Adia JV sells US student housing portfolio for over USD 1 bn

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WHAT WE’RE TRACKING TODAY

New one-stop travel system for GCC citizens + New crypto and rent installments payment options coming to the property market

Good morning, friends. It’s not as busy as it usually gets as we near the weekend, though Abu Dhabi Investment Authority is as active as ever with a fresh sale of a US student housing portfolio to a Morgan Stanley Partnership, and another anchor investment in an Indian IPO. Plus: We have a long rundown of earnings from the likes of Adnoc Gas, Presight, and Salik for you to dig your teeth into.

We already know next week will be a busy one, with the Dubai Airshow and a slew of other events including Dubai Future Forum and the Mining Show set to bring plenty of agreements.

Speculation on who’s buying what has already begun: Emirates and Etihad Airways have both been linked to talks to purchase new Airbus jets, with the former set to order at least 30 widebody jets despite earlier criticism from its president Tim Clark of its engines.

ALSO HAPPENING NEXT WEEK-

#1- Canadian Prime Minister Mark Carney will be in Abu Dhabi from next Tuesday for a working visit focusing on attracting new investments and trade partnerships, and expanding the trade and economic partnership in areas like energy, agriculture, infrastructure, and AI, according to a statement. The PM will meet with business execs to attract investments to build out Canada’s export infrastructure and boost access for Canadian exporters.

#2- The MENA Leaders’ Summit on Financial Inclusion is happening on Monday and Tuesday at The St. Regis Abu Dhabi Corniche, according to a press release (pdf). The two-day summit will convene ministers, central bank governors, fintech CEOs, and international organizations such as the OECD to discuss innovation and financial inclusion across the region.

The Central Bank of the UAE will also launch its national strategy for financial inclusion during the event, according to the statement. Expect lots of talk around digital financial services, women’s economic empowerment, financial literacy, consumer protection, and policies to promote a sustainable financial ecosystem.

#3- TheSharjah International Travel and Tourism Forum takes place on Wednesday, 19 November at Al Jawaher Reception and Convention Center. The forum will gather senior government officials, international experts, and tourism, travel, and tech industry players to explore future trends in the tourism sector.

AND 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- 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.

#3- The ACI Financial Markets Association is also hosting the ICA Conferenceand Exhibition 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.

WEATHER- Dubai will see a high of 31°C, and an overnight low of 20°C, according to our favorite weather app. Meanwhile, Abu Dhabi’s temperatures will peak at 32°C, with an overnight low of 21°C.

WATCH THIS SPACE-

#1- The GCC will begin piloting its new one-stop travel system in December, starting with air travel between the UAE and Bahrain, Kuwait News Agency reported yesterday, citing statements from GCC Secretary General Jasem Al Budaiwi. The system lets Gulf nationals complete all immigration and security checks at a single departure point, with clearances recognized on arrival. The pilot will test a shared real-time electronic platform linking border and travel-record data before expanding to Saudi Arabia, Kuwait, Oman, and Qatar.

REMEMBER- This initiative is separate from the GCC’s Schengen-style unified tourist visa. Agreed in December 2023 and now slated for a 2026 rollout, the unified visa will allow foreign tourists and residents to move across all six GCC states with a single entry permit. The one-stop system purely focuses on GCC citizens’ travel procedures, streamlining border checks rather than replacing visas, Gulf News reports.

#2- A rent-now-pay-monthly solution is coming to Property Finder: Dubai-based Property Finder partnered with proptech firm Keyper to introduce its rent-now-pay-monthly installment solutions for UAE residents in 1H 2026, according to a statement. The collaboration allows residents to pay rent in monthly installments via Property Finder’s app and website, rather than the usual four-cheque annual payment.

ALSO- Crypto payments are coming to the property market: East & West International Group (EWIG) will begin accepting AE Coin — the UAE’s first AED-backed, Central Bank-regulated stablecoin — for property transactions via Mbank’s AEC Wallet, according to a statement. The move enables real-time, blockchain-based settlement for sales, rent, and services across iOS, Android, and AppGallery, Gulf News reports.

REMEMBER-AE Coin became the first AED-pegged stablecoin to receive final approval from the Central Bank of the UAE in December 2024. The stablecoin is also accepted for Abu Dhabi court fees, Air Arabia flight payments, and taxi rides in Abu Dhabi.

#3- Dubai CommerCity is planning a new e-commerce fulfillment center by 3Q 2026 to expand capacity and meet rising demand from digital commerce firms, Senior VP for Property Management and Supply Chain Abdulrahman Shahin told Wam on the sidelines of Dubai Business Forum-USA in New York.

