ADCB to move ahead with rights issue. Plus: Data center capacity is set to triple over the next three years

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WHAT WE’RE TRACKING TODAY

THIS MORNING: G42 to launch sovereign AI cloud in France soon + Emirates NBD could get nod from Indian central bank for controlling stake in RBL

Good morning, lovely people. We have a packed issue for you this morning as we enter day three of Gitex, and as expected, it’s dominated by tech-related news. We have a rundown of all the big agreements — a lot of which are AI-related — in today’s news well, below, as well as a rush of data centers — and cooling and energy demand they will bring — coming our way.

Plus: 3Q real estate reports are starting to trickle in, and it’s looking like there was no slowing the property market in Dubai down during the summer months.

AND- ADGM proposes new draft rules for temporary commercial and activity permits. Let’s dive in.

WEATHER- Temperatures are still falling in both Dubai and Abu Dhabi, with Dubai seeing a high of 36°C and a low of 29°C, and the capital seeing a high of 35°C and a low of 28°C, according to our favorite weather app.

UPDATE-

ENBD’s dim sum listing lands in Dubai: Emirates NBD’s CNY 1 bn (USD 140 mn) dim sum bond, which was issued in August, is now listed on Nasdaq Dubai, according to a press release. The note, which priced at 2.40% with a 2028 maturity, was issued under the lender’s USD 20 bn EUR Medium Term Note Program, bringing its total Dubai-listed debt to USD 5.4 bn across nine instruments. The total outstanding value of debt securities listed on Nasdaq Dubai reached USD 140 bn.

The move, which marks the bank’s return to the offshore Chinese bond market after more than a decade, diversifies its funding base and reflects the emirate’s growing financial links with Asian markets.

Emirates NBD has been active global debt markets this year: In January, the lender sold USD 700 mn in five-year senior Formosa unsecured notes listed on the Taipei Exchange, while in June it issued a 10-year AUD 600 mn (USD 391 mn) kangaroo bond under its AUD 4 bn program.

ADVISORS- Bank of China, Emirates NBD Capital, ICBC, and Standard Chartered quarterbacked the transaction as joint lead managers and bookrunners.

WATCH THIS SPACE-

#1- G42 to launch sovereign AI cloud in France soon: G42 will launch its sovereign AI cloud in France in the next few months as part of its global expansion, G42 Acting Group Chief Global Affairs Officer Talal Al Kaissi told state news agency Wam. The project, developed under the recently-launched AI Factories Antennas initiative to boost Europe’s AI and supercomputing capacity, will be operated by subsidiary Core42, which has already set up infrastructure in Grenoble ahead of launch.

Background: G42 said it will establish an AI data center in Grenoble in partnership with AI hosting firm DataOne, led by Core42 and powered by AMD AI technologies. The facility will supply French enterprises and researchers with high-performance computing resources and was expected to go live by mid-2025. Abu Dhabi AI fund MGX is also planning to invest USD 30-50 bn in a data center and AI campus in France.

Things are a bit slower here at home: The AI firm is still working on finalizing details for the remaining 4 GW of the UAE’s planned 5 GW Stargate AI campus, with the firm in discussions with “other hyperscalers from the US” regarding the remaining capacity, Reuters cites Al Kaissi as saying. We previously reported that final negotiations remain “far from finalized,” with security concerns over Chinese tech access continuing to slow progress, and OpenAI was reported to be a major tenant of the AI campus.

REMEMBER- The Abu Dhabi-backed firm is developing the project with Nvidia, OpenAI, Cisco, Oracle, and SoftBank as part of the US’s wider USD 500 bn Stargate infrastructure platform and a USD 200 bn US-UAE investment pact. The first phase, Stargate UAE, is slated to launch in 2026.

First 200 MW still on track for 2026: The first 200 MW of power is still set to come online next year, Al Kaissi confirmed. The multi-bn-USD hub will be powered by nuclear, solar, and natural gas, aiming to become one of the world’s largest AI data center networks.

#2- Emirates NBD could get a formal nod from the Reserve Bank of India for a controlling stake in Indian private lender RBL Bank, after it said it was open to allowing the transaction, according to two sources Reuters says are familiar with the matter. The UAE lender is reportedly after a 51% stake in the Indian bank, which could set it back about INR 150 bn (USD 1.69 bn), Mint reports. Current regulations cap foreign ownership in Indian banks at 15%.

