Adnoc’s Covestro takeover passes major hurdle

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Adia considers selling down Ooreedoo stake

Good morning, friends. It’s a reasonably busy start to a new week as earnings season continues (albeit at a much calmer pace) and a handful of major M&A transactions move forward.

THE BIG STORY here at home is Adnoc’s planned EUR 14.7 bn acquisition of Covestro getting conditional approval from the European Commission, marking a big step forward in the process.

ALSO IN THIS MORNING’S NEWS WELL- Dubai Islamic Bank took its first sustainability-linked issuance to market, raising USD 1 bn from the notes, while the latest data from Savills shows a busy quarter for Abu Dhabi real estate.

WATCH THIS SPACE-

#1- The Abu Dhabi Investment Authority (Adia) is reportedly mulling selling part of its stake in Qatari telecom operator Ooredoo, sources familiar with the matter told Bloomberg. The fund is reportedly weighing a transaction that could raise USD 500-600 mn from a partial sell-down of its 10% holding, currently valued at about USD 1.3 bn, the source said.

More on Ooredoo: The telco’s shares are up 24% YTD and the company brought in normalized net income of USD 843 mn during 9M 2025 — up 6% y-o-y and leading it to raise its dividend target. Its largest shareholder is the Qatar Investment Authority, which holds 53%.

Adia’s been divesting across its international portfolio…: The fund sold an eight-property US student housing portfolio with Landmark Properties for USD 1 bn, offloaded its 70% stake in Singapore’s PLQ Mall, divested its stake in French car-leasing firm Ayvens, and trimmed its stake in Swiss skincare firm Galderma.

… and pivoting towards Indian IPOs + hedge funds: Adia’s expansion in India this year includes backing automotive component maker Tenneco Clean Air India, solar manufacturer Emmvee Photovoltaic Power, digital stockbroker Groww, Lenskart, LG’s India unit, EV maker Ather Energy, and Anthem Bioscience’s IPO. It has also poured USD 40 bn into dozens of hedge funds this year by increasing its use of separately managed accounts.

#2- Airbus vs Boeing showdown for flydubai jet order: Separate reports from Bloomberg and Reuters suggested that Airbus and Boeing are both in the lead to land the majority of an order for as many as 300 jets from flydubai. Bloomberg had first reported that the budget airline is slated to tap Boeing for the order, with Reuters reporting hours later that Airbus “looks set to beat Boeing,” with insider sources.

Flydubai is expected to announce the order, consisting of 200 narrow-body planes with an option for 100 more, at this week’s Dubai Airshow. At present, the airline only operates Boeing aircraft, but delays in 737 deliveries have prompted it to explore other options, sources told the news outlet.

REMEMBER- The US Federal Aviation Administration authorized Boeing to ramp up 737 Max production to 42 jets per month starting November. The model has been under scrutiny due to safety concerns since Alaska Air technicians found loose hardware in the door plug area on several Boeing 737 Max 9 planes.

DP World in talks to build dry port in Egypt: UAE port operator DP World is in negotiations with Egypt’s Transport Ministry to secure development and operating rights for the Sadat dry port, Al Borsa quotes Egypt’s General Authority for Land and Dry Ports head Sayed Metwally as saying. The ministry is currently reviewing DP World’s feasibility studies, he said, without disclosing the port’s cost. Unconfirmed reports had previously put the expected investment cost at USD 160 mn.

DP World is also eyeing the Shaq El Tebaan dry port in Cairo, trying to secure the contract to develop and operate the 125-feddan, USD 100 mn port, Metwally said. Earlier this year, the Transport Ministry scrapped the port’s tender after none of the three bidders met technical requirements. At the time it was reported the authority will instead relaunch the project through a closed-envelope auction, with technical bids due next January and financial offers the following month.

Emirati real estate developer and contractor Arkan is stepping into the Egyptian market with plans to invest more than EGP 10 bn through a new vehicle — called SLCITI — in the first phase of its expansion, according to a press release. SLCITI will focus on studying the local market using big data and AI tools to track demand, assess potential investments, and support Arkan’s plans to develop a diversified portfolio.

