Adia + GIC investing in Vantage Data Centers

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Dubai Airshow drops Israeli weapons manufacturers

Good morning, friends, and a very happy FRIDAY to us all. We’re rounding out the week with a relatively busy issue, led by fresh investments from the Abu Dhabi Investment Authority in data center developer Vantage Data Centers, as well as Arise IIP — the Dubai-based industrial zones developer — landing its own investment.

WATCH THIS SPACE-

#1- Israeli weapons manufacturers have been banned from the Dubai Airshow in November, amid rising Gulf backlash against Israel’s military campaign in Gaza and this weekend’s unprecedented strike on Doha, Bloomberg reports, citing a senior official familiar with the matter. Organizers sent letters to a handful of Israeli companies referring to “shortfalls in professional qualifications,” though the decision to bar Israel had been informally conveyed earlier.

Israel’s Defense Ministry confirmed it received a notification from the show’s organizers, but declined to provide further details, Asharq Business reports. The country’s leading aerospace and aviation manufacturer, Israel Aerospace Industries, referred inquiries to the ministry, while Elbit Systems — another major Israeli defense firm — refused to comment.

Over in Europe, Israel was banned from sending a government delegation to a defense tradeshow in the UK earlier this week after it escalated its military operation in Gaza. However, Israeli firms were still able to attend, sparking protests, The Guardian reports. Several Israeli stands were also closed down earlier this summer at an airshow in Paris, the news outlet reported elsewhere.

Meanwhile, Qatar is holding an emergency Arab-Islamic summit of regional foreign ministers on Sunday and Monday to address Israel’s unprecedented airstrike on its capital, Qatar News Agency reports. The attack, launched on Tuesday on a building in Doha, was claiming to target Hamas’ political leadership and drew sharp international condemnation.

#2- M&A WATCH- Adnoc is set to convert a planned EUR 1.2 bn capital hike at Covestro into a shareholder loan at market rates in a bid to ease EU concerns over its EUR 14.7 bn takeover bid, Reuters reports, citing sources it says are familiar with the matter. Adnoc is also expected to pledge to keep the German chemical group’s technology and IP in Europe. Talks on possible remedies were reportedly held earlier this month.

REFRESHER- The EU opened the probe in July over fears of UAE state subsidies, including an unlimited state guarantee and the committed capital increase. These concerns echo similar concerns raised last year when UAE’s e& moved to acquire parts of Czech telecoms group PPF. The transaction would be Adnoc’s biggest-ever acquisition and one of the largest Gulf-led takeovers of an EU company.

The fix is in: The shareholder loan would address Brussels’ fear that Adnoc could use state-backed subsidies to tilt competition in its favor, since market-rate lending wouldn’t count as unfair state support. Meanwhile, the pledge to keep Covestro’s tech and IP within Europe is meant to reassure regulators that critical know-how won’t be shifted outside the bloc.

The move marks a shift in tone for the Abu Dhabi state oil giant, which only days ago blasted Brussels for irrelevant and “too broad” information requests tied to the bloc’s subsidy probe.

#3- Opec fund taps banks for first sustainability issuance: The Opec Fund for International Development mandated banks for its first sustainability bond issuance, Zawya reports. The fund — a financial institution made up of Opec member countries — is rated AA+ with a stable outlook by S&P and Fitch, and will list its EUR-dominated five-year senior unsecured notes on the London Stock Exchange Main Market.

The proceeds: Net proceeds will go to the fund’s ordinary capital resources, with an equal amount going to financing and refinancing sustainable loans.

ADVISORS- The fund mandated BofA Securities, Citi, Credit Agricole CIB, and Deutsche Bank as joint leads to manage the transaction. Credit Agricole CIB is also acting as sole sustainability structuring advisor, with Sustainable Fitch providing a second opinion.

#4- Dubai Investments Park to IPO by February: DFM-listed Dubai Investments is preparing to list up to 25% of its Dubai Investments Park Development company unit by February, CEO Khalid Bin Kalban told Bloomberg. The company is currently in talks with banks to arrange the offering, and also weighing private placements or bringing in strategic investors. Proceeds from the transaction will be used to expand existing operations and develop additional parks, he added.