What we know: The transaction is expected to include the acquisition of a 26% stake from institutional investors, followed by an open offer for an additional 25%, though voting rights may be capped at 26% to comply with RBI norms. JPMorgan is advising Emirates NBD on the potential acquisition.

#3- Dubizzle eyes fintech, proptech, and auto acquisitions: Dubai-based classifieds giant Dubizzle Group is exploring potential acquisitions of fintech, proptech, and automotive firms closely tied to its core business, CEO Imran Ali Khan told Asharq Business (watch, runtime: 11:06). The company previously expanded through acquisitions such as Property Monitor, which tracks UAE real estate data, and automotive platform Drive Arabia, and is preparing for a 30.3% IPO on the DFM.

PSAs-

#1- You can now complete real estate sales online in Dubai: Dubai Land Department (DLD) has rolled out the first phase of its new “Digital Sale” service on the Dubai Now app, allowing real estate transactions to be completed entirely online, according to the Dubai Media Office. The new service enables buyers and sellers to complete property registration and sale procedures through the app, which also issues ownership certificates.

The feature currently applies to freehold properties — residential units, commercial units, and townhouses — that are no-mortgage and owned by a single holder. Both parties must hold Emirates IDs, an active UAE Pass account to provide digital signatures, and a local bank account.

#2- Automatic license renewals in Abu Dhabi are now a thing…: Abu Dhabi has launched TAMM AutoGov, the latest feature of its one-stop government services platform, which automatically handles and manages recurring services such as license renewals, utility payments, and scheduling healthcare appointments, according to the Abu Dhabi Media Office. The service acts as an AI public servant, and is in line with Abu Dhabi’s plans to become the world’s first AI-native government by 2027.

In the pipeline: TAMM is also expanding to include family, mobility, and health hubs, organizing essential services in each of these segments as part of TAMM Spaces. Meanwhile, TAMM by You is a voting platform that will allow users to have their say on future services, and TAMM Hologram will be rolled out across the emirate using hologram technology to connect citizens and residents with agents.

#3- …as are gov’t fee installments: The Federal Authority for Identity, Citizenship, Customs and Port Security introduced a new payment plan allowing customers to pay service fees of AED 500 or more in no-interest installments using credit cards from 10 local banks, state news agency Wam reports. Payments can be spread over three to 12 months, depending on each bank’s terms.

Participating lenders include: Our friends at Mashreq, along with First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Emirates NBD, Emirates Islamic Bank, Commercial Bank of Dubai, Sharjah Islamic Bank, RAKBANK, and Commercial International Bank. Visa International is also part of the initiative.

#4- Dubai launches new system to streamline customs checks…: Dubai Ports and Borders Security Council has inaugurated a new advanced cargo information (ACI) system set to boost customs security and limit the need for field inspections through smart data analysis, according to a statement. The ACI will permit the receipt of shipment data prior to leaving the exporting country in a bid to lessen time to obtain information before the actual shipment. The system applies load data from sea and air ports as well as customs data to ensure the accuracy and speed of risk analysis.

#5- …and a new berth rental platform: Dubai’s Ports, Customs, and Freezone Corporations (PCFC) has launched a unified digital platform — named Marsa — to manage berth rentals under the supervision of the Dubai Maritime Authority, according to a statement. The platform is set to automate the entire berth rental process, including applications, fee calculation, invoicing, and smart payments. It will operate across 20 marinas with a 4.2k marine vessel capacity. The platform is also poised to standardize lease contracts and link them to electronic payment systems.

That’s not all: The PCFC also launched additional projects, including an advanced drone-based system — named Port Eye — to monitor ship movement and docking. An innovative navigation training simulator — named Smart Navigation — was also integrated to train port personnel.

HAPPENING TODAY-

#1- GITEX Global kicked off earlier this week and is running until Friday at the Dubai World Trade Center. The tech expo gathers major industry players including from G42 and Cerebras, as well as government officials, and innovators under one roof to showcase developments in AI, cloud computing, cybersecurity, quantum technologies, and digital infrastructure.

#2- Expand North Star is on its final day at Dubai Harbour. The exhibition brings together over 2k startups, 1k investors, and accelerators from across over 100 countries to explore trends shaping the global startup ego system.

#3- The IUCN World Conservation Congress is also wrapping up today in Abu Dhabi. The congress gathers government officials, academics, and members of the civil society to discuss the challenges facing sustainability and nature conservation, as well as the policy decisions influencing the conservation agenda. The event will be divided into three components — a forum, exhibition, and a members’ assembly to address how businesses should integrate sustainability into their strategies.

