Moody’s sees the UAE growing 4.8% next year

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UK Prime Minister to head to the GCC next month?

Good morning, friends. We’re nearing the end of another busy week of IPO, M&A and debt news. Today’s issue is a mixed bag: We have a new forecast from Moody’s for economic growth next year, our friends at Mashreq inking Qatar’s first bilateral s-linked facility, and GCC financial services authorities greenlighting a fund passporting framework. Plus: A lot more investment news and M&A updates.

BUT FIRST- The DFM rose 0.6% to hit its highest levels in a decade, helped by share price increases from Emirates NBD and the DFM operator.

WEATHER- It’s another warm and sunny day, with temperatures peaking at 31°C in Dubai before cooling to 24°C overnight. In Abu Dhabi, the mercury peaks at 28°C, with an overnight low of 26°C.

Another USD 1 tn milestone: Dubai International Financial Center (DIFC) is now hosting more than 920 family-related firms with over USD 1.2 tn in assets under management, Bloomberg reports, citing DIFC Authority CEO Arif Amiri. “[DIFC is] now one of the top ten locations in the world for hedge funds activity. And based on the current trajectory, we are on track to become one of the top five in the coming years,” Amiri said at the Future of Finance forum in Dubai.

There’s been a lot of tns lately: UAE-listed stocks also hit the USD 1 tn milestone earlier this week, fueled by the IPO boom and IHC’s recent share buyback program.

WATCH THIS SPACE-

#1- UK Prime Minister Keir Starmer reportedly plans to visit the UAE and Saudi Arabia next month as the country looks to draw GBP bns of fresh investment from Gulf sovereign wealth funds to boost the UK Labor government’s growth agenda, the Financial Times reports, citing people familiar with the matter. Starmer could vie for investments for energy and infrastructure, including projects like the Sizewell C nuclear power plant in eastern England.

REMEMBER - The UK is close to inking a trade agreement with the Gulf Cooperation Council (GCC) “as early as this year” and is also considering individual trade agreements with specific GCC countries, Bloomberg reported earlier this month. The UK and GCC have held seven rounds of trade talks since 2022, with UK Foreign Secretary David Lammy visiting Abu Dhabi in September and UK Business and Trade Secretary Jonathan Reynolds visiting Dubai this month to push negotiations forward.

UAE-UK relations have been shaky, with Abu Dhabi-backed RedBird IMI formally withdrawing its bid to acquire UK papers the Telegraph and Spectator earlier in May, following months of opposition from the UK government. The UAE had previously pledged to invest GBP 10 bn in the UK, which the FT says has already been invested in sectors including life sciences, renewables, and tech.

#2- Abu Dhabi + Singapore sovereign wealth funds eye stake in Pye-Barker Fire & Safety: The Abu Dhabi Investment Authority (Adia) and Singapore’s GIC are in advanced talks to acquire a minority stake in US-based Pye-Barker Fire and Safety in a transaction that could potentially value the fire protection services firm at USD 6 bn (including debt), Bloomberg reports, citing sources it says are familiar with the matter. The two sovereign wealth funds will purchase the stake from Leonard Green and Partners and Altas Partners.

ALSO FROM ADIA- The sovereign wealth fund and private equity firms EQT and Auba Investment are selling a 6.7% stake in Swiss skincare company Galderma in a bid to raise CHF 1.3 bn (USD 1.5 bn), Bloomberg reports, citing a filing it has seen. The sale has reportedly been oversubscribed.

This marks the third sell-off in as many months, with Adia and co-investors’ sale of a USD 1.2 bn stake in September, and a 10% stake t to France’s L’Oréal in August in a transaction valued at USD 1.85 bn. The shareholders held a combined 77.21% of the company before the selldown started.

Background: Adia, Swedish private equity company EQT, and Singapore's GIC acquired Galderma — formerly Nestlé Skin Health — for CHF 10.2 bn (c. USD 11.9 bn) from Nestlé in 2019. Initially established as a 50/50 JV between L’Oréal and Nestlé, L’Oréal sold off its 50% ownership stake in Galderma to Nestlé in 2014. The company listed on the SIX back in March of this year.

#3- US private equity firm Andalusian Private Capital plans to open its first offshore office in the UAE by early 2025, Chief Investment Officer Aaron Kless told the National. The UAE office will be either located at the ADGM or the Dubai International Finance Center (DIFC). The middle market lender, which manages USD 2 bn in commitments, will use its UAE office to serve clients across the Mena region.

The company has already held talks with investors in Abu Dhabi to explore possible partnerships and capital agreements, aiming to attract long-term contracts from three to ten years.

#4- More direct lenders are planning a UAE expansion: US private credit manager Golub Capital aims to set up a UAE office to tap regional investors for its private credit strategies, CEO Lawrence Golub told the National. The lender focuses on sectors such as software and technology, financial services, restaurant and retail, and health care.