Up for grabs: Dubai Investments Park could be valued at as much as AED 10 bn, the business information service reported, citing people with knowledge of the matter. The park is one of the emirate’s largest mixed-use projects, spans 2.3k hectares and has a 90% occupancy rate.

Also in the IPO pipeline: Other subsidiaries, including Emirates Glass and district cooling firm Emicool, may be listed in the coming years as part of its expansion pipeline. Bin Kalban had previously said Dubai Investments was planning to take one subsidiary public on the DFM every year.

MARKET WATCH-

Orascom Construction made a strong debut on the Abu Dhabi Securities Exchange (ADX) yesterday, closing up 26.4% from a listing price of AED 30.15 to close at AED 38.10 on their first day of trading. The company saw nearly 34k shares change hands during its first day on the ADX.

Orascom is the first Egyptian contractor to pursue a dual-list in Abu Dhabi and Cairo, a move that underscores the ADX’s growing pull as a regional liquidity center. For the contractor, the shift away from Nasdaq Dubai opens access to deeper institutional flows, while for other Egyptian corporates it could set a precedent on where to anchor secondary listings.

The International Energy Agency (IEA) raised its forecast for global oil demand growth for this year to 740k bbl / d, up from 680k previously, according to the agency’s latest monthly oil market report. The agency left its 2026 outlook unchanged at 700k bbl / d.

The agency now expects global crude supply to rise by 2.7 mn bbl / d to 105.8 mn bbl / d this year — compared with a prior forecast of 2.5 mn bbl/d rise — and by 2.1 mn bbl /d to reach 107.9 mn bbl / d next year. Net Opec+ output growth from October will come in at just 40k bbl /d — well below the group’s official 137k bbl / d quota hike — due to capacity constraints among some members.

Opec, meanwhile, kept its forecast unchanged in its September oil market report (pdf). The cartel still expects global oil demand to grow by 1.3 mn bbl / d in 2025 and 1.4 mn bbl / d in 2026, with non-Opec supply rising by 0.8 mn bbl/d and 0.6 mn bbl / d respectively. Demand for Opec+ crude is forecast at 42.5 mn bbl / d in 2025, rising to 43.1 mn bbl / d in 2026.

REMEMBER- Opec+ approved a production hike for an additional 137k bbl / d from October through September 2026, fast-tracking the return of 1.65 mn bbl / d that was previously set to stay offline until end-2026. But most members are already pumping at or near capacity, leaving Saudi Arabia and the UAE as the only producers able to meaningfully increase supply.

HAPPENING TODAY-

The UAE’s Universal Postal Congress is running until next Friday, 19 September at the Dubai World Trade Center. The union’s 192 member countries will meet to set policies and strategy for the coming year, with this year’s congress looking to adopt advanced tech under the theme “Leading the Change, Creating the Future.”

TheInternational Real Estate and Investment Show Abu Dhabi is starting today and will run until Sunday in Abu Dhabi. The conference brings together global developers and investors for insights into investment and market trends in the Middle East, Europe, and Asia Pacific regions.

HAPPENING THIS WEEK-

SHRM MENA will host its Annual Conference + Expo next Wednesday and Thursday, 17-18 September, at Madinat Jumeirah, Dubai. The two-day gathering will bring together HR leaders and professionals from across the region for panels, workshops, and networking focused on the future of work.

THE BIG STORY ABROAD-

We have a mixed bag of stories in the international business press this morning, including a breakthrough in OpenAI’s restructuring, and reports that Paramount could be looking to buy Warner Bros.

