Abu Dhabi’s GDP grew 3.8% in 2Q

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WHAT WE’RE TRACKING TODAY

THIS MORNING: XRG reaches final investment decision on Mozambique LNG facility + RAK to get autonomous taxis

Good morning, friends, and happy FRIDAY. We close out the week with yet another mammoth issue, led by great news out of Abu Dhabi: The capital of capital’s GDP grew 3.8% y-o-y in 2Q 2025.

We also have several big M&A stories this morning: The Abu Dhabi Investment Authority bought a minority stake in Haagen Dazs owner Froneri alongside PAI, and International Holding Company acquired a controlling stake in Indian bank Sammaan Capital.

PLUS- More good news from investment bankers whose outlook on debt and equity capital markets for the region in the coming year — and beyond — was overwhelmingly positive during Zaywa’s Capital Markets Forum yesterday.

With strong reforms, more diverse liquidity, and a slew of structural drivers, the region’s momentum is set to continue into 2026, with the UAE in particular seeing what one panelist said was one of the busiest IPO pipelines they’ve seen in years.

We have all of the details on this, and more, in the news well, below.

WEATHER- Expect a slight cooldown in temperatures in Dubai, with a high of 36°C and an overnight low of 28°C. Abu Dhabi will see a high of 38°C during the day, staying warmer overnight at 31°C. Humidity persists into the night across both emirates.

WATCH THIS SPACE-

#1- Adnoc’s XRG and its partners have reached final investment decision on the Coral North Floating LNG facility in Mozambique, according to a statement. The expansion, which is located in area 4 in the Rovuma Basin, will be developed with partners including Eni, China National Petroleum Company, Mozambique’s national oil company ENH, and Korea Gas Corporation. The expansion will add some 3.55 mn metric tons a year of LNG capacity offshore Mozambique.

Background: XRG acquired Adnoc’s 10% stake in the basin earlier this year, gaining access to the operational Coral South FLNG and the planned Coral North expansion as well as Rovuma LNG onshore development, which together hold over 25 mtpa of potential LNG capacity.

#2- WeRide to bring Robotaxi + Robobus pilots to RAK: Ras Al Khaimah Transport Aut hority (RAKTA) has partnered with Nasdaq-listed, China-headquartered WeRide to launch pilot operations of autonomous buses and taxis in the emirate, according to a press release. RAKTA also inked an MoU with local developer Marjan focusing on collaborative autonomous vehicle trials and smart transport integration, Al Khaleej reports.

The when and where: WeRide’s Robobus will begin operating across nine stops on Al Marjan Island, with future plans to expand into Mina Island. In parallel, its Robotaxi GXR will begin trial operations in the city center. Commercial services are scheduled for early 2026 via RAKTA’s digital mobility app, and safety officers will initially be on board before fully driverless operations begin.

#3- Iliad Partners’ freshly-closed USD 50 mn Iliad Partners Tech Ventures Fund I will make 10-15 investments in total, focusing on the UAE and Saudi Arabia, Founder and Managing Partner Christos Mastoras told EnterpriseAM. The fund will also allocate a portion of its capital to Europe to back startups expanding into the MENA region, with around 10% of it directed specifically toward Greek startups.

It targets early-stage companies with tickets averaging USD 2-3 mn. Initial commitments are placed in the Pre-Series A stage with USD 500k-1 mn investments, growing to USD 2-5 mn for Series A firms. It’s prioritizing fintech, logistics, and proptech; however, it sees strong potential in other sectors like SME lending, ins. technology, construction tech, and maritime tech as sub-sectors the fund is likely to focus on in the future, Mastoras said.

The fund has already invested in three companies, including Dubai-based corporate expense management platform Qashio, Saudi’s logistics platform OTO, and procurement platform Penny.

#4- Private equity firms BlueFive Capital and Singapore- and Jakarta-based firm Sriwijaya Capital plan to establish a Southeast Asia-focused investment corridor, according to a press release. The tie-up aims to connect GCC sovereign wealth funds, institutional investors, and family offices with growth prospects across the ASEAN region through Sriwijaya Capital’s Southeast Asia network and BlueFive’s GCC contracts and access to Chinese state-owned enterprises and institutions. Efforts could later expand to other emerging markets.

The current priorities? Investing in renewable energy and infrastructure, the digital economy and fintech, as well as healthcare and life sciences, the statement said.

The two have been busy: Sriwijaya Capital recently closed its debut fund targeting growth-stage companies across the region, while BlueFive is also looking eastward, as it prepares to close a new USD 1 bn Asia fund in 4Q 2025 and launch a USD 500 mn private equity fund with China’s CICC Capital. It will also establish a shariah-compliant asset management platform launched under its partnership with Jeddah-based Al Murjan Group.

#5- London court favors DP World in Djibouti dispute: The London Court of International Arbitration (LCIA) has ruled that the government of Djibouti acted illegally in its seizure of the Doraleh Container Terminal from DP World in 2018, Khaleej Times reports. The decision affirms DP World’s USD 685 mn enforceable awards against the country — which the government has so far refused to honor. It also clarifies that harm was directly caused by the government — declining to award damages against its state-owned corporate port operator, the Port de Djibouti SA (PDSA).

