New waste-to-SAF plant in Abu Dhabi + Investment pact, trade talks agreed with Canada

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WHAT WE’RE TRACKING TODAY

THIS MORNING: FAB plans new AT1 issuance + IHC eyes USD 25 bn from minority holding

Good morning, friends, and happy FRIDAY. We wrap a busy week with another packed issue as Dubai Airshow continues to flood our newsfeeds with aviation-related news. The big theme yesterday? Local manufacturing and maintenance, repair, and overhaul capabilities.

Also worth your attention this morning: AD Ports upped its stake in an Egyptian terminal operator; Tadweer and Masdar plan to develop a waste-to-SAF plant in Abu Dhabi; and UAE and Canada signed an investment protection agreement and have agreed to launch trade talks.

WEATHER- Temperatures will reach 33°C in Dubai, before cooling to an overnight low of 19°C, and 32°C in Abu Dhabi, with an overnight low of 21°C.

WATCH THIS SPACE-

#1- FAB lines up new AT1 paper: First Abu Dhabi Bank (FAB) tapped a roster of international and regional banks, including our friends at HSBC, to arrange investor calls on Wednesday ahead of a potential USD-denominated, non-call perpetual AT1 issue, Zawya reports. The Reg S offering is a benchmark-size, fixed-rate, resettable six-year AT1 instrument, with an expected Baa3 rating from Moody’s. FAB is rated Aa3 by Moody’s and AA- by both S&P and Fitch.

ADVISORS- Abu Dhabi Commercial Bank, Barclays, Emirates NBD Capital, First Abu Dhabi Bank, and Standard Chartered Bank are also joint lead managers and bookrunners on the transaction.

#2- Abu Dhabi courts global contractors for USD 54 bn project pipeline: Abu Dhabi Projects and Infrastructure Center (Adpic) is seeking private sector partners from Turkey, Singapore, and China for its USD 54 bn infrastructure projects pipeline over the next five years, with the total expected to double by 2040, Reuters cites director Maysarah Eid as saying. Adpic met with major Turkish contractors — including Dogus, Kalyon, and Summa — during an Istanbul roadshow, after similar stops in Singapore and China. The center will draw up a shortlist from the three countries for Abu Dhabi’s upcoming “mega portfolio” of projects, Eid said.

REMEMBER- Adpic earlier said it aims to sign AED 47 bn in private-sector infrastructure contracts in 2H 2025, having already awarded AED 22 bn in public-private partnerships (PPPs) this year. The emirate has AED 450 bn in planned infrastructure projects over the next 5-10 years. Adpic also signed seven MoUs in Singapore this month.

What’s coming: The pipeline includes bridges and tunnels, along with national housing and social infrastructure, which accounts for about 50% of planned spending, Eid said. Projects will span Abu Dhabi, Al Ain, and Al Dhafra, funded either directly by the government or through long-term partnerships with developers and investors.

#3- IHC eyes USD 25 bn from minority holding exits: Abu Dhabi’s International Holding Company (IHC) could see as much as USD 25 bn in inflows from minority investment exits over the next year and a half, CEO Syed Basar Shueb told Reuters. The firm is keen on making a swift exit on investments where it can’t secure a controlling stake, he added.

The state of play: The conglomerate is close to finalizing at least two divestments, the first of which could come as early as next year, Shueb told the news outlet, though he didn’t specify holdings it was looking to exit.

USD 25 bn in, USD 30 bn out: On the flip side, IHC has earmarked up to USD 30 bn to be deployed over the same 18-month time frame, with a solar and wind energy project in Chad possibly the first venture to be the first recipient of the capital inflows, which will come through a mixture of debt and equity financing.

ICYMI- The holding firm recently moved to consolidate three of its key portfolio firms — Multiply, 2PointZero, and Ghitha Holding — into a single entity, 2PointZero Group, which is set to have combined assets of roughly AED 120 bn. It also recently divested its 42.5% stake in Abu Dhabi developer Modon to Abu Dhabi government-owned L’imad Holding Company as part of a strategic review of its portfolio that looks to cap its exposure to real estate — along with other sectors — at 20%. Its subsidiary Multiply also sold its stake in Pal Cooling Holding to Tabreed and CVC DIF for AED 3.9 bn.

#4- Emirates Islamic to shut five branches by year-end in digitization reshuffle: Emirates NBD’s Islamic finance subsidiary, Emirates Islamic, will shut down five of its branches by year-end, as the firm restructures and refocuses toward digitization and resource efficiency, Gulf News reports, citing deputy CEO Mohammad Kamran Wajid. The bank has selected locations hat are near other Emirates Islamic and Emirates NBD branches, and plans to reallocate staff to other roles, while new branches could be on the cards in high-growth areas like the northern Emirates.

