AD Ports sells NMDC stake, GulfNav seals acquisition of Brooge’s assets (Plus: Happy UAE National Day)

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WHAT WE’RE TRACKING TODAY

THIS MORNING: December will be a busy month for travel + Non-Emiratis can now foster children under new amendments

Good morning, friends, and happy FRIDAY. We’ve made it to the end of the week — and month — and our gift for making it through is a long, four-day weekend in celebration of UAE national day.

Are you flying out for the long weekend — or a couple of weeks later for the Christmas holidays? Make sure to account for the seasonal travel rush, which this year will likely see more than 10 mn passengers pass through Dubai International Airport until the end of the year, with an average of over 294k passengers expected every day.

If you’re staying put, you’ll be glad to know parking will be gratis during the Eid Al Etihad holiday — except for the multi-story car parks and Al Khail Gate N-365, according to a statement from Dubai’s Roads and Transport Authority. As for public transport timings, here is the schedule for the long weekend:

Holiday service hours for Dubai Metro (Red + Green):

On Saturday, the metro will run from 5am to 1am;
On Sunday, it will run from 8am to 1am;
On Monday and Tuesday, it will run from 5am to 1am.

For Dubai Tram:

On Saturday, the tram will run from 6am to 1am;
On Sunday, it will run from 9am to 1am;
On Monday and Tuesday, it will run from 6am to 1am.

**A QUICK PROGRAMMING NOTE- EnterpriseAM UAE will also be off on Monday and Tuesday, and will be back in your inbox at the usual hour on Wednesday morning.

Today’s issue is heavy on M&A news, with AD Ports selling its stake in NMDC to Alpha Dhabi, and GulfNav sealing its long-pending acquisition of Brooge’s energy assets. Meanwhile, in Abu Dhabi, Taqa and Dubal Holding are taking over Emirates Global Aluminium’s water and power generation assets, with plans to upgrade EGA’s interconnection capacity to the grid and give it more access to clean energy down the line.

WEATHER- The mercury peaks at 29°C today in both Dubai and Abu Dhabi before cooling to 19°C, according to our favorite weather app.

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If you’re investing, trading, or scouting for your next big move in MENA or India, subscribe to EnterpriseAM MENA <> India by tapping here to get the strategic intelligence you need.

PSAs-

#1- Non-Emirati residents can now foster children under new amendments to the UAE’s foster care law, a big change from previous restrictions to Muslim Emirati families and single women. The law has been amended to allow any married couple over the age of 25 to to foster a child, regardless of nationality or religion, The National reports. Single women who are at least 30 can also apply to become foster parents.

There’s still some eligibility criteria, of course, including having no prior criminal convictions, no infectious diseases or psychological disorders that could put a child at risk, and the ability to financially support a child. Applicants are also not allowed to change a child’s official identity or religion.

#2- The UAE is rolling out an e-visa and online visa application process for Pakistani nationals, with nearly 500 visas now processed daily, Associated Press Pakistan quotes UAE Ambassador Hamad Alzaabi as saying on a call with Pakistani Finance Minister Muhammad Aurangzeb.

#3- Sharjah has introduced a postpaid option for government fees through a new partnership between the Sharjah Finance Department and BNPL unicorn Tabby, Wam reports.

#4- Startups + SMEs can join Dubai Founders HQ at no cost: Dubai Founders HQ, the emirate’s new initiative for startups and SMEs, is offering startups and SMEs gratis access to its network and resources, Khaleej Times cites acting CEO of Dubai SME Ahmad Alroom as saying. A nominal fee may be added in the future, he said. The initiative, launched last month, has already onboarded 500 startups and 1.5k members in 50 days to help them scale both locally and internationally.

WATCH THIS SPACE-

#1- Dana Gas’ liquid storage tank at its Khor Mor facility in the Kurdistan Region of Iraq was struck by a rocket attack yesterday, according to a disclosure (pdf). The strike caused a fire, but no injuries, and operations were halted to assess the damage. Authorities did not disclose who was behind the attack, and it’s not clear if operations have returned to normal or what the scale of the damage is so far.

