Etihad, flydubai lock in Airbus orders + Al Maktoum Airport attracts investments for expansion

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Adnoc eyes Lukoil’s natural gas assets + South Korea joins Stargate UAE

Good morning, friends, and happy hump day to you all. There’s no end in sight to the slew of agreements and orders from Emirati airlines and defense firms as the Dubai Airshow enters its third day, while on the macro front, Dubai inflation came in at its highest in nearly a year in October.

PLUS- Curious about the state of the union of AI in the GCC? Mckinsey’s State of the AI report tells us that adoption is on the rise, but true value realization is still slow. We have everything you need to know in the news well, below.

☀️WEATHER- It’s a warm and sunny morning, with Dubai set to see a high of 31°C and a low of 23°C, while Abu Dhabi will see a high of 30°C and a low of 22°C.

⚽Our wait for the World Cup is getting a little longer, after a last-minute penalty for Iraq saw the team beat the UAE 3-2 in aggregate, ending our chances at qualifying for next year’s football tournament.

WATCH THIS SPACE-

#1- South Korea signs onto UAE’s Stargate AI megaproject: Seoul will partner with the UAE on its US-backed Stargate UAE initiative to build one of the world’s largest AI data campuses, Reuters reports, citing a government announcement from South Korea made during President Lee Jae Myung’s visit to Abu Dhabi.

The two countries also inked a framework agreement to increase bilateral AI investment, including in infrastructure, supply chains, and R&D. They will also explore projects ranging from co-operating hyperscale AI data centers to global AI smart port projects.

REFRESHER- Stargate UAE, announced during US President Donald Trump’s visit to the UAE in May, is set to be the first deployment of the US’ wider USD 500 bn Stargate infrastructure program and will form part of a 5 GW US-UAE AI data center cluster. US players OpenAI, Nvidia, Cisco, Oracle, and Japan’s SoftBank are partnering on the project, which is set to open in 2026.

ALSO FROM THE VISIT- The two countries agreed to expand cooperation in space, biohealth, economic cooperation, defense, intellectual property, and nuclear energy. This includes, in the field of defense, working on joint development of weapons, technology cooperation, and local production.

South Korea could gain some USD 15 bn in defense projects on the back of this cooperation framework, Korean news outlet Kyunghyang Shinmun reports.

#2- Adnoc is among several companies interested in the assets of Russian energy firm Lukoil, especially its natural gas operations in Uzbekistan, Bloomberg reports, citing people in the know. This comes as firms including US private equity firm Carlyle Group, as well as oil and gas firms Chevron and Exxon also eye some of its assets — though the caveat is the firm is looking to sell its entire international portfolio in one shot ahead of US sanctions set to take effect on 13 December. This could mean that a financial firm could step in to buy the assets and sell them piecemeal over time, the business news information service reports.

#3- Joby Aviation picks sites for Dubai vertiports: US-based Joby Aviation has selected the American University in Dubai, Atlantis the Royal, and Dubai Mall for its next electric vertical take-off and landing (eVTOL) vertiports, according to a press release. The sites — set for launch in 2026 — will be developed by UK-based Skyports Infrastructure, and are part of Joby’s six-year exclusive agreement with Dubai’s Road and Transport Authority to set up air taxi services.

REMEMBER- The air taxi operator completed its first crewed eVTOL aerial taxi flight between Margham’s Dubai Jetman Helipad and Al Maktoum International Airport this week. Its first eVTOL aerial taxi vertiport in Dubai — located in Dubai International Airport — is 60% complete, with the firm on track to launch it in 1Q 2026, ahead of commercial rollout.

#4- AD Ports, CMA CGM to expand joint terminal at Khalifa Port: Port operator AD Ports Group has inked an agreement with French shipping giant CMA CGM to expand their joint terminal at Khalifa Port, boosting its capacity by 50% to 2.7 mn TEUs by 2028, according to a statement. The move comes less than a year after the terminal launched operations.

The agreement aims to raise the port’s overall container handling capacity by 9% to 10.5 mn TEUs per year, as well as expand the quay wall’s length to 1.2 km and yard area by over 40% to 667k sqm. The project will also upgrade utilities and systems, including reefer racks to monitor refrigerated container storage.

