ADCB wraps rights issue + CBUAE cuts interest rates

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WHAT WE’RE TRACKING TODAY

THIS MORNING: CBUAE cuts rates by 25 bps, following the Fed + UAE “the world’s second crypto capital,” Coinbase CEO says

Good morning, friends. We have a busy issue for you this morning, led by news that Abu Dhabi Commercial Bank wrapped its bumper rights issue, a new fund launch in ADGM, and the latest data from NielsenIQ on consumer trends in the UAE.

PLUS- We look at the rise of Gulf issuance in China, as Asian investors pivot away from US debt and look towards diversifying their bonds amid policy uncertainty and headwinds.

AND- We sit down with Coursera’s CEO Greg Hart, who tells us about the demand for the platform in the UAE, why microcredentials like online certificates are rising in importance amid a competitive job market, and how AI is shifting learner trends in the UAE and the wider region.

BUT FIRST- The Central Bank of the UAE cut interest rates for the third time this year, lowering them by 25 bps in line with the US Federal Reserve’s move in its meeting yesterday, state news agency Wam reports. The base rate applicable to the overnight deposit facility was cut to 3.65%, while the rate applicable to borrowing short-term liquidity remains the same at 50 bps above the base rate for all standing credit facilities.

We have more on what drove the Fed’s decision and what’s coming next in this morning’s Planet Finance, below.

⛅WEATHER- We’re in for a mostly cloudy day in both Dubai and Abu Dhabi, with the mercury peaking at 30°C in Dubai and Abu Dhabi, before cooling to a low of 20°C in the former and 18°C in the capital.

WATCH THIS SPACE-

#1- Paramount lobbies Warner Bros shareholders to back its Gulf-backed hostile takeover: Paramount CEO David Ellison made a compelling regulatory and valuation case for his company’s USD 180 bn hostile bid during meetings with Warner Bros shareholders in New York this week, where he also assuaged concerns over reliance on Gulf funds for the bid, sources present during meetings told the Financial Times. Investor Mario Gabelli, whose fund holds USD 160 mn in Warner Bros stock, told the FT his clients would be better off tendering to Paramount unless Netflix “bumps the price.”

REMEMBER- Paramount launched a counter bid for all of WBD days after Netflix agreed to acquire its Hollywood studios, as well as HBO and streaming business, but not its traditional TV channels. Abu Dhabi’s L’imad, QIA, and PIF are providing USD 24 bn to support Paramount’s bid, structured without governance rights to avoid review by the Committee on Foreign Investment in the US. The bidding war has driven WBD’s stock from USD 12 in September to USD 28 this week, with both suitors now under pressure to sweeten terms.

What’s next? Warner Bros’ shareholders have until 8 January to decide what it will do.

#2- Mubadala Capital, Kaio to explore tokenizing private market investment products: Mubadala Capital and Kaio, an onchain infrastructure provider for real-world assets, will explore opening up tokenized access to the asset manager’s private-market investment products to institutional and accredited investors, according to a press release.

The move points to a growing wave of “traditional institutional capital […] scaling onchain,” Kaio CEO Shrey Rastogi said. The tie-up will look into providing access to alternative investment options using digital infrastructure from Kaio — which has already worked with the likes of BlackRock, Brevan Howard, and Hamilton Lane on tokenized feeder structures.

#3- e& to start accepting stablecoin: You can soon use AE Coin, the UAE’s first AED-pegged stablecoin, to pay for phone bills, recharges, and other digital and self-service transactions, after e& UAE inked an MoU with Al Maryah Community Bank (Mbank) to enable the payments, according to a press release.

ICYMI– A host of Emirati players are adopting AE Coin payments, with 7X inking a similar MoU last week, as well as Air Arabia, the Abu Dhabi Judicial Department, and Abu Dhabi’s Tawasul Taxis.

In other stablecoin news, Blockchain Center Abu Dhabi partnered with stablecoin FX exchange infrastructure provider Open Stable Network (OSN) to set up an Abu Dhabi-based stablecoin and digital assets platform, which will be known as OSN Abu Dhabi, according to a press release.

Another AED-pegged stablecoin that was recently approved, Zand AED, will reduce regular transfer fees to 0.5% from 6%, the bank’s CEO Michael Chan told CNBC Arabia (watch, runtime: 1:34). The Central Bank of the UAE gave Zand Bank approval to issue the stablecoin last month

This comes as the UAE is now being dubbed “the world’s second crypto capital” after the US by Coinbase CEO Brian Armstrong told CNBC (watch, runtime: 8:34), thanks to regulatory clarity that has attracted a pool of investors, The Nasdaq-listed crypto exchange, which recently acquired Dubai-based crypto options exchange Deribit for USD 2.9 bn, plans to make the UAE their international HQ for derivatives, Armstrong added.