#4- The Global Future Councils annual meet kicked off yesterday in Dubai and will run until tomorrow. Hosted by the UAE government in collaboration with the World Economic Forum, the annual summit convenes leaders, ministers, and industry experts to shape policy frameworks on global issues, including energy transition, future cities, and the governance of emerging technologies.

#5- The World Bank and IMF annual meetup began in Washington today, after kicking off the weeklong set of meetings yesterday.

#6- The Evolve Future Mobility Show is running from today until Saturday at the Expo Center in Sharjah. The event will host 200 international exhibitors as well as industry leaders, policymakers, and entrepreneurs, to explore the use of EV technology in key sectors of sustainable mobility.

THE BIG STORY ABROAD-

Government bonds rallied yesterday as equities took a hit and investors piled into safe haven assets following renewed tensions between the US and China as the latter faces a 100% tariff on its goods after it tightened export controls on rare earth minerals.

The yield on the UK’s benchmark 10-year government bond — gilts — lost 8 basis points, while yields on US 10-year Treasuries fell 3 basis points, and yields on bonds in France, Germany, Italy, Australia, and Japan all edged lower. (CNBC)

Meanwhile, US Federal Reserve Chair Jerome Powell signaled he would back another rate cut as preliminary labor market data shows signs of distress, despite the official jobs market data being delayed to the ongoing US government shutdown. (Financial Times)

CLOSER TO HOME- The fragile Israel-Hamas ceasefire agreement has already started to face snags, just a day after US President Donald Trump heralded the end of the war during his visit to the region. Israel said it would limit the volume of humanitarian aid going into Gaza to half since Hamas has failed to return the bodies of some of the deceased hostages, as was agreed. Hours later, though, Hamas delivered some of the bodies, but US President Donald Trump is threatening Hamas with retaliation if it does not lay down its arms.

The question of Hamas’ disarmament remains contentious, with Hamas yet to comply as it deploys hundreds of security forces in Gaza and follows through with executions of several people accused of collaborating with Israel. (Reuters | Bloomberg | Guardian)

Trump is also threatening to cut financial aid to Argentina if current president — and Trump ally — Javier Milei loses the upcoming election, threatening a USD 20 bn commitment to the country. (Guardian | Reuters | AP | New York Times)

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OIL WATCH-

Global oil supply is set to surge by 3 mn bbl / d in 2025 — up from previous forecasts of 2.7 mn bbl / d — followed by another 2.4 mn bbl / d increase in 2026, according to the International Energy Agency’s (IEA) latest monthly report. The rise will be driven by higher production from Opec+ members and others outside the group.

Supply is rising faster than demand: The IEA trimmed its forecast for world oil demand growth this year to some 700k bbl / d, 40k bbl / d lower than its previous estimate, citing weaker macroeconomic conditions. Consumption is expected to stay muted through 2025 and 2026, with annual growth averaging around 700k bbl / d.

The IEA is signaling a growing supply glut, with global output in September already up by 5.6 mn bbl / d from a year ago — 3.1 mn bbl / d of which came from Opec+. If current trends hold, global supply is estimated to exceed demand by some 4 mn bbl / d next year, compared to around 3.3 mn bbl / d last month.

That’s not what Opec said: In its monthly oil report, the group kept its global oil demand growth forecast unchanged at 1.3 mn bbl / d for 2025 and 1.4 mn bbl / d for 2026 — almost double the IEA’s — arguing that global supply is expected to match demand next year as the group continues to boost production.

ADCB to move ahead with AED 6.1 bn rights issue

Abu Dhabi Commercial Bank’s (ADCB) general assembly signed off on a rights issue to raise up to AED 6.1 bn in proceeds, it said in a LinkedIn post, confirming plans flagged earlier last month. The rights issue will boost capital to AED 7.9 bn, up from AED 7.3 bn. The offer, which had previously received the backing of ADCB’s largest shareholder Mubadala, is still pending approvals from the Central Bank of the UAE (CBUAE) and the Securities and Commodities Authority (SCA), after which a prospectus will be published.

Why now? The ADX-listed lender said the move will help support its growth plans and keep its capital levels comfortably above new regulatory buffer requirements for large banks.

ICYMI- ADGM proposed new banking regulations last year, introducing tougher board governance standards, stricter oversight of systemically important banks (D-SIBs), including higher capital buffer requirements,and tighter risk management and capital requirements.