Not a first: A drone strike “targeted the [field’s] vicinity” earlier this year, though the company’s operations were unaffected. Drone attacks on the wider region earlier in July had slashed crude output by 140k barrels to 150k barrels per day, with local officials previously claiming Iran-backed militias were likely behind the attacks. Dana Gas and Crescent Petroleum began commercial gas sales from Iraq’s Khor Mor gas field expansion project ahead of schedule last month.

#2- Ripple stablecoin gets ADGM approval: Abu Dhabi’s Financial Services Regulatory Authority has added Ripple’s USD-backed stablecoin, Ripple USD (RLUSD), to its list of approved stablecoins, allowing licensed ADGM firms to use it for payments, settlement, and on/off-ramp integrations, according to a statement. Issued under a New York Financial Services Department trust charter, RLUSD’s market cap has crossed USD 1.2 bn since launching last year.

The approval adds to a growing list of regulated tokens. The ADGM also recognized Tether’s USD₮ as a regulated stablecoin late last year, along with AED-backed AE Coin. Meanwhile, the Central Bank of the UAE (CBUAE) recently approved Zand AED — the country’s first multi-chain, AED-backed public stablecoin — and IHC, ADQ, and First Abu Dhabi Bank are also developing a CBUAE-regulated AED token on the ADI blockchain.

#3- The UAE is getting ready for a post-quantum future: The UAE has adopted a National Encryption Policy and issued its executive regulation, requiring government entities to shift from traditional encryption to post-quantum cryptography, state news agency Wam reports. The move is meant to future-proof national systems against quantum-computing risks and strengthen the country’s digital infrastructure as it pushes to position itself as a global AI and advanced-tech hub. Post-quantum cryptography is a new method of encryption protecting against cyberthreats from more advanced quantum computers.

How implementation will work: The UAE Cybersecurity Council will oversee the national migration, coordinating with government bodies on transition plans and setting technical standards. It will also run system-readiness assessments — spanning AI, software, hardware, and signal reliability — to ensure government and private entities meet national and international security benchmarks before broad deployment.

DATA POINT-

UAE banks lift investments, expand branch network in 3Q: Banks’ investments in monetary bills and Islamic certificates of deposit rose 17% q-o-q and 24.7% y-o-y to AED 300.4 bn in 3Q 2025, according to the Central Bank of the UAE’s latest quarterly report (pdf). Locally incorporated banks increased their footprint to 24 banks with 457 branches, up from 444 branches across 23 banks in the previous quarter, while foreign-bank branches held steady at 67.

Foreign assets climb: The Central Bank’s foreign assets inched up 0.8% q-o-q to AED 977 bn, supported by a 14.8% jump in foreign investments and a 15.4% rise in other foreign assets, which together offset a sharp drop in deposits held abroad. Foreign assets rose 19.4% on a y-o-y basis.

HAPPENING TODAY-

#1- A Dubai Chambers of Commerce delegation is in Malaysia and Cambodia until Friday, 28 November to explore investment and potential partnerships for Dubai companies, state news agency Wam reports. The mission includes meetings with government bodies, major companies, and one-on-one business sessions to build long-term trade and investment ties. Delegates will study local investment environments and prospects to potentially expand to those markets to support export and re-export growth.

#2- Meanwhile, a mission led by Malaysia’s Entrepreneur Development and Cooperatives Ministry is in Dubai this week, with meetings scheduled across major business hubs through Friday, Trade Arabia reports. The delegation — which includes representatives from Malaysian franchisors, SMEs, and investors — is courting UAE investors, buyers, and prospective master-franchise partners as it looks to expand Malaysian brands in the GCC and deepen bilateral trade and investment ties.

THE BIG STORY ABROAD-

All eyes are still on the Hong Kong fire, which has so far killed 94 people, with scores still missing, and the White House shooting, which killed a National Guard member. (Reuters | Wall Street Journal | New York Times)

Unsafe scaffolding and foam materials used during maintenance work at the residential building in Hong Kong that caught fire might be the culprit behind the rapid spreading of the fire, police have alleged. Several employees and consultants at the construction firm that built the building have been arrested. (Guardian | Reuters | NYT)

ALSO- A controversial new 1.1km oil pipeline agreement that will link Canada’s Alberta oil sands to the Pacific coast has already received tons of backlash from environmentalist groups and other Canadian cabinet members, with Culture Minister and former Environment Minister Steven Guilbeault resigning on the news.