Refresher: DP World has been embroiled in squabbling with Djibouti for seven years over the Djibouti government’s termination of its concession after claiming it unfairly favored DP World. The firm owns a 33.3% stake in DCT and had operated the Doraleh terminal since 2006.

The ruling has closed DP World’s arbitration proceedings with Djibouti’s PDSA, but wider disputes with Djibouti’s government and their partner China Merchants Port Holding — amounting to a USD 1 bn claim against the parties — remain active.

Not the first ruling: The decision upholds a third partial award from the LCIA which awarded the firm USD 200 mn for damages incurred between 23 February 2018 to 31 December 2020. A US court also backed this decision last year awarding DP World USD 200 mn from the government of Djibouti.

PSA-

Property buyers in Dubaimust now pay service charges on properties even if they have not yet been officially handed the unit, Khaleej Times reports, citing a ruling by the Dubai Rental Disputes Center. The decision is particularly directed to instances when the buyer is causing handover delays.

The new principle applies from the date the unit is ready or when payment defaults, with liability tied to the buyer’s name in the preliminary property register.

HAPPENING TOMORROW-

The Syria Recovery and Investment Forum kicks off tomorrow at the Adnec Center in Abu Dhabi. The forum will convene policymakers, business leaders, investors, advisory experts, and aid organizations to explore reconstruction, private sector participation, and financing frameworks for Syria.

THE BIG STORY ABROAD-

It’s an unusually quiet morning in the international business press, with only one headline of note making the rounds: OpenAI’s soaring valuation to USD 500 bn, making it the world’s most valuable startup. We have more on this, and the ongoing AI stock rally, in Planet Finance, below.

ALSO- Don’t expect to see any Boeing777Xs before 2027, sources have said, the aircraft maker looks set to suffer bns more in losses in cost overruns amid a series of setbacks. This would make it six years late to its original commercial launch date. (Bloomberg)

A few updates on the regional front:

Hamas will reportedly demand key revisions to US President Donald Trump’s Gaza ceasefire plan, particularly around the demand for its complete disarmament, though it is likely to accept it in the coming days, sources close to the group have said. (Guardian)
Morocco’s Gen Z-led protests yesterday, which have been ongoing for four days in light of heavy spending on World Cup 2030 and poor public services, turned deadly with three deaths and several injuries after officers opened fire on the crowds. (Bloomberg | New York Times | Guardian)

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OIL WATCH-

Unsold Middle Eastern crude from the last trading cycle is stoking concerns that a long-anticipated global oil surplus may be starting to take shape, with between 6 mn and 12 mn barrels of November-loading crude remain without buyers, Bloomberg reports, citing traders. The barrels, offered by sellers including the UAE and Qatar, were still on the market at the close of the cycle — unusual for volumes that typically move quickly to Asia’s price-sensitive refiners in China and India.

A hazy view: A better read of balances will emerge once Saudi and other Gulf suppliers issue November allocations to long-term contract buyers soon, Bloomberg added.

Other market signals are pointing to weakness: The backwardation in Murban crude futures has thinned, while price premiums for December-loading cargoes shrank. Traders point to softer-than-expected Chinese demand amid potential slower stockpiling combined with Opec+’s ongoing supply return, as weighing on sentiment and reinforcing expectations of a looser market ahead, Bloomberg added.

Meanwhile, supply has been increasing: Opec countries raised output by 400k barrels a day in September, according to a Bloomberg survey, marking the completion of the restart of its 2.2 mn bbl / d wind-down in 2023. Saudi Arabia accounted for the bulk of the increase, with a 320k bbl / d increase. A separate Reuters survey shows the monthly increase at a slightly smaller 330k bbl / d, with the UAE also significantly boosting output.

ALSO- The UAE is among several Opec+ members who have submitted an updated plan to offset crude output above their Opec+ target, according to a statement. The revised schedule covers a ten-month period from September 2025 through June 2026, with the country set to implement gradual reductions totaling some 292k bbl / d, matching up to a total of 8.52 mn barrels over the period, according to our calculations.

The breakdown: The plan calls for 10k bbl / d of cuts each month from September through December, rising to 20k in January and accelerating to 35k in February and March. Deeper adjustments are slated from April onward, with 50k, 55k, and 57k bbl / d trimmed in the final three months of the program.

Abu Dhabi's GDP grows 3.8% in 2Q as non-oil sector hits record share

Abu Dhabi’s GDP grew 3.8% y-o-y to AED 306.3 bn in 2Q 2025, boosted by expansion in the non-oil economy, which grew 6.6% y-o-y to hit a record AED 174.1 bn, according to a statement from Abu Dhabi Media Office. This puts the non-oil economy’ share of the GDP at 56.8% for the first time, while the oil sector contributed AED 132.2 bn.

The robust performance in 2Q was expected: Preliminary data from the Abu Dhabi Investment Office expected GDP to grow 3-4% y-o-y during the quarter, fueled by strong growth in the non-oil sector. Abu Dhabi’s economy had expanded by 3.4% y-o-y in 1Q 2025 to AED 291 bn. Last year, GDP grew 3.8% to reach an all-time high of AED 1.2 tn, with the manufacturing and construction sectors leading the results.