The move will see the ADCB issue as many as 592.2 mn new shares at AED 10.3 each, including AED 1 in nominal value and an AED 9.3 share premium, representing a 30% markdown to ADCB’s 4 September closing price on the ADX. The offer grants 25 rights for every 309 existing shares owned on the eligibility date.

IN CONTEXT- ADCB has been cleaning up its books in the wake of major corporate defaults in recent years, including NMC Health. Earlier this month, the state-backed lender sold USD 1.4 bn in distressed loans to US-based hedge fund Davidson Kempner Capital Management, marking its second such transaction after a similar USD 1.1 bn sale two years ago.

The broader capital markets agenda: ADCB also renewed its mandate to issue up to USD 8 bn in debt in March and USD 2 bn in capital instruments to bolster its funding base. The approved programs cover non-convertible bonds, sukuk, and sustainable-finance instruments across listed and unlisted markets.

UNITED FIDELITY INS. SHAREHOLDERS ALSO APPROVE RIGHTS ISSUE-

United Fidelity Ins. shareholders approve AED 107 mn rights issue in three phases: Shareholders of United Fidelity Ins. approved a plan to raise the company’s share capital from AED 160 mn to AED 267 mn through a AED 107 mn right issue, according to a disclosure (pdf). The increase will be implemented in three phases: AED 30 mn “as soon as possible” following regulatory approval, another AED 30 mn in February 2026, and a final AED 47 mn in December 2026. All shares will carry a nominal value of AED 1 each.

Data center capacity to nearly triple in the next three years -Emirates NBD

UAE data center capacity to jump 165% by 2028: The UAE’s data center capacity is expected to climb 165% to around 950 MW by 2028, up from 358 MW currently, according to Emirates NBD Research (pdf). The UAE currently operates 35 data centers — 18 in Dubai, 16 in Abu Dhabi, and one in Fujairah — at a 98.7% utilization rate, and leads the GCC with a USD 46.1 bn investment pipeline, representing 55% of the region’s total.

Data center operators are expanding in the UAE: Chinese e-commerce giant Alibaba’s cloud business unit opened its second data center in Dubai to meet rising demand, nine years after it launched its first in the UAE, according to a statement. Meanwhile, Khazna Data Centers’ — already a leader in the market — is investing USD 1.3 bn in five new facilities adding 210 MW. Other major AI infrastructure set to come online include G42’s Stargate campus, which will contribute 200 MW by mid-2026.

REMEMBER- Khazna Data Centers is working on two new 30 MW data cente rs — AUH4 in Mafraq and AUH8 in Masdar City — set to come online by 2H 2026. Its 100 MW QAJ1 Ajman facility is also expected to be completed in December 2026, and it has two other facilities under construction which Emirates NBD says will take its capacity up to 210 MW. Du is also building a AED 2 bn hyperscale data center in the UAE for Microsoft, which will be its main tenant

Government-to-government cooperation is also giving the sector a boost: Agreements with countries like the US, France, and now, Canada, are helping prop up the sector. Just yesterday, the UAE signed an initial agreement with Canada to boost cooperation in data centers and AI infrastructure, according to an X post.

This came after Economy and Tourism Minister Abdullah bin Touq Al Marri met with Canadian AI and Digital Innovation Minister Evan Solomon in Abu Dhabi to discuss expanding cooperation in advanced technology and AI, state news agency Wam reports. Talks covered developing joint economic partnerships, AI policy exchange, and collaborations in other sectors, well as investment windows between Emirati and Canadian tech firms.

Headwinds remain, with significant energy needed to keep data centers cool in the MENA climate. TheG42 AI Campus alone is set to require more electricity than New Zealand consumes in a year to stay up and running. Annual energy use is expected to rise to some 12.6 TWh, a 127% increase from current levels and equivalent to over 6% of total national electricity consumption. Ongoing battery, solar, and nuclear projects are looking to improve energy infrastructure to cope with the incoming demand.

Advanced cooling solutions could also come to the sector, courtesy of Tabreed…: State-owned district cooling company Tabreed is exploring investment windows in the data center sector, citing strong growth possibilities driven by the industry’s heavy reliance on advanced cooling systems, CEO Khalid Al Marzouqi told Asharq Business (watch, runtime: 11:10) cites as saying. The company will use various financing tools and support from key partners Mubadala and Engie to fund its expansion, Al Marzouqi said.

