ADQ raises USD 5 bn from lenders across Greater China in latest vote of confidence from Asia

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Open finance to get going as CBD becomes the first bank to formally adopt it + President to land in Pakistan tomorrow for trade, investment talks

Good morning, friends, and Merry Christmas to all of you who are celebrating. While the Christmas news slowdown continues to take hold, a mini debt rush is taking shape as we near the end of the year.

ADQ raised what, to our knowledge, is its biggest loan yet from investors from across Greater China — marking the third facility this week raised by an Emirati player and funded by Asian investors. Meanwhile, United Arab Bank locked in AED 1 bn in funding, half of which was shariah-compliant.

ALSO- Amea Power secured funding for its solar plant in Côte d’Ivoire. Without further ado…

PSA

WEATHER- We have a somewhat cloudy day ahead of us, with the mercury reaching a warm 26°C and a low of 18°C in Dubai, and 25°C along with a low of 17°C in Abu Dhabi.

Watch this space

OPEN FINANCE — CBD becomes the first bank to adopt open finance: Retail customers at Commercial Bank of Dubai (CBD) can now link their current and savings accounts to third-party applications to share financial information and make payments under the UAE’s open finance framework, according to a press release.

Why it matters: While the Central Bank of the UAE (CBUAE) has been clearing fintechs to operate for months, the system required a major bank to actually open its books for the framework to function at scale. CBD’s move effectively ends the pilot period, which started after the CBUAE introduced its regulatory framework for open finance earlier this year.

What’s next? More banks and fintechs should start being onboarded over the next few months, as banks look to integrate with the CBUAE’s API hub, Nebras, and align with the new standards ahead of the 16 September 2026 deadline set by the CBUAE.

BLOCKCHAIN — ADI Foundation plans to bring blockchain payments to Africa through M-Pesa: ADI Foundation, which is the digital arm of IHC’s Sirius International Holding, signed an MoU with mobile money platform M-Pesa to scale its blockchain infrastructure in Africa, targeting M-Pesa’s more than 60 mn users across eight countries, Semafor reports.

The blockchain is designed to support international payments and includes a digital identity system and energy trading component. It is set to launch a stablecoin in 2026, aimed at facilitating cross-border transactions for companies operating in Abu Dhabi.

The target? The blockchain infrastructure provider aims to reach 1 bn users globally by 2030, targeting large-scale financial inclusion in emerging markets, an executive involved in the project told the outlet.

Why this matters: The initiative is part of Abu Dhabi’s broader plan to bolster economic ties with Africa, where users are pivoting toward crypto to hedge against currency volatility and bypass relatively slow traditional financial infrastructure. Stablecoins are also increasingly being used to facilitate high-value trade transactions between Africa, the Middle East, and Asia, according to data picked up by Semafor from blockchain data analytics firm Chainalysis.

TRADE — Galvanized wire from Egypt and the UAE will now face anti-dumping duties in Morocco after the country’s Industry and Commerce Ministry imposed provisional levies, escalating a trade dispute that threatens to fragment some regional supply chains. In the decision (pdf), Rabat levied duties of up to 52.7% on UAE-based exporters, with the exception of Al Khaleej Steel Industries, whose exports will face a 23.1% rate after it cooperated with investigators. The ministry cited “sustained price undercutting” that has eroded the market share of local players.

This adds to a list of anti-dumping steel duties imposed on the UAE: The US also imposed anti-dumping duties of up to 16.4% on corrosion-resistant steel coming from the UAE, following a years-long probe.

Happening tomorrow

UAE President Mohamed bin Zayed Al Nahyan will land in Pakistan tomorrow to discuss bilateral ties with the country’s Prime Minister Shehbaz Sharif, Arab News reports. Talks will cover regional issues and boost cooperation with Islamabad across key sectors including trade, investment, energy, and development.

In context: Islamabad is reportedly the UAE’s third-largest trading partner after China and the US. The UAE is also a major investor in Pakistan, with investments from the likes of AD Ports’ in the country’s infrastructure, and a recent government-to-government agreement to operate the Islamabad International Airport.