The pipeline will likely impact indigenous communities in the region and could have potential environmental repercussions, critics say. The megaproject comes as Canada looks to shift its economy away from an overreliance on the US economy. Canada supplies around 60% of US oil imports. (Financial Times | Guardian | NYT)

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AD Ports exits NMDC through AED 1.6 bn sale to Alpha Dhabi

Alpha Dhabi’s NMDC holding just got a little bigger: ADQ-backed AD Ports Group sold its entire 9.77% stake — or 82.5 mn shares — in National Marine Dredging Company (NMDC) to its majority owner, IHC subsidiary Alpha Dhabi, in an AED 1.6 bn (USD 436 mn) block trade, according to two separate bourse disclosures (here, pdf and here, pdf). The sale brings Alpha Dhabi’s holding in NMDC to 76.68%. The transaction has already been finalized.

The sale generated a 17% total shareholder return over the three years during which it held the stake, based on dividends and capital gains relative to its 3Q 2025 book value. The port operator acquired the stake before NMDC’s IPO in 2022 from ADQ.

This is AD Ports’ third divestment this year. The sale is part of the firm’s ongoing plan to offload non-core assets and recycle capital into higher-return projects. It sold plots of land in Kezad to Mira Developments for AED 2.5 bn and two logistics warehouses to Aldar Properties for AED 570 mn.

The move also comes as Alpha Dhabi shuffles its portfolio. The group recently exited its stake in Modon alongside IHC Real Estate in an AED 26.3 bn sale to L’imad Holding as part of a sector-exposure review. It also bootes its stake in National Corporation for Tourism and Hotels to 73.73% earlier this year.

NMDC in a nutshell: The ADX-listed engineering and marine EPC group reported a 26% y-o-y rise in net income to AED 2.8 bn in 9M 2025, with revenue up 11% to AED 20.5 bn. Its backlog stood at AED 62.3 bn as of September.

Market reax: AD Ports’ shares were down 1.1% to AED 4.30 apiece at market close yesterday, while NMDC shed 0.4% to AED 21.12 and Alpha Dhabi rose 0.9% to AED 8.78 on the ADX.

GulfNav seals long-pending AED 3.2 bn acquisition of Brooge’s assets

GulfNav closed its AED 3.2 bn takeover of all of Nasdaq-listed Brooge Energy’s assets, in a long-delayed transaction that extends the DFM-listed shipowner’s footprint in midstream energy infrastructure, according to a bourse disclosure (pdf). The move, originally due for completion in 2Q, gives GulfNav full control of Brooge’s storage and blending assets in Fujairah, one of the region’s key oil logistics hubs, effectively integrating storage capacity into its wider maritime logistics platform.

How we got here: GulfNav settled the transaction through a capital increase which lifted its paid-up capital by some 220% to around AED 1.7 bn. The structure included fresh equity issued to Brooge shareholders through AED 2.3 bn in mandatory convertible bonds (MCB), an AED 500 mn MCB tranche taken up by existing shareholders, and AED 460 mn in banknotes.

This puts GulfNav on course for a projected paid-up capital of about AED 3.5 bn once all bonds convert.

Leaning further up the energy chain: Post-acquisition, the group plans to expand into refining, renewables, and clean fuels and energy infrastructure projects, while continuing to grow its core shipping and logistics operations, the release says.

Also in the pipeline: Brooge is advancing plans for a 15k bbl / d gasoline refinery in Fujairah — announced earlier this month — under an agreement with Honeywell. The project’s first phase is set to use advanced refining and processing technologies, adding a downstream component to the asset base GulfNav is taking over.

ADVISORS- GulfNav appointed Trussbridge Advisory as its exclusive financial advisor, and Pinsent Masons as lead counsel. Law firm Ibrahim & Partners provided advice on transaction structuring and related regulatory aspects.

