Adnoc secures green loan from South Korea’s K-Sure

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Is G42 no longer an investor in Cerebras? + Macron discusses more investments in AI, energy, and tech with UAE president

Good morning, friends, and happy final FULL workweek of December. The Christmas news slowdown has come early this year, with only a couple of stories of note coming up over the weekend, including Adnoc’s USD 2 bn green loan from South Korea’s K-Sure.

Also, we break down why MGX’s investment in the US’ TikTok carve-out is important, and how it signals that MGX is more than just an AI investor.

One in, one out… As MGX continues to broaden its portfolio in the US, AI firm G42 seems to have divested its stake in US AI chipmaker Cerebras as the company prepares for a Nasdaq listing in 2026.

PSA

☁️WEATHER- It’s officially winter in Dubai. Expect a cloudy day ahead, with a high of just 23°C and a low of 15°C in Dubai, while in Abu Dhabi, the mercury rises to 23°C with a low of 14°C in Dubai.

Expect lighter traffic around the Trade Center Roundabout now that two new bridges were launched ahead of schedule as part of a wider AED 696 mn project. Vehicles going from 2nd December Street towards Sheikh Rashid Road and Al Majlis Street Al Mustaqbal Street, and Zabeel Palace Street will benefit from shorter journeys, while three more bridges set to open next year, including one in March between Sheikh Zayed Road and Sheikh Khalifa bin Zayed Street, and two from Sheikh Rashid Road and Al Majlis Street towards 2nd December Street.

Watch this space

INVESTMENT — G42 no longer an investor in Cerebras? Abu Dhabi-backed AI firm G42 is no longer named as an investor in US AI chipmaker Cerebras Systems in its latest IPO filing, as the firm looks toward a potential New York listing in 2Q 2026, Reuters reports, citing people familiar with the matter. No reason was disclosed, but the change comes following a US national security review that looked into G42’s investment in the chipmaker earlier this year.

The background: G42 has held a 1% stake in Cerebras since 2021 and earlier this year agreed to buy USD 335 mn in non-voting shares. The minority stake — and G42’s role as a major customer — drew scrutiny from US national security over fears non-US partners could give China indirect access to advanced American AI. We reported earlier that the review delayed Cerebras’ IPO, which was later withdrawn.

De-risking the cap table: Cerebras has since secured clearance from the US Foreign Investment Committee, paving the way for a refiling — this time without G42 on the shareholder list. Any strategic read-through remains unclear.

Cerebras still ❤️ the UAE: We reported in October that Cerebras plans to expand in Abu Dhabi and Dubai, lifting headcount to some 50 engineers from 18 and eyeing 40 MW of computing power in the capital, according to CEO Andrew Feldman. Feldman also said the firm plans to deploy “megawatts worth” of infrastructure for Stargate UAE — export controls permitting.

A familiar constraint for G42: G42 had previously recalibrated to meet US security demands — divesting Chinese holdings to unlock American tech and investments, including Microsoft’s USD 1.5 bn investment. The same security lens is now shaping progress at the UAE-US 5 GW Stargate AI campus.

DIPLOMACY — France’s Macron in the UAE to talk investment + tech ties: President Mohamed bin Zayed Al Nahyan met French President Emmanuel Macron in Abu Dhabi to discuss expanding cooperation in investment, culture, renewable energy, advanced technology, AI, and sustainability, state news agency Wam reports.

Background: The visit builds on existing UAE-France partnerships across technology and investment. In February, the two countries agreed to jointly invest USD 30-50 bn in a 1 GW data center and other AI projects in France, while UAE-based G42 is set to launch a sovereign AI cloud in France in the coming months. In October, Economy and Tourism Minister Abdulla bin Touq Al Marri met French counterparts in Paris to discuss expanding economic and tourism ties, with a focus on sustainable transport, smart infrastructure, AI, and startup initiatives.

The Big Story Abroad

Oil prices ticked up in Asia this morning after US forces tried to tighten their blockade of oil tankers coming into and out of Venezuela. The US coast guard is reportedly pursuing in international waters a tanker that was heading into Venezuela. The development comes barely two days after it raided a Panama-flagged ship and two weeks after it seized a third.

It’s otherwise a particularly quiet morning in the global business press — markets seem already to be sliding into the Christmas week news slowdown. That has the business pages serving up year-end fare including:

2025 in photos (Reuters)
The year ahead: A sensible guide to 2026 (Bloomberg)
Market upheavals drive biggest gains since 2008 for macro hedge funds (Financial Times)

We’re not sure 2025 is going to give up the ghost quite so easily, but … we’ll take it.