OpenAI will proceed in its restructuring to become closer to a for-profit company, with an agreement to give the existing OpenAI nonprofit “both control a Public Benefit Corporation” and provide the nonprofit with an equity stake that “would exceed USD 100 bn — making it one of the most well-resourced philanthropic organizations in the world,” OpenAI said in a statement overnight. The restructuring comes along with a non-binding MoU between OpenAI and Microsoft that would clear internal hurdles to OpenAI’s restructuring, the two companies said in a separate joint statement

Paramount Skydance is reportedly preparing an offer to purchase Warner Bros Discovery in a bid that would be backed by the Ellison family, which includes Skydance head David Ellison and his father, b’naire Oracle co-founder Larry Ellison. The bid comes after Skydance bought Paramount Global in a USD 8.4 bn agreement. (Wall Street Journal | Reuters)

Meanwhile, a panel of Brazil Supreme Court justices convicted former Brazilian President Jair Bolsonaro of planning a coup in 2022 designed to upend the country’s elections and keep him in power. Bolsonaro was sentenced to 27 years in prison (Reuters | New York Times)

ALSO- The assassination of pro-Trump conservative influencer Charlie Kirk is still on the front pages, as US authorities released photos of a “person of interest” in the hunt for the gunman. (Financial Times | Wall Street Journal | New York Times | BBC | CNN)

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CIRCLE YOUR CALENDAR-

The Syria Recovery and Investment Forum will take place on Wednesday, 24 September in Abu Dhabi. The forum will host leaders in business, regional investors, policymakers, and advisory experts to develop practical solutions for Syria’s road to recovery and economic revival.

TheAfrican, Middle East, and Islamic Finance Aviation 100 Awards will kick off on Monday, 29 September and run through Wednesday, 1 October in Dubai. The event aims to highlight and reward the most remarkable transactions closed by airlines and aviation manufacturing and leasing firms.

Global Rail Transport Infrastructure Exhibition and Conference will run from Tuesday, 30 September until Thursday, 2 October in Abu Dhabi. The event will be hosted by Etihad Rail and is set to welcome over 200 global speakers and upwards of 20k industry attendees to share innovative solutions and develop partnerships.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Adia, GIC lead USD 1.6 bn investment in Vantage Data Centers

Adia + GIC commit USD 1.6 bn to Vantage Data Centers: The Abu Dhabi Investment Authority (Adia), through a wholly owned subsidiary, and an affiliate of the Singaporean wealth fund GIC led a USD 1.6 bn investment in data center developer Vantage Data Centers, according to a press release.

The ownership breakdown: Both Adia and GIC are existing backers of Vantage, alongside alternative asset manager DigitalBridge Group. Adia acquired a 40% in DigitalBridge’s subsidiary Landmark Dividend back in April 2024.

The investment will fund Vantage’s Asia Pacific expansion, including the acquisition of a 300+ MW hyperscale campus in Johor, Malaysia, from Mubadala-backed data center developer Yondr Group. The site, located in Sedenak Tech Park, will comprise three facilities once fully built and will be branded JHB1. Additional capital will support Vantage’s broader APAC platform.

Both Adia and GIC’s investment and Vantage’s acquisition of Johor are expected to close in 4Q 2025. The transaction will lift Vantage’s APAC footprint to 1 GW of planned and operational capacity across Australia, Malaysia, Japan, Taiwan and Hong Kong.

REMEMBER- Adia was reportedly expected to participate in Vantage’s USD 1.6 bn bid for Yondr. Yondr Group, backed by Mubadala and Apollo since 2024, raised IFC financing and debt to support the Johor project. Several DigitalBridge affiliates acquired Yondr’s portfolio earlier this year, including the JHB1 campus, before agreeing to transfer the Malaysian assets to Vantage.

Dubai-based industrial zones developer Arise IIP secures USD 700 mn investment

Dubai-based pan-African industrial developer Arise Integrated Industrial Platforms (Arise IIP) raised USD 700 mn from Saudi infrastructure developer Vision Invest, according to a press release. The transaction — one of Africa’s largest private infrastructure financings to date — included both primary and secondary components.

The details: Vision Invest joined Arise IIP as a new shareholder, marking the Saudi player’s first direct investment in Africa. Existing shareholders include the Fund for Export Development in Africa — the development impact investment platform of Afreximbank — Africa Finance Corporation (AFC), and Equitane.