BACKGROUND- AD Ports and CMA CGM operate the terminal under a joint venture — with CMA Terminals holding a 70% stake and AD Ports holding 30%. The pair first announced the AED 3.1 bn terminal project in 2021, initially committing some AED 570 mn, and inking a 35-year concession agreement for the terminal.

#5- Emirati b’naire and Emaar chairman Mohamed Alabbar is investing USD 145 mn in a resort in Italy, after buying the Castello di Antognolla in Umbria for USD 55 mn, the businessman told Bloomberg. He aims to create “one of the most prestigious resorts in the world,” complete with fashion events and culinary competitions. The investment is personal and not through Emaar or Eagle Hills.

The details: The Antognolla project will see the 12th-century castle redeveloped into a hotel, wellness resort and 3k-sqm longevity centre, alongside 80+ luxury homes, a polo club and other amenities. The site already includes an 18-hole golf course.

As for his other overseas ventures: A luxury tourism project Alabbar is pursuing in Madagascar faces a setback after lawmakers impeached the country’s former president and the army took over, though it is currently in wait-and-see mode. Meanwhile, his firm Eagle Hills is pushing ahead with a USD 6 bn project in Georgia, as well as additional projects in Albania, Serbia, Croatia, Latvia, Bahrain, Ethiopia and Morocco. However, its plan to redevelop land in Budapest into a “mini-Dubai” was blocked by the Hungarian government earlier this year.

PSAs-

#1- National holiday extended to private sector: Monday, 1 December and Tuesday, 2 December have been confirmed as a national holiday for private sector employees to celebrate Eid Al Etihad, marking a four-day weekend across the UAE, according to the Human Resources and Emiratization Ministry. For residents following the Saturday-Sunday weekend, their holiday will run from Saturday, 29 November to Tuesday, 2 December, while Sharjah residents will enjoy a five-day weekend, including Friday, Khaleej Times reports.

#2- The Central Bank of the UAE (CBUAE) has reportedly scrapped the AED 5k minimum salary requirement for accessing bank financing, allowing low-salaried residents better access to financial services, Emarat Al Youm reports. Minimum salary requirements will now be at each bank’s internal discretion.

Bank accounts for all? The move came as the CBUAE launched the UAE’s National Financial Inclusion Strategy 2026-30 at the two-day MENA Financial Inclusion Leaders' Summit, Wam reports. The strategy includes 12 initiatives focused on providing inclusive bank accounts for all residents, improving financial literacy, offering products tailored to women, youth, and people of determination, and enabling access to financial services for entrepreneurs and MSMEs.

#3-Dubai Ports rolls out AI system for instant approvals: The Dubai Ports Authority introduced an AI- and RPA-powered system that automatically issues operational approvals and safe-work permits for activities such as accepting dangerous goods, vessel bunkering, ship-waste discharge, and port-facility work, according to a press release. The platform will instantly process eligible requests — estimated at around 44k transactions a year — while routing exceptional cases to human review to maintain compliance.

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HAPPENING TODAY-

#1- A UAE delegation is visiting Singapore and India until Friday, 21 November to boost bilateral trade and explore new sustainable development investments, Abu Dhabi Media Office reports. The delegation will meet with policymakers, investors, and business leaders in both countries to strengthen partnerships across sectors like AI, agritech, healthcare and life sciences, renewable energy, advanced technology, financial services, manufacturing, and logistics.

#2- South Korea’s President Lee Jae Myung is on the third and final day of a state visit to the UAE, holding talks with President Mohamed bin Zayed Al Nahyan to strengthen cooperation in investment, defense, energy, advanced technologies, and healthcare, Asharq Business reports. The visit builds on existing relationships spanning politics, economy, nuclear cooperation, climate change, cybersecurity, food security, defense, healthcare, culture, government administration, and space.

#3- Canadian Prime Minister Mark Carney is in Abu Dhabi today 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.