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Circle your calendar

It’s a slow time for events and conferences in the last couple of weeks of December, but a flurry of events will take place in January.

Abu Dhabi Sustainability Week runs from Sunday, 11 January through Thursday, 15 January at the Adnec Center Abu Dhabi. The week brings together world leaders, investors, and innovators to accelerate solutions across energy, water, food, finance, and nature systems

ADSW Dialogues runs concurrently at the Adnec Center Abu Dhabi. Interactive sessions, workshops, and roundtables will focus on fostering collaboration on global sustainability challenges.

The Irena Assembly is also taking place as part of ADSW on Sunday, 11 January and Monday, 12 January at the Adnec Center Abu Dhabi. The assembly convenes global renewable energy leaders to discuss policy frameworks, technology deployment, and international partnerships aimed at scaling clean energy solutions worldwide.

The World Future Energy Summit kicks off on Tuesday, 13 January and runs until Thursday, 15 January at the Adnec Center. The summit will feature more than 700 global brands, a startup zone, a cleantech pavilion, and the debut of the Greenpeace Cinema, spotlighting breakthrough technologies in energy, water, and digital solutions.

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

Adnoc secures USD 2 bn green financing from S. Korea’s K-Sure

Adnoc lined up a USD 2 bn green loan backed by Korea Trade Ins. Corporation (K-Sure), marking its first-ever facility underwritten by the South Korean Export Credit Agency (ECA), the state-owned energy giant said in a press release. The facility brings its total green-labeled funding within the span of 18 months to USD 5 bn, after receiving a USD 3 bn facility from Japan Bank for International Cooperation last year.

The funding marks Adnoc’s second large financing transaction in less than a week. The energy giant also closed a landmark facility of up to USD 11 bn last week for its Hail and Ghasha offshore development, breaking new ground by pulling capital forward on gas it hasn't produced yet.

The fresh capital will be used to “fund lower carbon projects across its operations,” the company said, without specifying which projects the bulk of the capital will land in. Adnoc claims to be among the least carbon-intensive oil and gas producers and plans to cut operational emissions intensity by another 25% by 2030. It’s also investing USD 23 bn to decarbonize its operations and scale new energy areas like hydrogen, geothermal, and renewables.

Advisors- First Abu Dhabi Bank served as green loan coordinator, with Santander acting as the ECA coordinator.

Background

Korea ? UAE energy players? This year, a consortium led by state-owned renewables giant Masdar — including Korea Electric Power Corporation and China’s GD Power — lined up USD 225 mn in financing from Korea Eximbank to develop the 2 GW Al Sadawi solar project in Saudi Arabia. Last year, Korea Eximbank was also said to provide a USD 150 mn loan for the 1.5 GW Al Ajban solar power plant in Abu Dhabi.

UAE-South Korea ties have been on the up in recent months, with officials saying in November that a comprehensive economic partnership agreement is in its final stages and expected to take effect by year-end, following a string of MoUs spanning energy, finance, investment, AI, and nuclear cooperation.

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

Abu Dhabi AI investor MGX is taking a stake in TikTok. Here’s what we know

What we know about MGX’s TikTok play: TikTok signed binding agreements last week to carve out its US operations into a new joint venture, handing state AI investor MGX a stake in the social media company, Bloomberg and Reuters report. The JV will also be majority-owned by Oracle and Silver Lake, with each getting a 15% stake.

What’s locked in: TikTok CEO Shou Zi Chew told staff that the transaction — expected to close on 22 January 2026, pending Chinese regulatory approval — will see the new US entity operate independently from the parent firm, which will owns 19.9% of the JV, with authority over data protection, content moderation, and algorithm security. Affiliates of ByteDance’s existing investors will hold the balance.

The US business is valued at around USD 14 bn, according to US Vice President JD Vance, broadly in line with figures floated earlier this year.

Background: As we previously reported, MGX was expected to join Oracle and Silver Lake in a White House-backed transaction aimed at keeping TikTok operating in the US while trimming Chinese ownership. Earlier details suggested the three investors would collectively hold 45%, with ByteDance capped below 20% — a structure that has now been largely confirmed.

The key shift lies in governance structure: The new entity will be overseen by a seven-member, majority-American board, TikTok says, while ByteDance will continue to license its recommendation algorithm to the US venture — leaving open questions regarding the extent of Beijing’s ongoing influence.

Why this matters: A bigger scope for MGX?