IN CONTEXT- This follows Emirates NBD ’s recent full acquisition of the bank, leading to its delisting from the Dubai Financial Market. Emirates NBD completed the mandatory buyout of the remaining 0.029% in shares, increasing its stake to 100% and reregistering all shares in its name, though Emirates Islamic continues to operate independently.

#5- The UAE is launching a new trade program aimed at enhancing its role in foreign trade, according to a statement reported by the state-news agency Wam. The Global Center of Trade program will be implemented through eight initiatives, including attracting 1k global companies, and the launch of a UAE Export Portal which will connect thousands of Emirati exporters with foreign markets to boost non-oil exports and expand re-export operations. It will also include a training initiative for exporters, an international trade expo, promotional events, and a plan to integrate AI into trade.

REMEMBER- The country aims to boost non-oil foreign trade to AED 4 tn by the end of 2031, compared to AED 3 tn in 2024.

Non-oil foreign trade surged 24.6% y-o-y in the first nine months of 2025 to nearly AED 2.7 tn, as non-oil exports rose 42.5% y-o-y to AED 579.4 bn, according to the statement. Meanwhile, non-oil imports grew 22.8% y-o-y during the period, reaching AED 1.5 tn, and the value of re-exports reached AED 597.7 bn, recording a 15% y-o-y rise.

SPEAKING OF OVERSEAS TRADE- The UAE made its first overseas transaction using the digital AED with China this week after linking their financial infrastructures, according to a statement (pdf) by the Central Bank of the UAE (CBUAE). The newly linked payment systems will allow residents of both countries to make instant transfers, facilitating payments such as tuition, remittances, and cross-border commercial transactions.

The transaction was carried out via the Jisr platform, a multi-CBDC network developed by the CBUAE, joined by a number of banks in the UAE and China and set to include more central banks next year.

The two countries also launched a multi-scheme prepaid card — Jaywan-UnionPay, a collaboration between the UAE's domestic card scheme Jaywan, its Chinese counterpart UnionPay, and Lari Exchange, according to the statement.

REMEMBER- The Finance Ministry and Dubai’s Department of Finance, in collaboration with the CBUAE, executed the country’s first government financial transaction using the Digital AED earlier this month.

#6- Flydubai is introducing premium economy cabins as it looks to shed budget carrier label: Dubai-based airline flydubai is set to launch a three-class configuration — business, premium economy, and economy — on its new Boeing 787 Dreamliners, CEO Ghaith Al Ghaith said on day four of the Dubai Airshow. The new feature marks a step away from the carrier’s origin as a budget airline. The new jets will serve new routes and boost flight frequencies on existing services, with deliveries scheduled to begin by end-2027.

ICYMI- Flydubai placed an order with US manufacturer Boeing for 75 737 Max jets (with an option to add another 75) this week. The value of the order was not disclosed, though it raises flydubai's orderbook at the airshow to 300 aircraft. It also tapped Boeing’s rival Airbus for a massive order of 150 A321 aircraft for the first time in a transaction valued at USD 24 bn, sources told Reuters.

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HAPPENING TODAY-

#1- A UAE delegation is on a visit to Singapore and India that wraps today 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- Canadian Prime Minister Mark Carney is in Abu Dhabi 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 and the heads of UAE sovereign wealth funds to attract investments to build out Canada’s export infrastructure and boost access for Canadian exporters.

Investment pact on the table: Carney is aiming to sign a formal foreign investment promotion and protection agreement with the UAE during the trip, with a senior Canadian official telling CBC that an agreement is “ready to go.”

#3-Dubai Airshow is on its final day 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.

#4- The Investment and Business Summit is on its third and final day 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.

HAPPENING THIS WEEK-

A UAE delegation led by Abu Dhabi Crown Prince Khaled bin Mohamed bin Zayed Al Nahyan is heading to the G20 summit on Saturday, 22 November and Sunday, 23 November in Johannesburg, South Africa, state news agency Wam reports. The summit aims to focus on global economic growth, the energy transition, sustainable development, climate and health barriers, and innovation-led international partnerships.

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 it 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.