#5- Eight small airports at Al Maktoum Int’l Airport? Dubai Airports’ CEO Paul Griffiths is looking to turn the new Al Maktoum International Airport into eight small airports that only share the runways to create a compact check-in experience, Paul Griffiths was quoted as saying by Khaleej Times.

#6- The UAE will finance Albania’s new nationwide street surveillance system, Albanian prime minister Edi Rama said at a press conference, Southeast European newswire SeeNews reports. Implemented in phases over 20 months, the project will be backed by the Abu Dhabi Fund for Development, although the financing details were not disclosed.

DATA POINTS-

Dubai International Chamber attracted 157 companies to Dubai in 9M 2024, marking a 68.8% y-o-y increase, state news agency Wam reports. This includes 39 multinational corporations and 118 SMEs. The chamber also supported the expansion of 75 local companies into new markets abroad during the period, up 241% y-o-y.

HAPPENING TODAY-

#1- Cleveland Clinic's first Annual Nursing Conference wraps up today after its launch at the Cleveland Clinic in Abu Dhabi on Wednesday. The conference brings together registered nurses, midwives, and clinical specialists for networking and skill expansion.

#2- Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi is currently on a four-day visit to Guangdong Province, China, which commenced yesterday, Wam reports. During the visit, the RAK Ruler will sign a cooperation agreement with Guangdong, focusing on the digital economy, scientific and technological innovation, advanced manufacturing, smart cities, and culture and tourism. Al Qasimi will also hold business meetings.

#3- The International Program for Civil Aviation Leaders is on its final day today in Dubai, bringing together over 20 civil aviation ministers, as well as heads of civil aviation authorities from Arab countries to ramp up cooperation within the sector, state news agency Wam reports.

#4- Dubai Future Solutions–Prototypes for Humanity is on its third and final day today at Emirates Towers in Dubai. The event will facilitate collaboration among graduates and professors from over 800 universities, focusing on innovation in sectors such as agriculture, healthcare, energy, civil society, mobility, water, and the environment.

#5-Air Expo is on its final day at the Adnec in Abu Dhabi. The event will gather over 20k aviation professionals and will feature keynote speakers and panel discussions from industry leaders focusing on advanced air mobility, among other topics in the aviation sector.

#6- The Adia Lab Symposium 2024 is also on its final day at the ADGM. The event will feature discussions by notable researchers and scientists on the topics of climate change and AI implementations.

#7- Xpanse 2024kicked off yesterday at the Adnec Center in Abu Dhabi, and runs until tomorrow, Wam reports. The event will focus on artificial intelligence, machine learning, genomics, quantum computing, neuromorphic computing, and 6G connectivity. Some 3k decision-makers, technology innovators, Nobel Prize winners, industry executives, CEOs, government officials, and scientists are expected to attend.

THE BIG STORY ABROAD-

Two stories are capturing the imagination of the international business press this morning: The indictment of Adani Group’s Gautam Adani on charges of bribery and fraud, and Nvidia’s most recent financials.

US prosecutors formally charged Adani — one of the richest people in the world — and seven others with being involved in a “massive” bribery and fraud scheme. The defendants allegedly planned to pay USD 265 mn in bribes to officials in the Indian government to facilitate being awarded solar energy supply contracts, including for India’s largest solar power plant. The contracts were forecasted to reel in USD 2 bn in net income over two decades.

The defendants are also being charged with raising capital “on the basis of false and misleading statements,” including USD 2 bn in syndicated loans “comprised of international financial institutions and US-based investors” and another USD 1 bn from bond offerings that were also “marketed and sold to investors in the US.” (Reuters | Financial Times | CNBC | Bloomberg)

MEANWHILE- Nvidia reported lower than expected revenue growth in its 3Q 2024-25earnings results, with the chipmaker saying its revenues grew 94% y-o-y and 17% q-o-q. The revenue figure came in at a record high of USD 35.1 bn. However, the company’s sales forecast for the following quarter came in below projections, with the firm saying that its Blackwell AI chips are seeing “very strong” demand but costs are expected to eat away at margins. (Bloomberg | CNBC | Reuters | Financial Times)

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CIRCLE YOUR CALENDAR-

The Sharjah International Tourism and Travel Forumwill kick off Monday, 25 November at the Expo Center in Sharjah. The forum features industry leaders and innovators, panel discussions and workshops on advancements in the tourism sector. Key topics include digital platforms, data-driven decision-making, health protocols, and sustainable practices.

Forbes Middle East Medical Tourism & Wellness Summit will take place on 23-24 November at Jumeirah Beach Hotel in Dubai. The summit will gather leading health and wellness professionals, innovators, and industry leaders to discuss the Middle East's rise as a hub for healthcare and wellness solutions.

