Adia backs another Indian IPO + UAE’s AI startups land USD 125 mn in funding in 1H 2025

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WHAT WE’RE TRACKING TODAY

THIS MORNING: WeRide gets approval for fully driverless Robotaxi operations in Abu Dhabi + UAE-Chad forum mobilizes USD 20.5 bn in investments

Good morning, friends, and happy hump day. We have a busy issue for you this morning, with more investments from the Abu Dhabi Investment Authority in India, another project from Masdar in Uzbekistan, and a deluge of earnings. Plus: We have plenty of tidbits on the UAE’s autonomous and electric vehicles drive courtesy of Abu Dhabi Autonomous Week. Let’s dive in.

WEATHER- It’s another warm day in both Dubai and Abu Dhabi, with Dubai seeing a high of 31°C, and an overnight low of 24°C, and Abu Dhabi seeing a high of 32°C, with an overnight low of 22°C, according to our favorite weather app.

WATCH THIS SPACE-

#1- UAE-Chad Trade and Investment Forum mobilizes USD 20.5 bn agreements: The Republic of Chad has secured USD 20.5 bn — two-thirds of the funding needed for its five-year national development plan Chad Connection 2030 — through agreements signed during the UAE–Chad Trade and Investment Forum in Abu Dhabi this week, state news agency Wam reports. The forum also marked the completion of negotiations around a comprehensive economic partnership agreement between the UAE and Chad.

The commitments include 40 private sector MoUs worth USD 4.1 bn and financing pledges from around 30 donor entities and multinational institutions, including the World Bank Group, Islamic Development Bank, African Development Bank, Arab Bank for Economic Development in Africa, and Afreximbank. Details around the private sector MoUs that were signed were not disclosed, though Etihad Credit Ins.’ signed an MoU with Chad to expand trade finance, investment protection, and risk management for bilateral projects, according to a press release.

UAE President Sheikh Mohammed bin Zayed Al Nahyan also met with Chad President Mahamat Idriss Déby Itno to discuss further cooperation in economic, trade, development, and renewable energy sectors, Wam reported separately.

#2- FinMin and CBUAE test out Digital AED: The Finance Ministry and Dubai’s Department of Finance (DOF), in collaboration with the the Central Bank of the UAE (CBUAE), have executed the country’s first government financial transaction using the Digital AED, state news agency Wam reports.

The transaction was completed via the mBridge platform, a multi-CBDC network developed by the CBUAE to enable secure, real-time financial settlements between federal and local government entities. The pilot payment was executed in under two minutes, according to executive director of central accounts at DOF Ahmed Ali Meftah.

The CBUAE is preparing to roll out the digital AED in 4Q 2025, with plans to roll it out for use with trading partners before focusing on domestic retail and wholesale transactions. The government already previously tested it out through a AED 50 mn payment sent to China via mBridge in 2024.

#2- Abu Dhabi is getting fully driverless Robotaxis soon, after China-headquartered autonomous driving technology company WeRide received federal approval to operate its fully driverless Robotaxi services in Abu Dhabi, marking the world’s first city-level L4 license outside the US, according to a press release. The permit, granted on 31 October, allows WeRide to operate without safety drivers, initially via Uber and TXAI, with wider operational details to follow.

WeRide has been conducting driverless Robotaxi tests since 2Q 2025, with operations already covering nearly half of Abu Dhabi's core urban area, including Al Reem and Al Maryah. The goal is to cover all of Abu Dhabi's core areas, including Khalifa City, Masdar City, and downtown Abu Dhabi, by the end of the year, the statement said.

REMEMBER- Dubai’s Roads and Transport Authority also signed an MoU with Uber and WeRide in June to kick off operational trials of self-driving vehicles this year, with initial permits granted — alongside Apollo Go and Pony.ai — last September to host autonomous driving trials on Dubai’s roads. WeRide also partnered with Ras Al Khaimah Transport Authority early October to launch pilot operations of autonomous buses and taxis in Ras Al Khaimah.

Also coming soon to Abu Dhabi…: The Abu Dhabi Investment Office (Adio) and Asia’s largest flying car firm, Aridge, have inked a partnership to expedite the certification, testing, and rollout of aerial vehicles in Abu Dhabi, according to a statement. Per the agreement, Adio will help Aridge navigate Abu Dhabi’s regulatory framework and facilitate access to dedicated testing corridors.

The partnership will also explore what sectors Aridge’s products are best suited for, including last-mile delivery, passenger transport, rapid medical response, tourism, and personal use.