THE BIG STORY ABROAD-

Shaky markets are still dominating headlines, after Nvidia’s bumper earnings yesterday failed to keep concerns of an AI bubble at bay, with several AI firms’ — including Nvidia, Broadcom, and Advanced Micro Devices — shares tanking yesterday, pulling the S&P 500 down 1.6% and the Nasdaq down 2.2%. (CNBC | Financial Times | Guardian | Wall Street Journal)

Meanwhile, Warner Bros received bids from Netflix, Paramount Skydance, and Comcast as the company mulls a sale of its business, after rejecting a nearly USD 60 bn bid from Paramount Skydance earlier. Netflix and Comcast are eyeing its film and TV library, while Paramount Skydance is looking to take over the entire business. (Reuters | Bloomberg | New York Times)

Geopolitics are also still getting attention, with Ukraine saying it will work with the US on its 28-point peace plan for the country and Russia, which will see Ukraine cede large chunks of territory to Russia, as well as cap the size of its military and lift sanctions on Moscow. (Bloomberg | Axios | Reuters)

CLOSER TO HOME- Iran ended its agreement allowing the International Energy Agency to inspect its nuclear stockpile after the UN’s atomic watchdog passed a resolution ordering it to provide details on its enriched uranium and nuclear sites with “without delay.” (Bloomberg | Washington Post | NYT)

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OIL WATCH-

Emirates National Oil Company’s (Enoc) subsidiary Dragon Oil has made a new oil discovery in Egypt’s Gulf of Suez, state news agency Wam reports. Initial assessments suggest production could reach around 3k bbl / d once the well is tied into the existing network. The company plans to connect the well to the North-East Ramadan platform by July once commercial viability is confirmed.

Expanding the regional footprint: Dragon Oil was awarded the North July oil concession, northeast of the Gulf of Suez last September, and was set to invest at least USD 20 mn, including drilling up to three wells. It was also considering three new potential investments in Egypt last month.

MRO + local manufacturing take center stage in day 4 of Dubai Airshow

Manufacturing and maintenance, overhaul, and repair stole the spotlight yesterday at the Dubai Airshow, as Emirates, Mubadala’s Strata, and Abu Dhabi Aviation inked agreements that will boost local capabilities in the aviation sector. Plus: New aviation hubs and VVIP terminals are coming.

MANUFACTURING + MRO-

Mubadala’s aerospace manufacturing unit Strata has locked in an agreement with Airbus to develop a wing component for A320 jet models, according to a statement. The aerospace unit will manufacture the ailerons at its Al Ain-based facility with a localization rate of 50%, accounting for Emirati engineers and production technicians. Strata aims to meet nearly half of the European manufacturer's demand for ailerons to produce its narrow-body A320 aircraft — which has a backlog of over 7k planes.

This has been cooking for a while: Strata disclosed on the second day of Dubai Airshow that it was eyeing manufacturing aircraft-engine parts for the first time as the sector grapples with a global shortage. The firm was reportedly also setting its eyes on supplying carbon-fiber materials for Boeing’s 777X as well — though Strata is still in discussions with the US manufacturer.

ALSO FROM STRATA- The manufacturing unit, alongside Mubadala’s aerospace engineering and leasing arm Sanad, is partnering with UAE-based AI-driven manufacturing firm Sindan to explore integrating 3D printing, AI, and robotics into MRO operations and manufacturing in the aerospace sector, Wam reports. The collaboration will see both Sanad and Strata use Sindan’s tech, including smart robotics to improve warehouse handling and operations, in their manufacturing activities.

#2- Emirates + Rolls-Royce partner up on MRO: Dubai’s Emirates inked an MoU with engine provider Rolls-Royce to handle maintenance, repair, and overhaul (MRO) for the Trend 900 engines set to fuel its own Airbus A380 fleet from 2027, according to a statement. The airline aims to build a new facility dedicated to fan case repairs, and has extended its total care service agreement with Rolls-Royce for its A380 fleet into the 2040s.

REMEMBER- Emirates President Tim Clark has been vocal with his criticism of Airbus’ Rolls Royce engines, previously calling them “defective.” The engine manufacturer has reportedly invested big in improving the engines’ durability. Still, Emirates is the world’s largest operator of Airbus’ A380 model — hosting some 116 of the double-decked widebodies in its fleet.

ICYMI- Emirates locked in a USD 3.4 bn order for eight Airbus A350-9 jets this week, with delivery scheduled for 2031.

#3- Abu Dhabi Aviation has tapped Honeywell to boost and accelerate helicopter MRO in the emirate, according to a statement. Per the agreement, Abu Dhabi Aviation will offer local repair logistics support for AW139 helicopter operators in the UAE. The AW139 helicopter uses Honeywell’s integrated avionics system — Primus Epic — and other aircraft components. Abu Dhabi Aviation will be responsible for selecting the most suitable Honey repair facility, shipping parts, and tracking the repair process.

NEW HUBS-

#1- Tariq Al Futtaim Group to set up aviation hub in Dubai South: Dubai South’s Mohammed bin Rashid Aerospace Hub (MBRAH) has partnered with Tariq Al Futtaim Group’s aviation investment arm Jet Park Investment to set up a new aviation services facility, according to a statement. The facility — spanning some 15k sqm — will feature a 10k sqm apron area and offer end-to-end ground logistics, parts handling, and light maintenance services. The hub looks to address rising demand for high quality aviation service capabilities in Dubai. The investment figure and timeline for the project were not disclosed.