…and Mitsubishi Electric: Italy-based Mitsubishi Electric Hydronics & IT Cooling Systems (MEHITS) established a new subsidiary in the Dubai Airport Freezone, MEHITS Middle East FZCO, to strengthen its regional air conditioning business presence, according to a press release. The new subsidiary is expected to serve as a regional hub for the design, sales, installation, operation and maintenance of air conditioning and data center cooling systems.

Agreements flood in with Gitex in full swing

AI was in the spotlight on the second day of Gitex Global 2025, the sprawling tech and startup show that’s snarling traffic near the World Trade Center. Here’s the rundown on what you need to know after the first two days:

AI-

#1- Microsoft will enable in-country data processing for Microsoft 365 Copilot starting early 2026, in coordination with the Dubai Electronic Security Center and G42, according to a statement. Hosted in Microsoft’s Dubai and Abu Dhabi data centers, the service will store and process Copilot interactions within the UAE to meet national security and regulatory standards, supporting secure AI adoption across government entities.

ALSO FROM MICROSOFT- CPX Holding, Microsoft partner to strengthen public sector cybersecurity: Homegrown cybersecurity firm CPX Holding partnered with Microsoft to deliver AI-powered solutions to enhance cyberdefenses for global public sectors, according to a press release. The partnership aims to strengthen public sector resilience against cyber threats .

#2- Intel, UAE’s Airev partner to boost agentic AI adoption: UAE-based AI startup firm Airev and semiconductor giant Intel entered into a partnership to scale agentic AI solutions across the Middle East and globally, state news agency Wam reports. The partnership aims to deliver scalable and high-performance AI systems to enterprises and government bodies.

Details: Under the agreement, Airev’s OnDemand platform will be optimized to run on Intel’s Xeon processors and Gaudi AI accelerators, supporting tasks ranging from connection speed testing to training advanced language models. The collaboration includes a joint Go-to-Market (GTM) strategy that will see the two run pilot programs and demos, develop AI solutions, and collaborate on co-selling and marketing.

#3- Presight, Public Prosecution partner on law LLM: The UAE Public Prosecution signed an agreement with data analytics firm Presight AI to develop the region’s first specialized law large language model (LLM) for judicial translation and to use in judicial processes, state news agency Wam reports.

The Prosecution is also launching Bayan, a new smart translation center that will act as an AI-powered assistant to record and document investigation sessions. It includes speech and dialect recognition, multilingual translation, transcription, and documentation and validation options.

#4- Inception and Bain & Company partner on AI for financial sector: AI developer and G42 subsidiary Inception is partnering with consulting giant Bain & Company to provide their international clients with enterprise-grade AI services, according to a press release. The tie-up looks to use AI to boost workflows in the financial services sector, starting with investment processes initially.

TELECOM-

Space42 + e& UAE to explore satellite-based 5G connectivity: ADX-listed spacetech firm Space42 inked an MoU with e& UAE to explore expanding 5G direct-to-device (D2D) connectivity, according to an ADX disclosure (pdf). The two will carry out technical work to improve the connection between satellite and terrestrial networks, while cooperation on regulatory frameworks for data protection, R&D labs, and infrastructure investment program roadmaps. Equatys — a JV between Space42 and US satellite operator Viasat — is also set to be involved.

ICYMI- Space42 and Viasat launched their JV Equatys last month. The project aims to link satellite and terrestrial networks for standard smartphone and IoT devices. e& UAE also recently partnered with Swedish telecoms firm Ericsson to upgrade e&’s 5G core network.

Dubai property market shrugs off summer lull with double-digit gains across residential and commercial sectors

Dubai’s real estate market shrugged off the seasonal lull in 3Q 2025, with residential transaction values up 22.7% y-o-y to AED 138.7 bn and commercial sales values surging 31%, according to a press release from Engel & Völkers Middle East citing their latest report (pdf). The uptick was fueled by continued investor appetite, end-user demand, and a population now exceeding 4 mn.

Off-plan boom continues: Off-plan properties accounted for nearly 70% of residential sales, while apartments made up 87% of all transactions. Some 47.7k apartment units worth AED 91.4 bn were sold during the quarter, up 26.4% y-o-y.

The luxury segment also held firm with 1.4k transactions above AED 10 mn, up 26.6% y-o-y and the second-strongest quarter on record. The quarter’s largest transaction was a AED 350 mn off-plan villa in Jumeirah Asora Bay.