Abu Dhabi creates new vehicle category for modular smart units: Abu Dhabi has become the first city to formally classify modular, reconfigurable vehicles as a distinct road-vehicle category, the Integrated Transport Center said, according to Abu Dhabi Media Office. A pilot will launch on Yas Island with Emirates Driving Company, Liftango, and Paradigma Innovation Hub to assess how the vehicles could fit into future autonomous and smart-mobility systems.

SOUND SMART- Developed by Next Modular Vehicles, the vehicles can connect or detach units based on demand, with studies and trials indicating potential gains in traffic efficiency and emissions.

DATA POINTS-

DIFC named among rising global business districts: Dubai International Financial Center (DIFC) ranked 21st out of 30 business districts in the 2025 EY-ULI Global Business Districts Attractiveness Report (pdf), which benchmarked hubs across 19 countries using 2.4k data points. The report highlights DIFC as one of the fastest-advancing districts, citing its second-place global ranking for macroeconomic conditions and grouping it with emerging regional contenders like Riyadh’s King Abdullah Financial District.

PSA-

Abu Dhabi’s Integrated Transport Center launched a new electric ART bus route, AR2 — a nearly 27-km route connecting key cultural landmarks on Saadiyat Island, including Louvre Abu Dhabi, teamLab Phenomena, and Saadiyat Walk, Gulf News reports. The service kicks off today and will operate daily between 8am-10pm at 30-minute intervals.

HAPPENING TODAY-

A UAE delegation will visit Singapore and India starting today until Friday, 21 November to boost bilateral trade and explore new sustainable development investments, Abu Dhabi Media Office reports. The delegation will meet with policymakers, investors, and business leaders in both countries to strengthen partnerships across sectors like AI, agritech, healthcare and life sciences, renewable energy, advanced technology, financial services, manufacturing, and logistics.

South Korea’s President Lee Jae Myung begins his three-day state visit to the UAE today, holding talks with President Mohamed bin Zayed Al Nahyan to strengthen cooperation in investment, defense, energy, advanced technologies, and healthcare, Asharq Business reports. The visit builds on existing relationships spanning politics, economy, nuclear cooperation, climate change, cybersecurity, food security, defense, healthcare, culture, government administration, and space.

The MENA Leaders’ Summit on Financial Inclusion is happening today and tomorrow at The St. Regis Abu Dhabi Corniche, according to a press release (pdf). The two-day summit will convene ministers, central bank governors, fintech CEOs, and international organizations such as the OECD to discuss innovation and financial inclusion across the region.

The Central Bank of the UAE will also launch its national strategy for financial inclusion during the event, according to the release. Expect lots of talk around digital financial services, women’s economic empowerment, financial literacy, consumer protection, and policies to promote a sustainable financial ecosystem.

HAPPENING THIS WEEK-

Canadian Prime Minister Mark Carney will be in Abu Dhabi from tomorrow for a working visit focusing on attracting new investments and trade partnerships, and expanding the trade and economic partnership in areas like energy, agriculture, infrastructure, and AI, according to a statement. The PM will meet with business execs to attract investments to build out Canada’s export infrastructure and boost access for Canadian exporters.

The Sharjah International Travel and Tourism Forum takes place on Wednesday at Al Jawaher Reception and Convention Center. The forum will gather senior government officials, international experts, and tourism, travel, and tech industry players to explore future trends in the tourism sector.

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THE BIG STORY ABROAD-

The notorious Epstein files are dominating what’s otherwise a calm day in the international press. The divide is intensifying over whether to release the files related to the trafficking investigation into disgraced financier Jeffrey Epstein, with calls for full disclosure reportedly gaining more and more ground in the House despite resistance from President Trump and GOP leaders.

The renewed split comes after a House committee released some 20k new pages from the files last week, containing mentions and correspondence with several prominent figures including Trump. The President retaliated by directing the Justice Department to open an investigation into Epstein’s ties with Democrats, a move that some say fanned the flames even further. (Washington Post | Associated Press | Semafor)

MEANWHILE- Bitcoin is reminding everyone just how volatile cryptocurrencies are, erasing more than 30% in YTD gains only a month after reaching an all-time high. The top cryptocurrency fell below the USD 94k mark yesterday, before paring back losses to trade at USD 94.9k. (Bloomberg | Reuters)

ALSO WORTH READING THIS MORNING-

Massive protests are hitting Mexico over corruption and organized crime. (Semafor)
In defense of junior staff: Why replacing young people with AI could spark a “talent doom cycle.” (CNBC)

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Adnoc clinches long-awaited EU approval for Covestro takeover

Adnoc secured conditional approval from the European Commission for its planned EUR 14.7 bn acquisition of Germany’s Covestro, according to a statement (pdf) by the regulator, clearing a major hurdle to what would be the largest Gulf-led buyout of a European-listed company. The green light is dependent on both Adnoc and Covestro sticking to commitments they made. The news was also picked up by Reuters.