REMEMBER- Abu Dhabi is ramping up eVTOL infrastructure, with more than 10 vertiports currently in the works across the emirate. The UAE’s aviation regulator is planning to certify air taxis by 3Q 2026.

#3- UAE makes headway on national 6G plans: The UAE has launched a national 6G initiative through the Telecommunications and Digital Government Regulatory Authority (TDRA), building on its earlier roadmap for 6G adoption, Gulf News reports. The 6G committee will coordinate research, standards, and regulatory preparation, as well as support its adoption and integration with advanced technologies across key industries.

BACKGROUND- In 2024, the TDRA outlined plans to adopt and scale 6G services nationwide by 2030, with operational testing scheduled for 2029-2030. Deputy director Mohammed Al Ramsi noted that while research on 6G frequencies is still ongoing, high-speed 5G testing is underway to develop an advanced 5.5G network.

DATA POINTS-

UAE named among top global digital asset regulators: The UAE ranks alongside Singapore and Switzerland as one of the world’s most advanced jurisdictions for digital asset regulation, according to Global Finance & Technology Network’s Global Digital Assets Report 2025 (pdf). The study cites the UAE’s activity-based licensing frameworks under Dubai’s Virtual Asset Regulation Authority and Abu Dhabi’s Financial Services Regulatory Authority as benchmarks for linking innovation with investor protection, and its regulatory frameworks for stablecoins and tokenization as more advanced than most.

It also name-checked its crypto-specific anti-money laundering framework, alongside sovereign tokenization and cross-border corridor experiments, which are expected to accelerate next year.

HAPPENING TODAY-

#1- Abu Dhabi Autonomous Week is underway until Saturday at Yas Marina Circuit’s Vehicle Experience Zone and the Adnec Center in Abu Dhabi. The six-day event convenes global smart mobility leaders to scale sustainable mobility solutions and explore investments across land, sea, air, and industrial uses.

#2- Abu Dhabi will host RoboCup Asia-Pacific until Saturday at Khalifa University, bringing together leading robotics and AI researchers for competitions and demonstrations under the RoboCup Federation’s global initiative. The event will showcase advancements in autonomous robotics, AI learning models, and humanoid soccer robots, aligning with the UAE’s push to advance applied AI research.

HAPPENING THIS WEEK-

The ACI Financial Markets Association will hold the ICA Conferenceand Exhibition from Thursday until Saturday at Conrad Dubai. The three-day event will gather professionals in financial trading, treasury management, and investment banking to discuss trends shaping global and regional markets.

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THE BIG STORY ABROAD-

No one story dominated the front pages this morning, with headlines moving between AI bubble fears, a trouble-laden COP30 in Brazil, and the anticipated end to the US government shutdown.

SoftBank’s shares plunged 10% in early trading despite strong quarterly results, after the Japanese giant sold its entire stake in US chipmaker Nvidia for USD 5.8 bn. The sale comes amid mounting fears of inflated capital investments in AI that are yet to produce certain returns. Nvidia’s shares closed down 3% yesterday. (CNBC | Reuters | Financial Times)

ALSO- A controversial COP30 kicked off yesterday in Belém, known as the gateway to the Amazon. Brazil wants to draw the focus to rainforests, aiming to raise USD 125 bn for a global forest protection fund. However, a recent government approval of oil drilling at the mouth of the Amazon River, a severe lack of hotel rooms at the Brazilian city, and clashes with indigenous protestors who forced their way inside the venue have marred the summit with controversies and accusations of hypocrisy. (CNN | Reuters)

AND- The US House of Representatives is returning on Tuesday, to vote on a funding measure that is set to end the longest government shutdown in history. The reopening would put issues of healthcare affordability front and center, as both parties stand to gain (and lose) ground with voters ahead of midterm elections next November. (CNN | Reuters | New York Times)

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Adia backs yet another Indian IPO

The Abu Dhabi Investment Authority (Adia) was among several anchor investors backing Bengaluru-based solar manufacturer Emmvee Photovoltaic Power’s INR 29 bn (USD 327 mn) IPO, which opened on Tuesday, according to a regulatory filing (pdf). The sovereign wealth fund snapped up a 5.75% stake for INR 750 mn (USD 31.1 mn).

Emmvee raised some USD 1.5 bn from 55 anchor investors, including Adia, Morgan Stanley, Goldman Sachs, BNP Paribas Funds, Citigroup, and Nomura Singapore. Domestic mutual funds took nearly half, according to the filing.