Open Source AI Summit will take place on 26-27 November at The St. Regis Saadiyat Island Resort in Abu Dhabi. The event will feature discussions on prospects for open-source artificial intelligence, as well as challenges, ethical considerations, governance, and international cooperation.

Dubai to host new global mixed martial arts championship: Dubai’s Sports Council and Department of Economy and Tourism inked an agreement with the Professional Fighters League to launch a new international mixed martial arts championship, dubbed Road to Dubai, Wam reports. The global series will feature matches in multiple cities worldwide, with the season finale to be hosted on 25 January 2025 at Dubai’s Coca-Cola Arena.

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

Moody’s revises upwards its forecast for UAE growth to 4.8% in 2025

Moody’s is optimistic about the UAE’s economic outlook: The UAE is expected to see the biggest y-o-y jump in growth among emerging markets next year, with a projected 4.8% growth next year, up one percentage point from 3.8% in 2024, according to a Moody’s report picked up by Al Etihad. The report credited the country’s strong domestic demand as the main factor driving the forecast.

The UAE bucks the broader trend: Overall GDP growth for the 23 largest emerging market economies is expected to slow to 3.8% in 2025, down from 4.1% in 2024, according to the report. India is expected to remain the fastest-growing emerging economy, with growth forecast at 6.6% in 2025, although it represents a slowdown from 7.2% in 2024.

We’re also leading growth in the MENA region, with Saudi Arabia following closely at 4.7% and Egypt projected to grow around 4% in 2025.

Sovereign credit fundamentals for 2025 are expected to remain stable, with steady economic growth and more predictable financing conditions helping “governments maintain or even slightly cut debt,” Moody’s said in a separate press release.

The challenges: Geopolitical, social, and environmental risks — including ongoing conflicts in Ukraine and the Middle East — “complicate policy strategies and expose sovereigns to tail shocks,” potentially impacting credit, the report said. Increased US-China trade tensions, high youth unemployment, and income inequality were also cited as risk factors.

“The room to respond to shocks is limited,” the report notes, as sovereigns find their budgets more restricted amid increased spending.

Frontier markets are also expected to face persisting liquidity challenges, with limited access to affordable debt and potential new debt repayment defaults, despite the lower interest rate environment as central banks ease monetary policy.

Egypt, UAE ink agreements for solar plants, solar parts factories, and renewables-focused industrial zone

Several UAE firms inked agreements to set up renewables projects in Egypt yesterday, including Masdar and Global South Utilities.

#1- Masdar inks two MoUs for solar plants:

A floating solar plant on Lake Nasser could be built under an MoU with state agency Future of Egypt agricultural expansion project, which Wam says will have a capacity of 3 GW (though the Egyptian cabinet statement pegs capacity at 5 GW);
The two sides could also establish a solar power plant in Nag Hammadi. Wam pegs capacity at 2 GW, while cabinet pegs it at 2.8 GW.

#2- A renewables-focused industrial zone in East Port Said may also be in the works, courtesy of AD Ports, who inked an MoU for the project with the SCZone yesterday, according to another cabinet statement. The Abu Dhabi sovereign wealth fund ADQ-owned company will develop, operate, and manage the 20 sq km zone in East Port Said. The possibility of linking the site with nearby docks and logistics areas is also under study.

What we know so far: The project will start with four factories, two of which will produce solar panels and other bits of solar tech, Egyptian Prime Minister Moustafa Madbouly said in his weekly presser. The project will also have facilities producing batteries to store solar power by next summer, he added. The factories will have a capacity of 4 GW of solar panels and 2 GW of battery storage.

This isn’t the first time we heard about the project: Recent meetings in August between government officials and Emirati government and business figures covered a proposal to set up an Emirati industrial zone in East Port Said, which the government said it was considering making a freezone or special economic zone exempt from customs duties.

#3- A USD 12 mn battery storage factory is also in the works, after an MoU was inked between the Industry Ministry, the UAE’s Global South Utilities, and China’s Weiheng, according to a cabinet statement. The facility will have a capacity of 1 GW.

#4- Global South Utilities are also embarking on a factory project with another Chinese company, after inking an MoU with JA Solar for two solar parts factories, according to a cabinet statement. One of the factories will manufacture solar cells with a production capacity of 2 GW at an investment cost of USD 138 mn, alongside another to produce solar panels with the same production capacity at a cost of USD 75 mn.

Mashreq inks Qatar’s first private sector s-linked loan with Landmark Retail

Landmark Retail signs Qatar's first private-sector SLF with Mashreq: Our friends at Mashreq signed sustainability-linked facilities (SLF) with Landmark Retail in Qatar, marking the country’s first bilateral SLF agreement in the private sector, according to a statement (pdf).