The expansion comes as Dubai CommerCity’s Business District reached a 98% occupancy rate, with six new buildings currently under development to meet rising demand. Its Logistics District is at 100% occupancy, driven by demand from fashion, electronics, and last-mile delivery companies, while the Social District reached full operational capacity with restaurants, cafes, and retail outlets supporting on-site businesses.

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DATA POINT-

Abu Dhabi welcomed more than 4 mn visitors in 1H 2025, up 47% y-o-y, driven by strong performance at cultural and heritage sites, state news agency Wam reports. The Louvre Abu Dhabi led the tourism surge with over 785k visitors, followed by the Cultural Foundation (621k), which saw a 49% y-o-y uptick in visitors during the period. New sites like teamLab Phenomena Abu Dhabi (146k visitors) and Al Maqtaa Museum (31k) also contributed to the rise. Tourists from India accounted for a 29% uptick while UK tourists had increased 17%, Wam added.

Hotel guests also rose 2% y-o-y to 2.9 mn in 1H, with peak periods like Eid Al Adha further boosting performance, with hotels maintaining an 80% occupancy rate, up 6% y-o-y.

THE BIG STORY ABROAD-

A broad sell-off took hold of equities yesterday as concerns around extreme valuations of AI firms and the US Federal Reserve potentially slowing its easing cycle spurred market jitters. Wall Street posted its worst day in a month, with the S&P 500 sinking 1.7% and the tech-heavy Nasdaq falling 2.3%, as heavyweights like Nvidia and Tesla faced steep losses. Even BTC extended its downturn, falling below USD 100k to its lowest level since May. (Wall Street Journal | Bloomberg | Reuters)

** We have more on the possible trajectory of rate cuts in this morning’s Planet Finance, below.

ALSO- Jeff Bezos’ Blue Origin launched a rocket with a pair of Nasa aircraft heading to Mars, deploying the aircraft 20 minutes later and recovering its booster following its separation from the aircraft in a major milestone for the company, which is competing with Elon Musk’s SpaceX. (Reuters | Bloomberg | AP)

AND A SIGN OF THE TIMES- Three of the songs topping music charts on Spotify this week were generated by AI, with two of them by now-viral AI-generated country artist Breaking Rust. (Guardian)

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***

OIL WATCH-

Opec kept its forecast for global oil demand growth unchanged at 1.3 mn bbl / d for 2025 and 1.4 mn bbl / d for 2026, according to its monthly oil report (pdf). Demand in the Middle East is forecast to climb by 108k bbl / d in 2025 to average 9 mn bbl / d, led by higher consumption in Saudi Arabia, Iraq, and the UAE.

Demand for Opec crude was revised down by 100k bbl / d from last month’s assessment to 42.4 mn bbl / d. For 2026, demand is seen at 43 mn bbl / d, also 100k bbl / d lower than expected, and implying a small surplus of around 20k bbl / d next year assuming production remains at October levels.

On the supply side, Opec’s own production stood at 28.5 mn bbl / d in October, with the UAE pumping some 3.3 mn bbl / d based on direct communication with the organization. Opec’s secondary sources put the UAE at some 3.4 mn bbl / d. The figures line up with a recent Reuters survey that estimated Opec’s October output at 28.43 mn bbl / d.

The IEA tells a slightly different tale: The International Energy Agency (IEA) raised its demand growth forecasts by 80k bbl / d for 2025 and 70k bbl / d for 2026 — though both years remain under the 800k bbl / d mark — driven by stronger petrochemicals feedstock consumption, Reuters reports, citing the agency’s latest monthly oil report.

On the supply front: The agency now expects world oil supply to climb by 3.1 mn bbl / d in 2025 to an average 106.3 mn bbl / d, with a further 2.5 mn bbl / d added in 2026 to reach 108.7 mn bbl / d — each up by some 100k bbl / d from last month’s forecast, according to the report.

Wider surplus on the horizon: The global oil market could swing into an even larger glut next year, with a potential 4.1 mn bbl / d surplus as output rises while demand softens. That would widen the implied 2026 mismatch between supply and demand by 120k bbl / d from the 3.97 mn bbl / d surplus flagged in the agency’s October report, according to the newswire.