BACKGROUND- The sign-off, which came well ahead of the March 2026 deadline, follows months of scrutiny after Brussels opened an in-depth probe under its Foreign Subsidies Regulation in September, warning that state-backed support, including an unlimited state guarantee, a planned capital injection, and tax benefits, could distort market competition.

Not without a couple of tweaks: The energy giant agreed to scrap the unlimited state backing by amending its articles of association and to license Covestro’s sustainability patents to European competitors for 10 years. EU competition chief Teresa Ribera said the commitments “effectively address the [possible] negative effects” by keeping key technologies accessible for industry peers.

What’s next: The approval, also valid for a decade and monitored by an independent trustee, allows Adnoc to move ahead with final national-level clearances in Germany. Once completed, the transaction would bring Covestro under Adnoc’s XRG investment arm, broadening Abu Dhabi’s international footprint in chemicals and advanced materials. Covestro had guided for the transaction to close before 2 December.

IN CONTEXT- The move fits into a broader Gulf drive to deploy hydrocarbon wealth into global LNG and chemicals assets, Bloomberg wrote. Adnoc and Saudi Aramco have been locking in LNG supply contracts to build out their trading arms, while QatarEnergy is expanding stakes in export and receiving terminals worldwide. Gulf producers are betting that long-term demand for natural gas and industrial polymers will remain resilient as inputs for power, plastics, packaging, and lightweight materials used in electronics and autos.

IN OTHER M&A NEWS-

The 2PointZero-Ghitha-Multiply merger is nearly across the finish line: Multiply completed the takeover of shares in Ghitha Holding and all of 2PointZero, according to three separate bourse disclosures here (pdf), here (pdf), and here (pdf), folding a cluster of IHC-linked assets under its umbrella. The group is now finalizing a capital increase to issue new shares to the sellers, and the transaction will be fully reflected in the market once the consolidated entity is listed and the new ownership structure is disclosed. This comes a little under a week after parent firm International Holding Company’s (IHC) shareholders signed off on the merger.

Transaction mechanism: The plan saw Multiply acquire 83.52% of Ghitha from IHC Food Holding, 0.41% from IHC Companies Management (good for roughly 202.8 mn shares in total), and IHC Capital’s stake in 2PointZero through a share-swap. Multiply’s shareholders had already signed off on the move, which involves lifting the company’s share capital to AED 8.6 bn from AED 2.8 bn and issuing 23.36 bn new shares to complete the transfers.

The combined entity is set to operate under the 2PointZero Group name, with Multiply CEO Samia Bouazza slated to lead the enlarged platform and Ghitha remaining under its current management. The transaction will push the group’s freefloat to 39%, potentially widening index eligibility on the ADX.

DIB closes USD 1 bn debut sustainability linked sukuk sale

Dubai Islamic Bank (DIB) raised USD 1 bn from its first sustainability-linked sukuk issuance, it said in a bourse disclosure (pdf). The five-year paper was priced at a yield of 4.572% per annum, tightening from initial guidance of 120 bps over US Treasuries to 90 bps on strong investor demand. The notes, issued under DIB’s USD 12.5 bn sukuk program listed on Euronext Dublin and Nasdaq Dubai, drew more than USD 2 bn in orders, making it over 2x oversubscribed.

ICYMI- DIB had kicked off investor calls for its maiden sustainability-linked sukuk earlier last week, after mandating a syndicate of regional and international banks led by Standard Chartered as sustainability advisor. The issuance was expected to carry the same rating as the lender — rated A3 by Moody’s and A by Fitch with a stable outlook.

Asian orders were among the largest in the book. About 67% of allocations went to regional investors, some 20% to Asian investors (the bank’s highest share of Asian investors to date), and the remainder to Europe and other markets. Banks and private lenders took the bulk of the issuance at 77%, followed by fund managers with 17%, and institutional investors such as insurers and sovereign funds accounting for the final 6%.