#4-Dubai Airshow is on its third day and runs until Friday at Al Maktoum International Airport in Dubai. The event features over 1.4k exhibitors and 192 aircraft on display, and looks to develop new solutions for sustainable aviation. Expect plenty of agreements as well as discussions around key issues facing the aviation industry, from MRO and airport and airline management to cybersecurity, workforce development, airport tech, and women’s leadership in aerospace.

#5- Middle East Iron & Steel is on its third and final day at Madinat Jumeirah Conference Center. The event brings together over 1.3k international senior executives to discuss the latest trends in the steel and iron industry.

#6- Dubai Future Forum wraps today at the Museum of the Future, bringing together policymakers, technologists, and futurists to explore long-term trends shaping the region, from AI to proactive med, and urban resilience. Some 100 innovative projects from students, graduates, and professors from global universities will be showcased, with five projects set to be chosen for support to prepare them for real-world application.

#7- The Turkey leg of the Abu Dhabi Infrastructure Summit roadshow kicked off yesterday in Ankara and continues today in Istanbul, with some USD 55 bn worth of Abu Dhabi projects featuring sustainable and smart urban infrastructure on the line for Turkish investment, state news agency Wam reports. Senior officials from both countries are exploring and strengthening public-private partnerships in housing, infrastructure, and urban development, while highlighting investments for Turkish engineering and contracting firms in modular construction, transport, and complex engineering developments.

#8- The Investment and Business Summit is on its second day today and runs till Thursday, 20 November at Al Hamra International Exhibition and Convention Center in Ras Al Khaimah, gathering investors, industry leaders, and government representatives to discuss investment prospects in Ras al Khaimah, with a focus on manufacturing, tourism and hospitality, real estate and infrastructure, and investment and finance.

#9- The Sharjah International Travel and Tourism Forum takes place today 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.

THE BIG STORY ABROAD-

A US tech market slump and the Epstein files are dominating headlines in the international press this morning. Claude-maker Anthropic received a push from Microsoft and Nvidia, but US tech stocks still took quite a hit.

Anthropic will receive up to USD 15 bn in new funding from Microsoft and Nvidia, the latest wager on the fast-growing Claude developer. Microsoft will invest up to USD 5 bn while Nvidia will invest up to USD 10 bn, part of a broader funding round expected to value Anthropic at more than USD 300–350 bn. The AI startup has agreed in return to purchase USD 30 bn in Azure computing capacity, which will run on Nvidia’s newest AI chips. (Reuters | The Financial Times | Semafor | CNBC)

Markets are not buying it: US tech stocks fell sharply on Tuesday as mounting concerns over “frothy” AI valuations triggered a broad sell-off across global markets. The tech-heavy Nasdaq Composite closed 1.2% lower, with major AI-linked names leading the declines as Nvidia slid 2.8%, while Microsoft shed 2.7% and Amazon declined 4.4%. The pullback comes ahead of Nvidia’s earnings on Wednesday, a report investors see as a critical gauge of whether the AI boom can justify the sector’s soaring valuations. (The Financial Times | Semafor | CNBC | Reuters)

ALSO- President Donald Trump met with Crown Prince Mohammed Bin Salman in the White House, where they signed agreements on defense, nuclear negotiations, AI and more. The president cleared future F-35 deliveries to Saudi and designated the Kingdom as a major non-Nato ally, while the Crown Prince pledged to increase Saudi’s investment package in the US to a whopping USD 1 tn.

AND- The US Congress voted overwhelmingly on Tuesday to release the Justice Department’s files on the disgraced financier Jeffrey Epstein, a move enabled by Trump’s abrupt reversal after months of resisting the measure. The legislation is now awaiting Trump’s signature. (Reuters | CNN | The Financial Times | New York Times | Bloomberg)

ALSO WORTH READING-

Meta does not hold an illegal social media monopoly, a US federal judge ruled. (The Financial Times | The New York Times | CNBC | Reuters)

Cloudflare restored internet services on Tuesday after an oversized security configuration file crashed parts of its network and clocked access to platforms like X and ChatGPT. (Reuters | Semafor | CNBC)

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MARKET WATCH-

Adnoc signs new crude and trading agreements in China: Abu Dhabi National Oil Company (Adnoc) signed three agreements at the China International Import Expo in Shanghai, including an MoU between Adnoc Global Trading and China National Offshore Oil Corp (CNOOC) to explore a trading partnership across both companies’ refining and trading systems, Wam reports.