The details: The facilities link the financing to Landmark Retail’s performance across sustainability indicators, including renewable energy, energy efficiency, responsible sourcing, waste reduction, and recycling. Landmark Retail plans to ramp up responsible sourcing by increasing the use of sustainably sourced cotton in its products, the statement reads.

Mashreq has a big sustainable finance target: The lender aims to facilitate USD 30 bn in sustainable finance by 2030 — part of a wider Climb2Change initiative that targets responsible banking products and services and social impact initiatives like the recently announced clean-up of Egypt’s Wadi Degla. The initiative aims to clean up 14 mountain sites around the world.

Not Mashreq’s first SLF: Last June, Mashreq and three Emirati banks led the financing of a USD 3.25 bn sustainability-linked loan for Gems Education, supporting Brookfield and its consortium’s acquisition of a majority stake in the school operator. Mashreq was the lead sustainability coordinator, initial mandated lead arranger and bookrunner, and global and conventional facility agent on the transaction, Mashreq’s Global Head of Investment Banking Chiradeep Deb told us in August.

GCC financial authorities greenlight fund passporting framework for 2025

We’re one step closer to a GCC Funds Marketing Passport: GCC financial services authorities approved a fund passporting framework at the latest GCC Committee of Heads of Financial Market Authorities meeting, the Securities and Commodities Authority (SCA) said in a statement. Set to be implemented in early 2025, the framework aims to boost integration between Gulf financial markets and will allow funds from one GCC jurisdiction to be marketed in others.

What we know: The passporting regulations will simplify cross-border investment processes by streamlining the registration and promotion of investment fund units. The unified regulatory framework will also include provisions for deregistering non-compliant funds to protect unit holders' rights. The framework will mirror the EU’s UCITS/AIFMD framework.

We knew this was coming: We first found out that the SCA and other GCC financial services regulators’ have been working on drafting the GCC Funds Marketing Passport last April.

REMEMBER- The SCA recently banned banks from marketing foreign funds to retail investors: The UAE's financial services watchdog’s rule banning onshore banks from promoting or marketing foreign funds to retail investors entered into effect in April. The change aimed to encourage foreign fund managers to establish an onshore presence and curb capital outflows while boosting the local funds market. In April, the SCA was also in early talks with the Dubai Financial Services Authority and the ADGM to introduce a dual licensing framework for fund managers.

Swvl completes USD 4.7 private placement to fuel US expansion

Swvl secures USD 4.7 mn through share sale: Dubai-based mass transit app Swvl sold USD 4.7 mn in ordinary shares to investors, including some of its board members, in a private placement, to support its expansion to the US next year, according to a press release. The shares were priced at USD 4.79 each, based on its 15 November closing price. The transaction was expected to close on or about November 18, 2024, pending standard conditions.

Buyers have agreed to a six-month lock-up period and restricted transfers afterward, limiting sales to 20% of their holdings every 90 days.

This is not Swvl’s first private placement: It agreed to sell USD 20 mn-worth of new shares in 2022 to an undisclosed institutional investor.

The startup recently snagged new contracts: In the past three months, Swvl secured USD 4.2 mn in contracts across Egypt's mobility sector, partnering with companies in FMCG, telecom, e-commerce, and banking, according to a separate press release.

Market reax: Swvl’s shares rose 32% to USD 6.32 on Monday following the announcements, but were down 17.2% to USD 5.52 yesterday. The Egypt-born startup’s shares are up 245% YTD.

REFRESHER- Swvl posted a net income of USD 3.1 mn in 2023, a sharp turnaround from its USD 123.6 mn loss in 2022. CEO Mostafa Kandil attributed the recovery to cost-cutting, exiting non-core markets, and focusing on Mena operations.

Locad secures USD 9 mn in Pre-series B funding

Singapore-based e-commerce logistics startup Locad secured USD 9 mn in its pre-series B funding round to fuel its expansion into the UAE and Saudi Arabia in 4Q 2024, according to a press release. The round was co-led by Global Ventures, alongside existing investor Reefknot Investments. Other participants in the round include Sumitomo Equity Ventures and other current investors such as Antler Elevate, Febe Ventures, and JG Summit.

The details: The platform will allow customers in the GCC to use its network of regional fulfillment centers, as well as use the shipping engine to connect with local shippers, find inventory, and manage order fulfillment. It will also be available to customers outside of the GCC looking to grow their local presence.

About Locad: Founded by Constantin Robertz (LinkedIn), Jannis Dargel (LinkedIn) and Shrey Jain (LinkedIn) in Singapore, Locad is a logistics engine for e-commerce, providing a cloud supply chain platform that automates storage, packing, shipping, and tracking for B2C and B2B channels. It synchronizes inventory across platforms and manages order fulfillment via a network of warehouses and carriers, and also provides demand, inventory and carrier analytics. The startup currently serves some 300 brands across Southeast Asia and Australia.