REMEMBER- Dubai’s aerospace platform MBRAH is investing AED 1.5 bn in infrastructure in 2025 and 2026 to meet rising demand, the hub’s CEO Tahnoon Saif said last year. It launched the first phase of its 1.29 mn sq ft Aerospace Supply Chain zone in April. A further expansion to the zone is being developed with over 1.72 mn sq ft of new facilities currently underway, scheduled for completion in 2Q 2026.

#2- RAK airport rolls out VVIP terminal + private jet hangars: Ras Al Khaimah (RAK) International Airport inked an agreement with Falcon Executive Aviation, a subsidiary of UAE-based Alex Group Investment, to develop a VVIP terminal and private jet hangar, slated for completion by 1Q 2027, state news agency Wam reports.

The details: The project includes a 1.5k sqm terminal, an 8k sqm hangar, a helipad, and an expanded 9k sqm aircraft parking and servicing space. The facility will also include one Royal lounge and four VVIP lounges — with construction slated to take around 15 months.

Why now? It’s part of the emirate’s drive to expand its private aviation capacity in tandem with its tourism push, as RAK expects to see an uptick in visitor numbers with projects like the USD 3.9 bn Wynn Marjan Island resort coming online.

DEFENSE-

UAE defense and security authority Tawazun Council inked a total of AED 24.4 bn in contracts so far at the airshow, with an additional AED 6.5 bn in agreements signed yesterday, Wam reports. The bulk of it went to Calidus for the procurement and supply of its missile system Al Heda for AED 6.1 bn, while contracts for radars and other spare parts were also inked.

Tawazun also signed an agreement with security firm Saab to set up a joint program for the research and development of technology to use in operations to detect unmanned aerial vehicles, according to Wam. Saab will lead the R&D activities, which will take place at its headquarters in Tawazun Industrial Park.

ALSO- UAE-based defense firm Edge Group partnered with Italy’s aviation manufacturing company Magnaghi Aerospace (MAGroup) to boost Edge’s autonomous aircraft systems and aerial solutions, according to a press release. Under the MoU, Edge will explore partnerships with MA Group’s different business segments to consider developing key components for autonomous aircraft infrastructure.

Edge also signed an MoU with South Korea’s Hanwha Aerospace, which specializes in aircraft components, defense solutions, and engines for spacecraft, to explore collaboration on air defence systems, according to a press release. The two will look into integrating Hanwha’s tech in areas like air and missile defence, drone systems, AI-driven defense tools, and long-range precision strikes, into the UAE’s defense needs. Cooperation on maritime MRO and unmanned ground systems is also in the cards.

Its partnership with the Brazilian Navy is also making strides, with the two establishing a joint working group of experts on anti-drone system deployment, according to Wam. The group is set to bring a demo online in December, with full rollout of the first solutions coming next year. The two signed an agreement last year to develop the Navy’s national anti-ship missile.

Tawazun, Edge, KU, and Lockheed to work on semiconductor research: Tawazun, along with Edge Group, Khalifa University and US-based aerospace and defense company Lockheed Martin have also signed a letter of intent to establish an integrated ecosystem for designing and producing microelectronics based on chiplet technology in Abu Dhabi, state news agency Wam reports, citing statements from CEO of Lockheed Martin General John Nicholson.

Khalifa University and Edge outlined execution tracks: Khalifa University will launch a 16-month semiconductor program in collaboration with Arizona State University to train more than 60 Emiratis, as well as establish a new center of excellence for semiconductor research. Edge said it will integrate chiplet technology into UAE defense manufacturing, supported by specialized training programs and direct coordination with Lockheed Martin to develop mission computers for high-value space, aviation, and defense applications.

So far from the airshow, Edge has partnered with Tawazun Council for its engineering arm EPI to manufacture and repair electronic brake controls; with Italian defense firm Leonardo to launch a JV focusing on defense systems; and with Indonesian defense player Republikorp on a USD 7 bn financing and procurement agreement. Its Brazilian subsidiary, meanwhile, secured a contract with the Brazilian Marine Corps.

ADQ secures indirect majority control of Egypt’s Alexandria Container & Cargo Handling Co

AD Ports expands in Egypt with 19.33% ALCN stake: ADQ subsidiary AD Ports Group acquired PIF-owned Saudi Egyptian Investment Co’s full 19.33% stake in Alexandria Container & Cargo Handling Co in a transaction valued at EGP 13.24 bn (c.AED 1 bn), according to a company statement (pdf). The transfer of shares, which was funded with a mix of its own funds and debt, will take place this Monday.

ADQ will now indirectly hold a combined 51.33% majority stake in ALCN, when taking into account its 32% indirect ownership through Alpha Oryx.