IN OTHER M&A NEWS-

Platinum acquires healthtech firm: UAE-based business and investment firm Plati n um Group acquired an unspecified majority stake in Abu Dhabi-based digital health firm Prepaire Labs for an undisclosed sum, as they seek to build what they say is the world’s first AI-enabled biomanufacturing facility, according to a joint statement (pdf). The companies say the new platform will give clinics and researchers a single system they can tap into, using medical test data, digital versions of a patient’s health records, and secure computing power to help develop faster and more accurate treatments.

Taqa, Dubal Holding take over EGA’s power and water generation assets, eye boosting clean power capacity for EGA

EGA to get more clean power through new agreements: Emirates Global Aluminium (EGA), Abu Dhabi National Energy Company (Taqa), Dubal Holding, and Emirates Water and Electricity Company (Ewec) have signed a series of agreements to boost EGA’s access to clean energy supply in the near future, according to a disclosure (pdf).

What’s actually happening: Taqa and Dubal Holding are acquiring EGA’s power and water generation assets in Al Taweelah for USD 1.9 bn (AED 7 bn), while EGA will instead become a customer under an offtake agreement with Taqa Distribution and Ewec that will provide it with 23 TWh of power annually for 24 years. Taqa Transmission will take over the power transmission assets and increase interconnection capacity from the main Abu Dhabi grid to EGA’s site, raising it to 3.36 GVA from the current 640 MVA. The upgrade, designed to boost clean energy supply as more renewable energy sources are linked to the grid over time, is scheduled for completion in 2027.

The assets will be transferred to a joint venture (JV) equally owned by Taqa and Dubal, with a new company managed by Taqa and EGA running operations. Ewec will buy up all electricity from the Taweelah plant through 2049.

About the facility: Al Taweelah facility is the third largest power plant in Abu Dhabi, delivering 3.1 GW of electricity and 6.25 mn gallons of desalinated water per day, using high‑efficiency, combined‑cycle gas turbines and reverse osmosis technology.

The linking of EGA’s assets to the grid will help reduce gas consumption per unit of electricity generated, and reduce greenhouse gas emissions by 3.5 mn tonnes by 2035.

ALSO- EGA plans to boost its production of CelestiAL solar aluminum and MinimAL low‑carbon aluminum — made using nuclear power — to nearly half of its total output by 2028, subject to market demand. The firm will hike up production starting this quarter, the disclosure says.

Several Indian + UAE firms announce cross-border investments

It’s a big day for the UAE-India investment corridor, with plenty of funding pledged to support Indian firms expanding in the Middle East through UAE, several manufacturers expanding their footprint in the country, and more investments from the UAE into India.

INVESTMENT-

USD 250 mn fund for Indian brands expanding via Dubai: The India Global Forum (IGF) unveiled a USD 250 mn fund to help high-potential Indian consumer and industrial brands expand internationally using Dubai as base for scaling across MENA and Europe, according to a statement. The fund is anchored by Ved Family Office and Indian investment firm Ananta Capital.

The fund and accelerator will focus on Indian companies across sectors like food and beverage, consumer brands, chemicals, automotive, advanced manufacturing and industrial products. The IGF will partner with DP World to use its logistics network for market-entry support.

MANUFACTURING-

Berger Paints Emirates, a subsidiary of Mumbai-based AsianPaints, plans to set up a second paint manufacturing facility at Khalifa Economic Zones Abu Dhabi in the UAE with an investment of AED 140 mn (INR 3.4 bn), according to a statement (pdf). The plant will span 100k sqm and is expected to have an initial paint production capacity of 55.8k kiloliters per year.

ALSO- JK Cement is setting up a new AED 6 mn manufacturing facility within the Ras Al Khaimah Economic Zone (RAKEZ) to produce advanced construction chemicals and additives, as per a press release.

PRIVATE CREDIT-

Dubai-based Aditum Investment Management plans to raise up to USD 50 mn to fund fintech Wizz Financial’s gold-backed private credit strategy in India as part of its expansion, The National reports. The first USD 25 mn tranche is set to close by 10 December, with a second due in early 2026.