OTHER STARTUP NEWS-

Emirati Citadel International Holdings led a USD 3 mn series A round for Egyptian homeware brand ariika, alongside Beltone Venture Capital, Beltone Financial Holding’s venture capital arm, according to a press release (pdf).

Where is the money going? The funds will support ariika’s expansion in its home market and help strengthen its presence in Saudi Arabia and Iraq, which are expected to account for half of the company’s consolidated business by 2025. Ariika recently opened a flagship store in Baghdad and plans to launch its first Saudi Arabia location in January. The funds will also be channeled into developing its product portfolio and executing go-to-market strategies as part of its efforts to tap into a USD 20 bn home and decor market in the MENA region.

Background: Citadel Holding tapped Egypt’s Beltone Venture Capital to manage its USD 30 mn Citadel fund, designed to back fast-growing startups in the MENA region. The fund has already made investments, including acquiring a 20% stake in ariika following a EGP 31 mn funding round last year. Other portfolio companies include Egyptian courier Bosta, trucking startup Trella, and UAE-based fintech Qlub.

Lulu Retail reports first earnings post-listing

Lulu Retail posts 126% bottom line growth: Lulu Group’s retail arm, Lulu Retail, saw its net income from continuing operations increase 126% y-o-y to USD 35.1 mn in 3Q 2024, according to its financial statements (pdf). The retail company attributed the strong performance to improved operating income and improved cost management, in its management report (pdf). Lulu Retail booked USD 1.9 bn in group revenues, up 6.1% y-o-y in 3Q 2024, thanks to growth across key product segments and markets, particularly the UAE, Saudi Arabia and Kuwait.

On a nine-months basis, the retail arm saw its net income increase 73% y-o-y to USD 151.5 mn. Lulu Retail’s revenues rose 5.7% y-o-y, coming in at USD 5.7 bn in 9M 2024.

REMEMBER- Lulu Retail raised AED 6.3 bn in a record IPO, which marked the UAE's biggest this year in November. The order book was 25x oversubscribed, excluding AED 1 bn in orders from cornerstone investors. The company plans to open 90 new stores across the Gulf over the next five years, focusing on the UAE and Saudi Arabia, Rupawala told Bloomberg earlier.

Lulu Retail is steadily expanding, with three new stores opened in 3Q 2024 and a total of 12 new stores during 9M alone; the new locations have brought Lulu Retail’s total store number to 241 as of September. The retail arm has opened five more stores since 3Q, for a total of 17 new locations during 2024 so far.

More attention turns to the UAE’s USD 1 tn stock market + Dubai’s tourism appeal + Denizbank’s CEO’s indictment

The UAE’s USD 1 tn stock market is still making headlines, with Bloomberg looking at the ruling family’s influence across local markets. About two-thirds of Abu Dhabi’s benchmark index is tied to the ruling family, particularly National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan.

Potentially giving stock markets even more of a boost? Increasing the freefloat of key stocks “could help attract more international money,” Kamco Invest’s Junaid Ansari said.

Meanwhile, Euronews highlights Dubai’s new tourism strategy, which seeks to dispel “misconceptions” about the city by showcasing its affordability and year-round appeal. “It’s no secret Dubai is home to a lot of luxury, iconic properties, but there’s a variety of options available,” said Hoor Al Khaja, senior VP of international operations at the Dubai Department of Economy and Tourism, noting that the emirate’s “healthy mix of affordable stays… can compete with any four or five-star hotel globally.”

AND- Bloomberg covers the indictment of Hakan Ates, CEO of Emirates NBD’s Turkey unit Denizbank, who was accused of involvement in a Ponzi scheme targeting footballers from clubs like Galatasaray, Barcelona, and Inter Milan. Ates and his former deputy Mehmet Aydogdu face up to 240 years in prison on charges of aggravated fraud.

TJX closes USD 344 mn stake acquisition in Dubai's Brands for Less

M&A-

TJX acquires minority stake in Brands for Less: US budget retailer TJX — which operates TJ Maxx and Marshalls — finalized its acquisition of a 35% stake in Dubai-based Brands for Less (BFL) for USD 344 mn, TJX said in its 3Q earnings release. TJX does not see this acquisition having a ”material impact” on its 4Q or FY 2025 earnings.

BFL shuffles board: Following the completion of the transaction, two senior executives from TGX will join BFL’s board, Al Khaleej reports, citing a statement. Co-founder and current CEO Toufic Kreidieh (LinkedIn) will transition to executive chairman, while Deputy CEO and Group COO Ayman Beydoun (LinkedIn) will take on the CEO role while maintaining his board membership.

Background: TJX inked a definitive agreement to acquire the 35% stake for USD 360 mn last August, with the acquisition granting the retail company access to TJX’s 5k stores globally, fueling its expansion into new markets in the Gulf and Southeast Asia.