ALCN operates two terminals in Alexandria and El Dekheila, with a combined annual capacity of 1.5 mn TEUs, accounting for some 60% of Alexandria’s total container capacity. The company reported EGP 8.37 bn in revenue and EGP 6.09 bn in adjusted EBITDA for FY 2024-25.

AD Ports isn't new to Egypt: Since 2022, AD Ports Group has ramped up its presence in Egypt, acquiring a majority stake in maritime, logistics, and cargo services provider Safina Shipping Services ; securing long-term concessions for the USD 200 mn Safaga multipurpose terminal ; developing three Red Sea cruise terminals ; and signing a 50-year renewable agreement to operate Kezad East Port Said, a 20 sq km industrial and logistics hub at the Suez Canal.

The move also comes on the heels of its recent acquisition of a 20% stake in Syria’s Latakia International Container Terminal.

IN OTHER M&A NEWS-

Gulf Capital closes IVI-RMA exit: UAE-based private equity firm Gulf Capital completed the sale of its 88% stake in its fertility clinic business Art Fertility Clinic’s Middle East operations to Spain- and US-headquartered medical group IVI-RMA Global, according to a LinkedIn post. The exit caps a five-year expansion push that saw Art Fertility scale from a UAE-focused operation into a regional platform with 15 clinics across the UAE, Saudi, and India. Gulf Capital framed the exit as the outcome of operational improvements and regional scale-up efforts.

REMEMBER- Gulf Capital started looking to sell Art Fertility back in March, and later in July it announced it had sold a majority stake in the IVF center to IVI-RMA Global, which is backed by US private equity firm KKK & Co. At the time it was reported that Gulf Capital will continue to own the 11 clinics in India.

Major Eshraq shareholder exits in AED 282 mn block trade: Inventive Investment Holding sold its entire 21.02% stake in Eshraq Investments — 564.6 mn shares — to United Motors & Heavy Equipment Co in a private transaction, according to an ADX disclosure (pdf). A matching block trade of the same size was executed on the exchange at AED 0.50 per share, valuing the transaction at AED 282.3 mn, Al Khaleej reports.

Tadweer, Masdar to develop SAF project in Abu Dhabi

Abu Dhabi to get its first commercial-scale waste-to-SAF facility: Mubadala-owned renewables giant Masdar has inked a joint development agreement with ADQ-listed waste treatment firm Tadweer to develop Abu Dhabi’s first commercial-scale waste-to-sustainable aviation fuel (SAF) project, according to a statement. The new facility will use a hybrid production method, combining renewable energy-powered electrolysis to convert nearly 500k tons of waste per annum into SAF.

The UAE is looking to produce some 700 mn liters of SAF annually by 2031 in a bid to position itself as a regional hub for low-carbon aviation fuel. On a global level, SAF production is projected to hit 18.1 mn metric tons (c. 22.6 bn liters when converted on the assumption of SAF density of 0.8 kg/liter) by 2035 — falling short of forecasted demand by over 23 mn metric tons, according to data from S&P Global.

A big month for SAF in the UAE…: Enoc inked an MoU with Emirates Airlines to explore and establish joint ventures for the supply of SAF in the UAE, as well as another MoU with Mercantile & Maritime Group's subsidiary MENA Biofuels to explore collaborating on SAF offtake, supply, and distribution. MENA Biofuels also began construction of the UAE’s first commercial SAF plant in the Fujairah Oil Industry Zone — which is set to produce around 250 mn liters of SAF annually when the project’s two phases are completed.

…to close off a big year: Lootah Biofuels began supplying SAF in the UAE market in September. Dubai-based sustainable aviation fuel developer SAF One Energy Management (SAF One) inked an MoU with Airbus to advance the adoption of SAF in the aviation industry earlier in February.

UAE, Canada sign investment protection agreement, launch trade talks during Carney’s Abu Dhabi visit

UAE President Mohamed bin Zayed and Canadian Prime Minister Mark Carney signed an investment protection and promotion pact during Carney’s visit to Abu Dhabi, and launched trade talks between the two countries, according to a statement from the prime minister.

A trade agreement between the two countries would help facilitate bns of USD of investments from the UAE into Canada’s ports, mines, LNG, data centers, and critical minerals, the statement said. It would also boost Canada’s non-US exports, support Canadian businesses in sectors like engineering, construction, aerospace and agri-food to expand to the UAE, and

The two heads of state held talks to deepen bilateral cooperation across investment, tech, clean energy, and AI during the visit, state news agency Wam reports.

Abu Dhabi hosted the UAE–Finland Dialogue as the two countries deepen ties in advanced tech and supply chain security, Wam reports. Senior officials, including Finland’s President Alexander Stubb and UAE Foreign Trade Minister Thani Al Zeyoudi, discussed expanding cooperation across innovation-led sectors.