#4- Wider adoption of long-haul aircraft models is expected to boost Dubai airports’ reach to over 600 destinations, up from 240 today, Dubai Airports CEO Paul Griffiths told Khaleej Times. With local and foreign carriers set to receive new long-range aircraft in the coming years, Griffiths believes Dubai could boost its aviation hub status by tapping new routes to “secondary cities” in Asia, Europe, and Africa.

Widebodies are no longer the only jets capable of long-haul trips, as new narrow-body models can now fly for up to nine hours and carry as many as 200 passengers, Griffiths explained.

Airport expansions are another piece of the puzzle: Al Maktoum Airport’s USD 10-12 bn expansion project is set to lift Dubai airports’ capacity to 260 mn passengers. DXB is expected to be integrated into DWC — which is planned to be five times DXB’s size.

#5- Our region needs some USD 200 bn in gas investment over the next four years to keep pace with demand, Crescent Petroleum CEO and Dana Gas Board Managing Director Majid Jafar was quoted as saying at the Middle East Gas Conference, according to a press release. Regional output has grown by over 15% since 2020 and is on track to rise another 30% by 2030, putting the Middle East on course to become the world’s second-largest natural gas producer after North America, Jafar said.

Producers must bring on an additional 14 bcf/d of supply by 2030 to reach 86 bcf/d — an increase comparable to the entire gas demand of Europe’s power sector, the press release noted. The region’s push to build out AI infrastructure in the UAE and Saudi Arabia will amplify demand, with power-intensive server clusters drawn by comparatively lower energy costs, modern networks, and the need for steady baseload electricity that gas currently provides.

The IEA agrees: Middle East natural gas output is forecast to expand by more than 20% (around 165 bcm) between 2024 and 2030, with Saudi Arabia contributing nearly 40 bcm and the UAE adding around 20 bcm. Global gas demand is seen climbing by 1.5% annually through 2030 in the IEA’s base case — or 380 bcm in absolute terms. About half of that demand (roughly 190 bcm) would come from Asia-Pacific, with the Middle East accounting for close to 30% of the non-Asia share — more than 50 bcm over the period.

#6- Abu Dhabi family owned-developer expands London portfolio with major West End office project: London’s Westminster City Council approved plans by Berkeley Estate Asset Management, a real estate asset manager owned by Abu Dhabi’s ruling Al Nahyan family, for one of the largest office developments in London’s West End, Bloomberg reports. The developer is owned by the Private Department of the President of the UAE, according to official government data.

The details: The project involves redeveloping the former flagship BHS store and the adjoining London College of Fashion building on Oxford Street, creating around 80k sq ft. of office space and over 100k sq ft of stores. Led by architect KPF, the design reconditions an area typically dominated by smaller historic buildings, which are subject to strict regulatory protections and restrictions.

PSA-

School days will get shorter on Fridays to account for new Friday prayer times: The General Authority of Islamic Affairs, Endowments, and Zakat will standardize Friday sermons and prayers, moving it up to 12:45pm nationwide, effective from 2 January 2026, Gulf News reports. Schools are likely to see shorter days and will coordinate with educational authorities to implement schedule adjustments to accommodate the change.

DATA POINT-

GCC top market for Dubai exports in 9M: GCC markets were the main destination for Dubai Chamber of Commerce members’ exports and re-exports in 9M 2025, according to the Dubai Media Office. The region accounted for 48.2% of the AED 125.3 bn total.

Non-GCC Middle East markets came second, accounting for 29.1% at AED 75.7 bn, followed by Africa at AED 26.1 bn. Asia-Pacific was next with AED 21.9 bn, while Europe saw AED 7.8 bn, North America logged AED 1.8 bn, and Latin American markets saw just over AED 1 bn.

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HAPPENING TODAY-

Abu Dhabi Finance Week runs until Thursday, 11 December at the ADGM in Al Maryah Island. The largest finance event in the UAE promises a star-studded lineup, with the likes of Microsoft founder Bill Gates, BlackRock CEO Larry Fink, and JPMorgan CEO Jamie Dimon among the speakers on the schedule. Day one will host the Abu Dhabi Economic Forum, which will feature government officials, heads of sovereign wealth funds, and economists to discuss the future of sustainable economic development.