Details of the IPO: The offer included a fresh issuance of equity shares adding up to some INR 21 bn (USD 240 mn), with existing investors selling shares worth INR 7.6 bn (USD 91 mn), at a price range of INR 206-217. Up to 75% of the offer is allocated to qualified institutional buyers, while a maximum of 10% will go to retail investors and up to 15% to non-institutional investors.

Nearly three-quarters of the proceeds are going into the company’s coffers to pay off debt and support expansion, including its new Bengaluru capacity. As of June this year, Emmvee operates 7.8 GW module and 2.9 GW cell capacity.

REMEMBER- Adia has been going big on India this year, with the country taking up a huge portion of its emerging markets allocations in Asia. Investments are no longer episodic, but strategic capital deployment at scale — moving well beyond passive foreign portfolio investments into concentrated ownership among heavyweights.

The sovereign fund is coming in at late growth stage or pre-IPO rounds, with investments in Lenskart, LG’s India unit, and Groww, alongside multiple bank and manufacturing exposures. Other recent investments in India from Adia include:

A USD 750 mn investment in the debt of infrastructure firm GMR Group, marking a foothold in one of the world's fastest-growing aviation markets;
a USD 310 mn investment in a 5.1% stake in Mumbai-based IDFC First Bank;
participation in the USD 38.7 mn pre-IPO funding round for HDB Financial Services alongside other global institutions in June;
an acquisition of a 3.45% stake in RBL Bank recently sold by Mahindra & Mahindra, after Emirates NBD acquired a stake in the Indian lender;
and a USD 12 mn investment in Indian EV maker Ather Energy’s pre-IPO funding round in April 2025.

**The story was corrected to clarify the value of the IPO and the shares on offer. An old version of the story incorrectly referred to it as a INR 290 bn IPO.

Masdar to develop battery energy storage project in Uzbekistan

Masdar has a new Uzbek project: Masdar signed an agreement with Uzbekistan’s state-owned JSC Uzenergosotish to develop a standalone battery energy storage (BESS) project in the country, according to a statement. No financial ticket was disclosed for the project, which is set to start operations in 3Q 2028.

About the project: The BESS plant is part of an implementation agreement between Masdar and Uzbekistan to develop up to 1.15 GWh of BESS capacity across the country. It will be developed in two phases, each delivering 300 MW / 600 MWh of storage capacity for the 500 MW Zarafshan wind farm which it also developed and inaugurated earlier in 2024.

Expanding the footprint: Masdar has five solar plants in Uzbekistan with a capacity of around 1.2 GW, with 300 MW more under construction, the statement adds. and is developing 2 GW of wind capacity across the country.

It’s not just Masdar — several UAE firms are pouring investments in Uzbekistan: Abu Dhabi-based Global South Utilities acquired a 51% stake in Uzbek solar project developer Yashil Energiya in September. Taqa and Mubadala also completed the acquisition of an 875 MW gas-fired power plant at Uzbekistan’s Talimarjan Power Complex earlier this year.

UAE AI startups are the most well-funded in the region, based on Magnitt’s 1H 2025 data

The UAE was the MENA region’s biggest market for AI funding in 1H 2025, with USD 125 mn raised across 35 transactions, a 64% y-o-y increase, according to a Magnitt report. AI-focused startups raised USD 105 mn out of the total, while AI-enabled ventures — which integrate AI into their operations — secured USD 20 mn.

The bulk of the funding was raised through larger Series A startups, such as AppliedAI’s USD 55 mn funding round. The startup accounts for 44% of the UAE’s total AI funding.

AI startups across the region secured USD 302 mn in AI funding during the period, marking a 152% y-o-y increase compared to last year — some 16% more than was raised throughout all of 2024. AI funding accounted for 17% of total MENA venture capital (VC), its highest share on record, with AI-native startups capturing 58% of total AI funding and AI-enabled ventures accounting for 42%.

Saudi Arabia was a close second, with USD 96 mn in AI funding raised across 29 transactions, more than 4x the investments raised in 1H 2024. Egypt ranked third in the region, securing USD 69 mn spread through seven transactions, with Nawy’s USD 52 mn Series A funding round accounting for 75% of the country’s total. The three countries collectively accounted for 96% of MENA’s total AI funding and 85% of its transaction activity.

Pre-seed funding accounted for a record 27 rounds, with the UAE (11 rounds) and Saudi (12 rounds) capturing most of the early-stage activity. This early-stage trend, alongside expanding Series A activity, signals a “healthier investment funnel” that seeds new ventures while scaling proven AI players, Magnitt said.