Adia + Landmark sell their US student housing portfolio for over USD 1 bn

Adia, Landmark sell student housing portfolio for over USD 1 bn: A JV comprising an Abu Dhabi Investment Authority (Adia) subsidiary and its real estate partner, Landmark Properties, sold an eight-property US student housing portfolio for over USD 1 bn, according to a press release (pdf). It marks one of this year’s largest single transactions in the sector globally, according to a separate statement from Morgan Stanley.

(**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 portfolio was acquired by investment funds owned by Morgan Stanley Investment Management and managed by Morgan Stanley Real Estate Investing and Global Student Accommodation. The assets include 6.2k beds across cottage-style, mid-rise, and high-rise properties near universities in the US, including the University of Virginia, University of Florida, Texas A&M, and Penn State University.

Where will the money go? Proceeds from the sale will be reinvested into new prospects within the student housing sector, Chairman and CEO of Landmark Properties Wes Rogers said. Adia and Landmark will use the liquidity to expand their platform, investing across their existing portfolio and into a strong pipeline of upcoming projects, he added.

This partnership goes back over a decade: Adia and Landmark established their joint venture in 2015 to develop high-quality student housing near leading US universities. The platform has since expanded with the launch of a value-add acquisition arm in 2022.

IN OTHER ADIA NEWS-

The Abu Dhabi Investment Authority (Adia) was among a group of anchor investors backing automotive component maker Tenneco Clean Air India ahead of its INR 36 bn (USD 430 mn) IPO, according to a BSE circular (pdf). The sovereign wealth fund acquired 5% of the offering’s anchor investor portion — equal to 1.4 mn shares — for INR 540 mn (USD 6.1 mn). Tenneco Clean Air India is the Indian unit of US-based Tenneco Group.

This is the latest in a string of recent anchor investments in Indian IPOs, with the wealth fund also backing solar manufacturer Emmvee Photovoltaic Power and digital stockbroker Groww just this week. It also backed the IPOs of Lenskart, LG’s India unit, HDB Financial Services, and Indian EV maker Ather Energy, along with other acquisitions and investments as it expands its portfolio in the country.

MAF issues USD 500 mn hybrid bond, denies stake sale rumors

MAF closes hybrid bond sale, tenders existing bonds: Majid Al Futtaim (MAF) wrapped up its USD 500 mn reset perpetual 5.25-year hybrid bond after drawing over USD 1.8 bn in orders excluding joint lead manager interest, Zawya reports. The non-call issuance closed more than 5.5x oversubscribed on strong investor demand, MAF told EnterpriseAM in an emailed statement.

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

Pricing was tightened to 5.75% from initial guidance of around 6.375%. The notes, expected to be rated BB+ by S&P and Fitch, will list on Euronext Dublin.

Trimming the old to make room for the new: The Dubai-based retail giant, rated BBB (stable) by S&P and Fitch, is simultaneously tendering up to USD 190 mn of existing perpetuals ahead of upcoming call dates in December this year and end-June 2027.

Breaking down the jargon: The perpetual hybrid bond carries no maturity date, allowing MAF to partly classify it as equity, while investors earn a coupon that resets every 5.25 years. As subordinated debt, the notes rank below senior obligations, offering a higher yield in return for added risk. The non-call feature prevents early redemption before the first reset.

This is MAF’s second issuance in as many months, with the company issuing a 10-year USD 500 mn sukuk, as part of a USD 3 bn debt program. The issuance had also drawn nearly USD 1.8 bn in orders and landed a coupon rate of 4.875% and a yield of 4.955%, with proceeds earmarked for general corporate purposes and refinancing.

ADVISORS- Citi, Goldman Sachs International, HSBC, and Standard Chartered acted as joint global coordinators and bookrunners, joined by our friends at Mashreq alongside Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, and JP Morgan as additional bookrunners.

ALSO FROM MAF-

FACT CHECK- The company “categorically refutes” reports of any potential stake sales, divestments, or changes in governance, calling them “entirely inaccurate, unfounded, and misleading,” it said in an emailed statement to EnterpriseAM. Bloomberg had reported earlier on Wednesday that Dubai officials were weighing strategic options for the USD 19 bn conglomerate, including a potential minority stake sale, partial divestments, or an IPO.

Nationwide annual inflation eases to 0.72% in August

Federal inflation decelerated in August to 0.72% y-o-y, inching down 0.45 percentage points from July’s 1.17%, according to the latest data from the Federal Competitiveness and Statistics Center. August’s reading is one of the lowest federal inflation figures recorded in 2025, coming in just above the 0.55% and 0.60% recorded in May and June.