Aditum, which manages USD 9.68 bn across the Gulf, is targeting regional institutional and retail investors for the fundraise. Wizz Financial, backed by Abu Dhabi Capital Group, operates 300 Unimoni branches, which functions as a financial services network offering foreign exchange, remittances, payments and small-ticket credit, acting as a local financial hub for rural customers.

Dubai introduces tighter regulations for trading petroleum products

The Dubai government has introduced new regulations to tighten oversight of petroleum products trading, according to a statement. The regulations cover the import, manufacturing, storage, transport, sale, and supply of petroleum products.

Dubai’s Supreme Council of Energy will now oversee petroleum products trading, with responsibilities including setting competition rules, approving technical standards, and ensuring compliance with health, safety, and environmental regulations. It will also manage permits, decide the number and placement of fuel stations under the Dubai Urban Plan, and regulate transport vehicles, storage facilities, and household gas cylinders.

A tighter grip: The Council can also cancel permits, close facilities, revoke licenses, and seize or re‑export non‑compliant petroleum products and vehicles. Offenders must repair damages and restore affected sites at their own expense, with an additional 25% administrative fee if the Council intervenes.

The new regulations add stricter compliance obligations for operators, including a requirement to register with the Energy and Infrastructure Ministry, display prices clearly, and report incidents within 24 hours. Violations carry fines of up to AED 1 mn, with penalties doubled for repeat offenses.

When will this take effect? Existing operators must comply within one year of the resolution’s enactment, with a possible one‑year extension subject to approval.

It’s been in the works for a while: Dubai’s Supreme Council of Energy signed an MoU with The Abu Dhabi Department of Energy signed an MoU during Adipec earlier this month to coordinate petroleum trading regulations and LPG and diesel monitoring, Wam reported at the time. The agreements set a framework to streamline licensing, storage, transport, and inspections in line with safety and environmental standards, and established unified procedures, joint oversight, and data sharing to improve efficiency and transparency, supporting national sustainability goals.

OTHER REGULATION NEWS-

The ADGM Financial Services Regulatory Authority (FSRA) is requesting feedback on new proposed updates to its ins. regulatory framework and requirements for climate-related financial risks, according to a statement. The amendments aim to align regulations with the International Association of Ins. Supervisors’ (IAIS) Ins. Core Principles. Feedback on the consultation paper (pdf) is open until 30 January 2026.

Changes include updates relating to reinsurer selection, the monitoring and reporting of reins. claims, and how reins. contracts would operate in an insolvency scenario, though the proposal does not specify the criteria or processes involved. It also proposes treating ceding insurers and brokers as market counterparties for reins. purposes, removing client-classification requirements, and repealing routine quarterly returns for captive insurers — which are ins. firms set up to provide ins. for their own parent firms — unless requested.

The paper also proposes expanded expectations for ins. special purpose vehicles, referencing investment, collateral, and internal-controls considerations, but without detailing the specific requirements.

Conduct-of-business rules: The FSRA proposes changes to require ins. firms to work only with entities appropriately authorized in their home jurisdictions, set clearer expectations for product development, require the withdrawal of promotional material considered unclear, unfair, or misleading, and clarify when advice must be given, how it must be documented, and when clients should be referred to independent advice.

IFRS 17 and other updates: The FSRA also plans to implement International Financial Reporting Standard 17 (IFRS 17) Ins. Contracts through further amendments, without disclosing details on what that will entail.

Climate-risk requirements: All ins. firms would be required to assess whether climate-related financial risks are material to their businesses, manage any material risks proportionately, factor them into capital adequacy assessments, and make related disclosures.

Hasan Al Nowais appointed Industry and Advanced Tech Industry undersecretary

UAE President appoints new undersecretary: President Mohamed bin Zayed Al Nahyan named Hasan Al Nowais (LinkedIn) as undersecretary of the Industry and Advanced Technology Ministry by federal decree, state news agency Wam reports.

Al Nowais brings over 20 years’ expertise across the healthcare and hospitality sectors. He is currently managing director and group CEO of M42 Health, and previously served as CEO of Mubadala Health and chief administrative officer of Cleveland Clinic Abu Dhabi.