The Big Story Abroad

It’s a quiet morning for global business as just about all Western markets take the day off and folks — bridging or not — slide into a long weekend. The NYSE, Nasdaq, LSE, Paris, and Frankfurt exchanges are all closed.

Up first: Stocks hit another high on Wall Street yesterday as investors pine for a “Santa Claus rally” — hoping to see shares advance in the seven trading days that include the last five of 2025 and the first two of next year.

We promised ourselves we’d stop writing about the bloody Epstein files, but here we are: The US Department of Justice is looking for “emergency recruits” to work through Christmas and New Year’s after officials just happened to find there are another 1 mn or more documents they need to review. The story is front-page, above-the-fold news at every major global business news outlet. Read: DOJ finds a mn more epstein files it needs to review.

Closer to home: Israel is warning it could attack Iran once again — and Canada, the UK, Germany, and 11 other nations are condemning Israel ’s plans to approve 19 more West Bank settlements.

AND- Reuters is a bit concerned about US plans to make it easier for normies to invest in private credit and crypto.

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CIRCLE YOUR CALENDAR-

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

ADQ secures massive USD 5 bn loan from banks across Greater China

ADQ closed its first syndicated loan sourced from over 30 lenders from China, Taiwan, Hong Kong, and Macau, according to a press release. The USD 5 bn, five-year facility drew USD 12 bn in orders, making it 3x oversubscribed, and pushing the Abu Dhabi sovereign wealth fund to up the size of the funding from an initial target of USD 4 bn.

The facility is the largest term loan ever raised by a Middle Eastern borrower from Asian lenders, and gives ADQ additional legroom to deploy capital to “commercially attractive investments,” it said.

Who’s involved? Chinese lenders took the lion’s share, as reported earlier in October — the Agricultural Bank of China (DIFC branch) and ICBC (DIFC branch) each put in USD 420 mn, while Bank of China (Dubai branch) followed with USD 370 mn.

That’s a big loan

ADQ is a frequent borrower, regularly benefiting from its AA rating to lock in extra funding for future acquisitions and investments. It raised USD 2 bn earlier this year in an issuance that also drew strong demand and locked in favorable terms.

This is its largest loan yet, to our knowledge. It secured USD 4.5 bn in financing before in 2021, and has separately closed several bond issuances over the past few years.

Asian investors can’t get enough of Gulf players

Asian investors have been ramping up allocations to GCC debt as uncertainty in the US and China drives capital toward higher-quality EM credit. Middle Eastern borrowers raised USD 16 bn in syndicated loans from Asia-Pacific lenders as of early December, more than triple last year’s total.

The shift was on full display this week, with Adnoc and Mashreq both lining up hefty Asian-backed financing, as issuers increasingly look east to broaden funding bases and secure long-dated capital.

ADVISORS- Bank of China (Dubai branch), DBS Bank, HSBC, Industrial and Commercial Bank of China (Dubai branch), Standard Chartered Bank (Hong Kong), and JPMorgan Securities arranged the transaction.

United Arab Bank secures AED 1 bn in fresh funding

United Arab Bank (UAB) secured an AED 1 bn two-year loan, split between a conventional tranche and a shariah-compliant commodity murabaha tranche, to tidy up its balance sheet, it said in a press release. The pricing was not disclosed, but the bank said it was secured at “competitive” rates.

Where the funds will go: Drawdowns from the senior unsecured facility will be used to meet the bank’s general corporate needs.

The banks is rated investment grade by Moody’s (Baa2/P-2/Stable) and Fitch (BBB+/F2/Stable), and was separately weighing the sale of around USD 800 mn in non-performing loans back in October in another move towards strengthening its balance sheet.

Advisors: Abu Dhabi Commercial Bank, Emirates NBD, Emirates Islamic Bank, and First Abu Dhabi Bank served as lead arrangers and bookrunners, with Emirates NBD acting as global facility agent.