HAPPENING THIS WEEK-

The UAE is among eight countries attending the Pax Silica summit hosted by the US on Friday, 12 December at the White House. The meeting will gather close US allies including Japan, South Korea, Singapore, the Netherlands, the UK, Israel, and Australia as the US looks to reduce dependence on China and counter its dominance in AI technology. Washington aims to secure agreements with the attending countries — all of whom either possess critical mineral resources or host major semiconductor firms.

DATA POINT- China accounts for over 90% of the world’s rare earths and permanent magnet refining capacity — essential for the development of computer chips and other AI technology — followed by Malaysia with just 4%.

THE BIG STORY ABROAD-

One story is on every front page this morning: The US Federal Reserve lowered interest rates by 25 bps to 3.50-3.75%, marking its third cut this year. The decision was the result of a rare 9-3 split vote that exposed divisions over how to steer the economy through tariffs, a labor squeeze, and limited data from the government shutdown. Chair Jerome Powell said the Fed faces “significant downside risks” in the jobs market and inflationary pressures from Trump’s trade policies, urging caution as new data comes in. (Guardian | BBC | CNBC | CNN | Reuters | Bloomberg)

** DIVE DEEPER- We have more on the Fed’s decision in this morning’s Planet Finance, below.

AND- US forces seized a sanctioned oil tanker off Venezuela’s coast, escalating Trump’s pressure campaign against Venezuelan President Nicolás Maduro. The vessel was accused of transporting illicit oil from Venezuela and Iran. (Guardian | BBC | Bloomberg | CNN | Reuters)

Escalation in Yemen is also getting attention: The Southern Transitional Council in Yemen, which has in the past been backed by the UAE, seized power across southern Yemen earlier this week in a major move that could potentially split the country into two states for the first time in decades. Saudi Arabia also withdrew its troops from the presidential palace in the southern capital, effectively handing control to the STC. (Reuters | Guardian | France24 | Associated Press)

Background: The country has faced a civil war for over a decade as Iran-aligned Houthis control the most populous areas of the country, while Saudi Arabia and UAE-backed coalitions have backed the government in the south, though things had reached somewhat of a stalemate for a few years. The latest move from the STC upends the quiet agreement that had been in place among the anti-houthi partners.

A UAE official told Reuters that the UAE’s position on Yemen “is in line with Saudi Arabia in supporting a political process” that is based on UN resolutions, without commenting directly on the STC’s moves in Yemen.

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ADCB wraps biggest-ever ADX rights issue

Abu Dhabi Commercial Bank (ADCB) wrapped up its AED 6.1 bn rightsissue, drawing commitments of over AED 12 bn from local, regional, and international investors, according to an ADX disclosure (pdf).

The lender said all 592.2 mn new shares were fully subscribed, at AED 10.3 each, with demand for additional shares running more than 3x the available amount, and allocated pro rata among investors who requested extra stock. Mubadala, the bank’s largest shareholder, took up its full entitlement.

This was the largest-ever rights issue by an ADX-listed firm. The move, first announced in September, raises ADCB’s paid-up capital to AED 7.9 bn, up from AED 7.3 bn, and supports its plan to maintain buffers ahead of tighter capital rules for systemically important banks. Subscriptions ran from 18 November to 4 December, with shares priced at AED 10.3 each — roughly a 30% markdown to the lender’s early-September market close.

IN CONTEXT- The raise follows ADCB’s renewed mandates to issue up to USD 8 bn in debt and USD 2 bn in capital instruments, and comes as the bank continues to clean up legacy exposures, including this year’s USD 1.4 bn sale of distressed loans.

ADVISORS- ADCB quarterbacked the transaction as the sole lead manager, bookrunner, and receiving bank.

Gemcorp, Angola sovereign wealth fund launch ADGM-based, pan-African fund

Angola and Gemcorp launch a USD 500 mn infrastructure fund in Abu Dhabi: Angola’s sovereign wealth fund Fundo Soberano de Angola (FSDEA) and investment firm Gemcorp Capital, which has bases in London and ADGM, launched an Abu Dhabi-based USD 500 mn pan-African Infrastructure Fund, according to a press release. The fund, subject to regulatory approvals, will tap Gulf investors with interest in Africa, chair of FSDEA Armando Manuel told Reuters.

Where will the money go? The fund’s investments will focus on critical sectors including transportation, energy and energy transition, water and food security, supply chains, financial services, and communications.