Dialogue sessions focused on smart and safe infrastructure, defense and high-tech industries like space, and sustainable energy and circular economy solutions. Al Zeyoudi said the two sides aim to channel investment into skills development, startup ecosystems, and joint research to strengthen private-sector ties, capital flows, and knowledge exchange.

UAE Economy and Tourism Minister Abdulla bin Touq Al Marri met Montenegro’s Deputy PM Milun Zogović to explore cooperation in transport, logistics, renewable energy, telecoms, and IT, with a focus on infrastructure projects, Wam reports.

Emirates NBD’s REIT nets USD 29 mn in 1H FY 2025-26 as valuations rise, occupancy reaches 96%

Emirates NBD’s real estate investment trust (ENBD REIT) reported USD 29.0 mn in net income for 1H FY 2025-26, driven largely by USD 22.7 mn in unrealized valuation gains, according to its Nasdaq Dubai disclosure. Funds from operations rose 23.1% y-o-y to USD 6.3 mn as portfolio occupancy hit a record 96%, supported by strong tenant retention and sustained demand for Grade A Dubai office space.

ENBD REIT’s net asset value rose 2.5% q-o-q to USD 242.6 mn as of the end of September — or USD 0.97 per share, up 20.3% y-o-y — supported by a 1.9% q-o-q increase in portfolio valuations to USD 419 mn, driven by valuation gains from prime office assets like Burj Daman.

Portfolio snapshot: The REIT’s 10-asset portfolio remains weighted toward offices (71%), followed by residential (13%) and alternatives such as education and student housing (16%).

Dividends: The board approved an interim dividend of USD 5.1 mn for the period, slightly above last year’s USD 5.0 mn, pending shareholder approval.

Dubai tech-based startups secure USD 8 mn in funding to expand their operations

Two tech startups based in Dubai bagged USD 8 mn in early funding rounds to scale their operations. The details:

#1- Secure.com raises USD 4.5 mn, launches new cybersecurity tool: Dubai-based cybersecurity platform Secure.com secured USD 4.5 mn in a funding round led by venture capital firm Disrupt.com, according to a press release. The startup just launched AI-native agents designed to work as digital colleagues for security teams.

About the company: Founded by Uzair Gadit (LinkedIn) in 2024, Secure.com produces AI tools for the cybersecurity industry, with its AI-native agents designed to handle routine security tasks like compliance, and reduce operational load for small or overstretched teams.

#2- UAE-based AI-powered SaaS company Kingpin raised USD 3.5 mn in a seed funding round, according to a press release (pdf). The funding will be used to boost its AI offerings, expand its product and engineering teams, and target expansion from the region to Europe and North America. The round was backed by US-based Infinity Ventures, Red Swan Ventures, Mu Ventures, as well as UAE-based COTU and Outliers, and Hub71.

About Kingpin: Founded by Harsh Sajnani (LinkedIn) and Guilherme Soares (LinkedIn), Kingpin is a B2B SaaS platform that streamlines product discovery and sales workflows, enabling companies to find suitable partners, assess prospects, and automate outreach. It currently serves over 300 distributors and brands across sectors including beauty, fashion, and sports.

NMDC Energy, Easy Lease look east with new offices, partnerships

ENERGY-

NMDC Energy expands footprint with Taiwan, Shanghai offices…: The ADX-listed EPC unit of National Marine Dredging Company, NMDC Energy, opened a commercial office in Shanghai and a branch in Taiwan, according to an ADX disclosure (pdf). The firm is looking to tap into Southeast Asian markets, move closer to key project locations, improve supply chain reliability, and strengthen vendor relations.

… + partners with Chinese heavyweight: NMDC Energy inked an MoU with Citic Steel, China’s second-largest steel producer, in a bid to boost its supply chain for major projects.

MOBILITY-

Easy Lease enters Malaysia to support AI-driven aerospace hub: ADX-listed mobility solutions outfit Easy Lease expanded to the Malaysian market after signing an MoU with US-based AI and data analytics company BigBear.ai, Malaysia’s Pahang Aerospace City (PAC), and UAE-based Vigilix Technology Investment, according to an ADX disclosure (pdf). The partnership aims to use AI to boost Malaysia’s infrastructure, security, and logistics sectors.

Under the partnership, Easy Lease will provide smart mobility expertise and AI-based insights to support PAC, which is slated for a new international airport, integrated zones, a spaceport, and an MRO cluster.