REMEMBER- Adnoc also recently renewed crude supply contracts with CNOOC and Zhenhua Oil, including a five-year LNG agreement to supply CNOOC with 500k metric tons per year starting next year, and up to 12 LNG cargoes annually for Zhenhua — which had pledged to double its Adnoc crude offtake to 200k bbl / d this year.

Adnoc’s petrochemicals JV Borouge also signed three supply agreements with Chinese cable manufacturers for upcoming renewable energy projects and an MoU with two waste management firms to develop recycling infrastructure in Ningbo.

Meanwhile, Chinese state-owned refiner Yanchang Petroleum secured 2 mn bbl of Abu Dhabi Murban from Swiss trader Mercuria, as it shifts away from Russian oil imports amid looming sanctions, Reuters reports, citing trade sources.

ICYMI- China and India have been absorbing surplus from the region as the world’s biggest importers shift away from Russian grades. Chinese refiners are taking several cargoes, while Indian processors marginally increased purchases through a series of tenders.

Dubai Airshow day 2 wrap-up: Etihad, flydubai lock in Airbus orders + Emirates eyes new manufacturing facility, Strata plans engine part manufacturing

Etihad Airways and flydubai followed Emirates’ lead with two aircraft orders on Dubai Airshow ’s second day, though this time, Airbus is in the spotlight. Plus: Emirates is planning a new business seat manufacturing facility and Strata is eyeing manufacturing engine parts.

AIRCRAFT ORDERS-

#1- Airbus snaps up flydubai order: Dubai-based carrier flydubai placed an order with European manufacturer Airbus for 150 A321 aircrafts — a major capacity expansion for the budget airline, according to a statement. The value of the acquisition, which marks the budget airline’s first with Airbus, was not disclosed.

Could there be more coming? We’ve been expecting flydubai to announce an order consisting of 200 narrow-body planes with an option for 100 more at this week’s airshow. Today’s order confirms earlier reports from Bloomberg and Reuters that Airbus was set to beat its rival Boeing in securing the majority of the flydubai order.

ICYMI- Flydubai also tapped GE Aerospace for an order of 60 GEnx-1B engines during the show’s first day — set to power the airline’s first widebody order for 30 Boeing 787 Dreamliners placed back in 2023.

ALSO FROM FLYDUBAI- The airline inked an agreement with SpaceX to integrate Starlink connectivity across its fleet, according to a statement. Starlink will provide in-flight connectivity for the airline’s fleet of Boeing 737 aircraft, with a rollout planned across 100 planes from next year.

REMEMBER- Flydubai’s parent firm Emirates will also equip all 232 aircraft in its in-service widebody fleet with SpaceX’s Starlink satellite internet, beginning with Boeing 777s this month and completing the rollout by mid-2027.

#2- Etihad Airways is expanding its fleet with 32 Airbus widebody jets, secured via direct orders and leases, with the earliest delivery set for 2027, according to a press release. The direct orders include three A350F freighters, six A330-900s, and seven A350-1000s, according to a separate statement. The carrier is also leasing nine A330-900s from Irish aviation leasing player Avolon.

All part of the bigger picture: Etihad Airways plans to acquire 200 aircraft by 2030, including 60 widebodies, Etihad CEO Antonoaldo Neves noted at the Dubai Airshow. The firm will allocate USD 10 bn over the next five years in expansion, funded entirely from its own coffers. Etihad Airways has so far made 60 commitments for widebody aircraft, with another USD 14.5 bn order for 28 Boeing 787 and 777X aircraft made earlier this year.

MANUFACTURING-

#1- Emirates to set up new seat manufacturing plant: Emirates inked an MoU with French aerospace firm Safran to set up a new aircraft seat manufacturing and assembly plant in Dubai, according to a statement on X. The facility, which will initially focus on business and economy class retrofits before expanding to new planes, is scheduled for completion in 4Q 2027. It is expected to assemble up to 1k business class seats a year in its first phase of operation.