Fundraising plans: FSDEA will provide an initial USD 50 mn, potentially rising to USD 200 mn depending on commercial conditions, while Gemcorp and its funds will contribute up to USD 50 mn. The remaining capital will come from from global investors.

The appetite is already there: “The level of appetite that we’ve witnessed, whether it is pension schemes all the way in Nordic Europe, to investors in GCC to international institutional capital as well as family offices, is vast,” Asad Hajiyev, Gemcorp senior executive officer in Abu Dhabi, is quoted as saying.

UAE investors ❤️ Africa: UAE-based developer Emirates Reportage Development & Investment is building a AED 1.8 bn mixed-use development in Angola, while Dubai Investments partnered with the FSDEA on Luanda real estate projects and began building the USD 500 mn DIP Angola project last year. On the energy front, Adnoc’s XRG and its partners will also expand the Coral North Floating LNG facility in Mozambique. Meanwhile, Abu Dhabi’s International Resources Holding (IRH) acquired a majority stake in Congo tin miner Alphamin Resources.

Gulf issuers eye China’s USD 20 tn onshore debt market

Gulf borrowers are increasingly seeing growing allocations from Asian investors, with DBS’s Clifford Lee telling Reuters that regular Gulf issuance in China’s onshore bond market could “unlock access to an over USD 20 tn market.” This comes as Asian investors are pivoting sharply toward GCC debt as uncertainty deepens in the world’s two largest economies — the US and China — making the region’s stability and diversification push look increasingly attractive on the global scene.

By the numbers: Bond issuance in MENA jumped 20% y-o-y to USD 125.9 bn in 9M 2025, putting the region on track for a record year. Meanwhile, borrowers in the Middle East secured USD 16 bn in syndicated loans from lenders in the Asia-Pacific so far this year, more than triple the USD 5 bn raised last year, as investors reprice US recession risks and brace for prolonged tariff volatility.

“Chinese investors [are] actively diversifying away from US-based investments,” HSBC Mena Debt Capital Markets Head Nour Safa told the newswire, adding that Chinese capital – often routed via Hong Kong, Singapore, and Malaysia – is now ramping up purchases across both loans and bonds.

Why it matters for the region’s diversification play: Analysts say the shift bodes well for GCC sovereigns and government-related entities trying to finance multi-year transformation plans at a time when oil-linked revenues are softer. IMF forecasts show the MENA region growing 3.9% this year and accelerating to 4.3% in 2026, outpacing a cooling global economy.

“Investors are being more cautious about US Treasuries,” Nomura’s Oliver Holt told Reuters, noting that high-rated Gulf issuers are capturing flows thanks to tighter spreads and stronger credit fundamentals. Asian allocations in GCC transactions climbed to 15-20%, up from 5-7% in early 2024, according to Emirates NBD Capital’s Ritesh Agarwal.

Demand is already influencing pricing: Asian investors took 40% of Qatar’s AA-rated, USD 1 bn, three-year bond last month, which was priced at just 15 bps over US Treasuries. Gulf credits also offer yield pick-ups versus similarly rated Asian bonds, UOB Asset Management CIO Chong Jiun Yeh noted. Meanwhile, early Gulf forays into Asia’s currency markets — from Sharjah’s RMB 2 bn, three-year Panda bond to Saudi National Bank’s first SGD-denominated bond — hint at a broader financing shift.

The upshot? With investors shying away from US exposure due to policy instability and China still under pressure, the Gulf’s relative macro stability, higher yields, and aggressive diversification agenda are making it a natural magnet for Asia’s capital and potentially positioning the region as a regular borrower in the world’s deepest bond market.

IN CONTEXT- Is equity fatigue becoming a tailwind for Gulf debt? MENA equity issuance has struggled this year under valuation pushback and softer first-day performance. The region’s once-reliable IPO pop has all but evaporated, leaving several Emirati and Saudi floats postponed or trading below their offer prices. However, the very conditions weighing on equity capital markets — from US tariff uncertainty to slowing Chinese growth — seem to be creating a fertile backdrop for the region’s fixed income issuance.

The UAE ♥️ high-end grocery baskets, with FMCG dominating consumer spending patterns in the past year -NielsenIQ

Consumers in the UAE are loosening their purse strings when it comes to premium grocery baskets, while treading more cautiously when it comes to spending on technology, according to NielsenIQ’s 3Q 2025 State of the Nation report (pdf). This is a reversal of the trend in Saudi Arabia, where spending on higher-end tech is taking precedence.