The most popular industries within AI? Fintech, which saw investments surge sixfold to USD 77 mn, and enterprise software, which secured 30 of the 84 investments during the period and raised USD 58 mn — up 164% y-o-y and accounting for 36% of all AI transactions, according to a separate press release (pdf). The two sectors dominated due to robust data availability, clear use cases, and strong enterprise demand. Real estate ranked third with USD 56 mn, followed by edtech at USD 32 mn and construction and infrastructure at USD 29 mn.

Emerging AI sectors are expected to thrive: Real estate, edtech, law, construction, healthtech, and govtech are all promising industries, despite being capital-intensive with long development cycles, Magnitt’s Research Manager Farah El Nahlawi told EnterpriseAM, citing government support, solid data infrastructure, and integration with corporate systems as potential investment drivers in the future. “Policy tailwinds and ecosystem build-out with government-led programs such as PIF’s Humain and the UAE’s Stargate AI campus set the tone for investor confidence by demonstrating long-term national commitment to AI,” she said.

In the UAE and Saudi Arabia in particular, policy leadership, infrastructure readiness, and capital availability give them an edge over the rest of the region. “Strong enterprise and government demand also gives startups a faster path to scale than in smaller MENA ecosystems,” she added.

The main investors? Private VC dominated AI funding, with corporate participation and indirect sovereign capital playing supporting roles, El Nahlawi told us. Seven of the top 10 investors by capital deployed are MENA venture or growth funds. Meanwhile, sovereign wealth funds, including Mubadala, PIF, and ADQ, channeled capital indirectly through venture arms and funds-of-funds. Private and domestic institutional capital remain the main drivers of AI investment across the region.

REMEMBER- The UAE has also led the Middle East’s surge in VC activity so far this year, posting a record USD 1.4 bn in funding, up 188% y-o-y in 9M 2025. The total number of transactions also rose 5% to 164, putting it in third place among emerging markets.

More to come: AI is set to become a defining pillar of MENA’s VC landscape over the next three to five years, El Nahlawi told us. Funding is expected to be concentrated in fewer, larger rounds as mid-stage startups grow into regional scale-ups, with Series A and B rounds rising as local investors gain confidence and international funds seek co-investments, she added. Further integration of AI into finance, energy, healthcare, and logistics will also boost its share of total VC activity, while corporate investors and government-linked programs will continue to bridge early-stage funding gaps, El Nahlawi noted.

VantageBridge Partners invests in a US hyperscale data center platform

Abu Dhabi-based private equity firm VantageBridge Partners invested an undisclosed amount in a US hyperscale data center platform through a founding equity position, according to a press release. The platform develops hyperscale data centers across the US, with capacity mainly going towards powering AI operations. It is eyeing scaling its overall capacity to upwards of 800 MW.

Funds will go towards expansion efforts in the US, supporting site acquisitions, construction, and strategic partnerships to meet demand for AI and cloud infrastructure. The investment will also include capacity building for GCC markets. CEO Alain Baron will get a seat on the company’s board.

About VantageBridge: The ADGM-headquartered investment firm targets high-impact sectors across the GCC, including AI, healthcare, space, infrastructure, and education, using global capital. The investment firm invested in the UAE’s healthcare sector earlier this year through a partnership with Abu Dhabi Health Data Services, part of M42’s Digital Health Solutions platform, and Silicon Valley-based research institute SRI International to establish an innovation hub in Abu Dhabi focusing on AI and healthcare research and development.

The investment is the latest in a busy UAE-US pipeline that is anchored by a UAE commitment to invest USD 1.4 tn in US AI infrastructure over ten years. The two countries are also developing Stargate UAE, the first deployment of the US’ wider USD 500 bn Stargate infrastructure program, and which will form part of a 5 GW US-UAE AI data center cluster in Abu Dhabi. The US also recently greenlit the export of some Nvidia chips to the UAE to use in US-linked infrastructure, and Microsoft is investing almost USD 8 bn in the country by 2029.

IN OTHER INVESTMENT NEWS-

Quintas Capital backs Petal Group with USD 18 mn stake: UAE-based investment firm Quintas Capital has completed its first managed equity transaction, taking a USD 18 mn stake in Petal Group, an e-commerce floral business operating in Ireland and the UAE, according to a press release. The investment will support the company’s expansion into new markets and acquisitions.