Keeta is now in Sharjah

LOGISTICS-

Keeta launches in Sharjah: Keeta, the food delivery arm of Chinese consumer service tech giant Meituan, has expanded into Sharjah, according to a press release. The move follows on from its already-established presence in Dubai and Abu Dhabi.

ICYMI- Keeta plans to invest heavily in the UAE: Last month the firm said it plans to deploy hundreds of mns of USD in the country over the next 3-5 years as part of an MoU with the Investment Ministry. The agreement will see Keeta establish its UAE headquarters, introduce advanced last-mile logistics solutions including drones and autonomous vehicles, and onboard 5k UAE-based SMEs to its platform.

INFRASTRUCTURE-

Sharjah to build AED 60 mn bridge: Sharjah’s ruler Sultan bin Mohammed Al Qasimi gave the green light on a project to build an AED 60 mn bridge near the Martyrs Monument to ease traffic flows from Mleiha Road, Wam reports. The project will create a continuous, non-stop route for motorists travelling from Mleiha Road to Sheikh Mohammed bin Zayed Road, and for those heading from Sheikh Khalifa Street back toward Mleiha Road.

DEBT-

Fitch affirms Dubai Ins. at A with a stable outlook: Fitch Ratings has affirmed Dubai Ins. Company’s (DIN) Insurer Financial Strength rating at A with a stable outlook, according to a report. The firm cited DIN’s established franchise in the UAE market, strong capital levels, robust financial performance, and diversified income from personal, commercial, and government business lines as reasons for the rating.

Looking ahead: Fitch said the rating could decrease if DIN were to lose major government contracts or if its capitalization values decline. Conversely, an expanded presence in the UAE market could boost its rating.

US banks are in for a USD 2.6 tn capital boost from upcoming reforms, as global rivals fear growing irrelevance

What will the impact of the upcoming loosening of regulations for US banks be for the rest of the world? That’s the topic making the rounds in the business press as banks across the EU and the UK begin to call on regulators to also loosen strict regulations and bring down high capital buffers in fear of losing more market share to US banks.

What’s happening? Fed’s vice chair of supervision Michelle Bowman is leading reforms that will lower leverage ratios to as low as 3.5%, from 5% earlier, and implement a looser form of Basel III capital level requirements and ease annual stress tests. The reforms are expected to free up some USD 2.6 tn in lending capacity for US banks, according to a Jeffries note picked up by Bloomberg and the Financial Times, which wrote a big read on the subject.

The rolling back of crisis-era capital requirements is celebrated by some and fueling concerns for others, with critics fearing it could reduce banks’ resilience to systemic shocks, especially as it comes only two years after the collapse of several mid-sized US banks, including Silicon Valley Bank and Signature Bank.

Still, the move is expected to give Wall Street far more room to expand credit, trading, and balance-sheet activity, as well as bolster banks’ activity in the USD 29 tn US Treasury market. It would immediately liberate as much as USD 140 bn in capital for US banks, potentially boosting loan growth, buybacks, and dividends, Alvarez & Marsal said in a report picked up by the FT.

It will be good news for capital markets + investment activity: The move is expected to “drive a material uplift through 2026” in bank activity — from lending to M&A and tech investment.

But bad news for global rivals. European and UK banks already face stricter capital regimes and say the upcoming shift risks entrenching Wall Street dominance. One senior EU executive told FT the divergence is “really bad news” for competitiveness, as fears mount over the loss of more market share to US banks.

Concerns have even prompted Swiss bank UBS to mull moving its headquarters to the US as it awaits a decision from the government that could hike its capital requirements by USD 26 bn, a move that aimed to toughen its stance on the lender after the Credit Suisse meltdown.

To put things in perspective: US banks last year occupied the top five spots for investment-banking revenue worldwide, and accounted for seven of the top 10, according to Dealogic. And the top 13 US banks are already estimated to have about USD 200 bn of excess capital above their regulatory minimums, setting them up for massive windfalls from the upcoming reforms.