A structure wrapped in a green bow: Unlike traditional green sukuk that fund specific sustainability projects, DIB’s performance-linked issue ties its financing to measurable sustainable outcomes, meaning the bank can use proceeds for general purposes, but must meet preset ESG KPIs.

ADVISORS- HSBC quarterbacked the transaction as joint lead manager and bookrunner alongside Standard Chartered, Arqaam Capital, Bank ABC, Emirates NBD Capital, First Abu Dhabi Bank, ICBC, KFH Capital, KIB Invest, Maybank, QInvest, and Sharjah Islamic Bank.

Abu Dhabi real estate hits 12-month high in 3Q 2025 as off-plan sales surge, supply remains tight

Abu Dhabi’s residential market logged its strongest quarter in a year in 3Q 2025, with over 6.5k transactions completed within Abu Dhabi Municipality, up from 4k in 2Q and 3.7k in 1Q, according to Savills’ latest Abu Dhabi Residential Market report (pdf).

Off-plan sales accounted for 77% of transaction volumes, well above the 12-month average of 64%, driven by new launches on Saadiyat Island, Fahid Island, Hudayriat’s Wadeem plots, and additional phases of Bloom Living. Apartments made up 78% of all transactions.

Prices rise on steady demand + tight supply: Average sales rates increased 16% y-o-y to AED 17.4k per sqm in 3Q — higher than 2Q’s 6.4% uptick — supported by resilient end-user demand and limited ready supply. High-end projects continued to draw overseas buyers, including Four Seasons Residences on Saadiyat Island and the Waldorf Astoria Residences on Yas Island.

Even with more launches, supply remains constrained: Developers launched 21 projects totaling 5.7k units during the quarter — nearly half of all new units introduced this year. YTD launches now stand at 11.2k units, though Savills notes supply remains tight relative to population growth and demand, a trend it expects to keep prices firm into 2026.

Abu Dhabi recorded AED 94 bn in real estate transactions in 9M 2025, up 43.3% y-o-y, on the back of 29.4k transactions (+48% y-o-y), according to Abu Dhabi Real Estate Center data picked up by Abu Dhabi Media Office. Sales and purchases brought in AED 61.8 bn across 16.9k transactions, while mortgages totaled AED 32.2 bn from 12.7k transactions.

FDI climbs: Foreign investors poured AED 6.2 bn into the market in 9M 2025, up 35% y-o-y, compared with AED 3.4 bn from 890 transactions involving 85 nationalities in 1H 2025. Some 97 nationalities invested over the period, led by Russia, China, the UK, France, Kazakhstan, and the US. Foreign inflows into investment zones accounted for 74% of total real estate investments, rising 66% y-o-y to AED 35 bn.

More projects + market participants: YTD, the emirate registered 40 new development projects, while real-estate professional licenses rose 47% to 2.4k.

REMEMBER- Abu Dhabi earlier logged AED 52 bn in transactions in 1H 2025, up 40% y-o-y, driven by strong demand for new launches and multiple sellouts. The emirate is expected to deliver around 11.9k new homes before year-end, and roughly 33k units by 2030.

Sector contribution rises: Real estate contributed AED 21.9 bn to Abu Dhabi’s non-oil GDP in 1H 2025, up from AED 20.2 bn a year earlier. Construction activity reached AED 57.5 bn, up 10% y-o-y — bringing the two sectors’ combined contribution to AED 79.5 bn, or 24% of non-oil GDP.

Abu Dhabi Mobility signs multi-partner agreements during DriftX

Abu Dhabi Mobility (Integrated Transport Center) inked a series of agreements with national and international partners during DriftX 2025, held as part of Abu Dhabi Autonomous Week, according to Abu Dhabi Media Office. The agreements cover autonomous vehicles (AVs), advanced air mobility, marine transport, digital infrastructure, and integrated logistics.