Where will the money go? The new capital will fund ARISE IIP’s expansion across Africa, where it operates integrated industrial zones in more than 14 countries. Since its founding in Gabon in 2010, the company has deployed around USD 2 bn in infrastructure projects and created over 50k jobs.

ADVISORS- Standard Chartered Bank and Norton Rose Fulbright advised ARISE IIP, while EFG Hermes and Linklaters advised Vision Invest.

Adnoc transfers Distribution, Gas, L&S majority stakes to XRG

Adnoc consolidates listed assets under XRG: Abu Dhabi National Oil Company (Adnoc) transferred its equity stakes in Adnoc Distribution, Adnoc Gas, and Adnoc Logistics and Services to its wholly owned subsidiary XRG, according to an ADX disclosure (pdf). The share transfer of Adnoc Drilling will follow pending regulatory approvals, the company said, adding that the move will not affect the operations, dividend policies, or strategies of the companies involved.

IN CONTEXT- The transfers are part of Adnoc’s strategy to consolidate its listed holdings under XRG, the international energy investment arm it launched in 2024. XRG manages some USD 80 bn in assets and is looking to double that figure over the next decade under a five-year plan — including planned acquisitions of Germany’s Covestro and Australia’s Santos.

More transfers ahead: In July, Adnoc said it would shift its 24.9% stake in Austria’s OMV to XRG. The unit is also set to hold a 46.9% stake in Borouge Group International once the planned merger of Borouge, Borealis, and Nova Chemicals is completed.

Abu Dhabi sets higher bar for public fund oversight with new internal audit framework

The Abu Dhabi Accountability Authority (ADAA) updated its internal audit rules for entities under its mandate, aiming to tighten oversight of public funds and strengthen governance, according to Abu Dhabi Media Office.

Under the microscope: The revised framework now requires internal audit units to conduct continuous audits of financial and operational activities, play a role in appointing statutory auditors, and monitor audit outcomes more closely. The rules also introduce new performance indicators to better assess the effectiveness of internal controls — though details on these metrics were not disclosed.

A stronger digital push is central to the update: Audit units are expected to integrate data analytics into their reviews, while rules around the appointment of audit firms have been tightened to ensure transparency and higher-quality outcomes.

Bigger picture: The changes build on the rules’ first edition — issued in 2021 — and are part of ADAA’s wider efforts to align its oversight practices with international standards, enhance risk response, and consolidate Abu Dhabi’s standing as a regional governance benchmark.

Dubai-founded Tern Group raises USD 24 mn series A to scale AI-powered healthcare hiring platform

Dubai-founded healthcare talent mobility platform Tern Group raised USD 24 mn in a series A round, bringing its total funding to date to USD 33 mn, according to a statement. The UAE’s EQ2 Ventures and Presight participated in the round, which was led by UK-based Notion Capital. RTP Global, LocalGlobe, Leo Capital, DST Global’s Tom Stafford, NHS’ former chairman, AXA Healthcare’s CEO, and several policymakers also took part.

Where the funds will go: The company plans to expand into Europe, the GCC, Japan, and the US, invest further in AI tools such as predictive matching and adaptive language systems, and scale training and compliance operations through partnerships with governments, nursing colleges, and hospitals.

More on Tern: Founded in 2023 by Avinav Nigam (LinkedIn) and Krishna Ramkumar (LinkedIn), the company runs an AI-powered platform that trains, certifies, and deploys healthcare workers from 13 countries. It aims to address the infrastructure gap that has led to an oversupply of healthcare professionals in some countries and understaffing issues in others. Tern says it can cut international hiring timelines from 6-12 months to under 10 weeks.

By the numbers: Tern has built a vetted pipeline of over 650k professionals, partnered with more than 100 hospitals and care groups, and is generating upwards of USD 20 mn in annualized revenues. The company claims a 96% post-placement retention rate and monthly growth of 40% over the past year.