By the sector: Once again, the manufacturing sector led non-oil growth with AED 30.1 bn in value added during the quarter, representing 9.8% of total GDP and showing 3.1% y-o-y growth, achieving its all-time high quarterly value. This uptick was attributed to an increase in new industrial licenses, a 19.4% rise in the number of industrial enterprises and large investments in advanced industries.

The construction sector followed in a close second, with a 9.7% growth bringing it to AED 30 bn, contributing 9.8% of the total GDP. Major infrastructure and housing initiatives led the sector’s growth.

Also posting growth was the financial and ins. sector, which inched up 10.3% to a hit AED 21.8 bn, contributing 7.1% of GDP. The wholesale and retail trade sector grew 1.6% to hit AED 16 bn, representing 5.2% of GDP, while professional services grew 10%, arts and entertainment grew 12%, transportation was up 7.5%, real estate by 10.2%, and healthcare expanded 5.2%.

This puts growth in 1H 2025 at 3.63% y-o-y, with GDP reaching AED 597.4 bn, and non-oil GDP up 6.37% y-o-y to hit AED 337.6 bn.

The outlook is promising: Fitch sees Abu Dhabi’s GDP growing 6.3% in 2025 and 4% in 2026, while the IMF sees the capital’s economic growth (4.2%) outpacing Dubai’s (3.3%) this year.

The bigger picture: The Central Bank of the UAE (CBUAE) upgraded in September its real GDP forecast to 4.9% in 2025, up from a 4.4% projection in June, on the back of momentum in the non-oil sector and higher oil production. Growth is forecast to grow 5.3% in 2026 — slightly below the 5.4% projected earlier. The CBUAE’s projection is broadly in line with Standard Chartered’s 5% forecast for 2025, but above Fitch Solutions’ BMI (4.3%), and the IMF (4%). Further ahead, Standard Chartered expects growth to moderate to 4% in the following two years.

Adia acquires minority stake in British ice cream maker Froneri

An Abu Dhabi Investment Authority (Adia) subsidiary became a significant minority shareholder in Froneri, a UK-based ice cream maker jointly owned by Nestlé and private equity firm PAI Partners and whose brands include Haagen Dazs, according to a press release. The fund and PAI reportedly jointly invested EUR 1.4 bn in Froneri, as part of the private equity firm’s plan to raise EUR 3.6 bn in equity, sources familiar with the matter told Bloomberg.

A new CV to hold the asset: PAI Partners also created a single-asset continuation vehicle (CV), raising USD 1.8 bn from investors to keep its stake in Froneri, which is valued at USD 15 bn including debt. The oversubscribed CV, one of the largest of its kind in Europe so far, marks the second time PAI has used a CV to hold its Froneri stake, having created a similar vehicle in 2019 and raising roughly USD 2 bn. PAI had initially acquired UK-based R&R Ice Cream in 2013 from an Oaktree Capital-backed group, then merged it with part of Nestlé’s ice cream operations in 2016 to form Froneri.

The next steps? PAI sees room for further business growth for Froneri through future mergers and acquisitions transactions, the sources said.

ADVISORS- Evercore was the sole financial adviser to PAI on the CV transaction and Rothschild provided corporate finance advice to Froneri. Meanwhile, Deutsche Bank served as exclusive financial adviser to Adia.

It’s not Adia and PAI’s first rodeo together: Adia and PAI have partnered before to acquire a controlling interest in French ground support equipment firm Alvest during the summer, and Adia bought a minority stake in European Camping Group from PAI earlier this year.

It's been a strong year for the sovereign wealth fund so far, which ranked second in MENA sovereign investment activity in 9M 2025 with USD 9.6 bn deployed across multiple markets. Since its establishment, the fund has also emerged as the region’s fourth-largest outbound state investor, committing USD 162.7 bn across 337 transactions.

OTHER M&A NEWS-

Deliveroo UAE folds into DoorDash: Deliveroo UAE — the local arm of the British delivery giant — is now officially part of DoorDash after the Nasdaq-listed e-commerce company closed its buyout of Deliveroo, according to a press release. Deliveroo works with some 178k restaurants, grocers, and retailers and 130k riders across nine markets, serving about 7 mn active customers. The Deliveroo tie-up comes as consolidation accelerates in the sector, with DoorDash also said to be eyeing Mubadala’s stake in Turkish delivery company Getir.

New management: While the company will continue to operate under the Deliveroo brand, Miki Kuusi, co-founder of food and retail delivery company Wolt, will take over as CEO alongside his role as DoorDash’s head of international, relocating to London in the coming months.

REFRESHER- DoorDash first announced the USD 3.9 bn takeover in April, in a transaction that has since been awaiting regulatory and shareholder approvals. The move expands DoorDash’s footprint to more than 40 countries, with the combined group handling about USD 90 bn in gross order value last year and serving 50 mn monthly active users.

IHC to acquire 41.2% of of Mumbai-listed Sammaan Capital

Abu Dhabi’s International Holding Company (IHC) agreed to acquire a 41.2% stake in Mumbai-listed mortgage-focused Sammaan Capital for around USD 1 bn, according to a statement and details of the transaction (pdf). The transaction will see the bank issue 330 mn shares at INR 139 per share — an 18% reduction from its last closing price.