New areas, home ownership gain traction: Demand spilled into emerging communities such as Damac Riverside and Dubai Science Park, while resale activity stayed concentrated in Dubai Marina and Downtown, where supply remains tight. Engel & Völkers noted a growing shift from renting to ownership, particularly among long-term residents seeking stability amid rising rents.

Commercial market keeps pace: The sector saw 3.4k transactions totaling AED 30.4 bn, driven by robust office and land activity. Office sales nearly doubled to AED 3.1 bn as demand for premium, well-located space climbed. Off-plan office sales jumped more than fivefold on a yearly basis to 389 transactions, reflecting growing investor confidence in Dubai’s business growth prospects.

On the leasing front, the market held largely steady as tenants opted for renewing leases rather than moving as prices rose, with new contracts down 2.7% y-o-y. Apartments accounted for 88.8% of contracts, with areas like Business Bay, Jumeirah Village Circle, and Silicon Oasis seeing the most demand, whilst Damac Hills 2, Mirdif, and Emirates Living proved most popular for townhouses and villas.

Outlook: Engel & Völkers expects momentum to carry into year-end as low inflation and potential rate cuts sustain demand.

REMEMBER- Dubai Land Department data logged AED 237 bn in transactions across Dubai’s wider property market during 3Q 2025, up from AED 200 bn a year earlier. Sales contributed AED 169.2 bn, led by ready units and apartments, while land transactions totaled AED 61.6 bn. The nine-month tally neared AED 500 bn.

Most analysts expect prices to cool slightly in 2H 2025. Fitch Ratings projects a correction of up to 15% in home prices, while Moody’s and Deloitte forecast a slowdown or stabilization in price and rent growth. Supply is also ramping up, with nearly 250k new homes due in the coming years — a 30% increase — as new developers flood the market.

ADGM tightens rules around temporary commercial, activity permits

The ADGM Registration Authority (RA) published a consultation paper (pdf) proposing new rules for temporary commercial, activity, and sales and promotions permits under the Commercial Permits Regulations 2024, according to a statement. The consultation is open for feedback until 30 October 2025.

New rules for obtaining a temporary commercial permit: Applicants must hold a valid onshore or ADGM license, provide a no-objection letter or lease agreement from their landlord, and pay the required fee to obtain a temporary commercial permit that would be valid for one week, three months, six months, or up to 12 months.

Temporary activity permits — which apply to events, entertainment, photography, and speaking activities held in ADGM — will require applicants to submit the same documentation and maintain a valid license throughout the permit period. Validity would range from one day to three months, depending on the activity type.

The third category, sales and promotions permits, covering clearance and temporary sales, prize draws, instant prizes, product launches, and promotional stands, would be valid for one to three months, except for stands, which could run for up to 12 months. Both ADGM licensees and temporary permit holders would need to apply before conducting such activities.

Fees and penalties: Proposed fees include AED 250 for weekly commercial permits, AED 3k for three months, AED 6k for six months, and AED 12k for a year. Activity permits would cost AED 500-1.5k, depending on the category, while all sales and promotions permits carry a flat AED 1k charge per activity type. Conducting activities without the required permit would be treated as a contravention subject to penalties.

Next steps: The RA will review feedback after the consultation closes and submit the final rules for approval by ADGM’s Board of Directors.

Davidson Kempner latest to join ADGM rush

FINANCE-

Davidson Kempner sets up shop in ADGM: US-based hedge fund manager and global institutional investment firm Davidson Kempner Capital Management is opening an office in ADGM, Bloomberg reports, citing a company statement. The opening marks the eighth office for the firm, which has over USD 37 bn in assets under management. Earlier this month, Davidson Kempner acquired USD 1.4 bn in bad debt from Abu Dhabi Commercial Bank.

The focus: The new office will be the firm’s regional base and focus on deploying capital into credit, equities, and real estate, according to partner Chris Krishanthan. So far, the firm’s regional focus has been on corporate debt, non-performing loans, private lending, and liquidations, managing director Naveen Sabharwal said. The fund joins the likes of London-based hedge fund Arini, US investment management firm Hudson Bay Capital Management, and Marshall Wace — all of whom have recently set up shop in the ADGM.

#2- US-based Monroe Capital is also opening an Abu Dhabi office: Chicago-headquartered asset manager Monroe Capital has opened its first Middle East office in ADGM, after receiving financial services permission (FSP) from the Financial Services Regulatory Authority (FSRA), according to a press release. The new office comes as the firm looks to boost ties with institutional investors and family offices in the GCC and wider region.