Work underway on GFH’s Manrre REIT’s logistics facility

LOGISTICS-

GFH’s Manrre REIT starts work on Jafza logistics facility: GFH Partners Manrre REIT and Dubai-based developer Palmon Group have broken ground on a high-bay, temperature-controlled logistics facility in the Jebel Ali Freezone (Jafza), Trade Arabia reports. Construction of the facility — which will have a built-up area of 144k sq ft in Jafza North — is slated for completion in 1Q 2027, with leasing talks underway with a regional logistics provider.

The players involved: GFH Partners, the Dubai-based global asset management arm of Bahraini GFH Financial Group, acquired logistics and industrial asset fund Manrre REIT at the start of the year for USD 75.5 mn. Manrre REIT was established in 2018 by Palmon, who is also the fund’s development manager.

REAL ESTATE-

Eshraq divests AED 264 mn of land on Al Reem Island: ADX-listed private equity firm Eshraq Investments inked several sale and purchase agreements (SPAs) to sell land plots worth a total AED 264 mn on Abu Dhabi’s Al Reem Island, according to an ADX disclosure (pdf). The plots were snapped up by Blue Lake Properties and Abu Dhabi-based Al Ain Properties.

The transaction comes as part of Eshraq’s broader land monetization program, with the land seeing more investor interest after ADGM was expanded to Al Reem Island. The firm is also looking to transition its legacy portfolio assets, including by developing, swapping, or selling land plots.

TECH-

DMCC partners with South Korea on AI collaboration and startups: The Dubai Multi Commodities Center (DMCC) inked a strategic partnership with South Korea’s National IT Industry Promotion Agency (NIPA) to expand cooperation on tech and startups, according to a press release. The agreement was made during DMCC’s Made for Trade Live roadshow in Seoul.

The details: The partnership will see the two collaborate on artificial intelligence and information and communication technology, as well as help Korean startups scale through Dubai by offering access to capital, as well as market entry and integration guidance. DMCC is already home to more than 110 South Korean companies.

RETAIL-

India’s retail tech firm Fynd opened its first overseas office in Dubai CommerCity, kicking off its expansion into the GCC, Africa, and Southeast Asia, according to a press release (pdf). Backed by Indian conglomerate Reliance Industries, the AI-native platform will serve as its regional HQ and customer experience hub.

The local partner: Fynd tapped Dubai-based Yavi Technologies to lead regional operations, compliance, and merchant support. The firm will target retailers with complex omnichannel needs while growing its partner network.

REGULATION-

ADGM’s Financial Services Regulatory Authority signed an MoU with Hong Kong’s Securities and Futures Commission (SFC) at the Belt and Road Summit, according to Zawya Projects. The agreement is designed to strengthen and align regulatory oversight of collective investment scheme managers active in both markets, in a bid to ease entry for asset managers as well as bolster investor safeguards and capital flow between Asia and the Gulf.

ICYMI- SFC also signed an MoU with the Dubai Financial Services Authority earlier this week to enhance oversight of collective investment scheme managers.

BUSINESS-

B2Prime secures DFSA approval to join DIFC: Dubai Financial Services Authority (DFSA) authorized institutional broker and liquidity provider B2Prime to operate from Dubai International Financial Center (DIFC), according to a statement. The license allows the firm’s B2B Prime Services MENA unit to manage client assets and act as agent and principal in investments.

B2Prime’s expansion drive: The firm is already licensed in Cyprus, South Africa, Mauritius and the Seychelles. Its DIFC base will be its regional hub for the Mena region from which it will target financial institutions, banks, hedge funds, and global asset managers.

AVIATION-

MBRAH expands private aviation in Dubai: Dubai South’s aerospace platform Mohammed bin Rashid Aerospace Hub (MBRAH) is launching a 769-meter-long Private Aviation Boulevard, next to Dubai’s private aviation terminal, Al Bayan reports. The development will target surging demand for private aviation, looking to attract global airlines and luxury retail brands. Construction is already underway, with initial phases slated for a 2026 delivery.