So far, Europe seems unlikely to follow. The European Central Bank’s top supervisor, Claudia Buch, said she has no plans to cut capital requirements, arguing “better-capitalized banks are better able to lend, particularly in times of stress.”

As for the UK, the Bank of England is reviewing its leverage regime and may adopt partial relief. Alvarez & Marsal estimate that if the UK mirrors the US, British banks’ capital requirements could fall by around 8%. However, analysts expect the UK to deliver only “half” the relief seen in the US.

MARKETS THIS MORNING-

Asian markets are mostly in the red, with South Korea’s Kospi leading losses with a 1.1% decline. Japan’s Nikkei, meanwhile, is down a marginal 0.1%, and Hong Kong’s Hang Seng is down 0.5%. China’s CSI 300 is also down 0.2%.

ADX	9,705	-0.3% (YTD: +3.0%)
DFM	5,815	+0.1% (YTD: +12.7%)
Nasdaq Dubai UAE20	4,575	-0.6% (YTD: +9.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.8% o/n	3.5% 1 yr
TASI	10,641	+0.1% (YTD: -11.6%)
EGX30	40,039	+1.3% (YTD: +34.6%)
S&P 500	6,813	+0.7% (YTD: +15.8%)
FTSE 100	9,694	+0.0% (YTD: +17.4%)
Euro Stoxx 50	5,653	-0.0% (YTD: +14.6%)
Brent crude	USD 63.34	+0.3%
Natural gas (Nymex)	USD 4.63	+1.6%
Gold	USD 4,195.80	-0.2%
BTC	USD 91,462	+1% (YTD: -3.2%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.8	+1.3 (YTD: +9.1%)
S&P MENA Bond & Sukuk	152.36	-0.0% (YTD: +8.9%)
VIX (Volatility Index)	17.21	+0.1% (YTD: -0.8%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 2.3 bn. The index is up 3.0% YTD.

In the green: Gulf Cement Co. (+3.2%), Agthia Group (+3.1%) and National Corporation for Tourism & Hotels (+1.6%).

In the red: Abu Dhabi National Takaful Co. (-9.9%), Al Khaleej Investment (-5.7%) and Phoenix Group (-4.8%).

Over on the DFM, the index rose 0.1% on turnover of AED 444.7 mn. Meanwhile, Nasdaq Dubai was down 0.6%.

CORPORATE ACTIONS-

Taaleem Holdings’ board of directors approved a dividend of AED 150 mn for 4Q 2025, at AED 0.15 fils per share, according to a DFM disclosure (pdf). The distribution represents 15% of the company’s paid-up share capital.

My Morning Routine: Rabi Al Yassin, business development and general manager at Axi

Rabi Al Yassin, business development and general manager at Axi: 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 Rabi Al Yassin (LinkedIn), business development and general manager at Axi. Edited excerpts from our conversation:

I’m Rabi Al Yassin, and I’m the general manager of Axi’s Dubai office. I’ve been with Axi for the past 15 years, and in the industry for more than 20 years, and I’m now managing the Dubai sales team and leading Axi’s growth in the Middle East and North Africa region.

Axi has been an online broker since 2007. We’re regulated with the Dubai Financial Services Authority, Australia’s ASIC, and the Financial Conduct Authority in London. Our platform offers trading in products like contract for differences (CFDs), metals like gold and silver, commodities like crude oil and natural gas, currencies, and stocks as well. We’ve been adding DFM stocks recently, like Salik, Dewa, and Emaar, so some of the most tradable products in the Dubai financial market.

We’ve been around for a long time. I remember when we used to participate in expos, we were one of perhaps 40 or 50 brokers present — now it’s always over 200 brokers at any event. Competition is always great, so we see that as a positive.

The Securities and Commodities Authority’s easing of regulation, along with the ease of setting up, has really helped to propel the industry and registrations of global brokerages. The government has created a very supportive and attractive environment for them to come and set up shop here.

In addition to that, the increasing population and the status of the UAE as a financial hub and safe place for high-net-worth individuals’ investments, also makes it a great time for brokerages in the UAE.

People are really watching volatility in markets and following that, so we’ve seen big moves recently in gold, for example. When it comes to CFDs, people are looking for a short-term investment, so there’s a bit more speculation than when it comes to long-term investments.