While thus far MGX has branded itself as an AI and digital infrastructure investor, with investments in AI players like OpenAI, a role in AI data center buildout initiative Stargate, and acquisitions of players like Texas-based Aligned Data Centers, the acquisition marks a slight deviation from its original scope.

Our take

While MGX has been laser-focused on boosting its portfolio of AI investments, it’s also played a key role as a vehicle for the UAE’s investments in the US. In addition to its acquisition of Aligned Data Centers and several other US-focused investments, it helped fund the acquisition of Intel’s programmable chip unit Altera — a move that helped address the US tech firm’s burgeoning debt as US President Donald Trump also looked to save the firm with the government’s acquisition of a stake in the company. The AI investor’s mandate includes a 70-80% focus on the US market.

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

Burjeel taps new CEO

Burjeel Holdings’ board approved the appointment of the healthcare provider’s founder and chairman, Shamsheer Vayalil (LinkedIn) as CEO, according to a statement (pdf). Vayalil will focus on “strengthening complex and specialized care [and] improving utilization across our network” in his role, which is still pending shareholder approval. He will replace current co-CEOs John Sunil (LinkedIn) and Safeer Ahamed.

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

Modon awards massive construction contract, EGA invests USD 170 mn in German facility, and Depa closes its rights issue

Modon awards Abu Dhabi’s largest residential contract of 2025

Real estate developer Modon awarded contractors AED 5 bn for the main build of its Nawayef East and Nawayef West developments on Hudayriyat Island, according to a press release (pdf). The package covers 735 luxury villas and marks the single biggest residential construction mandate signed in the emirate this year. The two projects will sit atop what Modon says are the world’s largest man-made residential hills, rising 45-55 meters above sea level.

EGA pours USD 170 mn into Germany’s green aluminum push

Emirates Global Aluminium (EGA) will boost capacity at its Hannover EGA Leichtmetall plant in Germany by more than six-fold, investing USD 170 mn to add 110k tonnes of scrap sorting and 153k tonnes of melting and casting capacity, with first hot metal from the expanded facility expected in 2028, according to a press release.

Background: As we’ve recently reportedly, EGA is actively expanding abroad, with a US smelter planned in Oklahoma and ongoing talks with Guinean authorities to secure bauxite from Nimba Mining after its Guinea Alumina Corporation license was revoked. The Oklahoma project could double US aluminum production and will be powered by competitive long-term agreements, EGA says.

Depa’s rights issue finds its backstop

Nasdaq Dubai-listed Depa placed the unexercised portion of its recent rights issue with three investors — PC 2405-2 Fund (managed by Pinnacle Capital), Al Futtaim Capital, and Saudi Arabia’s Public Investment Fund, according to a Nasdaq Dubai disclosure. The trio took up 260.7 mn shares at AED 0.27 each, absorbing stock left untaken by existing shareholders.

Why it matters: The placements complete Depa’s c.AED 588 mn capital raise — approved in November — enabling the issuance of up to 2.4 bn new shares to shore up liquidity and fund a Saudi-led turnaround, including a planned joinery facility in Riyadh. Proceeds are earmarked for working capital, capacity expansion, and selective MENA acquisitions, as the interior design and construction firm looks to convert a growing backlog into higher-margin growth.

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

Global M&A rebounds in 2025, led by mega-transactions, tech, and AI

Global M&A snapped back in 2025 — though unevenly. Transaction value jumped 36% and is on track to hit a total of USD 4.8 tn, which would make 2025 the second-strongest year on record for M&A, Bain & Company said in a new report. Volumes rose just 5%, making clear this was a rebound driven by transaction value, not a flood of activity.

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

Go big or don’t bother: Transactions above USD 5 bn accounted for more than 75% of incremental transaction value as infrequent, deep-pocketed buyers re-entered the market. Around 40% of these agreements were “transformative,” meaning they were worth more than half the buyer’s market cap.

Tech did the heavy lifting: Technology M&A surged more than 75% y-o-y, powered by AI-related agreements. Nearly half of strategic tech transaction value was tied to AI-native targets or capabilities, underscoring how acquirers are choosing to buy transformation rather than build it slowly.

Growth is back in fashion. Roughly 60% of large transactions in 2025 targeted revenue expansion or new capabilities — the highest share on record — reversing the cost-cutting, consolidation-heavy playbooks that dominated during the downturn.

Still, M&A lost the budget fight: Despite the rebound, companies allocated just 7% of total capital spending to acquisitions — a decade low — as capex and R&D took priority. The Magnificent Seven alone spent nearly USD 500 bn on capex and R&D through 3Q, crowding out dealmaking.