This is the second debt raise from a UAE bank this week, following Mashreq’s USD 2 bn syndicated loan, as several UAE lenders step up their balance-sheet management.

Imkan acquires stake in marina construction firm Majestic Marine Investments Group

Imkan acquires majority share in Majestic: Abu Dhabi-based master developer Imkan acquired a 51% stake in Majestic Marine Investments Group, a marine engineering and marina construction company operating in the UAE and Saudi Arabia, state news agency Wam reports. Majestic Marine Investments has delivered more than 200 projects worth over AED 1 bn.

The rationale: The developer is looking to bolster its in-house construction capabilities and support broader plans to integrate marine engineering into its property development business, Imkan CEO Suwaidan Al Dhaheri said.

It’s not the only one: Imkan is the latest in a string of developers looking to optimize construction timelines and project costs by phasing out reliance on third-party contractors. In August, Emaar Properties set up an in-house contracting arm, Rukn Mirage, to manage its internal projects, while Arada Developments fully acquired the New South Wales arm of Roberts Co — a Sydney-based commercial construction company — to integrate it into UAE operations.

This comes as the property market continues to go from strength to strength, with Dubai real estate prices climbing 70% over four years to December 2024 and Abu Dhabi also seeing double-digit growth as a flurry of new projects enters the market.

ADVISORS- Asend Capital acted as the M&A advisor on the transaction, while Deloitte served as financial advisor and Dentons acted as legal advisor.

Modon divests stake in hotel

Meanwhile, Abu Dhabi-based developer Modon Holding is divesting its indirect stake in Icon Hotel Investment to ADQ, according to an ADX disclosure (pdf). The transaction is slated for completion by 1Q 2026, following necessary regulatory approvals.

Amea Power locks in the funds for solar plant in Côte d’Ivoire

Amea Power reached financial close on its 50 MW Bondoukou solar plant in Côte d’Ivoire, according to a statement. The company secured a EUR 61 mn facility from the Dutch Entrepreneurial Development Bank and German KfW subsidiary DEG, as it aims to kick off operations on the plant by 2027.

The plant is set to power 358k homes and offset 52k tons of CO2 emissions once operational. Amea broke ground on the project — its first in Côte d’Ivoire — last March.

Amea Power has been making lots of headway on projects in Africa. Amea Power and Japan’s Kyuden secured financing last week for a 1 GW solar plant and 600 MWh battery energy storage system in Egypt. Amea also commissioned a 120 MW solar plant in Tunisia’s Kairouan this month, and is currently developing the 50 MW Korhogo solar plant in Côte d’Ivoire.

ESG leases out land to Spox Investments, and BinDawood acquires stake in Dubai’s Wonder Bakery

ESG leases out land to Spox Investments

Emirates Stallions Group (ESG) subsidiary Afkar Financial and Property Investments inked an AED 540 mn, 33-year musataha agreement with real estate investment firm Spox Investments to develop 16 land plots in Abu Dhabi, according to a press release (pdf). The sites are located across Shahama, Shamkha, and Mohamed bin Zayed City and will continue to be owned by Afkar. The move allows ESG to monetize underutilized land assets without divesting, the release says.

KSA’s BinDawood acquires stake in Dubai’s Wonder Bakery

Saudi retailer and hypermarket chain Bindawood Holdings inked a share purchase agreement to acquire a 51% stake in Dubai-based Wonder Bakery for AED 96.9 mn (SAR 99 mn), it said in a filing to the bourse yesterday.

About Wonder Bakery: Established in 2014, Wonder Bakery produces up to 50k tons of bakery and kitchen products annually, serving GCC countries like Qatar, Bahrain, and Kuwait.

How off-balance-sheet financing is masking the true cost of the AI boom

The international business press won’t shut up about the prospects of an AI bubble and investors’ concerns around the “circular” nature of AI. Now, analysis by the Financial Times shows AI’s debt problem is even bigger than we thought.