PRIVATE EQUITY-

ADGM-based private equity (PE) firm IM Mamlouk & Co received regulatory approval to manage PE collective investment funds, according to a press release. Founded by former JPMorgan banker and PIF investor Issam Al Mamlouk (LinkedIn), the firm plans to invest in mid-market companies across the GCC and wider MENA region. It will target businesses with enterprise values up to USD 250 mn, pursuing private equity and special-situation agreements with a focus on operational restructuring and growth.

DEBT-

Saudi’s ICD lists USD 500 mn sukuk on Nasdaq Dubai: Saudi Arabia’s Islamic Corporation for the Development of the Private Sector (ICD) listed USD 500 mn in five-year senior Reg S unsecured sukuk on Nasdaq Dubai, priced at 65 bps over US Treasuries with a 4.391% coupon rate, according to a statement. The notes, which mature in 2030, attracted more than USD 2 bn in orders (excluding joint lead manager interest) and carries ratings of A2 from Moody’s, A from S&P, and A+ from Fitch.

ICD’s footprint grows: The transaction lifts ICD’s outstanding sukuk listings on Nasdaq Dubai to USD 1 bn, marking its fourth issuance on the exchange after listings in 2016, 2020, and 2024.

ADVISORS- Joint lead managers and bookrunners included our friends at HSBC, Dubai Islamic Bank, Sharjah Islamic Bank, Al Rayan Investment, Bank ABC, GIB Capital, KFH Capital, JPMorgan, Standard Chartered Bank, and Warba Bank.

Invictus Investment secures new financing from MCB: Ghitha’s ADX-listed agrifood subsidiary Invictus Investment obtained a financing package from Mauritius Commercial Bank (MCB) to support its expansion across African agrifood markets, according to an ADX disclosure (pdf). The facility includes acquisition financing and a revolving credit line to fund new market entries and strengthen working capital. The size of the package was not disclosed.

The game plan: The facility will support growth in processing, logistics, and distribution, with Invictus targeting majority stakes in USD 200-300 mn companies as it builds out its integrated agrofood platform.

REMEMBER- Invictus has been on an expansion drive: The company acquired Mozambique’s Merec Industries, a 60% stake in Morocco’s Graderco, and signed an agreement to buy 65.25% of Angola-based fertilizer blender Angata Limitada this year. It also entered 10 new markets in 1H — including Iraq, Lithuania, Ghana, Madagascar, and Zimbabwe — bringing its footprint to 65 countries, and is targeting AED 25 bn in revenues by 2028.

MANUFACTURING-

Mark Cables Power Solutions Abu Dhabi — a joint venture between Platinum Group and Mark Cables — secured the supply of 35k tonnes of aluminum a year from Emirates Global Aluminium under a non-binding agreement, to be used for its 36k-tonnes-per-year aluminum rod plant in Khalifa Economic Zone Abu Dhabi (Kezad), according to a statement. The facility, which will be located near EGA’s Al Taweelah smelter in Kezad’s Aluminum Valley, will supply Mark Cables’ plants in Dubai and Angola, as well as customers in the UAE, Africa, and Europe.

REAL ESTATE-

Pantheon Development breaks ground on AED 800 mn mixed-use project in JVT: UAE-based real estate developer Pantheon Development started construction on Voxa, an AED 800 mn, 29-story mixed-use project in Jumeirah Village Triangle (JVT), according to a press release. The 450k sq ft development will house 70k sq ft of commercial space, 20k sq ft of retail, and 360k sq ft of residential units — with completion scheduled for 3Q 2028. It marks the developer’s first branded mixed-use project.

REMEMBER- Pantheon is ramping up its UAE expansion: Earlier this month, the developer signed an MoU with India’s NBCC to develop residential, hospitality, and mixed-use projects across the UAE, supporting Pantheon’s AED 3 bn expansion pipeline in Dubai and Ras Al Khaimah.

HOSPITALITY-

Arthouse launches branded residence in Dubai’s Arjan district: Arthouse Hotel NYC is developing a AED 550 mn Arthouse Hills residential project in Arjan, Dubai, marking its second branded residential tower in the UAE, according to a press release. Adaan Developments is the developer for the project, while Cledor will be a development partner.

GCC debt capital market momentum set to extend into 2026 -Fitch

Debt capital market (DCM) activity in the GCC is set to remain active well into 2026, backed by a healthy pipeline, according to a Fitch report seen by EnterpriseAM. The credit ratings agency sees USD-denominated issuance driving growth next year, supported by a mix of government initiatives and funding needs.

The region’s outstanding debt capital market hit the USD 1.1 tn mark at the end of 3Q 2025, up 12.7% y-o-y. Sukuk made up 40% of the total, up roughly 22% from a year earlier, while bonds rose just 7.2% y-o-y. Outstanding ESG debt climbed to USD 62.8 bn during the quarter, while ESG-linked sukuk reached USD 29.7 bn, up 54.1% y-o-y, with the lion’s share denominated in USD.