M&A-

#1- Al Mal Capital REIT enters healthcare sector: Dubai-based asset manager Al Mal Capital REIT acquired NMC Royal Hospital in Dubai Investments Park (DIP), according to a DFM disclosure (pdf). The takeover marks its first investment in the healthcare sector and brings its total portfolio value to AED 1.4 bn.

The target: Operated by Abu Dhabi-based hospital operator NMC Healthcare, the 492k sq ft facility includes two hospital blocks and a fully-occupied commercial building. The hospital consists of 120 inpatient beds, a pharmacy, outpatient clinics, and an emergency response unit.

The paper trail: Earlier this year, the fund secured AED 210 mn through offering units on the DFM, bringing its total capital raise to AED AED 703.9 mn. In 2024, it raised AED 180 mn to start executing its investment strategy to diversify its portfolio — with 75% of the funds allocated to the UAE, and the remaining 25% for targets in the GCC and other countries. Last year, it also acquired K-12 educational firm Carnation Education, which owns assets like Kent College Dubai.

#2- Saif Bin Darwish acquires Gulf Precast to bolster construction portfolio: UAE construction and contracting firm Saif Bin Darwish acquired Gulf Precast, the UAE’s largest precast concrete manufacturer, to strengthen its presence in the construction sector, Trade Arabia reports. The value of the acquisition wasn’t disclosed.

Precast capacity expansion: Gulf Precast operates six factories across Dubai and Abu Dhabi with a production capacity of up to 1.5k cbm / d. The acquisition comes as Saif Bin Darwish looks to boost its ability to execute large, complex infrastructure projects, including for airports and tunnels.

FINTECH-

Wise receives greenlight from CBUAE for two licenses: UK-based financial tech firm Wise secured two regulatory approvals from the Central Bank of the UAE (CBUAE) to launch operations in the UAE, according to a press release. The licenses granted — for stored value facilities and category 2 retail payment services — will pave the way for Wise to bring its offerings, including the personal Wise Account and Wise Business, to the UAE.

About Wise: The firm processes USD 48 bn in cross-border payments each quarter and is looking to tap into the USD 40 bn that is sent to and from the UAE annually, the statement read.

AUTO-

ADIO, AD Ports partner with Stellantis to build automotive ecosystem: Abu Dhabi Investment Office (Adio) and AD Ports Group signed an agreement with automotive giant Stellantis to boost exports and technological development in Abu Dhabi’s automotive sector, Abu Dhabi Media Office reports.

The details: Stellantis and Adio will identify investment windows in the Emirati auto sector, and AD Ports will provide logistics, supply chain, and manufacturing expertise. The tie-up looks to position Abu Dhabi as an export hub for the sector and will also develop an autonomous taxi ecosystem in the emirate.

IMF upgrades global growth forecast, warns of tariffs and AI bubble

The IMF upgrades global growth forecast: The International Monetary Fund (IMF) now forecasts global growth to reach 3.2% in 2025, a 0.2 percentage point upgrade from its July estimates, it said in its latest World Economic Outlook report (pdf). The fund expects growth to ease further to 3.1% in 2026, unchanged from the previous forecast.

Behind the steady outlook: The IMF said global activity has held up better than expected despite trade policy shifts, supported by lower-than-expected tariff rates, an agile private sector that front-loaded imports and rerouted supply chains, a weaker dollar, fiscal stimulus in Europe and China, and an AI-driven investment boom. “So bottom line: not as bad as we feared, but worse than we anticipated a year ago, and worse than we need,” Reuters quotes the IMF chief economist Pierre-Olivier Gourinchas as saying earlier this week.

MENA gets an upgrade: The MENA region is expected to log a 3.3% growth this year, a 0.1 percentage point upgrade from July projections. Growth is set to accelerate next year to 3.7%, a 0.3 point upgrade. The IMF cited Saudi Arabia’s fast-than-anticipated oil production hikes and Egypt’s better-than-expected outrun in the first half of the year as the main drivers of the upgrade.

Major economies saw mixed revisions: The IMF now expects the US to grow 2.0% in 2025, a 0.1 percentage point upgrade from its July forecast, while Japan’s 2025 growth got an upgrade by 0.4 percentage point to 1.1%. Meanwhile, the fund lowered its forecast for Canada’s growth by 0.4 percentage point to 1.2%, and for the UK by 0.1 percentage point to 1.3%.