About the project: The development will include 16 buildings with a total developmental area of 204k sqm. The first building, Aviation One, is already under construction and will house leading aviation industry companies.

SPACE-

Dubai’s MBRSC inks space cooperation pact with Colombia: Mohammed Bin Rashid Space Center (MBRSC) has inked an MoU with Colombia’s Corporación Autónoma Regional de Cundinamarca and the Colombian Space Agency to expand collaboration in space science and tech, according to a press release. The framework covers joint research, innovation, data exchange, and capacity building, with an emphasis on knowledge transfer and project-based cooperation.

ICYMI- MBRSC’s other int’l partners it has previously inked agreements with include Italian-French firm Thales Alenia Space, Nasa, and US-based Firefly Aerospace.

DEFENSE-

Edge unit signs defense contract with India’s Kalyani: Abu Dhabi-based MP3 International, a subsidiary of state-owned defense firm Edge Group ’s Gradeone, signed an agreement with India’s Kalyani Strategic Systems to supply the UAE with large-caliber 155 mm howitzer barrels, a type of artillery weapon, according to a press release. The agreement is set to boost the UAE’s long-range artillery capabilities.

About the subsidiary: MP3 specializes in manufacturing products for sectors like defense, security, and law enforcement.

Shares in BTC-hoarding companies tumble as crypto treasury boom falters

Shares in companies holding BTC have slumped, marking the first big setback for the crypto treasury trend that swept markets this summer, the Financial Times reports. MicroStrategy — the world’s largest corporate BTC holder — went down 18% in the past month to its lowest since April, dragging peers lower.

Also in hot water: Japanese hotelier-turned-BTC buyer Metaplanet has seen its shares plunge 68% from their June peak, while Smarter Web Company, the UK’s largest BTC holder, is down 70%. Shares of US-listed KindlyMD (-68%) and France’s Capital B (-26%) — both of which pivoted away from their original businesses to stockpile tokens — have also dropped sharply.

What’s driving the decline? The sell-off coincides with BTC itself falling 9% from last month’s record above USD 124k, part of a broader retreat from risk assets. “The hype is dying down . . . [This summer] was the peak for both hype and for the number of companies launching,” said Tyler Evans of UTXO Management. Natixis analyst Eric Benoist warned weaker players will likely be “wiped out” if conditions worsen.

Firms’ strategies were based on raising equity or debt to buy BTC, ETH, and other tokens in hopes of boosting valuations. Some groups have even rebranded with BTC-themed names and colors to ride the wave. But as prices fall, companies risk being valued below the crypto they hold — a “danger zone” that makes fundraising harder, analysts warn.

That is already the case for some. LM Funding America’s enterprise value has fallen to USD 23.5 mn, below the USD 34 mn worth of BTC it holds. Healthcare tech firm Semler Scientific is in a similar position, with an enterprise value of USD 500 mn versus BTC holdings worth USD 557 mn.

Despite the rout, new vehicles are still launching: Forward Industries raised USD 1.7 bn this week to build a SOL treasury, while packaging group Eightco Holdings bought WLD tokens, sending its shares higher. Alt5 Sigma — backed by the Trump family’s crypto venture — has fallen 35% since announcing its own treasury plan last month.

MARKETS THIS MORNING-

Asia-Pacific markets are once again trading in the green this morning, following fresh records in Wall Street yesterday. Japan’s Nikkei, South Korea’s Kospi, Hong Kong’s Hang Seng Index, and China’s CSI 300 are all trading up. Despite a strong close yesterday, Wall Street looks set to open flat later today, with futures on the Dow Jones, S&P 500, and Nasdaq all trading at or near the flatline.