ADVISORS- Grant Thornton advised Quintas on financial, tax, and technology due diligence, while A&L Goodbody provided legal counsel, and Afridi & Angell offered local counsel. PKF Brenson Lawlor provided corporate finance advice and Simmons & Simmons acted as counsel for Petal Group.

Adnoc L&S, Dubai Taxi, Air Arabia, Lulu Retail, and more report 3Q earnings

ADNOC LOGISTICS AND SERVICES-

Abu Dhabi National Oil Company Logistics and Services (Adnoc L&S) saw its bottom line rise 20% y-o-y to USD 211 mn (c. AED 773 mn) in 3Q 2025, according to an earnings release. The firm’s top line also grew 36% y-o-y to roughly USD 1.3 bn in the same period.

In 9M terms: Adnoc L&S’ net income rose 9% y-o-y to USD 631 mn in 9M 2025, while revenues for the period grew 39% y-o-y to USD 3.7 bn.

By the segment:

The firm’s integrated logistics segment saw its revenues rise 17% y-o-y to around USD 2 bn, on the back of higher chartering activity, high utilization, and favorable rates for jack-up barges, along with improved margins under the Integrated Logistics Solution Platform;
Meanwhile, the company’s shipping segment’s top line rose 99% y-o-y to around USD 1.5 bn due to the consolidation of returns from Navig8’s tanker fleet;
Lastly, the services division saw revenues increase 7% y-o-y to USD 269 mn on the back of higher volumes handled at the Borouge Container Terminal and the bigger returns from Navig8’s bunkering services.

Looking ahead: Adnoc L&S is holding firm on its 2025 financial targets for revenue and net income, thanks to the ongoing growth of its Integrated Logistics segment and the sustained performance of the shipping market, despite persistent global volatility. The company expects to close the year with annual revenue growth in the high 20%s and annual net income growth in the low-to-mid double digits.

DUBAI TAXI-

Dubai Taxi reported a 27.9% y-o-y rise in net income to AED 76.4 mn in 3Q 2025, according to its financials (pdf) and earnings release (pdf). Revenues grew 15% y-o-y to AED 585.3 mn, supported by higher trip volumes and fleet expansion. The company completed 13.1 mn trips during the quarter, up 7% y-o-y, while its total operational fleet reached 10.5k vehicles, including 401 fully electric taxis.

Net income for 9M 2025 rose 7.4% y-o-y to AED 265.4 mn, while revenues climbed 13% to AED 1.8 bn. The taxi segment remained the main revenue driver, with revenues up 12.3% y-o-y to AED 1.6 bn, while the delivery bike business nearly doubled to AED 53.1 mn.

Looking ahead, the taxi operator said growth remains underpinned by Dubai’s expanding tourism and population base. CEO Mansour Al Falasi told Asharq Business (watch, runtime: 11:20) the company is also exploring potential acquisitions in the transport sector and expanding into Abu Dhabi through its partnerships with Bolt and Keeta.

REMEMBER- DTC recently partnered with Kabi to integrate 9.9k vehicles across Bolt and Zed, giving it a 72% market share, and is supplying 500 delivery bikes to Keeta and installing 208 ultra-fast EV chargers with Dewa as part of its 2040 electrification plan. It is also open to a potential follow-on offering on the DFM, with any move dependent on market conditions and shareholder approval, Al Falasi said previously.

LULU RETAIL-

Lulu Retail saw its net income inch up 1.4% y-o-y to USD 35.96 mn in 3Q 2025, according to its financials (pdf). Gross income during the quarter was up 3.1% y-o-y to USD 448.9 mn. In 9M 2025, net income rose 7.1% y-o-y to USD 162.9 mn, while gross profit rose 4.5% y-o-y to USD 1.4 bn.

Revenues: Revenue for the quarter was up 2.0% y-o-y to USD 1.9 bn, according to its earnings release (pdf). On a nine-month basis, revenues were up 4.7% y-o-y to USD 6.0 bn, with overall sales growth “led by high demand for fresh food and electrical goods. Fresh food demand has been supported by Lulu’s growing e-commerce channels. This growth has been partially offset by slower demand for lifestyle goods,” the retailer said.

ADNIC-

AbuDhabi National Ins. Co. saw its net income increase 16.4% y-o-y to AED 119.4 mn during 3Q 2025, according to its financials (pdf) and management and analysis report (pdf). Its ins. revenues rose 6.7% y-o-y to AED 2.1 bn, supported by consistent growth across its ins. segments and solid underwriting performance, with net ins. service growing 23.9% y-o-y to AED 382.3 mn.