#2- Mubadala’s aerospace manufacturing unit Strata is eyeing manufacturing aircraft-engine parts for the first time as the sector faces a global shortage, acting CEO Sara Al Memari told The National. She said the Al Ain-based unit is pushing to close an agreement in 1Q 2026 but did not disclose the counterparty.

Strata could supply carbon-fiber materials for Boeing’s 777X, Al Memari said, adding the company is still negotiating which structures the materials will support. The Strata Syensqo Advanced Material plant in Al Ain, built with Belgium’s Syensqo, is in the qualification phase and targets production by end-1Q 2026. She said the facility is fully committed for the next 10 years but did not disclose volumes or contract value.

#3- Mubadala’s aerospace engineering and leasing arm Sanad Group and Abu Dhabi Airports signed a 50-year land usufruct agreement that will allocate Sanad two plots of land totaling 70k sqm in Al Ain’s Nibras Aerospace Park, Al Etihad reports. The group will build a dedicated MRO center for Pratt & Whitney’s geared turbofan engines and a two-unit engine test complex.

DEFENSE-

#1- Edge Group signed a USD 7 bn financing and procurement agreement with Indonesian defense firm Republikorp to localize production in Indonesia, covering procurement and tech transfer, Wam reports. The program spans air defense, land systems, naval platforms, cyber defense, and ammunition.

#2- UAE defense and security authority Tawazun Council inked another AED 6.3 bn worth of agreements during the airshow, bringing the total so far to AED 10 bn, state news agency Wam reports. The agreements include a AED 5.9 bn contract for Global Aerospace Logistics for aircraft maintenance, a AED 279 mn contract for Calidus to upgrade Black Hawk, as well as agreements withAvital Technical Services and US-based Lockheed Martin for technical and logistical support.

#3- UAE rolls out homegrown Badr-250 aircraft: Local defense firm Calidus unveiled the Badr-250, the first light attack aircraft to be fully designed and manufactured in the UAE, according to a press release. The aircraft has completed its maiden flight and qualification tests, and is built for close air support, intelligence, surveillance, and reconnaissance, counterinsurgency, and pilot training.

Calidus has been scaling up local manufacturing: The firm recently joined the UAE’s in-country value program to boost local procurement and industrial capacity and signed an MoU with Tawazun Industrial Park to expand its manufacturing footprint.

SUSTAINABLE AVIATION FUELS-

Enoc + MENA Biofuels partner up on SAF: Emirates National Oil Company (Enoc) has signed an MoU with Mercantile & Maritime Group's subsidiary MENA Biofuels to collaborate on the offtake, supply, and distribution of sustainable aviation fuel (SAF), according to the Dubai Media Office. The parties will work toward integrating SAF output from MENA Biofuels’ AED 2.2 bn biofuel processing facility — currently under development at the Fujairah Oil Industry Zone.

AUTONOMOUS MOBILITY-

Abu Dhabi Airports + Beta Tech beef up vertiport infrastructure: Abu Dhabi Airports has partnered with US eVTOL manufacturer Beta Technologies to integrate its Charge Cube and Battery Thermal Management System chargers to support the UAE’s network of vertiports, according to a press release. Abu Dhabi plans to launch a network of 10 vertiports linking key residential, business, and tourist hotspots like Yas Island, Saadiyat, and Abu Dhabi Island.

Dubai’s Al Maktoum Airport expansion attracts up to USD 15.5 bn in foreign + local investments

Emirates is earmarking USD 10-12 bn in investments for Al Maktoum International Airport (also known as DWC), Emirates Chairman Ahmed Saeed Al Maktoum said on the sidelines of the Dubai Airshow. The airline remains confident that there will be “no issue” with regards to funding the airport’s transition by 2032.

DWC’s expansion also attracted foreign interest: DWC has received an expression of interest for up to USD 3.5 bn from the UK's export credit agency UK Export Finance to facilitate the airport’s expansion, according to a statement.