ADX	9,960	+0.3% (YTD: +5.7%)
DFM	5,957	+0.6% (YTD: +15.4%)
Nasdaq Dubai UAE20	4,785	+0.8% (YTD: +14.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	3.9% 1 yr
TASI	10,453	-0.4% (YTD: -13.3%)
EGX30	34,937	+0.8% (YTD: +17.5%)
S&P 500	6,587.47	+0.9% (YTD: +12.0%)
FTSE 100	9,297.58	+0.8% (YTD: +13.8%)
Euro Stoxx 50	5,386.77	+0.5% (YTD: +10.0%)
Brent crude	USD 65.92	+0.7%
Natural gas (Nymex)	USD 2.92	+1.5%
Gold	USD 3,686.60	+0.4%
BTC	USD 115,540.38	+1.5% (YTD: +22.3%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.60	-0.6% (YTD: +3.4%)
S&P MENA Bond & Sukuk	150.36	+0.3% (YTD: +4.1%)
VIX (Volatility Index)	14.71	-4.2% (YTD: -15.2%)

THE CLOSING BELL-

The DFM rose 0.6% yesterday on turnover of AED 510.5 mn. The index is up 15.4% YTD.

In the green: Shuaa Capital (+2.7%), Ekttitab Holding Company (+2.7%) and Emirates NBD (+2.7%).

In the red: Al Mal Capital REIT (-9.3%), BHM Capital Financial Services (-5.0%) and Talabat Holding (-4.9%).

Over on the ADX, the index rose 0.3% on turnover of AED 1.2 bn. Meanwhile, Nasdaq Dubai was up 0.8%.

Mohammed bin Zayed meets with Oman’s Sultan

President Mohammed bin Zayed Al Nahyan met with Oman’s Sultan Haitham bin Tariq in Oman, during a delegation visit to discuss bilateral relations, state news agency Wam reports. The meeting follows President Al Nahyan’s visits to Qatar and Bahrain.

My Morning Routine: Tariq Sanad, CFO at Tarabut

Tariq Sanad, CFO at Tarabut: Each week, My Morning Routine looks at how a successful member of the business community starts their day — and then throws in a couple of business questions for fun. Speaking to us this week is Tariq Sanad (LinkedIn), CFO at Tarabut Gateway. Edited excerpts from our conversation below.

I’m Tariq Sanad, CFO at Tarabut. I was born in Bahrain but I’ve called the UAE home for the last 23 years. My career has come in two halves: The first half was with Procter & Gamble, which I think of as my real school, and for the second half I’ve been working with high-growth startups in the region since 2012. I’ve worked with companies that have scaled up really quickly, like Careem and Pure Harvest.

Tarabut was founded in Bahrain in 2017 by Abdulla Almoayed (LinkedIn), and it has a meaningful connection for me as its roots are in my home country. The company is now the MENA region’s first and largest open banking platform, working closely with regulators, banks, and fintechs to unlock embedded finance across the region.

For me, the attraction was clear: The ability to give SMEs and individuals access to finance they deserve, but are often excluded from because timing isn’t right or the necessary information isn’t all there. That’s a massive need in our region. There’s backing from governments and central banks, but there still needs to be more targeted, granular support to unlock the potential growth in the SME sector.

Open finance is now moving from concept to reality in the UAE. We’ve seen it start in Bahrain, then Saudi, and now the UAE is rolling out its framework. That means the conversation isn’t only about payments and account data anymore. It’s expanding to include ins, investments, and more. For us, it’s about going beyond simple use cases and integrating data across verticals to truly democratize access to financial products.

Today, our focus is Saudi Arabia and the UAE — both markets represent the bulk of the region’s population and the biggest potential. We’ve proven we can scale across borders, and while we do plan to expand further, these two will be our priorities over the next few years.

On the financing side, we have a really supportive investor base that includes Pinnacle, Visa, and the DIFC, who took part in our series A funding round. The era of “grow at all costs” is behind us. For us, it’s about focusing on the right markets, developing the strongest products that the market needs and making sure we give investors the best possible returns.

We’ll be expanding in the next 12-18 months, and this would mean further investment at some point on the horizon, but for now we’re building the right metrics to set ourselves up for the next stage and to show shareholders we continue to deliver on what we promise.

The region needs more players and VCs focusing on the series B and C stages and have the experience as many of the firms we’re seeing haven’t necessarily had all the chances available to them to get into B and C stages. But it’s not a one size fits all — the B and C standards are much higher and not every startup is going to graduate to that level.