In 9M 2025, the company recorded a net income of AED 354.7 mn, up 15.2% y-o-y, while revenues rose 16.1% y-o-y to AED 6.1 bn, driven by a 17.2% y-o-y increase in gross written premiums to AED 7.2 bn.

DUBAI INS.-

Dubai Ins. reported a net income of AED 46.2 mn during 3Q 2025, a 370.9% surge from the previous year, according to its quarterly financials (pdf). Meanwhile, its revenues came in at AED 901.8 mn, up 20.4% y-o-y, and net ins. service came in at AED 35.2 mn, up 256.4% y-o-y. During 9M 2025, the company saw its net income rise 33.5% y-o-y to AED 139.5 mn, along with growth of 15.2% reaching AED 2.5 bn.

Its motor and general segment drove the majority of revenue growth, logging a total consolidated revenue of AED 1.7 bn in 9M, up 18.1% y-o-y, while the company’s life and medical segment contributed AED 836.8 mn in revenues, a 10% rise y-o-y.

ORIENT INS.-

Dubai-based ins. arm of Al Futtaim Group Orient Ins. saw its net income increase 28.9% y-o-y to AED 155.7 mn during 3Q 2025, according to its financials (pdf). Its revenues came in at AED 2.4 bn, a 24.4% increase from the previous year, while its net ins. service reached AED 137.2 mn, up 176% y-o-y. During 9M 2025, the company’s bottom line grew 22.7% y-o-y to AED 658.2 mn, while revenues went up 24.3% y-o-y to AED 6.9 bn.

The group’s strong revenue performance came alongside an increase in non-life ins. assets, which came in at AED 14.6 bn, up 11.8% y-o-y. Meanwhile, its life ins. assets rose 18% y-o-y to AED 3.1 bn, bringing the group’s total assets to AED 17.7 bn.

YALLA GROUP-

UAE-headquartered social media and gaming company Yalla Group’s net income came in at AED 149.5 mn in 3Q 2025, rising 3.9% y-o-y, while its revenues inched up 0.8% y-o-y to AED 329.1 mn, according to an earnings release. The company reported a high net margin of 45.4%, driven by strong revenue generation and disciplined cost management. During 9M 2025, the group reported a total revenue of AED 947.9 mn, up 3.7% y-o-y.

Underpinning the group’s performance was an increase in monthly active users, up 8.1% y-o-y to 43.4 mn, and the expansion of its gaming portfolio, the statement said.

AIR ARABIA-

AirArabia’s net income rose 16% y-o-y in 3Q 2025, reaching AED 656 mn, according to its financials (pdf). Revenues climbed 14% y-o-y to AED 2 bn. Over 5.9 mn passengers traveled across Air Arabia’s hubs in the UAE, Morocco, Egypt, and Pakistan during the quarter, up 16% y-o-y, with the average load factor rising four points to 85%, according to a separate earnings release (pdf).

On a nine-month basis, net income increased 13% y-o-y to AED 1.4 bn, while revenues climbed 10% to AED 5.5 bn. Passenger numbers rose 14% y-o-y to 16 mn during 9M 2025, with a stable 855 average seat load factor. Growth was supported by network expansion — 12 new routes launched year-to-date — and an expansion to its fleet, which now includes 88 Airbus A320 and A321 aircraft.

AED 1 mn checks for unbuilt penthouses in Brookfield’s latest project underscore soaring demand for luxury Dubai property

Dubai’s red-hot property market is once again making headlines — with Brookfield Properties’ latest project catching Bloomberg ’s attention. The nine-tower beachfront Solaya development, which has penthouses priced above AED 24 mn and is developed through Brookfield’s joint venture with Dubai Holding, has drawn wealthy buyers from Europe, Asia, and the US. Bidding is invitation-only and deposits of AED 1 mn are required to register interest, the business outlet reports, citing promotional materials it has seen.

The launch adds to a wave of high-end projects catering to demand for unbuilt luxury homes. Off-plan sales now account for around 70% of property transactions, with luxury prices up 145% since 2019, the outlet reports, citing Knight Frank.

Despite the surge in interest — especially for ultra-prime properties — analysts have been sounding alarms over a potential bubble burst mirroring that of 2008, when speculative flipping and oversupply led to a sharp market correction. Most analysts maintain however that stricter escrow rules and higher down payments have since curbed risk.