China and India also see stronger outlooks: China’s 2025 outlook stayed unchanged at 4.8% on the back of increased exports that the IMF says were unsustainable, pointing at the country’s contracting real estate sector pushing its economy to “the edge of debt-deflation trap,” Gourinchas noted. Meanwhile, India’s growth forecast rose by 0.2 percentage points to 6.6% for 2025, while the 2026 growth outlook got a downward revision to 6.2%, from earlier forecasts of 6.4%.

Across the Atlantic: Growth in the Eurozone is now projected at 1.2% in 2025, an upward revision of 0.2 percentage points from July, buoyed by Germany’s fiscal expansion and Spain’s growing momentum. The IMF expects the area’s growth to reach 1.1% in 2026, down from 1.2% in the previous forecast.

Trade remains a swing factor: The fund projects global trade volumes to grow 3.6% in 2025,, driven by front-loaded shipments ahead of tariff hikes. This front-loading effect will likely carry over into 2026, with trade growth forecast to rise to 2.3% — 0.4 percentage point higher than the previous projection.

AI bubble is a major downside risk: Growing investments in AI echo the dot-com boom of the late 1990s, Gourinchas said in a blogpost. ”Markets could reprice sharply, especially if AI fails to justify lofty profit expectations. That would dent wealth and curb consumption, with adverse effects potentially reverberating through the financial system,” Gourinchas added.

The inflation outlook: Global headline inflation is forecasted to decline to 4.2% in 2025 and 3.7% in 2026, “virtually unchanged” from July’s or April’s projections. Inflation is expected to remain above target in the US, while easing in Europe and Asia, indicating lower growth performances.

MARKETS THIS MORNING-

Asian markets are inching higher this morning, as Hong Kong’s Hang Seng is up 1.6% in early trading, while Japan’s Nikkei is up 1.3% and the Shanghai Composite is up 0.4%. Meanwhile, Wall Street futures are subdued following a volatile session fueled by US-China trade concerns.

ADX	10,111	+0.1% (YTD: +7.3%)
DFM	6,033	+1.4% (YTD: +16.9%)
Nasdaq Dubai UAE20	4,886	+1.0% (YTD: +17.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.9% o/n	3.9% 1 yr
TASI	11,596	0.0% (YTD: -3.7%)
EGX30	37,459	+0.1% (YTD: +26.0%)
S&P 500	6,644	-0.2% (YTD: +13.0%)
FTSE 100	9,453	+0.1% (YTD: +15.7%)
Euro Stoxx 50	5,552	-0.3% (YTD: +13.4%)
Brent crude	USD 62.28	-1.6%
Natural gas (Nymex)	USD 3.01	-0.6%
Gold	USD 4,178	+0.4%
BTC	USD 113,327	-1.9% (YTD: +21.3%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.75	0.0% (YTD: +7.7%)
S&P MENA Bond & Sukuk	151.00	0.0% (YTD: +7.9%)
VIX (Volatility Index)	20.81	+9.4% (YTD: +19.9%)

THE CLOSING BELL-

The ADX rose 0.1% yesterday on turnover of AED 1.3 bn. The index is up 7.3% YTD.

In the green: Gulf Cement Co. (+3.2%), National Corporation for Tourism & Hotels (+2.6%) and Burjeel Holdings (+2.3%).

In the red: Al Khaleej Investment (-7.8%), National Bank of Umm Al Qaiwain (-5.2%) and Umm Al Qaiwain General Investment Co. (-4.7%).

Over on the DFM, the index rose 1.4% on turnover of AED 741.6 mn. Meanwhile, Nasdaq Dubai was up 1.0%.

CALENDAR

OCTOBER

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-Friday): GITEX Global, Dubai World Trade Center, Dubai

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

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

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, Dubai World Trade Center, Dubai

21-23 October (Tuesday-Thursday): Global Food Week, Adnec Center, Abu Dhabi

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, 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.

23-29 October (Thursday-Wednesday): Subscription period for Dubizzle’s IPO.

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.

30 October (Thursday): Final pricing and allocation for Dubizzle’s IPO.

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.

6 November (Thursday): Dubbizle to ring the DFM’s opening bell.

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

10-15 November (Monday-Saturday): RoboCup Asia-Pacific (RCAP), Adnec Center, 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 November (Wednesday): DFSA–HKMA Joint Climate Finance Conference, Dubai

26-27 November (Wednesday-Thursday): DATE (Digital Acceleration and 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, 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) 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.

APRIL 2026

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

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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