Spending momentum in the UAE remained strong in the twelve months leading into September. Spending on both value and premium items in the FMCG category climbed 20%, with revenues rising 7.7% y-o-y — seeing significant growth compared to tech and durables, which saw sales climb 6.9% y-o-y, with spending rising on premium products as opposed to value-tier ones.

What they said: “UAE shoppers show strong growth at both ends of the spectrum, presenting opportunities for suppliers to cater to both entry-level and premium segments,” General Manager for the Arabian Peninsula and Pakistan Andrey Dvoychenkov told NielsenIQ.

Luxury retail gains momentum: The UAE is among the strongest performers in the Middle East luxury market, according to a Bain & Company press release. Luxury spending in the region is projected at 4-6% in 2025, supported by tourism in Dubai and Abu Dhabi and steady domestic demand. UAE consumers favor luxury experiences like fine dining, hospitality, and travel over traditional goods, the report states, while accessible luxury products are gaining traction among younger, value-conscious shoppers. High-end offerings in yachts, private jets, and premium hospitality also remain robust.

Modern trade dominates FMCG: Modern trade — which includes supermarkets and large chain stores — account for roughly 70% of FMCG sales in the UAE, while traditional trade — think smaller mom-and-pop shops — represents 18% and e-commerce contributes 11.9%, gaining two percentage points compared to the same period last year. In the tech segment, organized retail generates more than 75% of revenues, with online channels covering nearly one-third of sales — showing consumers’ growing comfort with purchases of high-value electronics digitally even as grocery shopping remains largely store-based.

Job seekers are leaning on microcredentials and online courses amid rising competition and demand for new skills

If you’ve ever been on LinkedIn, you’ve likely seen many a post celebrating an online certification — or even made one yourself — from either LinkedIn itself or platforms like Coursera. Usually a platform for job seekers to showcase their experience and skillset, LinkedIn has become a hodgepodge of musings, new job announcements, and those certificates.

A lot of these tend to have an AI or digital skill-linked theme. People not only want to show they are serious about their career growth, but that they also care about growing their skillsets, and that they remain relevant in what is increasingly a competitive market. This is especially the case in a place like the Gulf, where competition for talent between Saudi Arabia and the UAE is fierce, and AI-linked skills are becoming more in demand.

This reliance on continuous learning and microcredentials has become a key tool in job seekers’ arsenal as they look for new jobs, Coursera’s President and CEO Greg Hart (LinkedIn) tells EnterpriseAM UAE. In the UAE, in particular, demand for GenAI courses, microcredentials, and job-ready skills is outpacing that of the wider region, with an overwhelming, Hart said.

By the numbers: The company now counts around 1.5 mn registered learners in the UAE, up 23% y-o-y in 2025, with over 62k GenAI enrollments recorded in 2025. UAE learners mostly consist of early-career and mid-career professionals trying to remain competitive in a fast-changing job market, he noted, adding that the age demographic is older than the broader regional base, with the median age being 36, with 86% of all Coursera learners come to the platform to advance their careers.

A job market under pressure is accelerating the shift. Cooper Fitch has been reporting steadily rising competition that outpaces job creation, as well as a preference for more UAE-experience talent as opposed to those who are new to the market, which makes it harder for people looking for jobs in the UAE — with less experience in their CV — to land jobs.

Microcredentials are now increasingly viewed as a bonus on employees’ CVs, supplementing traditional educational degrees as new skillsets — like AI — emerge, Hart explained. Some 97% of UAE employers say they are more likely to hire a candidate with a microcredential, the same share of students who say they want to earn one. “It’s one of the best ways for people past their university days to demonstrate that they have the skills that are needed today,” Hart added.

The structure of learning itself is changing. People are no longer viewing education as something that’s front-loaded to their university years, Hart said. Mid-career and late-career professionals are increasingly using Coursera to advance their skillsets, especially those linked to the digital world and GenAI.

This shift has pushed Coursera to orient the entire platform around “skills pathways,” using the company’s AI-driven career graph to map courses to specific job roles across IT, data, GenAI and software engineering. Each pathway includes verified assessments — effectively proof-of-skill — that workers can share with employers.

The UAE’s government is also prioritizing initiatives to help upskill workers to advance its ambitious AI targets, which is helping boost this wave, Hart said. The country also decided in May to embed AI into its public-school curriculum from kindergarten to grade 12 starting next year, covering technical foundations, ethics, data, and algorithms — something Hart described as “far more forward-looking” than what he sees in the US.