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

Housing, water, electricity, and gas were the primary drivers of inflation during the month, with their prices rising 3.6% y-o-y, followed by ins. and financial services with 3.08% y-o-y inflation. Meanwhile, furniture and household goods prices rose 2.32%, tobacco increased 1.81%, and education surged 1.6%.

On the flipside, some sectors saw deflation during the month, with the largest deflation rate recorded in transport (-5.07%). Other sectors with a negative inflation rate during the month include textiles, clothing, and footwear (-3.28%), food and beverages (-0.81%), recreation and culture (-0.36%), and communications (-0.24%).

On a monthly basis, the consumer price index recorded -0.01%, down from 0.54% in July, driven by negative inflation in recreation and culture (-3.93%), textile, clothing, and footwear (-0.81%), restaurants and hotels (-0.22%), and communications (-0.02%).

Adnoc Gas posts record earnings + Presight, Salik and more post bottom line growth

ADNOC GAS-

Adnoc Gas reported net income of USD 1.3 bn in 3Q 2025, up 8% y-o-y, marking its highest third-quarter earnings to date, according to its financials (pdf), management discussion and analysis report (pdf), and a separate earnings release (pdf). Revenues stood at USD 5.9 bn, down 6% y-o-y and almost flat q-o-q, while gas sales volumes rose 4% y-o-y.

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

Adnoc Gas’ record earnings came despite a 14% y-o-y decline in Brent crude prices during the period, CFO Peter Van Driel said during an earnings call. He attributed margin expansion largely to strong demand in the domestic UAE market, as well as contract renegotiations with major power customers seeking greater flexibility, allowing Adnoc Gas to capture incremental pricing gains.

On a nine-month basis, net income rose 10% y-o-y to USD 4 bn. Revenues reached USD 18 bn, down 2% from the same period in 2024.

Adnoc could lift its committed capex beyond the USD 20 bn announced in August, with Van Driel saying additional phases of the Rich Gas Development project could add USD 7-8 bn, potentially bringing total spending to USD 27-28 bn through 2030. The USD 20 bn program — already raised from USD 15 bn in the 2Q update — covers four committed projects: the now-operational IGD-2 offshore compression system, the under-construction Meram ethane recovery facility for Borouge, the first phase of the Rich Gas Development debottlenecking program, and the Ruwais LNG export terminal, targeted for first gas in late 2028.

Looking ahead: The company expects significant cost savings of up to USD 300 mn from AI-driven predictive maintenance tools over the next five years by optimizing maintenance schedules and automating procurement processes. There is also potential upside further ahead for demand growth — beyond the 4-5% compounded annual growth it forecasts between 2023-2030 — due to increased demand for AI-related data centers, though it’s too early to quantify, Van Driel added. The company is, however, investing in new pipelines and infrastructure to support power stations serving such facilities, he noted.

Dividends: The board approved an interim dividend of USD 896 mn (AED 3.29 bn) for 3Q 2025 — equivalent to 4.3 fils per share — with payment expected by 12 December, according to a disclosure (pdf). Adnoc Gas also reaffirmed plans to grow its annual dividend by 5% through 2030, targeting total distributions of around USD 24.4 bn for 2025-2030.

PRESIGHT-

Presight’s bottom line rises on strong international growth: AI-powered data analytics company Presight AI Holding reported a net income of AED 110.3 mn in 3Q 2025, up 1.1% y-o-y after absorbing the UAE’s new 15% federal corporate tax rate, according to its financials (pdf) and earnings release (pdf). Revenues rose 15.3% y-o-y to AED 652.9 mn, driven by multi-country deployments and a strong contribution from AIQ — its JV with Adnoc — which added AED 155.7 mn in revenue during the quarter.

International markets accounted for 46% of total revenue in 3Q, up from 14.3% a year earlier and surpassing its earlier target of 40% contribution, supported by major deployments in Angola, Jordan, and Kazakhstan.

Presight says its expanding footprint is insulated from FX and political risks. “Most of our contracts are structured in USD or AED terms,” Senior Director of Investor Relations Roger Tejwani told EnterpriseAM UAE, adding that “bilateral agreements between the UAE and host nations give us political top-cover.” He noted that Presight often uses sovereign-to-sovereign financing structures that remove liquidity, credit, and FX risks from its balance sheet.

9M performance: Net income for 9M 2025 rose 12.1% y-o-y to AED 320.0 mn, while revenues surged 48.8% to AED 1.7 bn as Presight expanded across sovereign AI, smart city, energy, and digital health verticals. International revenue grew nearly fivefold in 9M, with strong demand across Central Asia, Africa, and the Middle East. Its backlog stood at AED 3.7 bn — more than double last year’s — while order intake reached AED 684.7 mn in 3Q.