It will also trigger a mandatory tender offer for the acquisition of an additional 26% stake in the company at the same price. The transaction is still subject to regulatory approvals from the Reserve Bank of India and the Competition Commission of India.

Sammaan serves 1.6 mn customers through 220 branches nationwide, providing home loans in the affordable housing segment as well as working capital loans for MSMEs and small businesses, according to its website. Sammaan and its wholly owned subsidiary Sammaan Finserve reported INR 623.5 bn in assets under management (AUM) as of March. The company is also realigning toward an asset-light retail model built around co-origination and sell-down strategies, and is targeting consolidated AUM of INR 1 tn.

Part of a wider investment push into India: IHC is planning to pour up to USD 110 bn in the country over the next five years, with another USD 50 bn earmarked for countries in the Commonwealth and Far East regions as part of a wider global push. The investment giant funneled USD 2 bn in Adani Group companies in 2022 before announcing it would trim exposure in Adani Green Energy and Adani Energy Solutions. Earlier in April, IHC nabbed a minority stake in Haldiram Snacks Foods.

ADVISORS- Jefferies and Citi Bank are reportedly advising Sammaan Capital.

Busy pipeline ahead for debt and equity capital markets in the UAE and KSA, investment bankers say

The MENA region has raised USD 4.7 bn from equity capital markets in 1H 2025, according to LSEG data cited at a panel discussion hosted by Zawya yesterday. Bankers on stage agreed liquidity is rising, passive inflows are growing, and the region is entering a more sophisticated phase of development, with a busy pipeline of activity in 2026.

Reforms undertaken since the early 2020s have helped broaden the investor base and deepen liquidity, while investors are shifting investment away from historically dominant markets like the US and Europe and towards the region, which offers stability and resilience.

This shift also means that the GCC is increasingly being viewed less as an emerging market and more as a stable, developed market — or a new category that rests between the two, one panelist said — anchored by the USD peg. This perception shift, they said, will make it easier to diversify deal pipelines and execute more transactions simultaneously.

On the equity side, the UAE in particular has a very healthy pipeline well into 2026 and 2027, Karim Meleka, co-head of investment banking at EFG Hermes, said. The UAE has been “fantastic” for IPOs, follow-ons, and rights issues, he added, while Saudi Arabia — a standout over the past five years — is now in a “digestive” phase as issuers and investors negotiate on valuations. Two or three Saudi transactions are set to launch in the coming weeks, which, if successful, could catalyze others into the market.

For the first time, follow-ons and rights issues are outpacing IPOs in MENA. Lorenzo Vertechi, senior director of ECM at Emirates NBD Capital, noted that while IPOs typically account for 80% of activity in the region, this year has seen a shift toward secondary offerings. Meleka added that the “post-covid euphoria” is over, and investors are demanding more sophisticated equity stories and more disciplined valuations.

Debt markets are also in record-setting territory. The region has already seen USD 160 bn in bonds and sukuk this year, up from USD 136 bn in all of 2023 and on track to breach USD 180 bn by year-end, according to Khaled Darwish, HSBC’s head of CEEMEA DCM. MENAT overall is approaching USD 200 bn in issuance, with Saudi Arabia alone accounting for USD 80 bn. Sukuk issuance has been particularly strong , with USD 82 bn coming to market so far this year, thanks in part to renewed confidence from both regional and Asian investors.

Hedge funds are also beginning to play a bigger role, adding liquidity and depth, said Meleka. Execution, however, remains a challenge. Vertechi pointed out that in the UAE, it takes a week between allocations and trading, compared to a day in Europe, while in Saudi Arabia the process can stretch to a month. Regulators in both markets are working on reforms that could help shorten timelines and further attract international investors.

Asian institutions in particular are stepping up allocations as they diversify away from the US, Darwish said. Refinancing will also be a key theme moving forward as a wave of existing issuances mature, which could see investors demand higher premiums for emerging market exposure, he added.

On the supply side, structural drivers remain intact. Sarmad Mirza, Standard Chartered’s head of corporate and SSA DCM MENA, said the region’s supercycle of growth is fueling demand for funding, with USD 2 tn of infrastructure projects in the pipeline and the region’s GDP growth expected at 4.5% next year. Private sector participation is also rising, with succession planning among family businesses becoming a more prominent theme, and private equity just beginning to emerge as a driver of exits in equity markets.

Darwish described 2025 as a “transformational year” for MENA capital markets, with the combination of liquidity, reform momentum, infrastructure investment, and a more diversified investor base creating a foundation for sustainable growth. The near-term test will be whether upcoming deals clear the market, setting the stage for what bankers expect could be another record year.

NextSource to build battery anode plant in Abu Dhabi

A new battery anode facility: Canadian battery materials developer NextSource is moving forward with plans to establish a 30k tons per annum (tpa) battery anode facility in the UAE after completing a technical and economic study and securing an industrial site in Abu Dhabi’s Industrial City (ICAD), according to a press release. The company has also launched a process to bring in strategic partners to help finance the project, which is central to its target of becoming vertically integrated by 2027.