Those policy moves are translating into enterprise partnerships. Coursera now works with over 100 organizations in the UAE alone, including Dubai Police, Adnoc, Emirates NBD, Etisalat, Edge Group, Dubai’s Roads and Transport Authority, governmental departments, and universities such as Ajman University. Regionally, its collaboration with UNDP and the MBRF aims to equip 10 mn learners across Arab states with future-ready skills by 2030.

In the broader region: The Middle East is now one of the company’s fastest-growing markets globally, with overall learner growth in the region outpacing global averages, Hart told us. Across MENA, upskilling demand is surging at double-digit rates. The Middle East and Africa logged over 1 mn enrollments on Coursera in 2025, averaging one enrollment per minute — up from one every five minutes in 2023, according to data Coursera shared with EnterpriseAM UAE. Of this, some 261k enrolled in GenAI courses across the region this year, while c. 1.5 mn enrolled in STEM-related courses.

For learners across MENA, the message is increasingly clear: adapt early, or risk being left behind. The convergence of demographic trends, national AI policies, and employer pressure is creating a feedback loop that is driving the fastest adoption rates Coursera has ever seen outside the US. For employers, microcredentials are becoming a critical filter. For governments, upskilling pipelines are becoming economic policy. And for platforms like Coursera, the region has become the testbed for what a skills-first economy looks like in practice.

New CEO at Taqeef after 30 years

Taqeef appoints its first new group CEO in 30 years: HVAC solutions provider Taqeef tapped Tuna Gülenc (LinkedIn) as new group CEO, succeeding Tariq Al Ghussein (LinkedIn), according to a press release. Al Ghussein, who led the family business for over 30 years, will transition to serve as the firm’s chairman.

Gülenc brings over 20 years of experience in cooling solutions across various senior positions. He most recently served as deputy managing director at Daikin, where he scaled the firm’s operations in Turkey, Europe, the Middle East, and Africa. Gülenc will oversee Taqeef’s regional and international footprint expansion in his new role.

Dubai National Ins. CEO resigns: Dubai National Ins. CEO A.R. Srinivasan (LinkedIn) has stepped down from his position, citing personal reasons, according to a DFM disclosure (pdf). The company’s board of directors tapped the firm’s head of risk management Charbel Yazbeck (LinkedIn) as acting CEO, pending approval from the Central Bank of the UAE.

Brics’ NBD’s list USD 50 bn note program on Nasdaq Dubai + Several firms join new FIDA cluster in Abu Dhabi

DEBT-

NDB’s USD 50 bn listing is now in Dubai: New Development Bank (NDB) listed its USD 50 bn Medium-Term Note (EMTN) program on Nasdaq Dubai, according to a press release. The program, also listed on the Financial Conduct Authority register and the London Stock Exchange, holds a credit rating of AA from Fitch and AA+ from S&P.

EMTN? The dual-listed program comes as NDB aims to diversify funding sources from regional and global investors, and across key international financial centers. It looks to issue debt instruments in local currencies to fund infrastructure and sustainable development projects across its member countries.

BACKGROUND- NDB was established by the Brics nations in 2015 to finance infrastructure and sustainable development projects in emerging economies. The UAE joined in 2021 and Egypt became a member two years later.

Moody’s has maintained Dubai toll operator Salik’s investment-grade A3 rating with a stable outlook, citing a low-risk business profile, robust financials and balance sheet, exclusive operating rights under its long-term RTA concession, and ties to the emirate’s growing economy, according to a press release (pdf). The agency assigned Salik the same rating last year.

REMEMBER- Earlier this month, Fitch upgraded Salik to A from A- with a stable outlook, citing its exclusive toll-gate franchise, low leverage, strong liquidity, and links to Dubai’s expanding economy. The agency said the RTA concession provides predictable cashflows.

INVESTMENT-

Adio partners with CICC to create Abu Dhabi-China investment corridor: The Abu Dhabi Investment Office (Adio) inked an agreement with China International Capital Corporation (CICC) to establish an investment corridor aimed at boosting capital flows between Abu Dhabi and China, according to a press release.

Under the partnership, Adio and CICC will identify fast-growing Chinese companies looking to expand to Abu Dhabi and help local institutional investors access China’s capital markets. CICC will use Abu Dhabi as its regional base to launch structured products, services targeting high-net-worth individuals and family offices, and market-access advisory.