US and China were still the two biggest M&A markets: US targets drove nearly half of global strategic transaction value growth, while Greater China led by transaction count thanks to domestic activity. EMEA’s M&A market lagged — with volumes falling 7% despite strong growth in transaction value.

MARKETS THIS MORNING-

Asian markets are in the green this morning after China held its loan prime rates steady, with Hong Kong’s Hang Seng and China’s CSI 300 both gaining more than 0.5%. Japan’s Nikkei was also up 1.6%, while South Korea’s Kospi rose 1.8%. Over on Wall Street, futures are also edging higher ahead of a shortened holiday week.

ADX	9,967	-0.3% (YTD: +5.8%)
DFM	6,114	+0.6% (YTD: +18.5%)
Nasdaq Dubai UAE20	4,849	-0.8% (YTD: +16.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.6% o/n	3.7% 1 yr
Tadawul	10,485	+0.3% (YTD: -12.9%)
EGX30	41,348	+0.9% (YTD: +42.9%)
S&P 500	6,835	+0.9% (YTD: +16.2%)
FTSE 100	9,897	+0.6% (YTD: +21.1%)
Euro Stoxx 50	5,760	+0.3% (YTD: +17.7%)
Brent crude	USD 60.87	+0.7%
Natural gas (Nymex)	USD 4.05	+1.7%
Gold	USD 4,415	+0.6%
BTC	USD 88,187	+0.3% (YTD: -6.6%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.8	+0.8% (YTD: +9.1%)
S&P MENA Bond & Sukuk	151.8	-0.1% (YTD: +8.5%)
VIX (Volatility Index)	14.91	11.6% (YTD: -14.1%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 2.6 bn. The index is up 5.8% YTD.

In the green: Ins. House (+12.5%), United Arab Bank (+10.9%) and Apex Investment (+3.5%).

In the red: Gulf Cement Co. (-9.6%), National Bank of Umm Al Qaiwain (-7.3%) and Alpha Dhabi (-7.2%).

Over on the DFM, the index rose 0.6% on turnover of AED 1.2 bn. Meanwhile, Nasdaq Dubai was down 0.8%.

CALENDAR

DECEMBER

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.

2026

JANUARY

1 January: Client asset regime changes in Dubai International Financial Center take effect.

1 January: Amendments to the Tax Procedures Law and the UAE VAT Law come into effect.

9-11 January (Friday-Sunday): 1 Bn Followers Summit, UAE.

11-12 January (Sunday-Monday): IRENA Assembly, Adnec Center, Abu Dhabi.

11-15 January (Sunday-Thursday): Abu Dhabi Sustainability Week 2026, Adnec Center, Abu Dhabi.

11-15 January (Sunday-Thursday): ADSW Dialogues, Adnec Center, Abu Dhabi.

11-15 January (Sunday-Thursday): WiSER Forum, Adnec Center, Abu Dhabi.

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

13-15 January (Tuesday-Thursday): World Future Energy Summit, Adnec Center, Abu Dhabi.

13-15 January (Tuesday-Thursday): FESPA Middle East, Dubai Exhibition Center, Dubai.

14 January (Wednesday): Global South Utilities Forum, Adnec Center, Abu Dhabi.

15 January (Thursday): Global Climate Finance Center Annual Meeting, Adnec Center, Abu Dhabi.

15 January (Thursday): Green Hydrogen Summit, Adnec Center, Abu Dhabi.

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

3-5 February (Tuesday-Thursday): The World Governments Summit.

4-6 February (Wednesday-Friday): Arab Actuarial Conference, Millennium Plaza Downtown Hotel, Dubai.

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.

10-11 February (Tuesday-Wednesday): Top Advisors and Investors Summit, Abu Dhabi.

MARCH

31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.

28-29 March (Saturday-Sunday): Emirates Congress on AI & Visionary leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

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

APRIL

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

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

13-15 April (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.

14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai.

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

MAY

11-15 May (Monday-Friday): Dubai Future Finance Week, Dubai.

11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.

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

19-22 May (Tuesday-Friday): Abu Dhabi Water and Energy Week, Adnec Abu Dhabi Center, Abu Dhabi.

JUNE

15 June-15 September (Monday-Thursday): Dubai Mallathon, Dubai.

JULY

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 sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

DECEMBER

2-4 December (Wednesday-Friday): UN Water Conference, UAE.

Signposted to happen in 2026:

The UAE to host the Arab Competition Forum;
Investopia Global Talks, Tashkent.

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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