A quick refresher: The design plan for developing a new USD 35 bn passenger terminal at Al Maktoum International Airport was approved by Vice President Mohammed bin Rashid Al Maktoum in 2024. The expanded airport will be the world’s largest — five times the size of Dubai International Airport (DXB) — and designed to host over 260 mn passengers, handle 12 mn tons of cargo, and feature five parallel runways and 400 gates. All operations from DXB are planned to transfer to DWC within 10 years.

Dubai inflation accelerates again to 3.4% in October

Dubai’s annual inflation accelerated further in October to 3.36%, up from 2.88% in September, driven mainly by an uptick in transport costs for the first time in 2025, according to the Dubai Statistics Center data (pdf). This reading marks the fastest pace of acceleration since August 2024, Emirates NBD said in a research note (pdf).

Transport price inflation jumped 4.16% for the first time this year, pushed by higher petrol prices, which rose 4.1% y-o-y in October, according to Emirates NBD.

REMEMBER - The Fuel Price Committee had hiked petrol prices in October, before lowering them by up to 5.6% this month.

Lower fuel prices in November mean this is likely temporary: Emirates NBD anticipates transport to “turn deflationary once again given that a liter of super 98 currently costs AED 2.63, down 4% y-o-y, while with global oil benchmarks trending lower, downwards pressure on transport prices will likely be maintained into 2026.”

The housing, water, electricity, gas, and other fuels segment — the largest component of the basket — continued to pressure prices, though at a slower pace than in September. It softened to 5.3% y-o-y compared to 5.8% a month earlier. This was the lowest since April 2023, and follows on from a gradual slowdown that started earlier this year. “We expect that this moderation in housing cost pressures will continue through the coming months, given base effects and an anticipated ramp-up in supply,” Emirates NBD said.

Other categories seeing inflation: The uptick was also pushed by a 6.7% y-o-y increase in prices in the recreation, sport, and culture segment, while tobacco also posted one of the sharpest gains, rising 3.66% y-o-y but holding steady on a m-o-m basis for the third consecutive month. Meanwhile, information and communication was the only segment witnessing a decline of 0.05% for the third month in a row.
On a monthly basis, consumer prices edged up 0.64% in October, up from 0.44% in September, according to the statistics center’s monthly inflation report (pdf). This was pushed by an increase of 4.26% in prices in restaurant and accommodation services, followed by a 2.1% surge in transport, while housing, water, electricity, gas and other fuels saw a 0.42% rise during the month.

Looking ahead: Emirates NBD maintained its forecast for 2.6% average headline inflation through year-end, citing their “expectation that price growth will soften once more through the end of the year.” The bank sees CPI inflation averaging 2.5% in 2026.

GCC firms ramp up AI adoption, but only 11% are realizing meaningful value -McKinsey

GCC firms are racing to adopt AI, but only 11% are seeing returns: Some 84% of GCC organizations now use AI in at least one business function — just four percentage points behind the global average, according to McKinsey’s State of AI in the GCC 2025 report. But only 11% qualify as “value realizers,” meaning they have scaled AI and can attribute at least 5% of earnings to it.

Most firms are still stuck in pilots: Only 31% have scaled AI across the business, while 54% remain in the experimenting or piloting stages and 15% have not adopted AI at all. Cybersecurity (68%), output inaccuracy (53%), and data-quality issues are the top barriers to wider deployment. Lack of available capital to effectively adopt and scale usage also poses a challenge, one executive said.

Where AI is being used: Marketing and service operations remain the most common functions, but the fastest growth since 2023 is in product and service development: some 60% of organizations say they are piloting AI agents — which can execute workflows, coordinate tasks, and make decisions — marking a shift toward more action-oriented applications that can cut selling, general, and administrative expenses, and shorten development cycles.

Sectoral adoption is broad across the region. While energy and infrastructure respondents were heavily represented in the sample, this should not be read as sectoral leadership, Karan Soni, associate partner at McKinsey&Co, told EnterpriseAM, noting that uptake spans both public and private sectors.

Roles are shifting: Rather than replacing jobs, AI adoption is prompting companies to redesign workflows so staff move from routine tasks to higher-value work. The shift is also creating demand for new roles — including context engineers and AI product owners — though firms will need to upskill existing employees to fill them, Soni said.