Production and economics: The facility will be built in two phases; phase 1 targets 14k tpa capacity of anode active material (AAM), while the full build-out will bring output to 30k tpa. Initial production is scheduled for 4Q 2026, with full output expected by early 2028. The project carries a total capex of USD 291 mn, including USD 13 mn in sunk costs, with phase 1 estimated at USD 150 mn. Forecasts put expected annual revenue at USD 195 mn.

The firm chose the site due to its proximity to ports, industrial hubs, and transport corridors that make it easy to serve both local and global EV supply chains, as well as its expedited permit process.

Backed by Mitsubishi offtake: The project supports NextSource’s multi-year supply agreement with Mitsubishi Chemical Corporation, inked in August, for 9k tpa of AAM destined for the North American EV market. The Abu Dhabi facility is designed to cover Mitsubishi’s requirements and support further original equipment manufacturer (OEM) offtakes.

Decoupled from China: The plant will produce natural graphite AAM for EV lithium-ion batteries, offering a fully traceable supply chain that bypasses China. With graphite making up 95% of an anode’s weight — and 35% of a battery’s total — the facility aims to provide a compliant alternative source for US and allied markets. NextSource and Stantec — its engineering partner — developed a UAE-compliant design using established processing tech to shorten qualification times for OEMs.

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New CEO at Meira + Western Union taps regional VP

Meira appoints new CEO: Middle East Investor Relations Association (Meira) tapped Reza Eftekhari (LinkedIn) as its new chief executive officer, effective as of this month, according to a post on LinkedIn. Eftekhari brings over 18 years of international experience in global investor relations and shareholder advisory, M&A, ESG, and corporate governance across EMEA and APAC. He previously served as director of M&A, activism, and governance advisory at S&P Global in London, and oversaw USD 250 bn in cross-border transactions.

This move follows former CEO Paolo Casamassima’s exit from the firm to join Dubai-based Arqaam Capital as executive director for investor relations and stakeholder engagement.

Western Union taps new regional VP: Western Union appointed Nicholas Levi (LinkedIn) as the firm’s regional vice president for the Middle East, Pakistan, and Afghanistan, according to a press release (pdf). This move comes as the company seeks to expand its retail and digital presence across the region, facilitating partnerships with top regional finance and fintech market leaders.

Levi brings over two decades of experience in the fintech, telco, and financial services

sectors, with a track record of leadership in digital finance. He previously served as CEO of du Pay and has held various senior roles at international firms including Inwi, Orange Money, and Orange France.

UAE, Turkey ink AED 18 bn currency swap

TRADE-

UAE, Turkey sign AED 18 bn currency swap: Emirati and Turkish central banks signed a currency swap agreement worth AED 18 bn and TRY 198 bn to provide local currency liquidity and ease cross-border settlements, according to a statement (pdf). They also signed two MoUs to promote the use of AED and TRY in trade and link their payment systems, integrating the UAE’s instant payment platform Aani with Turkey’s equivalent, Fast platform.

The story got ink from Reuters.

M&A WATCH-

Masdar buys nearly 50% of four Spanish solar plants: Renewables giant Masdar completed the acquisition of a 49.99% stake in four operational solar PV plants in Spain from Endesa valued at EUR 368 mn (AED 1.6 bn), according to an ADX disclosure (pdf). The transaction was financed with EUR 69 mn in equity and EUR 115 mn in acquisition debt, adding 446 MW of capacity to Masdar’s portfolio.

REFRESHER- Masdar signed on to purchase a 49.99% stake in Endesa’s solar assets in March, with the agreement following on from its December 2024 takeover of nearly 50% of Endesa’s EPGE Solar unit for an enterprise value of EUR 817 mn, securing rights to another 2 GW. The acquisitions come as parent firm Taqa, which owns 43% of Masdar, targets 150 GW of generation capacity by 2030.

CONSTRUCTION-

NMDC secures USD 610.1 mn Manila Bay contract: Abu Dhabi’s National Marine Dredging Company (NMDC) signed a USD 610.1 mn agreement with the Philippines’ Pasay Harbor City Corporation to carry out dredging and reclamation works for the Harbor City Project in Manila Bay, according to an ADX disclosure (pdf). The 30-month contract covers sand supply, dredging, vertical drains, vibro compaction, and rock placement across 130 hectares of reclaimed land to support the development of a new waterfront city, Wam reports.

Bigger picture: The project is NMDC’s first in the Philippines and expands its Southeast Asia footprint. The company previously flagged plans to enter new markets in Europe, North and West Africa, and Southeast Asia, while also scaling up operations in the UAE, Saudi Arabia, India, and Taiwan.

CAPITAL MARKETS-

Trading platform Deriv secures SCA license for UAE subsidiary: Global online trading platform Deriv secured a license from the Securities and Commodities Authority (SCA) for its newly formed subsidiary, Deriv Capital Contracts and Currencies, according to a press release. Deriv’s other recently secured licenses include ones for Mauritius and the Cayman Islands.

And now? Deriv will provide services including region-specific payment options and informative resources on trading activity to cater to different investor profiles. It also has an app allowing traders to access contracts for differences across six markets on the MT5 platform, and the app also supports swapfree trading, risk management options, and secure withdrawals and deposits.