ALSO– YeePay to establish regional HQ in Abu Dhabi, join FIDA: Adio teamed up with Chinese cross-border payments firm YeePay to set up the company’s regional headquarters and technology hub in Abu Dhabi, according to a press release. YeePay will join the newly launched fintech, ins., digital, and alternative assets (FIDA) cluster, which looks to bring in investment from global firms and facilitate access to financing and infrastructure.

US financial services firm Prudential Financial (PFI) will also join the FIDA cluster, after it inked an agreement with Adio, according to the Abu Dhabi Media Office. The agreement will see Prudential use its global investment management platform, PGIM, to develop scalable investment, income, and reins. products tailored to the UAE and the broader GCC. Initiatives will include designing retirement solutions, enhancing financial security strategies, and integrating global practices into local markets.

STARTUPS-

Regtech startup Qadi secures USD 500k in pre-seed funding for AI compliance platform: UAE-based regulatory tech platform Qadi closed a pre-seed funding round valued at USD 500k, a company spokesperson told EnterpriseAM. MENA-based investment firm Incubayt led the funding round, which also saw participation from angel investor from the UAE, and Abu Dhabi in particular, with a background in AI and regulation.

The next steps: Qadi will use the capital to support the expansion of its AI and law-focused engineering teams, initially rolling out its platform to UAE law firms, with a wider rollout coming in 1Q 2026. Long-term it plans to scale across the GCC, with a focus on Saudi Arabia and tapping into Vision 2030-linked projects.

How it works: Qadi creates AI agents based on local laws, regulations, and policies to automate compliance workflows including contract reviews, checking NDAs and MSAs against local requirements, and monitoring media assets for regulatory compliance, according to a press release. The goal is to help refocus employee efforts away from manual tasks to strategy and negotiation.

LEGISLATION-

The UAE has updated its organ and tissue donation law to allow the controlled use of animal-based and lab-made organs in medical treatments, according to a press release. The law sets strict licensing, testing, compatibility, consent, and committee-approval requirements, with the Health Ministry providing technical standards and procedural guidance.

A national database will track all non-human transplants, including safety and clinical data, while the Cabinet regulates transfers within and outside the UAE. Regulatory violations carry fines of AED 100k-2 mn and possible imprisonment.

LOGISTICS-

Yango + noon roll out robot deliveries in Dubai: Dubai-based tech firm Yango Group is partnering with e-commerce firm noon on autonomous deliveries for noon Minutes customers in Dubai, according to a press release. The partnership will deploy AI-powered robotic deliveries across residential communities in Dubai for customers opting for the 15-minute delivery service, before expanding across the UAE and wider GCC area.

Where we’re at: The partnership already completed its first commercial order, with Yango Autonomy’s fully electric robots carrying out on-demand deliveries in the Sobha Hartland community. The robots offer real-time tracking and can navigate road obstacles and pedestrian movements.

BACKGROUND- Autonomous deliveries are currently on a roll in the Emirates, with players like K2 carrying out pilot operations with Talabat, EXXM, Enec, and noon for autonomous air and land deliveries, and teaming up with Mercedes-Benz and China’s Moment Global through its subsidiary on self-driving cars. Driverless robotaxi services are also coming to Abu Dhabi, Dubai, and Ras Al Khaimah.

Adnoc L&S secures fourth LNG carrier: Adnoc Logistics and Services (Adnoc L&S) added the Al Sadaf carrier to its fleet, the fourth of six liquefied natural gas (LNG) carriers, Al Sadaf, from Jiangnan Shipyard in China, state news agency Wam reports. The carrier has a 175k cbm capacity and has dual-fueled engines that can reduce methane emissions by up to 50%.

ICYMI- The six-carrier contract was agreed upon in 2022 and the final two LNG carriers are expected in 1H 2026. Adnoc is also set to receive nine very large ethane carriers (VLECs) and four very large ammonia carriers (VLACs). It secured the first VLEC in August.

Fed delivers the third cut of the year, signals possible long pause

The Fed cut rates again last night: The US Federal Reserve lowered its benchmark rate by 25 bps overnight, marking the third such move this year following cuts in September and October, according to a statement. The target rate now sits at 3.5-3.75%.

This could be the last one for a while. Policymaker projections issued after the meeting pointed to a single quarter-percentage-point cut next year. It’s not clear when this could be, but the language used in the statement echoes that of a statement from December 2024, after which the Fed refrained from cuts until September. “In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks,” the statement said. The next meeting is taking place on 25-26 January.