The good news? Value can show up quickly: Well-designed transformations can deliver measurable results within 6-12 months, Soni told us. Companies seeing returns “start smart and scale fast,” using quick Ws to build momentum. Many are also “using AI to build AI,” accelerating delivery and reducing the talent required to bring new use cases online.

UBS taps lead for new ADGM office

UBS GWM names former JPMorgan exec to lead Abu Dhabi office: Swiss bank UBS Global Wealth Management (GWM) tapped Borja Martínez-Laredo (LinkedIn) as location head of its newly established Abu Dhabi office, according to a press release. The appointment will be effective from 4 December and Laredo will also serve as senior executive officer, pending regulatory approval.

Laredo brings over 15 years’ experience in financial services, most recently serving as managing director at JPMorgan’s Global Families Group in New York, where he advised international and multi-jurisdictional clients.

ICYMI- The Swiss bank opened its office in ADGM last month — its second in the UAE, after launching in Dubai International Financial Center.

Abu Dhabi’s Khazna solar project awards EPC contract to China’s SEPCO3

RENEWABLES-

China’s SEPCO3 lands EPC contract for Khazna solar project: China’s SEPCO3 signed the engineering, procurement, and construction (EPC) contract for Abu Dhabi’s 1.5 GW Khazna Solar PV project, alongside module supplier Longi and main developer Engie, Saudi Gulf Projects reports. Emirates Water and Electricity Company (Ewec) awarded the independent power project to Engie and Masdar in October, with financial close expected by 4Q 2025 and operations targeted for 2026-2027.

Background: Ewec received three proposals for the project last October and signed a joint development agreement with Kowepco and EDF Renewables in March 2024. Once complete, it will include nearly 3 mn panels, generate power for around 160k homes, and cut more than 2.4 mn tons of CO2 annually.

MANUFACTURING-

Emsteel inks AED 135 mn tech upgrade + two downstream agreements: Steelmaker Emsteel signed three agreements on the sidelines of Fastmarkets’ Middle East Iron and Steel Conference, including an AED 135 mn contract with Primetals Technologies — a UK-based engineering and plant construction company — to install a new wire rod outlet and upgrade its Abu Dhabi mill with eDrive Morgan No-Twist and Stelmor cooling systems, state news agency Wam reports. The upgrades will expand its product range and enable higher-grade production.

Emsteel struck two more agreements, one with Belgium-based manufacturer Bekaert to support R&D and grade development for low-CO2 wire rod, and another with Egypt’s Suez Canal Investment Company to supply sheet piles for infrastructure projects across the Suez Canal Zone.

AUTOMOTIVE-

#1- Borouge plastics to feature in Chinese Rox’s new SUV: ADX-listed petrochemicals firm Borouge will supply lightweight polyolefin materials for 17 components of Chinese brand Rox Motor’s new Adamas SUV, according to a press release. The agreement builds on a manufacturing partnership announced earlier this year and follows the launch of a joint Borouge-Rox innovation lab in Shanghai focused on advanced polyolefin R&D.

REMEMBER- Rox is deepening its UAE footprint: The company recently signed an MoU with Dubai-based W Motors to localize production of the Rox 01 EV in Abu Dhabi — its first manufacturing base outside China — and partnered with Enercap on high-performance battery systems. Rox also set up a regional HQ in Abu Dhabi to oversee sales, after-sales, localization, and future R&D and design work.

#2- Dubai Municipality is launching a new car trade hub, Dubai Auto Market, which is set to become one of the world’s largest platforms for automotive trading, according to the Dubai Media Office. Once complete, the 22 mn sq ft development will handle over 80k vehicles per year and include showrooms, warehouses, multi-story car parking facilities, conferences and auction facilities, hotels, and F&B and retail areas. DP World is leading the project.

FINANCIAL SERVICES-

Capital International receives DFSA approval: Financial services group specializing in multi-currency investment platforms and asset management Capital International has secured regulatory approval from the Dubai Financial Services Authority (DFSA) to operate a representative office within the Dubai International Financial Center (DIFC), according to a press release. The DFSA license enables Capital International to offer its multi-currency investment platform to professional clients in the region, providing access to global equities, ETFs, bonds, and funds.