BUSINESS-

Boston-based private markets asset manager HarbourVest has set up shop in ADGM, establishing its first Middle East office, according to a press release. The firm, which manages over USD 147 bn in assets under management, named Reda Zebdi (LinkedIn), who previously worked at BlackRock, as head of the Middle East to lead the new base. HarbourVest is looking to increase its headcount as its regional client base grows, after securing a category 4 license from the Financial Services Regulatory Authority.

EVS-

Dewa, Dubai Taxi ink pact on EV ultra-fast charging: Dubai Electricity and Water Authority (Dewa) signed a contract with Dubai Taxi Company (DTC) to install 208 ultra-fast charging points under Dewa’s EV Green Charger program, according to Dubai Media Office. The first phase will set up hubs with 360 kW capacity each at Dubai Airport Depot and DTC HQ. DTC is planning to expand its EV fleet to 2.5k by 2030, with aims to have its fleet fully-electrical by 2040.

OpenAI’s soaring valuation triggers AI rally

OpenAI has become the world’s most valuable startup after a secondary share sale valued the company at USD 500 bn, overtaking Elon Musk’s SpaceX at USD 400 bn. The company was last valued at USD 300 bn in March, when SoftBank led a USD 40 bn round that included Abu Dhabi’s MGX.

The details: The latest transaction allowed staff and former employees to sell USD 6.6 bn worth of shares to investors including Thrive Capital, SoftBank, Dragoneer, MGX, and T. Rowe Price, the Financial Times quotes a source familiar with the matter as saying. The sale was heavily oversubscribed, with demand exceeding USD 10 bn. OpenAI had cleared up to USD 10 bn in stock for resale, but many employees opted to hold — a move insiders said reflected confidence in the company’s outlook.

The share sale highlights frenzied demand for AI, with investors speculating whoever comes out as the leader for the sector could eventually be worth USD tns. That optimism has been bolstered by Nvidia’s pledge last month to invest up to USD 100 bn in OpenAI to expand computing capacity.

Markets responded with a global rally: Chipmakers and tech indices added more than USD 200 bn in value in a single session, Bloomberg reports. South Korea’s SK Hynix jumped 10%, Samsung rose 3.5%, and the Kospi hit a record high. Taiwan’s TSMC and Hon Hai also climbed, as OpenAI entered into an agreement with South Korea’s SK Group and Samsung for the supply of chips for its Stargate initiative with Oracle and SoftBank.

Valuations are now stretched: The Philadelphia Semiconductor Index now trades at 27x forward earnings, close to last year’s peak, while Bloomberg’s Asia chip gauge stands at 19x. The Hang Seng Tech Index is up 50% YTD, also boosted by state support and corporate AI investment in China.

Analysts say the rally reflects fear of missing out. “Tech momentum shows no sign of fading [...] with headwinds brushed aside and every AI headline sparking bursts of euphoria,” Hebe Chen at Vantage Markets said. “Bubble talk lingers, but it’s FOMO that’s clearly running the show.”

Still, some warn valuations are running ahead of fundamentals, and any earnings stumble among mega-cap techs could trigger another sharp selloff, echoing April’s meltdown, JPMorgan Asset Management cautioned. “[Upcoming] fourth quarter earnings may force the reality check,” Chen added.

Not a problem for OpenAI? The company expects annual recurring revenue to hit USD 20 bn by year-end, up from USD 12 bn currently, FT reports, citing a person with knowledge of its finances.

MARKETS THIS MORNING-

Asian markets are mostly in the green, tracking a Wall Street rally led by AI stocks. The only outlier was Hong Kong’s Hang Seng, which fell nearly 0.5%. Over on Wall Street, futures point to another strong open as US investors shrug off the government shutdown.

ADX	10,065	+0.4% (YTD: +6.9%)
DFM	5,916	+0.5% (YTD: +14.7%)
Nasdaq Dubai UAE20	4,788	+0.9% (YTD: +15.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	3.8% 1 yr
TASI	11,496	-0.3% (YTD: -4.5%)
EGX30	36,901	+0.4% (YTD: +24.1%)
S&P 500	6,715	+0.1% (YTD: +14.2%)
FTSE 100	9,428	-0.2% (YTD: +15.4%)
Euro Stoxx 50	5,646	+1.2% (YTD: +15.3%)
Brent crude	USD 64.27	+0.3%
Natural gas (Nymex)	USD 3.41	-1%
Gold	USD 3,885.1	+0.4%
BTC	USD 120,606	+1.9% (YTD: +27.7%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.71	-1.1% (YTD: +6.5%)
S&P MENA Bond & Sukuk	150.76	-0.0% (YTD: +7.7%)
VIX (Volatility Index)	16.63	+2.1% (YTD: -4.2%)

THE CLOSING BELL-

The ADX rose 0.4% yesterday on turnover of AED 1.5 bn. The index is up 6.9% YTD.

In the green: Hily Holding (+14.5%), The National Bank of Ras Al Khaimah (+4.9%) and Bank of Sharjah (+4.3%).

In the red: Al Khaleej Investment (-7.7%), Aram Group (-7.0%) and National Bank of Umm Al Qaiwain (-1.9%).