The 9M picture: New regional DCM supply dipped 5.6% y-o-y to USD 280 bn in 9M 2025, with USD-denominated sukuk climbing 61.3% y-o-y to USD 4.5 bn. USD-denominated issuances accounted for 46% of that total, while ESG issuance from the GCC hit USD 14.9 bn in 9M, up 8.5% y-o-y. No rating defaults were recorded during the period.

Saudi Arabia was the GCC’s most mature DCM, accounting for 46% of outstanding regional volumes, followed by the UAE with 30%. The two markets together made up nearly 93% of outstanding ESG sukuk in 3Q, while Saudi Arabia generated over 60% of the region’s ESG issuance in 9M. Both countries are also in line for deeper foreign participation — with each being reviewed for inclusion in JPMorgan’s Government Bond Index-Emerging Markets Watch List.

Banks continue to dominate: Banks continue to dominate participation in the region’s debt markets, especially in the sukuk segment, while local currency issuance by corporates and banks remains uncommon across most GCC markets, with Saudi Arabia standing out for its more developed SAR-denominated market.

Ranked among the top EM issuers in USD: GCC names generated 32% of emerging-market USD issuance over the period and make up 26% of outstanding EM USD debt, excluding China. This puts the region on track to become among the leading EM USD debt issuers in 2026, the report read.

The ratings mix remains skewed toward higher-quality names, with 65% of outstanding Fitch-rated sukuk sitting in the A category, followed by BBB (11%), BB (10%), B (9%), and AA (5%). Nearly 85% of issuers carry stable outlooks. The average tenor of Fitch-rated GCC sukuk stood around eight years as of end-9M, reflecting relatively long-dated structures across the region’s sovereign and corporate issuers.

Fitch’s breakdown of rated sukuk by sector shows sovereigns accounting for 31% of outstanding volumes, followed by corporates and other issuers at 26%, financial institutions at 24%, international public finance entities at 13%, and infrastructure and project-finance issuers at 6%. This distribution highlights the central role governments and banks continue to play in shaping the GCC’s sukuk landscape.

Not without risk: GCC debt markets face pressure from oil price swings, rate volatility, shifting sharia standards, and geopolitical risk, all of which influence fiscal positions, funding costs, and investor appetite. Market depth and maturity also vary widely across its six member states.

MARKETS THIS MORNING-

Asian markets are a sea of red as tech-related firms drag indices down, with tech conglomerate SoftBank sliding more than 10% and Japan’s Nikkei falling 1.6% at the open. Meanwhile, South Korea’s Kospi plunged 4.1%, weighed-down by Samsung and SK Hynix. Hong Kong’s Hang Seng was also down nearly 1.9% as auto stocks slumped and China’s CSI 300 fell 1.1%. Over on Wall Street, futures are up slightly across the board.

ADX	9,885	+0.3% (YTD: +5.0%)
DFM	5,911	+0.8% (YTD: +14.6%)
Nasdaq Dubai UAE20	4,731	+1.0% (YTD: +13.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.7% o/n	3.7% 1 yr
TASI	11,011	+0.1% (YTD: -8.5%)
EGX30	40,302	-0.5% (YTD: +35.5%)
S&P 500	6,539	-1.6% (YTD: +11.1%)
FTSE 100	9,528	+0.2% (YTD: +16.6%)
Euro Stoxx 50	5,570	+0.5% (YTD: +13.8%)
Brent crude	USD 63.38	-0.2%
Natural gas (Nymex)	USD 4.49	+0.3%
Gold	USD 4,078.3	+0.5%
BTC	USD 87,378	-4.3% (YTD: -7.5%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.78	0.0% (YTD: +8.5%)
S&P MENA Bond & Sukuk	151.92	-0.1% (YTD: +8.6%)
VIX (Volatility Index)	26.42	+11.7% (YTD: +52.3%)

THE CLOSING BELL-

The DFM rose 0.8% yesterday on turnover of AED 482.1 mn. The index is up 14.6% YTD.

In the green: Emirates Islamic Bank (+11.2%), Amlak Finance (+6.3%) and Shuaa Capital (+6.2%).

In the red: Ithmaar Holding (-10.0%), Ekttitab Holding Company (-10.0%) and Al Firdous Holdings (-9.9%).

Over on the ADX, the index rose 0.3% on turnover of AED 1.6 bn. Meanwhile, Nasdaq Dubai was up 1.0%.

CALENDAR

NOVEMBER

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

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.

26-27 November (Wednesday-Thursday): Doers Summit, Dubai Digital Park, Dubai Silicon Oasis.

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.

30 March - 2 April (Monday-Thursday): IAAPA Middle East Exhibition and Conference, ADNEC Center, Abu Dhabi

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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