Looking ahead, Presight reaffirmed its full-year guidance of 21-27% revenue growth, saying it expects to finish the year toward the mid to upper end of analyst expectations. Tejwani told us that the more modest published range does not reflect any slowdown, noting that the company expects to meet or exceed the consensus range across revenue and post-tax income.

The company aims to deepen domestic partnerships while accelerating global expansion. International revenue could “trend toward a 50-50 split with the UAE, and eventually even higher,” Tejwani said, citing strong pipelines in Central Asia, Southeast Asia, Africa, and the Middle East.

TAQA-

Abu Dhabi National Energy Co. (Taqa) reported a 24% y-o-y increase in net income to AED 2.5 bn in 3Q 2025, according to its financials (pdf). Revenues were broadly flat at AED 14.4 bn, down 0.4% y-o-y, as higher pass-through revenue from its transmission and distribution (T&D) segment offset lower oil and gas output, the company said in a separate earnings release (pdf).

For 9M 2025, net income edged down 2.6% y-o-y to AED 6.5 bn, mainly due to reduced oil and gas production, while revenues rose 2.9% to AED 42.7 bn on continued pass-through growth in the T&D segment. Taqa maintained a solid balance sheet with AED 26.5 bn in available liquidity and a net-debt-to-capital ratio of 34%.

REMEMBER- Taqa continued to expand internationally during the quarter, including its USD 1.2 bn acquisition of Spain’s GS Inima, financial close of 3.6 GW in Saudi power projects, and new utility agreements in Uzbekistan. It also secured an AED 8.5 bn corporate loan facility to support upcoming capital investments.

Dividends: Taqa declared a 3Q 2025 banknote dividend of 0.75 fils per share, in line with its policy.

SALIK-

Dubai’s toll gate operator Salik reported a 34.5% y-o-y rise in net income to AED 372.9 mn in 3Q 2025, while revenues were up 36.9% y-o-y to AED 747.7 mn, according to its financials (pdf). Salik’s quarterly performance was supported by expanded infrastructure, with the addition of two new gates introduced in November 2024, along with the launch of variable pricing in January, continued tourism inflows, and a favorable macroeconomic environment sustaining higher traffic volumes across Dubai’s road network, according to a separate earnings release (pdf).

The company’s net income rose 39.1% y-o-y in 9M 2025 to AED 1.1 bn, with revenues growing 38.6% y-o-y to AED 2.3 bn. The tolling business saw chargeable trips reach 470.5 mn in 9M, of which 152.2 mn were recorded during 3Q. Toll usage fees increased 41.5% y-o-y to AED 2 bn during 9M, and rose 39.9% y-o-y to AED 655.2 mn during 3Q.

Outlook: The group expects a 34-36% y-o-y growth in total revenue for FY 2025. It is also expanding additional revenue streams through partnerships with Emaar Malls, Parkonic, Liva Group, and Schneider Electric. In November, Salik partnered with Schneider Electric and Vcharge to enable an EV charging network, integrated with the company’s e-wallet to simplify payments, while further diversifying the company’s revenue sources.

RAK CERAMICS-

RAK Ceramics posted a 20.7% y-o-y increase in its net income to AED 67.5 mn in 3Q 2025, according to its financials (pdf). The group’s revenues rose 2.8% y-o-y to AED 824.9 mn, with the UAE contributing 38% of sales, Europe 23%, and India 11%. In 9M 2025, the company’s net income rose 7.6% y-o-y reaching AED 182.7 mn, while revenues rose 2.8% to AED 2.43 bn.

The group’s revenue growth is mainly attributed to its tiles segment, accounting for 57% of total revenues with 2.5% y-o-y growth, followed closely by sanitary at 15%, driven by strong demand in the UAE’s property sector, according to a separate earnings release (pdf).

Looking ahead:The company is on a cost optimization drive, with plans to pursue “corrective actions” to address liquidity constraints and oversupply in Saudi Arabia, differentiate through premium products in the UAE to counter the impact of increased imports, and relocate EU facilities to the UAE.

AD Ports Group appoints Jochen Theves as CEO of logistics cluster

AD Ports Group taps new CEO for logistics cluster: AD Ports Group appointed Jochen Thewes (LinkedIn) as CEO of the group’s logistics cluster, effective 1 December, according to a press release. Thewes spent nearly a decade as CEO and management board chairman of Deutsche Bahn subsidiary DB Schenker, a global logistics and supply-chain company based in Germany. He also spent over a decade at Kuehne+Nagel, one of the world’s largest logistics and freight-forwarding companies.