Federal Reserve Chair Jerome Powell said the Fed is “well positioned to wait and see how the economy performs” — another signal that the next cut won’t be for a while. Powell is waiting on inflation, which remains “somewhat elevated,” to go down, and to see what happens to the job market, which has shown signs of softening. Policymakers’ projections see inflation ending next year at 2:4%, and the unemployment rate remaining at a moderate 4.4%.

The Fed is also more divided than ever. Three dissenting votes were against the rate cut, which hasn’t happened since 2019. Seven officials also indicated they want no cuts next year.

The lack of clarity on what comes next is made worse by the fact that the Fed’s chair will change early next year, along with the slow release of economic indicators following the US government shutdown. “Given the lack of consensus on the Committee displayed today, along with the slow release of traditional economic data, and the arrival of a new Fed chair early in 2026, we think the Fed is likely to remain on hold for a while, although continued softness in some of the labor indicators can certainly bring another 25-basis-point cut into the mix for January,” Rick Rieder, chief investment officer for global fixed income at BlackRock and one of the shortlisted candidates Trump is considering as a successor to Powell, is quoted as saying.

The Fed also said it would start buying short-dated government bonds — USD 40 bn a month — to manage market liquidity, which Powell said helps maintain control of the policy rate and downplayed it as a technical adjustment as opposed to stimulus.

Market reax: Stocks rose following the decision, with the S&P 500 up 0.7%, while 10-year US Treasury yields dropped to around 4.15%.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning, tracking gains on Wall Street following the Fed’s rate cut, with the exception of Japan’s Nikkei, which is down 0.1% after starting the day in positive territory. Over on Wall Street, futures point to a lower open after Oracle’s shares took a hit in after-hours trading in response to disappointing quarterly revenue results that reignited concerns of overly valued tech stocks.

ADX	9,981	-0.1% (YTD: +6.0%)
DFM	6,077	+0.5% (YTD: +17.8%)
Nasdaq Dubai UAE20	4,857	+0.2% (YTD: +16.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.9% o/n	3.6% 1 yr
Tadawul	10,726	+0.3% (YTD: -10.9%)
EGX30	42,053	+0.3% (YTD: +41.4%)
S&P 500	6,887	+0.7% (YTD: +17.1%)
FTSE 100	9,656	+0.1% (YTD: +18.1%)
Euro Stoxx 50	5,708	-0.2% (YTD: +16.6%)
Brent crude	USD 62.51	+0.5%
Natural gas (Nymex)	USD 4.62	+0.5%
Gold	USD 4,267	+1.0%
BTC	USD 91,012	-1.4% (YTD: -2.7%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.82	0.0% (YTD: +9.7%)
S&P MENA Bond & Sukuk	151.62	+0.1% (YTD: +8.4%)
VIX (Volatility Index)	15.77	-6.9% (YTD: -9.1%)

THE CLOSING BELL-

The DFM rose 0.5% yesterday on turnover of AED 704.3 mn. The index is up 17.8% YTD.

In the green: International Financial Advisors Holding Company (+14.8%), National Cement Company (+13.8%), and Ajman Bank (+5.8%).

In the red: Gulf Navigation Holding (-9.8%), Dubai National Ins. and Reins. (-9.7%), and Sukoon Takaful (-9.6%).

Over on the ADX, the index fell 0.1% on turnover of AED 1.1 bn. Meanwhile, Nasdaq Dubai was up 0.2%.

CALENDAR

DECEMBER

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

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

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

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

12 December (Friday): US Pax Silica Summit, White House, Washington DC.

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;

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.

1 January: Amendments to the Tax Procedures Law and the UAE VAT Law come into effect.

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

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.

4-6 February (Wednesday-Friday): Arab Actuarial Conference, Millennium Plaza Downtown Hotel, Dubai.

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

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

10-11 February (Tuesday-Wednesday): Top Advisors and Investors Summit, Abu Dhabi

MARCH 2026

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

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

28-29 March (Saturday-Sunday): Emirates Congress on AI & Visionary leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

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

APRIL 2026

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

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

13-15 April (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.

14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai.

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

MAY 2026

11-15 May (Monday-Friday): Dubai Future Finance Week, Dubai.

11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.

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

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

DECEMBER 2026

2-4 December (Wednesday-Friday): UN Water Conference, UAE.

Signposted to happen in 2026:

The UAE to host the Arab Competition Forum;
Investopia Global Talks, Tashkent.

Signposted to happen sometime in 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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