ENERGY-

#1- Abu Dhabi National Oil Company (Adnoc) broke ground on its liquified natural gas (LNG) project in Al Ruwais Industrial City at Al Dhafra Region, Wam reports.

About the facility: The company plans to start exporting from the Ruwais site in 2028. The project is expected to more than double Adnoc’s LNG production capacity in the UAE to 15 mn tons per year. Adnoc handed a USD 5.5 bn engineering, procurement, and construction contract to a JV between engineering companies Technip Energies and JGC Corporation, and National Marine Dredging Company.

REMEMBER- Adnoc Gas is set to acquire a 60% stake in the project from its parent group Adnoc in 2H 2028 for an estimated USD 5 bn.

#2- Kowepo breaks ground on Al Ajban solar project: Korea Western Power (Kowepo) has broken ground on the 1.5 GW Al Ajban solar PV IPP plant in Abu Dhabi, Al Mal reports. Kowepo is developing the project with France’s EDF Renewables and Masdar. The project — set to be operational in 3Q 2026 — will deploy three mn solar panels mounted on single-axis trackers, which power nearly 160k homes across the UAE while slashing 2.4 mn tons of emissions annually.

FINANCE-

Bank of New York Mellon Corporation obtained a category four license from the Financial Services Regulatory Authority, allowing it to expand its services in ADGM, according to its press release. The new offerings will include arranging custody, managing collective investment funds — including fund accounting and transfer agency services — and arranging credit and transactions in investments.

BANKING-

#1- Sharjah Publishing City-registered businesses will have easier access to Emirates NBD services: Sharjah Publishing City (SPC) Free Zone entered a two-year partnership with Emirates NBD to facilitate banking services for its members, where they will have a dedicated channel at the bank for applying for business accounts and credit facilities, according to a press release.

ALSO- The two parties will integrate their systems through an application programming interface (API) to transmit applications for opening business bank accounts. SPC has recently introduced an initiative ensuring that members have access to a new bank account within three business days.

#2- MSCI upgraded the Abu Dhabi Commercial Bank (ADCB)’s ESG rating to AA from A, placing the lender in the MSCI industry leader category for managing ESG risks, according to a press release. Sustainable finance initiatives, ESG due diligence, and data privacy management prompted MSCI’s rating revision of ADCB.

AVIATION-

#1- Sanad, GAL extend their partnership with AED 73.5 mn contract: Mubadala's aerospace engineering arm Sanad and aviation maintenance firm Global Aerospace Logistics (GAL) signed a AED 73.5 mn agreement to extend their partnership, allowing Sanad to continue providing maintenance services for the Rolls-Royce Trent 700 engines that power the A330 Multi-Role Tanker Transport fleet of the UAE army.

#2- UAE could be getting a new green aviation ecosystem: The China-UAE Industrial Capacity Cooperation Demonstration Zone (JOCIC Park) has inked an MoU with Hong Kong-based Volar Air Mobility to explore the development of a comprehensive green aviation ecosystem in the UAE, according to a press release. This follows an MoU inked between UAE’s General Civil Aviation Authority and Hong Kong-based Volar Air Mobility back in September to develop the UAE’s first green aviation tech hub, which will support R&D for sustainable aviation technologies.

The details: The partnership will focus on developing environmentally friendly next-generation aircraft and infrastructure. The collaboration will also focus on developing a comprehensive program to support green aviation startups and accelerate their development in cooperation with Abu Dhabi University as well as facilitating the establishment of the International Green Aviation Organization’s (IAGA) headquarters in Abu Dhabi.

REAL ESTATE-

Marjan to develop an office park that will house its own and Rakez’s new HQs: Ras Al Khaimah-based developer Marjan partnered with Ras Al Khaimah Economic Zone (Rakez) to build an office park that will house the headquarters of both Marjan and Rakez, among others, according to a press release. The project is slated for completion in 4Q 2026.

INVESTMENT-

Mubadala gets a piece of Odoo? Mubadala Investment Company participated in a EUR 500 mn capital transaction for Belgian business software provider Odoo, according to a press release. The funding round, which was led by Google’s CapitalG and Sequoia Capital, also saw participation from BlackRock, HarbourVest Partners, AVP, and Alkeon.

The details: As part of the secondary capital transaction, Odoo’s existing investors Summit Partners, Noshaq, and Wallonie Entreprendre will sell a portion of their shares. However, details of the new share allocation were not disclosed.

The rationale: The sovereign wealth fund’s decision to invest in Odoo was driven by Odoo’s potential as “an exceptional partner for companies adapting to cloud and AI megatrends,” as the UAE cements its position as a tech hub, Mubadala’s Head of Growth Faris Al Mazrui said.