Tech groups have shifted more than USD 120 bn of AI data-center financing off their balance sheets via special-purpose vehicles (SPVs) funded by outside investors, the FT reports. Oracle makes up just about two-thirds of that.

Who’s footing the bill? Private-credit heavyweights including Pimco, BlackRock, Apollo, and Blue Owl have supplied tens of bns into these structures, binding private markets more tightly to the trajectory of AI infrastructure demand, the salmon-colored paper said.

The rationale: SPVs bankroll capital-hungry data centers while keeping the borrowing off corporate balance sheets, protecting their credit ratings and financial metrics. If demand disappoints, losses land with investors — not the tech firms themselves.

The concern now is not only what would happen to Big Tech if things go awry, but how far-reaching the consequences would be on financial markets.

This is no small-bore financial engineering: Morgan Stanley estimates AI infrastructure buildout could require USD 1.5 tn in external financing. UBS says tech firms had already tapped USD 450 bn from private funds by early 2025 — USD 100 bn more than a year earlier.

OpenAI alone has committed more than USD 1.4 tn in long-term computing contracts across the sector, creating correlated tenant risk if a single major customer stumbles, especially when multiple lenders fund multiple projects tied to the same few buyers.

**We broke down how AI investment has been running on a self-reinforcing loop in Planet Finance last week, explaining how Big Tech funds startups that then pay the same firms for cloud and compute. Off-balance-sheet SPVs don’t break that loop; they let it scale with fewer visible stress signals.

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

ADX	10,038	-0.2% (YTD: +6.6%)
DFM	6,164	+0.0% (YTD: +19.5%)
Nasdaq Dubai UAE20	4,940	-0.2% (YTD: +18.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	3.7% 1 yr
Tadawul	10,541	-0.5% (YTD: -12.4%)
EGX30	41,508	+0.2% (YTD: +39.6%)
S&P 500	6,932	+0.3% (YTD: +17.9%)
FTSE 100	9,871	-0.2% (YTD: +20.8%)
Euro Stoxx 50	5,746	-0.1% (YTD: +17.4%)
Brent crude	USD 62.24	-0.2%
Natural gas (Nymex)	USD 4.24	-3.8%
Gold	USD 4,502.8	-0.1%
BTC	USD 87,683	+0.1% (YTD: -7.1%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.82	0.0% (YTD: +9.7%)
S&P MENA Bond & Sukuk	151.52	-0.1% (YTD: +8.3%)
VIX (Volatility Index)	13.47	-3.8% (YTD: -22.4%)

THE CLOSING BELL-

The DFM rose 0.04% yesterday on turnover of AED 478.8 mn. The index is up 19.5% YTD.

In the green: National Cement Company (+5.1%), Gulfnav (+4.2%) and Ekttitab Holding (+4.2%).

In the red: Dubai National Ins. and Reins. (-3.6%), Emirates Reem Investment Company (-2.7%) and Al Mal Capital REIT (-2.7%).

Over on the ADX, the index fell 0.2% on turnover of AED 827.5 mn. Meanwhile, Nasdaq Dubai was down 0.2%.

Corporate actions: Waha Capital moves to buy its own stock

Waha Capital shareholders are in for some price support. The Abu Dhabi-listed investment management firm has secured ADX approval to buy back up to 10% of its issued share capital, according to a bourse disclosure (pdf). The program will be executed via open-market purchases, with timing and size guided by market conditions.

Why now: The board says the stock trades below intrinsic value, with recent exits strengthening the balance sheet. As we’ve reported, Waha sold logistics assets to Abu Dhabi-based developer Aldar Properties for AED 530 mn and pocketed USD 119 mn from its exit from Dubai-based fintech Optasia.

Market reax: Waha Capital’s shares closed 1.1% higher at AED 1.77 yesterday following the news.

CALENDAR

DECEMBER

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 (Thursday): New Year, public holiday.

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.

12-15 January (Monday-Thursday): SteelFab, Expo Center, Sharjah.

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.

21-24 January (Wednesday-Saturday): Acres real estate exhibition, Expo Center, Sharjah.

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 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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