Edge Group to invest USD 200 mn in JV with US defense tech firm Anduril to co-develop drones in the UAE

DEFENSE-

State-owned defense firm Edge Group will invest USD 200 mn in a joint venture with US-based defense tech firm Anduril to develop and produce autonomous systems for civil and defense operations in the UAE for the Middle East and wider region as part of a new JV, according to a press release. The partnership marks the US’ firm entry into the Middle East.

The details: The first of the systems earmarked for co-development will be Omen, a hover-to-cruise drone designed for long-range operations and heavy payloads, and able to operate without a traditional runway, with production starting end-2028. The UAE will acquire 50 Omen units as part of the partnership, while Anduril will also establish a 50k sq ft research facility in the UAE for design, prototyping, and integration of autonomous systems.

TRANSPORT-

Didi Autonomous Driving joins Adio’s SAVI cluster: The Abu Dhabi Investment Office (Adio) partnered with Didi Autonomous Driving, the self-driving unit of China’s Didi Global, to advance autonomous mobility technologies in the emirate, according to Abu Dhabi Media Office. Didi will join Abu Dhabi’s Smart and Autonomous Vehicle Industries (SAVI) cluster, focusing on autonomous driving R&D, AI talent development, and pilot deployments in the UAE, with plans to expand into the wider Middle East.

REMEMBER- Abu Dhabi launched the SAVI cluster at Masdar City in 2023 to support the development of smart and autonomous technologies. The cluster has since onboarded firms including UK-based Gridserve and China’s EHang Holdings, and is expected to contribute AED 44 bn to GDP and create up to 40k jobs by 2045.

Also coming to SAVI: Austrian aerospace firm CycloTech will establish a wholly owned subsidiary in Abu Dhabi’s SAVI cluster, according to a press release. From its base in Masdar City, the company will work with regulators and industry partners to validate and commercialize its CycloRotor propulsion system, a compact rotor platform for urban and low-altitude aircraft, as Abu Dhabi expands its advanced air mobility ecosystem.

BUSINESS-

Dubai Chambers opened its first representative office in the US in New York, in a bid to deepen trade and investment ties between the two countries, according to a statement. The office will support US-based firms looking to set up operations in Dubai and Dubai-based firms looking to expand to the US. Dubai Chambers now has offices across all five continents, including the recent opening of an office in Warsaw, Poland.

INS.-

#1- RIQ, Masdar develop AI-driven reins. for clean energy projects: International Holding Co’s new reins. platform — Reins. Intelligent Quotient (RIQ) — and Masdar are co-developing AI-powered reins. solutions for global renewable energy projects, according to a post on LinkedIn. The partnership will explore integrated services such as risk management and analysis for projects related to clean energy, as well as transition assets.

#2- Shory receives Saudi regulatory approval to expand operations: Car ins. company Shory, a subsidiary of First.tech, secured regulatory approval from the Saudi Ins. Authority to operate in the Kingdom, according to a press release. The license allows Shory to roll out its AI-powered digital ins. solutions in Saudi Arabia.

ICYMI- Shory recently launched an AI-powered vehicle ins. renewal service available through Tamm 4.0, allowing residents to renew their car ins., request inspections, or complete their car registration entirely online.

REAL ESTATE-

DamacProperties launched its island-inspired residential community Damac Islands 2 — its seventh major master community in Dubai, with an estimated cost of AED 20 bn (USD 5.5 bn), Managing Director Amira Sajwani told Al Khaleej. Damac Islands 2 will feature six-bedroom villas of around 583 sqm, five-bedroom twin villas spanning around 324 sqm, and four and five-bedroom townhouses ranging from 203-293 sqm.

“Local economic growth and population expansion are putting pressure on supply, which has yet to match the accelerating pace of demand,” Sajwani said, adding that Damac holds roughly 5% of Dubai’s luxury housing market in certain price segments.

Fed policymakers signal hesitation on December rate cut amid deepening divisions

A growing number of Federal Reserve policymakers are signaling reluctance to push ahead with further rate cuts this year, citing persistent inflation pressures and mixed labor-market data, Reuters reports. The shift comes as short-term futures now price in a less-than-50% chance of another reduction when the Federal Open Market Committee meets on 9-10 December — down from 67% earlier this week.