Gems’ advisory arm to help set up school in Cyprus + Geely-backed Cacao, VFX firm open up Middle East HQ in Abu Dhabi

EDUCATION-

Gems’ advisory arm to set up int’l school in Cyprus: Gems School Management (GSM) — the advisory and operations arm of Gems Education — plans to establish a new international school in Limassol, Cyprus, in partnership with Cypriot real estate firm CoolSide Development, according to a press release (pdf). The two companies have signed a non-binding agreement under which CoolSide will hold the majority stake, while GSM will oversee operational leadership, management, and curriculum delivery.

The details: The school will be located in Pyrgos, a fast-growing eastern district of Limassol, and integrated into a larger residential project developed with Cypriot firm Property Gallery. The school aims to cater to rising demand from both local and expatriate families, as most existing international schools in Limassol are operating near full capacity.

TRANSPORT-

#1- Geely-backed CaoCao to set up regional HQ in Abu Dhabi: The Abu Dhabi Investment Office (Adio) has partnered with Chinese Geely-backed mobility tech company CaoCao to set up its regional headquarters in Abu Dhabi — marking its entry into the Middle East, according to a press release. The agreement was signed during the DriftX summit.

Under the partnership, CaoCao and Adio will work on autonomous and green mobility pilots in Abu Dhabi, including trials for robotaxi operations and battery-swap electric vehicles. The two will also work with local government entities to integrate battery-swap EVs into Abu Dhabi’s clean energy network.

#2- AutoGo partners with Apollo Go on driverless fleet expansion: Abu Dhabi-based mobility tech firm K2 subsidiary AutoGo inked an agreement with Baidu’s autonomous ride-hailing arm Apollo Go to expand its autonomous fleet to hundreds of vehicles by 2026, state news agency Wam reports.

MEDIA-

T-VFX opens Middle East HQ in Abu Dhabi: Visual effects and post-production studio T-VFX established its Middle East headquarters on Yas Island, aiming to support the expansion of the region’s film production and creative ecosystem, according to the Abu Dhabi Media Office. Abu Dhabi’s Creative Media Authority will provide T-VFX with studios, editing suites, a volume stage, as well as training and workshops to strengthen future talent.

REMEMBER- Abu Dhabi’s been making a filmmaking push: Abu Dhabi has been making a push into the filmmaking industry, with an incentive program for filmmakers including higher rebates — up to 35% as of this year — and investments in production facilities. The emirate also saw its first film financing firm, Sherborne Media, open earlier this year.

REAL ESTATE-

#1- SmartCrowd launches first crowdfunded property in Abu Dhabi: Dubai-based SmartCrowd, the UAE’s first regulated real estate crowdfunding platform, launched the first crowdfunded property in Abu Dhabi, marking its expansion beyond Dubai, according to a press release. The debut asset — a studio on Yas Island valued at AED 1.2 mn — lets investors buy fractional stakes starting from AED 500.

More to come: The DFSA-regulated platform said it plans to expand listings across the northern emirates to widen investor access and portfolio diversification. The move follows Egypt-based proptech Nawy’s recent majority acquisition of SmartCrowd, aimed at driving regional growth and advancing its property tokenization plans, which CEO Riz Ahmed previously said are underway. SmartCrowd has facilitated over AED 290 mn in investments, primarily across Dubai properties.

#2- Asset-backed DESK Token to launch in the UAE: Dubai-based coworking space network Hotdesk, Al Maryah Community Bank (Mbank), virtual asset firm Emirates Coin Investment (EmCoin), and blockchain incubator Singularity partnered to launch DESK Token, described as the world’s first asset-backed hybrid token, according to a press release. The token is set to debut in 2Q 2026, pending regulatory approvals.

How it works: DESK holders will earn yields in stablecoins or banknotes and can use the token to book offices and coworking spaces across 2.3k+ Hotdesk locations in 81 countries. Minimum investments will start from USD 1, aiming to make commercial real estate exposure more accessible to retail investors.

AGRICULTURE-

Emirates Rawabi + Refarm partner on circular agriculture: Integrated agrifood group Emirates Rawabi is partnering with Refarm Global Investments to work on pilot projects for circular agriculture — ranging from water valorization to regenerative water and soil systems — across the UAE, according to a press release.

Millennials set to pour more money into private markets, and MidEast will be leading the charge

Millennials are expected to ramp up their investments in private markets over the coming years — and the Middle East is shaping up to be one of the biggest players in this shift, according to Barclays Private Bank’s Private Markets Annual Report. The report shows that 79% of wealthy investors plan to increase their allocations in private markets, with Millennials leading the charge. The generational transfer of wealth — estimated at USD 80 tn globally by 2048 — is already changing how capital is invested. Younger, more tech-savvy investors are looking for flexibility, transparency, and access to sectors that offer long-term growth and social impact.