Abu Dhabi Mobility partnered with:

The Cyber Security Council to strengthen cybersecurity across Abu Dhabi’s smart mobility ecosystem through knowledge sharing, coordinated incident response, joint technical exercises, and public awareness programs;
Abu Dhabi Investment Office (Adio) and Tensor Auto — a Silicon Valley AV company — to enable commercial operations of Tensor’s AVs in Abu Dhabi, providing regulatory and technical support for real-word rollout;
Japanese eVTOL manufacturer SkyDrive to conduct technical studies and pilot operations for its SD-05 aircraft, develop vertiports and smart charging stations, and explore future collaboration on operations and maintenance;
Glydways, a global automated transit network provider, to test and deploy autonomous mass transit solutions, improve first- and last-mile connectivity, and collaborate on regulatory standards and pilot projects;
Adio and Blue Gulf Group, a UAE-based maritime solutions company, to develop and operate autonomous marine vessels, conduct feasibility studies, and ensure compliance with environmental and safety standards;
German AV systems firm Benteler Mobility to launch a pilot project for mini robo-buses and assess operational potential and infrastructure requirements for large-scale autonomous deployment;
UAE telecom group e& to develop autonomous driving and smart mobility technologies, including advanced 5G/5.5G connectivity and onboard WiFi services;
Another agreement with e& on pilot projects for AI-powered drones to monitor traffic;
UAE-based logistics solutions provider Sinaha Technology to improve the use of autonomous technologies in freight operations, including self-driving trucks and heavy-lift drones, with joint monitoring and evaluation of project implementation.

3Q earnings continue to roll in

ORASCOM CONSTRUCTION-

Orascom Construction reported a net income of USD 50.6 mn in 3Q 2025, up 134.3% y-o-y, according to its latest earnings release (pdf). Revenues jumped 74.8% y-o-y to USD 1.5 bn, led by projects in transportation, power, water, data centers, and aviation.

Driving the growth: Robust activity from infrastructure and industrial projects boosted revenue growth during the quarter — particularly in the MEA region, where revenues more than doubled to USD 873.2 mn. The company’s US operations also recorded solid growth, with revenues rising 33.8% y-o-y to USD 599.2 mn.

On a 9M basis, Orascom Construction reported a net income of USD 133.3 mn, up 53.2% y-o-y. Revenues increased 47.8% y-o-y to USD 3.4 bn during the nine-month period, supported by broad-based growth: MEA revenues nearly doubled to USD 2.0 bn, while US revenues grew 12.5% y-o-y to USD 1.4 bn. Growth was further supported by a 44.2% y-o-y rise in new awards to USD 3.7 bn and an 8.3% y-o-y increase in consolidated backlog to USD 8.6 bn.

ICYMI- The contractor moved its primary listing from Nasdaq Dubai to the ADX in September and transferred its incorporation from DIFC to ADGM earlier this month.

AL ANSARI-

Al Ansari Financial Services’ net income dipped 11.7% y-o-y to AED 91 mn in 3Q 2025, according to its financials (pdf). Its top line rose 13% to AED 336 mn, while its branch network expanded to reach 438 by the end of 3Q — some 175 more than the same period last year, according to a separate earnings release (pdf). The consolidation of its takeover of Bahrain’s BFC Group boosted 3Q results.

The group’s net income dropped 1.7% y-o-y to AED 303.3 mn in 9M 2025 due to higher expansion expenses and operating costs, driven by regulatory requirements such as Emiratization initiatives. Its total revenues jumped 12.3% y-o-y, reaching AED 991 mn.

ALEC HOLDINGS-

Alec Holdings’ bottom line rises on strong project execution: Dubai-based construction firm Alec Holdings reported a 172% y-o-y jump in net income to AED 192.5 mn in 3Q 2025, according to its financials (pdf) and earnings release (pdf). Revenues rose 82.2% to AED 3.5 bn on accelerated backlog conversion in the UAE and Saudi Arabia. The Building and Construction segment more than doubled its quarterly revenue to nearly AED 2 bn, while Energy Solutions revenue climbed 82% y-o-y to AED 1.2 bn.

For 9M 2025, the firm’s net income rose 115.7% y-o-y to AED 431.6 mn, while revenues increased 65.5% to a record AED 8.9 bn, driven by strong execution across hotel and data center projects. Backlog reached AED 32.9 bn at the end of 9M, providing 2.8x revenue coverage, with an even split between building and energy projects.

Outlook: Alec expects full-year revenue growth of 50-52%, supported by a growing mix of complex, higher-margin projects such as data centers and fit-out. CEO Barry Lewis previously said the company sees a SAR 4.3 tn project pipeline in Saudi Arabia and around AED 2.8 tn in prospects in the UAE, after making its DFM debut in October.