I’m an early riser — my day starts around 4:35. I’ll usually read for 30 minutes before heading to the gym or going for a walk if the weather is good. I like to be the first one in the office to get some work done early on. Mornings are when I’m most productive — quiet, no interruptions, a chance to think clearly before the day’s meetings begin. Evenings are simple: Dinner at home and I’m in bed by 9 or 9:30. That routine keeps me balanced.

I always have a book going. I recently read The 7 Habits of Highly Effective People by Stephen Covey, which really changed me fundamentally. It helped reset my perspective and sharpen how I think about things like leadership and delivering big projects.

Stress is unavoidable in a CFO role, but what keeps me grounded is people — my family and friends, who understand the sacrifices this journey sometimes requires, and my team at Tarabut, who show up with the same commitment every day. That support network makes the pressure manageable.

When I want to switch off, my guilty pleasure is the TV show Law and Order. It’s been running since the early 90s, so there’s always something new to watch, and I’ve probably seen every episode at least once. I think the procedural, compartmentalized nature of the show appeals to the finance side of my brain as everything is structured and each case has a beginning and an end.

One piece of advice has stayed with me since my first job at Procter & Gamble. My boss told me: “Don't come to me again with questions without actually thinking of the answer before.” It was a pivotal moment, and I’ve lived by it ever since.

CALENDAR

SEPTEMBER

8-19 September (Monday-Friday): Universal Postal Congress, Dubai World Trade Center.

8-18 September (Monday-Thursday): BHM Capital Financial Services’s AED 200 mn rights issue will be open for subscriptions.

10-20 September (Wednesday-Saturday): IFMA Youth World Muay Thai Championship, Abu Dhabi.

12-14 September (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

17-18 September (Wednesday-Thursday): SHRM MENA hosts its Annual Conference + Expo, Madinat Jumeirah, Dubai.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

23-24 September (Tuesday-Wednesday): MENA EV Show, The Agenda, Dubai Media City.

24 September (Wednesday): Syria Recovery and Investment Forum, Abu Dhabi.

24-25 September (Wednesday-Thursday): The KT UniExpo, The H Dubai.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

24-25 September (Wednesday-Thursday): Dubai World Congress for Self-Driving Transport, Dubai.

25-27 September (Thursday-Saturday): International Congress of Medical Excellence in Dermatology and Aesthetic Med, Dubai World Trade Center.

30 September (Tuesday): Africa Debate Conference, Dubai.

30 September (Tuesday): Dubai Podfest, Dubai.

OCTOBER

1-2 October (Thursday-Friday): World Green Economy Summit (WGES), Dubai World Trade Center.

29 September-October 1 (Monday-Wednesday): African, Middle East, and Islamic Finance Aviation 100 Awards, Dubai.

30 September-1 October (Tuesday-Wednesday): MENA Investment Congress (MENA ICON), Abu Dhabi.

30 September-2 October (Tuesday-Thursday): Global Rail Transport Infrastructure Exhibition and Conference, Abu Dhabi.

30 September-2 October (Tuesday-Thursday): The Water, Energy, Technology, and Environment Exhibition (Wetex), Dubai World Trade Center.

25 September- 8 October (Thursday- Wednesday): Big Bad Wolf Book Sale, Ajman Youth Centre.

1 September-5 October (Monday-Sunday): DMCC Web3 Unleashed applications

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

7 October (Tuesday): Enterprise Egypt Forum 2025.

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

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

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

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

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

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

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

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

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

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

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

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

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

NOVEMBER

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

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

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

19-23 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

DECEMBER

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

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

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

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

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

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

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

8-10 December (Monday-Wednesday): Bridge media summit, 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.

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

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

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

Signposted to happen sometime in 2025:

e& will complete Adnoc’s private 5G network
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JANUARY 2026

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

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

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.

JUNE 2026

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

Signposted to happen in 2026:

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

1Q 2027: Completion of the first phase of Hassyan seawater desalination project.
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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