ECB warns of Eurozone debt and market instability risks

The ECB is raising red flags about Eurozone instability: The European Central Bank (ECB) has warned of risks to the Eurozone’s financial stability, with its annual Financial Stability Review pointing to high public debt, low growth, and political uncertainty as key issues. Rising borrowing costs in some countries — notably France — and growing concerns over debt sustainability and fiscal health could lead to renewed instability reminiscent of past Eurozone debt crises.

High borrowing costs in more-indebted EU countries are giving the ECB pause: While borrowing costs for some of the southern European epicenters of the EU’s last round of sovereign debt crises remain well below their historic highs, rising borrowing costs for countries like France are driving concerns that the continent’s more-indebted countries might be facing serious threats to debt sustainability. Recent financial volatility has only exacerbated this, with ECB Vice President Luis de Guindos noting that during recent episodes “the funding costs of countries with debt-to-GDP ratios of more than 100% widened notably,” in comments to reporters picked up by the Financial Times.

EU budgets are going to feel the pinch: A combination of weak growth and elevated debt levels will make it harder for governments to finance defense spending and climate initiatives — both necessities if the incoming Trump administration remains bent on rolling back the US’ commitments to NATO and climate action. Higher refinancing costs for maturing debt are also adding to the pressure, the ECB noted.

Big Tech also may be a cause for concern: The ECB warned that a potential AI-linked asset price bubble could have a significant impact on an already precarious Eurozone, noting that the stock market’s increasing reliance on just a few US tech giants poses the risk of global market disruptions should earnings for these firms not meet expectations.

MARKETS THIS MORNING-

Asian markets are a mixed bag in early trading this morning as traders assess Nvidia’s latest earnings that beat expectations, led by Japan’s Nikkei in the red at -0.8%, while Korea’s Kospi and China’s Shanghai index are both up 0.4% and Hong Kong’s Hang Seng is in the green at 0.1%.

ADX	9,405	-0.2% (YTD: -1.8%)
DFM	4,761	+0.6% (YTD: +17.3%)
Nasdaq Dubai UAE20	3,951	+0.5% (YTD: +2.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.5% o/n	4.3% 1 yr
TASI	11,868	-0.1% (YTD: -0.8%)
EGX30	30,588	-0.3% (YTD: +22.9%)
S&P 500	5,917	0.0% (YTD: +24.1%)
FTSE 100	8,085	-0.2% (YTD: +4.6%)
Euro Stoxx 50	4,730	-0.5% (YTD: +4.6%)
Brent crude	USD 72.81	-0.7%
Natural gas (Nymex)	USD 3.21	+0.5%
Gold	USD 2653.60	+0.9%
BTC	USD 94,393.10	+2.4% (YTD: +123.4%)

THE CLOSING BELL-

The DFM rose 0.6% yesterday on turnover of AED 630.6 mn. The index is up 17.3% YTD.

In the green: National International Holding Company (+14.7%), Emirates REIT (CEIC) (+8.4%) and Takaful Emarat (+6.9%).

In the red: International Financial Advisors (-9.9%), National General Insurance Company (-9.8%) and Takaful Emarat - Rights Issue 2024 (-8.2%).

Over on the ADX, the index fell 0.2% on turnover of AED 1.2 bn. Meanwhile, Nasdaq Dubai closed up 0.5%.

CORPORATE ACTIONS-

Bank of Sharjah appointed Al Ramz as liquidity provider for its listed shares on the DFM, starting today, according to a bourse disclosure (pdf).

Dubai-based Al Sagr Ins.’ board approved an AED 80 mn capital reduction to lower its capital to AED 150 mn to offset the firm’s accumulated losses, according to a DFM disclosure (pdf).

CALENDAR

NOVEMBER

19-27 November (Tuesday-Wednesday): Subscription period for the retail portion of Talabat’s IPO.

19-28 November (Tuesday-Thursday): Subscription period for the institutional portion of Talabat’s IPO.

19-21 November (Tuesday-Thursday): Dubai Future Solutions – Prototypes for Humanity, Emirates Towers, Dubai.

19-21 November (Tuesday-Thursday): Air Expo, Adnec, Abu Dhabi.

20-22 November (Wednesday-Friday): Xpanse Abu Dhabi, Adnec Centre, Abu Dhabi

22-23 November (Friday-Saturday): Global Meet on Electronics & Electrical Engineering (GMEEE), Dubai.

22-24 November (Friday-Sunday): Michelin Guide Food Festival, Emirates Palace Mandarin Oriental, Abu Dhabi.

23 November (Saturday): Wireless Festival Middle East, Etihad Park, Abu Dhabi.

23-24 November (Saturday-Sunday): Emirates Dubai Sail Grand Prix, SailGP Race Stadium.

23-24 November (Saturday-Sunday): Forbes Middle East Medical Tourism & Wellness Summit, Jumeirah Beach Hotel, Dubai.