Online platforms and trading have also meant that investors are getting less patient — they don’t spend too long with market analysis and studying the charts like in the past. Now we’re seeing a lot of our clients recently rely on AI for their analysis. We’ve created our own solutions to help clients with that, allowing them to integrate their AI advisors into our platform.

The problem with that is the analysis you get is always only as good as your input, so investors won’t always get the most accurate analysis or the most profitable — they have to refine their own prompts and data that they’ve input for their AI advisors to get better results.

I’m definitely a morning person. I wake up early and go to the gym, and then I go to the office and check the local and international news, and look at the numbers from the previous day and months. If there’s any urgent client-related requests, I do those, and then I start going to meetings for strategy and planning. And then I usually end the day the same way I start it, by looking at numbers.

One thing that never changes is taking care of my team and making sure they’re energized and excited. I like to also make sure the environment in the office is healthy and supportive for them to perform well. I’m a strong believer that human beings are the main driver behind any success, and taking care of the team and making sure they are comfortable will always reflect well for our clients and their interactions with them.

I’m married and have three boys, so after my workday’s done, spending time with the family is the best way to disconnect for me. I also enjoy history a lot, and I think to know the future and to be ready for it, you have to learn from the past. In our industry, looking at charts is basically history. We can analyze how price movement in the past has looked and based on that, be able to more accurately predict how things might change in the future.

One piece of advice I have is to always learn from your mistakes and from others’ mistakes, and always focus on learning.

CALENDAR

DECEMBER

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

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

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

3-4 December (Wednesday-Thursday): Binance Blockchain Week, Coca-Cola Arena, Dubai.

7-14 December (Sunday-Sunday): Asian Youth Para Games, APC headquarters, Dubai.

8 December (Monday): DeFi Technologies Insights Global Symposium, Emirates Palace, Abu Dhabi.

8-9 December (Monday-Tuesday): BTC MENA Conference, Adnec Center, Abu Dhabi.

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

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

8-11 December (Monday-Thursday): Abu Dhabi Finance Week, ADGM, Al Maryah Island.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

9-11 December (Tuesday-Thursday): Automechanika Dubai Trade Show, Dubai World Trade Center.

10 December (Wednesday): UAE-Russia Business Forum, Dubai.

12 December (Friday): Emirates NBD to launch an open offer for Mumbai-listed RBL Bank’s public shares.

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

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

26 December (Friday): Tender period for Emirates NBD’s offer for RBL Bank’s public shares ends.

29-30 December (Monday-Tuesday): World Sports Summit, Dubai.

Signposted to happen sometime in 2025:

e& will complete Adnoc’s private 5G network;
Executive Committee Meeting (EXCOM) conference of the World Smart Sustainable Cities Organization (WeGO).

Signposted to happen sometime in 2H 2025:

Closing of XRG’s acquisition of Covestro.

JANUARY 2026

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

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

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

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

28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.

28-30 January (Wednesday-Friday): World Customs Organization Technology Conference, Adnec Center, Abu Dhabi.

31 January – 7 February (Saturday-Saturday): Mubadala Abu Dhabi Open, International Tennis Center, Zayed Sports City.

FEBRUARY 2026

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

12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.

9-13 February (Monday-Friday): The World Health Expo (WHX), Dubai.

MARCH 2026

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

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

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

APRIL 2026

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

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

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

MAY 2026

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

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

JUNE 2026

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

JULY 2026

31 July (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

Signposted to happen in 2026:

13-15 April (Monday-Wednesday): The International Glass Manufacturing Show, Dubai;
14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai;
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center;
The UAE to host the Arab Competition Forum;
Dubai to host the Arab Actuarial Conference;
United Nations Water Conference;
Dubai Future Finance Week;
Investopia Global Talks, Tashkent.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing;
1Q 2027: Completion of the first phase of Hassyan seawater desalination project;
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation ;
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation;
1 July: Deadline for small businesses to implement e-invoicing;
1 October: Deadline for governments to implement e-invoicing;
Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime in 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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