Dividends: Alec reaffirmed its dividend plan, including AED 200 mn to be paid in April 2026, followed by semiannual distributions equal to at least 50% of annual net income thereafter.

DUBAI INVESTMENTS-

Dubai Investments’ bottom line surged 114.4% y-o-y to reach AED 505.1 mn in 3Q 2025, driven by higher fair-value gains on investment properties and stronger recurring income, according to its financials (pdf). Total income grew 27.1% y-o-y to AED 1.2 bn, supported by a 6.3% uptick in rental income to AED 288.8 mn and solid performance from its manufacturing operations, according to a separate earnings release (pdf). Fair-value gains on investment properties contributed AED 149.8 mn, versus none in 3Q 2024, while gains on investments more than doubled to nearly AED 130 mn.

Net income reached AED 1 bn during 9M, up 57.2% y-o-y, driven by a AED 363 mn gain on the fair valuation of investment properties and a 12.5% increase in rental income to AED 873.5 mn.

IPO plans: Dubai Investments is eyeing an IPO of its glass subsidiaries in late 2026 or early 2027, with technical preparations now almost complete, Vice Chairman Khalid bin Kalban told CNBC Arabia (watch, runtime: 8:33). The firm is investing AED 1 bn to increase production at its Abu Dhabi glass plant as part of the plans.

ICYMI-The company has already mandated banks to manage the planned listing of Dubai Investments Park. It is planning to offer 24-25% of the firm, which could bring in between AED 2.4-2.5 bn in proceeds, with funds earmarked for debt repayment, shareholder distributions, and new investments, bin Kalban added. Over in Angola, where it is building Dubai Investments Park Angola, it is exploring partnering with the Angolan government to set up a firm to develop Angola’s real estate sector.

TABREED-

National Central Cooling Company (Tabreed) reported a 7.4% y-o-y decline in net income to AED 153.3 mn in 3Q 2025, according to its financials (pdf). Revenues were broadly unchanged at AED 758.8 mn, down 0.7% y-o-y, and total connected capacity rose 4.5% y-o-y to 1.38 mn RT on continued network expansion, the cooling provider said in a separate earnings release (pdf).

Net income for 9M 2025 came in at AED 444.4 mn, down 1.1% y-o-y, weighed down by higher finance costs following the company’s USD 700 mn green sukuk issuance earlier this year. Revenues rose 1.3% y-o-y to AED 1.9 bn, supported by steady consumption volumes despite milder weather and a record 52.9k RT of organic additions — more than double the full-year 2024 total.

REMEMBER- Tabreed kept busy this year: It completed the AED 4.1 bn acquisition of PAL Cooling, adding roughly 600k RT across Abu Dhabi and Al Reem Island, and secured an AED 1.5 bn, 250k RT concession for Palm Jebel Ali through a JV with Dubai Holding Investments. The company also commissioned three new plants and was added to the MSCI Global Small Cap Index.

More in the pipeline? Tabreed recently secured an AED 1.8 bn shariah-compliant debt facility from Mashreq and Emirates NBD — including AED 1 bn in green financing — to support M&A and balance sheet strength. CEO Khalid Al Marzouqi previously said the company is exploring data center cooling with backing from Mubadala and Engie, and is assessing new prospects, including those around the future Al Maktoum International Airport.

AD PORTS GROUP-

AD Ports sees strongest income since IPO: AD Ports Group saw its net income rise 34% y-o-y to AED 596 mn in 3Q 2025 — a record high since its 2022 public listing — driven by high cargo volumes and container throughput, rising warehouse utilization rates, and a surge in new industrial land leases, according to an earnings release (pdf) published on Friday. The company’s top line surged 16% y-o-y to AED 5.39 bn for the same period, driven by improved activity in maritime and shipping, ports, and economic cities and freezone clusters.

3Q by the segment: Maritime and shipping revenues rose 40% y-o-y in 3Q 2025 to AED 3 bn, remaining the single largest contributor to the company’s top line. The company’s ports recorded a top line surge of 18% y-o-y to AED 713 mn whilst logistics segment’s top line dropped 12% y-o-y to AED 1.1 bn in 3Q 2025, as market conditions weakened in the freight forwarding business, particularly in the Asia and Americas regions. Revenues from the economic cities and freezones sector rose 17% y-o-y to AED 600 mn.