REMEMBER- The Fed has already delivered two 25 bps cuts this year in September and October, bringing the target range to 3.75-4.00% as Chair Jerome Powell attempts to steer between showing growth and inflation still running near 3%. Powell noted after the October cut that another move in December was “far from” assured, particularly given the delay in official data releases caused by the US government shutdown.

Their take: Fed President San Francisco Mary Daly said that it was “premature” to decide on another move four weeks ahead of the next policy meeting — marking a shift in stance from her vocal support of rate cuts earlier, while Boston Fed’s Susan Collins warned she sees a "relatively high bar" for additional easing absent “notable labor-market deterioration.” Minneapolis Fed’s Neel Kashkari said inflation remains “too high,” adding that while some parts of the US economy are performing well, “some sectors of the labor market look like they’re under pressure.”

The Fed is navigating incomplete macro incomplete data: Private-sector indicators show firms shedding roughly 11k jobs a week through late October, while inflation on about 55% of CPI components remains above 3%, Reuters added, citing Apollo’s partner and chief economist Torsten Slok. “This is the reason why it is difficult for the Fed to cut interest rates in December,”Slok said.

The Fed officials’ remarks also “raise concerns about Powell’s struggle to manage deep splits” among policymakers, Evercore ISI Vice Chairman Krishna Guha wrote in a note picked up by Reuters added.

The debate comes as the Fed’s internal independence faces renewed political strain as the routine reappointment of regional bank presidents could see President Donald Trump hold more sway over the central bank’s leadership and policy direction, Reuters reports.

The process has been thrust into the spotlight by Atlanta Fed President Raphael Bostic’s surprise retirement announcement earlier this week and Trump’s earlier attempt to dismiss Fed governor Lisa Cook — the first such presidential move in the institution’s history. The White House is also expected to name its own choice of Fed chair within months, as Powell’s term expires in May 2026.

MARKETS THIS MORNING-

Asian markets are tracking Wall Street losses, with tech stocks continuing to come under pressure. Japan’s benchmark Nikkei lost 1.9%, with Japanese SoftBank falling as much as 8% in early trading following news that it sold its stake in Nvidia, while South Korea’s Kospi fell 2.3%. Chinese equities were not spared, with Hong Kong’s Hang Seng losing 1.5% and China’s CSI 300 dipping 0.6% at the open.

Meanwhile, futures point to another day in the red for Wall Street stocks as they open little changed from yesterday’s losses.

ADX	9,961	-0.3% (YTD: +5.8%)
DFM	5,991	-0.8% (YTD: +16.1%)
Nasdaq Dubai UAE20	4,807	-0.8% (YTD: +15.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.8% o/n	3.9% 1 yr
TASI	11,178	-0.7% (YTD: -7.1%)
EGX30	40,191	-0.1% (YTD: +35.1%)
S&P 500	6,737	-1.7% (YTD: +14.6%)
FTSE 100	9,808	-1.1% (YTD: +20%)
Euro Stoxx 50	5,743	-0.8% (YTD: +17.3%)
Brent crude	USD 63.54	+0.9%
Natural gas (Nymex)	USD 4.60	+1.1%
Gold	USD 4,189.4	-0.1%
BTC	USD 98,906	-2.7% (YTD: +4.8%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.79	+0.5% (YTD: +8.8%)
S&P MENA Bond & Sukuk	152.07	+0.1% (YTD: +8.7%)
VIX (Volatility Index)	20.00	+14.2% (YTD: +15.3%)

THE CLOSING BELL-

The DFM fell 0.8% yesterday on turnover of AED 683.6 mn. The index is up 16.1% YTD.

In the green: Al Mal Capital REIT (+15%), Ekttitab Holding (+15%) and Ithmaar Holding (+10.4%).

In the red: Agility The Public Warehousing Company (-7.6%), Al Mazaya Holding Capital (-7.5%) and International Financial Advisors (-6.6%).

Over on the ADX, the index fell 0.3% on turnover of AED 1 bn. Meanwhile, Nasdaq Dubai was down 0.8%.

My Morning Routine: Ala Aljayyusi, managing director at CBIx

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

I’ve been a banker for most of my life, though I prefer to call myself now a financial services provider, because what I do is not limited to just banking anymore. I'm very fond of financial markets in general. I like how money moves. I went to business school — contrary to what my parents wanted at the time — and as soon as I finished, after getting graduation training in Jordan Ahli Bank, I came to Dubai.

