonomous tech platform that enables enterprises to integrate advanced and multimodal AI into devices, vehicles, and infrastructure, without needing to rely on cloud architecture.

Buffett signs off with a message about mistakes, legacy, and the Golden Rule

We’re thinking this morning not about IPO pipelines, gigaprojects, economic indicators, or interest rates, but about the stepping-down of an icon who has been a fixture of the global investing scene for more decades than 99.999% of EnterpriseAM readers have been alive.

Warren Buffett, the so-called Oracle of Omaha, has written his last annual report, saying in his customary Thanksgiving note that he won’t hold the pen on Berkshire Hathaway’s next annual report. (Buffett will step down at year’s end, handing the reins to top lieutenant Greg Abel.)

It’s the end of an era: Buffett’s annual letters were required reading in global finance — so closely read by many in the global business community that they’ve long been treated as market-event pillars. Fans praised Buffett’s folksy, down-to-earth wisdom and the insights he offered on everything from value investing to the allocation of capital and long-term business thinking. The release of a Buffett letter was an “event” for the global business press, which would invariably dissect his missives for witty insights on investment, management, and the state of the US (and global) economy.

Buffett’s concluding message is about forgiveness, second chances, and making the most of life. (Sure, he talks about Berkshire’s transition to Abel and his personal philanthropic plans — but the meat for readers in our corner of the world? It’s in the last couple of pages.)

The best quotes:

Forgive yourself — and learn from your damn mistakes: “I’m happy to say I feel better about the second half of my life than the first. My advice: Don’t beat yourself up over past mistakes — learn at least a little from them and move on. It is never too late to improve.”

Don’t be a jerk: “Remember Alfred Nobel, later of Nobel Prize fame, who — reportedly — read his own obituary that was mistakenly printed when his brother died and a newspaper got mixed up. He was horrified at what he read.”

*Actively* decide how you want to live your life: Nobel, Buffett writes, “realized he should change his behavior. Don’t count on a newsroom mix-up: Decide what you would like your obituary to say and live the life to deserve it.”

Cliché as it may sound from one of the world’s wealthiest men: It’s not all about the money. “Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government. When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless. Whether you are religious or not, it’s hard to beat The Golden Rule as a guide to behavior. … Keep in mind that the cleaning lady is as much a human being as the Chairman.”

Tap or click here to read Buffett’s full letter (pdf).

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning as investors react to signs that the end of the US government shutdown is upon us. The Nikkei and Kospi are in the green, looking at gains of 0.4% and 1.4%, respectively, and markets in China and Hong Kong are in the red.

ADX	10,021	-0.5% (YTD: +6.4%)
DFM	6,008	-0.3% (YTD: +16.4%)
Nasdaq Dubai UAE20	4,830	-1.2% (YTD: +16%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.9% o/n	3.8% 1 yr
Tadawul	11,244	0.0% (YTD: -6.6%)
EGX30	40,427	-1.0% (YTD: +35.9%)
S&P 500	6,832	+1.5% (YTD: +16.2%)
FTSE 100	9,787	+1.1% (YTD: +19.8%)
Euro Stoxx 50	5,664	+1.8% (YTD: +15.7%)
Brent crude	USD 64.06	+0.7%
Natural gas (Nymex)	USD 4.38	+0.9%
Gold	USD 4,127	+0.1%
BTC	USD 105,776	-0.5% (YTD: +12.9%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.79	+1.1% (YTD: +8.8%)
S&P MENA Bond & Sukuk	151.95	+0.1% (YTD: +8.6%)
VIX (Volatility Index)	17.60	-7.8% (YTD: +2.1%)

THE CLOSING BELL-

The DFM fell 0.3% yesterday on turnover of AED 673 mn. The index is up 16.4% YTD.

In the green: Ekttitab Holding Company (+14.8%), Chimera S&P UAE Shariah ETF- Share class B – Income (+10.0%) and National Industries Group Holding (+6.3%).

In the red: Al Mal Capital REIT (-9.9%), Agility The Public Warehousing Company (-4.9%) and Shuaa Capital (-2.2%).

Over on the ADX, the index fell 0.5% on turnover of AED 914.3 mn. Meanwhile, Nasdaq Dubai was down 1.2%.

CALENDAR

NOVEMBER

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

10-11 November (Monday-Tuesday): The Egypt-Gulf Cooperation Council (GCC) Trade and Investment Forum, Cairo.

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.

10-11 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.

12 December (Friday): Emirates NBD to launch an open offer for Mumbai-listed RBL Bank’s public shares.

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

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

26 December (Friday): Tender period for Emirates NBD’s offer for RBL Bank’s public shares ends.

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.

12-15 January (Monday-Thursday): Dubai International Project Management Forum, Madinat Jumeirah, 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

7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

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

21-23 April (Tuesday-Thursday): UITP Public Transport Summit, 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 in 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.

Sections

About

Privacy & Support

Get EnterpriseAM daily