Over on the DFM, the index rose 0.5% on turnover of AED 2.3 bn. Meanwhile, Nasdaq Dubai was up 0.9%

Fujairah, Egypt sign energy pacts on oil storage and logistics

Fujairah, Egypt to deepen energy ties: Fujairah Ruler Hamad bin Mohammed Al Sharqi met Egypt’s Oil Minister Karim Badawi yesterday to discuss expanding oil and gas cooperation, Wam reports. The two sides signed three agreements on the sidelines: to set up a joint-stock company for a logistics zone in El Alamein, store crude at Al Alamein’s Hamra Petroleum Port, and supply petroleum products to the Egyptian General Petroleum Corporation, according to a Facebook post from Egypt’s Oil Ministry.

My Morning Routine: Suvo Sarkar, founder and CEO of 3D Advisory, senior advisor at McKinsey & Co and MasterCard, and chairman of IBM’s advisory board

Suvo Sarkar, founder and CEO of 3D Advisory, senior advisor at McKinsey & Co and MasterCard, and chairman of IBM’s advisory board: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Suvo Sarkar (LinkedIn), founder and CEO of 3D Advisory, senior advisor at McKinsey & Co and MasterCard, and chairman of IBM’s advisory board. Edited excerpts from our conversation:

I've been a banker for 38 years, and have led consumer and wealth for various banks. I was with Emirates NBD for 15+ years, and I’ve covered multiple markets in the Middle East, including Saudi Arabia, Egypt, and the UAE, as well as India and the UK. I’ve moved out of operational roles after retiring from the bank two years ago, and have since worked with multiple organizations in advisory-focused roles.

My passion is helping people think about the future. That’s what I do with the organizations I advise, helping and challenging them to think of what the future will look like. I have my own advisory company called 3D Advisory — the 3 Ds stand for digitization, data, and design; three things that I believe will redefine banking in the next 10-30 years.

I advise McKinsey regionally, as well as Mastercard, and chair the advisory board for the region for IBM. I’ve also set up Wealthbrix in the DIFC alongside my partners, through which we are helping m’naires and high net worth individuals coming to the UAE or the region to get the best out of their banking experiences. I also advise 5-6 startups — one or two of which are unicorns. Besides that, I host my own podcast called Money Majlis about banking, financing, and technology.

I think every company is trying to figure out how AI will transform the lives of their employees and their customers, and I think it's a huge wave coming at us. I personally think that AI is probably as fundamental a shift for finance and banking as the internet was 30 years back, when internet banking came in and the industry changed over time.

My view is bankers' lives will become richer. They’ll be doing more meaningful tasks that help customers with their finances as opposed to doing routine and menial tasks. It’s about leveraging AI to make life better for customers and employees. Everybody is racing to see who gets the most out of it.

I work probably 50% less than what I did in my full-time job, but in terms of the diversity of experiences and excitement that I have, I would say it's much more than when I was working a full-time job. It’s funny because even my wife thinks I'm working harder than I did before.

I usually wake up early, around 5:30am, and I start my day with a walk. Half of the time, I have my earpods in my ear and listen to the morning news or catch up on a podcast. When I get back home, I enjoy a morning cup of tea with some music — at least for an hour. My favorite genre is Indian classical music. I love starting my day like that; it keeps me calm and composed.

Then I read a few of my go-to newspapers and websites. Then I shower, get ready for the day, and work from my home office. I’ve recently gotten into the habit of taking a quick half-hour or 45 minute nap in the early afternoon, and I’ve been finding that helps energize me in a big way for the rest of the day.

One thing I do not sacrifice is my morning music, and the other is talking to my daughters every day. One lives in London and one lives in Washington DC, so we are on three different continents, but we have a chat every day.

I have a different quarterly target now, which is to go on a holiday every three months. My wife and I really enjoy traveling, so we try to go on a two-week holiday every three months. I’m happy to say I’m actually meeting the target — and even exceeding it sometimes. I’m also a foodie and I love trying food from different regions; I’ve recently tried Koshari and I love it now, and I love Asian and Italian food as well.

I also hope to take a couple of statutory board memberships. I want to continue prioritizing the podcast, which is a passion for me. It was my youngest daughter who told me to do it and that nobody reads anymore, so I moved to podcasting and I’ve been getting a huge amount of feedback. The idea behind it was, as a banker of 38 years, why not engage leaders in banking and tech and financial services, and have intelligent, authentic conversations that cover the real topics that matter candidly? And why not add a social impact element to it? I give listeners the chance to get a USD 50 card that they can then donate to any of the six charities I support — and which I rotate with every season — so all my proceeds from sponsors end up being donated.

I read a very good fiction book recently, called The Covenant of Water by Abraham Verghese, who’s the head of neurosurgery at Stanford, and is originally Indian. It’s an excellent book set in India. I also love Acquired, which is a very well-researched podcast, as well as Empire. In terms of TV shows, I enjoy The White Lotus — very good social commentary — and Black Mirror.

One advice I got from my father many decades ago is to be humble. He used to say, regardless of what you do, never forget your roots and be humble, and I've practiced that throughout my career and life. Most people don’t like arrogance, and if you are nice to people, they'll be nice to you.

CALENDAR

OCTOBER

3-16 October (Friday-Thursday): Dubai Home Festival.