I worked on mortgages and home finance in 2005 as a product development manager at Tamweel, which was a subsidiary of Dubai Islamic Bank. I later moved to sales, then to Barclays doing mortgages again, and then to an investment company, which is where I was exposed to direct investments and equity shares and that side of finance. I then moved to Saudi Arabia for six years to work with Deutsche Bank, before coming back to Dubai to work at DIFC for a couple of years, and landed at CBI after that.

When I joined, our CEO had just taken over and the bank was going through a housekeeping overhaul. The number of branches was significantly reduced, from 28 to 8, and there was a plan to focus purely on corporate banking. I joined in 2020, so we, along with the rest of the world, had to work against the odds. Despite the fact that this phase passed and we remained profitable, it was an eye-opener in terms of how behind we were innovation-wise.

We realized that if we want to do things better, faster, and cheaper, we need to innovate. We found the best approach for a bank of our size is not to build from scratch, but to partner with the people who are already doing it. We started going to fintech hubs like DIFC, Hub71, Kazakhstan, and Silicon Valley to learn more about the innovations happening across the world. This is how we started finding technologies that are useful not only for the bank, but for the wider financial services industry across the UAE and GCC. We started directly investing in those companies, and that’s how the corporate venture arm of CBIx came to be.

The bank was very busy at the time and decisions like these took time, so we decided to offload the responsibility to CBIx, and add fresh blood and fresh ideas through an innovation lab and corporate venture capital arm. It was a good chance to find alternative revenues for the bank, and to diversify beyond just financial services. We invested in companies that do things ranging from carbon credits, to holographics, to AI-enabled credit scoring.

For upcoming investments, I’m really interested in the wealth that will exchange hands in the next five to ten years, and understanding the priorities of Gen Alpha, which are already doing things completely differently. They don’t want a relationship manager to call and update them, they want everything to be a click away. They’re also not interested in traditional assets like real estate or your typical S&P 500 fund. I think AI will play a huge role in their wealth management journeys and in helping investment managers define the right investments for this generation.

I sleep very early, and wake up at 5am with my kids, and when they're off school, I'm off to the office. I usually start by catching up on my emails just on my phone before even getting to the office, and leave the bigger stuff for the office.

We’ll be getting our own premises with different hours and policies to the bank, but for now, we follow their hours and their half-day policy on Fridays. That makes Friday my day for meetings. I’m usually in DIFC, meeting people for coffee and casual chats. From Monday to Thursday, the schedule can change every day. We’re in the building phase now, so every week is different to the next.

Our CEO does not micromanage, so we tend to follow that approach. We operate in isolation from the bank, and try to act more like a startup, while still benefitting from the bank’s capabilities and the strong policies they do have.

Every day I make sure I catch up on my podcasts. On all my drives, I listen to podcasts, not music. I really enjoy The Diary of a CEO, and I like some episodes of ABTalks, like the one with Mo Gawdat, for example. I also like it because it’s mostly in Arabic, and since my children don’t speak much Arabic, it’s a good way to get them familiarized while they’re with me in the car.

I also read a lot, but on the plane usually, or when I take my son to football or my daughter to gymnastics. Good to Great is my favorite. Thinking, Fast and Slow is another really good one. Currently, I'm reading about private equity; it’s a book called Business Adventures, which is a collection of stories — the most recent one is from 2005, so it’s pretty old — but it shows you that the way we operate as human beings is always the same.

In a few years, I want us to have established a direct SME finance company alongside the right partner, and for it to be very active. By that I mean, AED 500-600 mn in financing every month. In micro-loans terms, that’s a lot of transactions. I also want us to continue investing in companies and supporting entrepreneurs in the region through partnerships with accelerators. We’re already in a partnership now with UC Berkeley for their accelerator, and we have a separate one with an accelerator in Central Asia called Al Farabi. We can later — say, in five years — offer up a portfolio of companies to our VIP clients to invest in as a product for high net worth individuals.

There’s a quote that I really like and I think sums up the concept of innovation for me. The quote is from Henry Ford, who said “if I ask people what they want, they would have said faster horses.” We don’t know what we need until someone puts it in front of us. We never knew we would rely so much on Uber or on emails, but look at us now.

The advice that I received and has stuck with me for more than 20 years came when I was moving from product development to sales, and I really didn’t want to make the move. My manager told me, “If someone gives you an opportunity, take it — and learn later.” I realized its relevance again when I moved to Riyadh, and I was reluctant at first, but I ended up learning a lot there.

CALENDAR

NOVEMBER

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

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.

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

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.

17 -19 November (Monday-Wednesday): Middle East Iron and Steel Conference, Dubai

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.

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