The Middle East’s influence is growing: The Middle East and Asia are now among the fastest-growing regions for private market investments, thanks to rising entrepreneurial wealth and strong liquidity. In these regions, private investors already dedicate about a third of their portfolios to private markets.

Barclays’ survey of over 550 investors found that 91% see private markets as key to long-term capital growth and 89% for diversification. Nearly half of those who have not yet invested say they plan to start soon, signaling a growing appetite for alternative assets.

Private equity and real estate remain the most popular asset classes, with 75% investing in real estate and 73% in private equity. However, other areas like private debt, infrastructure, and secondary transactions are gaining traction as investors look to move beyond traditional funds.

The fundraising landscape is shifting: More than half of general partners (GPs) say fundraising has become more difficult due to tighter liquidity and increased selectivity among investors. Despite that, fund distributions have remained steady, and investor appetite for experienced managers continues to grow.

Access and education remain key barriers: Liquidity, high entry requirements, and complex structures continue to discourage new investors. Younger investors — especially Millennials — say access is one of their biggest challenges, while Baby Boomers cite lack of understanding. Around 70% of respondents rely on advisers for guidance, underlining the need for more education and transparency.

MARKETS THIS MORNING-

Asian markets are in the green in early trading this morning, with the Hang Seng leading gains (up 1.3%) and the Kospi, Nikkei, and Shanghai Composite trailing behind.

ADX	10,034	+0.1% (YTD: +6.5%)
DFM	6,072	+1.1% (YTD: +17.7%)
Nasdaq Dubai UAE20	4,880	+1% (YTD: +17.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.7% o/n	3.9% 1 yr
Tadawul	11,270	+0.2% (YTD: -6.4%)
EGX30	40,261	-0.4% (YTD: +35.4%)
S&P 500	6,847	+0.2% (YTD: +16.4%)
FTSE 100	9,900	+1.2% (YTD: +21.1%)
Euro Stoxx 50	5,726	+1.1% (YTD: +17.0%)
Brent crude	USD 65.16	+1.7%
Natural gas (Nymex)	USD 4.53	-0.9%
Gold	USD 4,143	+0.7%
BTC	USD 103,080	-2.8% (YTD: +10.1%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.8	+0.3% (YTD: +9.1%)
S&P MENA Bond & Sukuk	151.78	-0.1% (YTD: +8.5%)
VIX (Volatility Index)	17.28	-1.8% (YTD: -0.4%)

THE CLOSING BELL-

The DFM rose 1.1% yesterday on turnover of AED 1 bn. The index is up 17.7% YTD.

In the green: Ekttitab Holding (+11.8%), Ithmaar Holding (+8.7%) and Shuaa Capital (+4.1%).

In the red: Al Mazaya Holding (-8.1%), Agility The Public Warehousing Company (-6.3%) and National General Ins. (-2.5%).

Over on the ADX, the index rose 0.1% on turnover of AED 1.5 bn. Meanwhile, Nasdaq Dubai was up 1%.

CALENDAR

NOVEMBER

29 October-19 November (Wednesday-Wednesday): Abu Dhabi Infrastructure Summit (ADIS).

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.

11-12 (Tuesday-Wednesday): World Tobacco Middle East, Dubai World Trade Center.

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.

14 November (Tuesday): Abu Dhabi Extreme Championship, Al Ain Region, Abu Dhabi.

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.

17-18 November (Monday-Tuesday): The Mining Show, Za'abeel Halls, Dubai World Trade Center.

17-19 November (Monday-Wednesday): Middle East Organic & Natural Products Expo, Dubai World Trade Center.

17 -19 November (Monday-Wednesday): Middle East Iron and Steel Conference, Dubai

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

18-19 November (Tuesday-Wednesday): Dubai International Food Safety Conference (DIFSC), Dubai World Trade Center.

18-20 November (Tuesday-Thursday): Retail subscription period for Almasar Education’s IPO on Tadawul.

19-20 November (Wednesday-Thursday): Knowledge Summit, Dubai World Trade Center.

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.

24-27 November (Monday-Thursday): LiveableCities X, Dubai World Trade Center.

26 November (Wednesday): DFSA-HKMA Joint Climate Finance Conference, Dubai.

26 November (Wednesday): Final allocations for Almasar Education’s IPO on Tadawul.

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.

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 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.

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.

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.

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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