E-COMMERCE-

Abu Dhabi launches pilot for autonomous e-commerce delivery vehicles: The Integrated Transport Center (Abu Dhabi Mobility) has kicked off a pilot project for self-driving e-commerce delivery vehicles, in partnership with noon and K2 subsidiary AutoGo, according to Abu Dhabi Media Office. The initiative integrates AutoGo’s autonomous vehicles into noon’s logistics network to supply mini-fulfilment centers across the emirate.

AutoGo plans to expand the pilot to additional neighbourhoods and a wider range of products, with full commercial operations expected to follow.

Markets see widespread sell-offs amid growing AI bubble fears

Markets continued to see sell-offs for the fourth consecutive session due to investors’ anxiety over soaring AI companies’ valuations and the instability of the artificial intelligence boom. Sundar Pichai, CEO of Google parent company Alphabet, also warned in an interview with the BBC that “no company is going to be immune” to the impacts of the AI bubble bursting. He described the current AI investment wave as "extraordinary" while acknowledging that it has an “element of irrationality.”

US markets saw steep declines: The S&P 500 closed down 0.8%, while the Dow Jones fell 1.1%, and the tech-heavy Nasdaq shed 1.2% during yesterday’s trade. Also driving the fall is speculation over US interest rates not getting cut as “quickly as hoped,” The Guardian reports, citing commentary from policymakers. Nervousness over tech giant Nvidia’s earnings and worry around massive debt over AI infrastructure are also adding to market volatility.

Could Nvidia’s earnings offer some comfort? US chipmaker Nvidia will release its quarterly results later today. Investors will also be on the lookout for September’s US jobs report, which will see the light tomorrow after government-shutdown related delays.

Behind the numbers: “A selloff in the world’s largest technology companies drove stocks to their longest slide since August, underscoring the US market’s narrow reliance on a handful of growth giants. Wall Street has grown increasingly concerned that AI isn’t yet generating enough revenue or profits to justify the massive spending on infrastructure,” Bloomberg wrote.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning as investors assess the fallout from the sell-off. Japan’s Nikkei, the Shanghai Composite, and the Hang Seng are all in the green, looking at moderate gains, while the Kospi is down 0.2%.

ADX	9,882	-0.3% (YTD: +4.9%)
DFM	5,899	-1.0% (YTD: +14.3%)
Nasdaq Dubai UAE20	4,715	-0.6% (YTD: +13.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.7% o/n	3.9% 1 yr
Tadawul	11,099	+0.4% (YTD: -7.8%)
EGX30	40,501	-1.4% (YTD: +36.2%)
S&P 500	6,617	-0.8% (YTD: +12.5%)
FTSE 100	9,552	-1.3% (YTD: +16.9%)
Euro Stoxx 50	5,535	-1.9% (YTD: +13.1%)
Brent crude	USD 64.56	-0.5%
Natural gas (Nymex)	USD 4.38	+0.2%
Gold	USD 4,061	-0.2%
BTC	USD 92,590	+0.4% (YTD: -1.1%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.8	+0.3% (YTD: +9.1%)
S&P MENA Bond & Sukuk	152.03	+0.1% (YTD: +8.6%)
VIX (Volatility Index)	24.69	+10.3% (YTD: +42.3%)

THE CLOSING BELL-

The DFM fell 1% yesterday on turnover of AED 712.6 mn. The index is up 14.3% YTD.

In the green: Ekttitab Holding Company (+14.9%), Ithmaar Holding (+14.9%) and Al Firdous Holding (+14.8%).

In the red: International Financial Advisors Holding Company (-10.0%), Chimera S&P UAE Shariah ETF- Share class B - Income (-9.1%) and Al Ramz Corporation Investment and Development (-5.8%).

Over on the ADX, the index fell 0.3% on turnover of AED 1.1 bn. Meanwhile, Nasdaq Dubai was down 0.6%.

CALENDAR

NOVEMBER

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

17-21 November (Monday-Friday): Dubai Airshow, Al Maktoum International Airport, Dubai.

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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