25 November (Monday): The Sharjah International Tourism and TravelForum, Expo Center, Sharjah.

26 November (Tuesday): The Gulf Capital Market Summit, Address Sky View, Dubai.

26-27 November (Tuesday-Wednesday) Global Food Security Summit, Adnec Centre Abu Dhabi.

26-27 November (Tuesday-Wednesday): Global Women’s Forum Dubai, Madinat Jumeirah, Dubai

26-27 November (Tuesday-Wednesday): Open Source AI Summit, The St. Regis Saadiyat Island Resort, Abu Dhabi.

26-28 November (Tuesday-Thursday): Liveable Cities X, Dubai World Trade Center.

26-28 November (Tuesday-Thursday): Future FM, Dubai World Trade Center.

26-28 November (Tuesday-Thursday): Geo World, Dubai World Trade Center.

26-28 November (Tuesday-Thursday) Global Media Congress 2024, Abu Dhabi National Exhibition Centre (ADNEC).

26-29 November (Tuesday-Friday): Big 5 Global, Dubai World Trade Centre.

27 November: Acceptance period for Adnoc’s Covestro takeover bid ends.

27-28 November (Wednesday-Thursday): RAK Energy Summit, Al Hamra International Exhibition and Conference Centre, Ras Al Khaimah.

28 November-1 December (Thursday-Sunday): Spartan World Championship, Al Wathba Desert, Abu Dhabi.

30 November (Saturday): Football Legends Cup, Al Maktoum Stadium Al Nasr Sports Club, Dubai.

DECEMBER

2-3 December (Monday-Tuesday): National Day, public holiday.

4-5 December (Wednesday-Thursday): Sport Impact Summit, The Palm, Dubai.

4-5 December (Wednesday-Thursday): WORLDEF Dubai, Dubai CommerCity.

4-6 December (Wednesday-Friday): Abu Dhabi Business Week, Adnec Center, Abu Dhabi.

5-8 December (Thursday-Sunday): Formula 1 Etihad Airways Abu Dhabi Grand Prix, Yas Marina Circuit.

5 December (Thursday): Khalifa Fund Entrepreneurship Competition, Adnec center, Abu Dhabi.

8-12 December (Sunday-Thursday):International Desalination and Reuse Association World Congress, Adnec Centre Abu Dhabi.

13 December - 4 January (Friday-Saturday): Liwa International Festival, Al Dhafra, Abu Dhabi.

9-10 December (Monday-Tuesday): The Bitcoin Mena Conference, Adnec Centre Abu Dhabi.

1- December (Tuesday): Talabat’s shares will start trading on the DFM.

9-12 December (Monday-ThursdayTuesday): Abu Dhabi Finance Week, Abu Dhabi.

9-12 December (Monday-Thursday): IEEE International Conference on Data Mining 2024, Adnec Centre, Abu Dhabi.

10-11 December (Tuesday-Wednesday): Global Trade and Infrastructure at Logimotion, Dubai World Trade Center.

10-11 December (Tuesday-Wednesday): SCALEX at Logimotion, Dubai World Trade Center.

10-12 December (Tuesday-Thursday): Middle East Investor Relations Association (MEIRA Conference), Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi.

10-12 December (Tuesday-Thursday): The Middle East and North Africa Business Aviation Association Show, Al Maktoum International Airport, Dubai.

11-13 December (Wednesday-Friday): European-Arab Medical Congress, Abu Dhabi.

14-21 December (Saturday-Saturday): World Schools Festival, Abu Dhabi

16-20 December (Monday-Friday): AIMS Conference 2024, Adnec Centre, Abu Dhabi.

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

UAE-China Summit, Abu Dhabi.
Abu Dhabi Forum for Peace, Abu Dhabi.

JANUARY 2025

1 January (Wednesday): ADGM to slash licensing fees for retail and non-financial firms, and hike fees for finance firms.

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

11-13 January (Saturday-Monday): The 1 Bn Followers Summit, Dubai.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi.

14-16 January (Tuesday- Thursday): The Light + Intelligent Building Middle East exhibition, Dubai.

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, Dubai.

19-24 January (Sunday-Friday): Coling 2025, Abu Dhabi.

20-22 January (Saturday-Monday): FESPA Middle East, Dubai World Trade Centre, Dubai.

FEBRUARY 2025

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City's International Tennis Centre.

1-28 February (Saturday-Friday): 3rd Sheikh Mansour bin Zayed Agriculture Excellence Award, Abu Dhabi.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

16 February-1 March: Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

APRIL 2025

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.

7-10 April 2025 (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

28 April-1 May (Monday-Thursday): The Arabian Travel Market 2025, Dubai World Trade Center

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY 2025

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

19-22 May (Monday-Thursday): Make it in the Emirates Forum 2025, Adnec, Abu Dhabi.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

SEPTEMBER 2025

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER 2025

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

NOVEMBER 2025

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE

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