4 October (Saturday): Syria Recovery and Investment Forum, Adnec Center, Abu Dhabi.

5-7 October (Sunday-Tuesday): Najah Exhibition, Dubai World Trade Center, Dubai.

6-7 October (Monday-Tuesday): AgraME, Dubai World Trade Center, Dubai

6-7 October (Monday-Tuesday): The Forex Expo, Dubai World Trade Center, Dubai

6-8 October (Monday-Wednesday): AccessAbilities Expo, Dubai World Trade Center, Dubai

7 October (Tuesday): Enterprise Egypt Forum 2025.

7-9 October (Tuesday-Thursday): The International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

8-9 October (Wednesday-Thursday): Quantum Maritime Conference, Mussafah, Abu Dhabi

9 October (Thursday): Family Office Summit, Park Hyatt, Dubai.

9-11 October (Thursday-Saturday): European Arab Medical Congress (EAMC 2025), Abu Dhabi Energy Center, Abu Dhabi

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

12-15 October (Sunday-Wednesday): Expand North Star, Dubai Harbor.

13-17 October (Monday-Thursday): GITEX Global, Dubai World Trade Center, Dubai

14-16 October (Tuesday-Thursday): Global Future Councils, Dubai.

14 October (Tuesday): Dubai Safari Park, Dubai

15 October (Wednesday): Alec Holding’s shares to begin trading on the DFM.

15-18 October (Wednesday-Saturday): Middle East Electric Vehicle Show, Expo Center Sharjah.

15-18 October (Wednesday-Saturday): The Future Mobility Expo and Conference, Expo Center Sharjah.

15-18 October (Wednesday-Saturday): Evolve Future Mobility Show, Expo Center Sharjah.

21-22 October (Tuesday-Wednesday): HR Summit and Expo 2025, Dubai World Trade Center, Dubai

21-23 October (Tuesday-Thursday): International Family Med. Conference and Exhibition, Dubai World Trade Center.

21-23 October (Tuesday-Thursday): Annual Radiology Meeting (ARM), Dubai World Trade Center, Dubai

21-23 October (Tuesday-Thursday): Healthcare Future Summit 2025, Dubai World Trade Center, Dubai

22 October (Wednesday): Reuters NEXT Gulf Summit, The St. Regis Saadiyat Island Resort, Abu Dhabi.

22-23 October (Wednesday-Thursday): Alternative Investment Summit, Jumeirah Emirates Towers, Dubai.

22-24 October (Wednesday-Friday): World Investment Conference, Expo Center Sharjah.

23 October (Thursday): S&P Global’s annual Islamic Finance Conference, DIFC Atrium, Dubai.

27 October (Monday): The UAE Africa Tourism Investment Summit, Dubai.

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

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

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

29 October (Wednesday): The Brand Residences Forum, Dubai.

NOVEMBER

1-2 November (Saturday-Sunday): Women's Empowerment Convention (WE Convention), Atlantis The Royal, Dubai.

4-6 November (Tuesday-Thursday): Annual government meetings, Abu Dhabi.

4-6 November (Tuesday-Thursday): ARABAL International Aluminum Conference, Dubai

4-9 November (Tuesday-Saturday):Dubai Design Week, Dubai.

10-15 November (Monday-Saturday): SASC organizes Abu Dhabi Autonomous Week, Abu Dhabi.

10 November (Monday): SASC organizes The Abu Dhabi Autonomous Summit, Abu Dhabi

11-17 November (Tuesday-Monday): International Council of Museums (ICOM) General Conference, Dubai.

12 November (Wednesday): Dubai Business Forum, Cipriani South Street, New York City.

12-17 November (Wednesday-Monday): RoboCup Asia-Pacific, Khalifa University, Abu Dhabi.

13-15 November (Thursday-Saturday): International Financial Markets (ICA) Conference and Exhibition, Conrad Dubai.

15-17 November (Saturday-Monday): Myplant & Garden Middle East Green Expo, Dubai Exhibition Center, Expo City.

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

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

19-20 November (Wednesday-Thursday): Investment and Business Summit, Al Hamra International Exhibition and Convention Center, Ras Al Khaimah

19-23 November (Tuesday-Sunday): Abu Dhabi Art, Manarat Al Saadiyat, Abu Dhabi

24-27 November (Monday-Thursday): Big 5 Global Exhibition, Dubai World Trade Center, Dubai

26-27 November (Wednesday-Thursday): DATE (Digital Acceleration & Transformation Expo), Dubai

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

2-5 December (Tuesday-Friday): Sotheby’s Abu Dhabi Collectors’ Week, Abu Dhabi.

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

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, Abu Dhabi.

8-9 December (Monday-Tuesday): Global AI Show 2025, Abu Dhabi.

8-10 December (Monday-Wednesday): The Bridge Summit, Adnec Center, Abu Dhabi.

8-11 December (Monday-Thursday): Abu Dhabi Finance Week, 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.

13-15 December (Saturday-Monday): Mobile Developers Week, Abu Dhabi.

18-23 December (Thursday-Tuesday): Games of the Future, Adnec, Abu Dhabi.

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 2025) 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

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.

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.

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 between 2027 and 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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