In 9M terms: The company’s net income rose 17% y-o-y to AED 1.1 bn in 9M 2025, while its top line surged 16% y-o-y to AED around 14.8 bn for the same period.

Heading into 2026: AD Ports Group is anticipating some softening in container freight rates across its service network, while predicting that demand will remain strong in its operating regions. The container shipping market outlook for 2026 remains highly uncertain as opposing market forces with unpredictable outcomes are at play, including the Red Sea conflict, US tariffs and trade wars, new regulations, and incoming supply and demand shifts.

ABU DHABI AVIATION-

Abu Dhabi Aviation (Ada) reported a 24.1% y-o-y decrease in its net income to AED 698.5 mn in 9M 2025, according to an earnings release (pdf). Ada’s net income was impacted by an unfavorable base effect due to a one-off gain of AED 596.8 mn that trickled from a reverse acquisition in 2024. Adjusting for this transaction, Ada’s 9M bottom line increased 116% y-o-y. The firm’s top line rose by 9.2% y-o-y to AED 5.5 bn.

Segment highlights: Ada’s cargo operations reported revenue of AED 168.9 mn during the quarter, up more than 122% y-o-y. Meanwhile, the group’s maintenance, repair, and overhaul business division saw its bottom line surge 280.4% y-o-y to AED 511.2 mn, whereas its revenues were at AED 4.8 bn, up 4.4% y-o-y.

ETIHAD AIRWAYS-

Etihad Airways reported a 26% y-o-y increase in its net income to AED 1.7 bn (USD 463 mn) in 9M 2025, according to an earnings release published on Friday. The firm’s top line rose 18% y-o-y to AED 21.7 bn (USD 5.9 bn), driven by strong performance across both passenger and cargo operations.

In cargo terms: Cargo revenues rose 8% to AED 3.2 bn (USD 875 mn) — attributable to enhanced capacity and increased volume. The airline’s operating fleet reached 115 aircraft — marking a 19% y-o-y increase from last year’s figures. Nearly half of the boost from last year came from 3Q deliveries — which included A321LRs, B787s, and A350s.

Right on cue? Etihad Airways was looking to onboard 18 new aircraft by year-end, aiming to grow its fleet to some 115-120 aircraft to accommodate 21.5 mn passengers — assuming there are no delays from the manufacturer.

A solid year for the carrier: The airline reported a 32% y-o-y increase in its net income to AED 1.1 bn (USD 306 mn) in 1H 2025, while its top line also rose 16% y-o-y to AED 13.5 bn due to strong performance across both passenger and cargo operations.

Tabreed CEO retires

DFM-listed Tabreed’s board of directors accepted the resignation of CEO Khalid Al Marzooqi (LinkedIn) who is retiring, according to a DFM disclosure (pdf). Al Marzooqi will step back from the role — which he took up in 2021 — on 2 January, 2026. The board has not yet named a successor.

Investcorp makes a US acquisition

M&A-

Abu Dhabi’s Investcorp Capital acquires US-based KSS: ADX-listed private equity firm Investcorp Capital acquired US industrial services firm Kanawha Scales & Systems (KSS), according to an ADX disclosure (pdf). This move comes as the firm looks to diversify its portfolio and expand its global private market investments.

IN CONTEXT- Investcorp has made several US exits this year, including Resa Power in April and the sale of its US industrial portfolio for USD 360 mn. Elsewhere, it fully exited Indian budget fashion retailer Citykart, having helped the company grow its top line to USD 102 mn for FY 2025. On the flip side, it invested in Italian payments firm Epipoli and acquired a USD 200 mn portfolio of European and North American assets.

CONSTRUCTION-

Meraas awards AED 440 mn contract for City Walk project: Dubai Holding Real Estate’s subsidiary Meraas handed GCC Contracting an AED 440 mn contract to develop the City Walk Northline project in Dubai, according to a press release.

The details: Completion is slated for 3Q 2027 and will see Meraas develop City Walk Northline 1 and 2, which together will offer 304 units spread across three residential buildings. The project sits between Jumeirah Street and Sheikh Zayed Road and is part of the broader City Walk development. Meraas recently awarded Naresco an AED 450 mn contract for construction works on City Walk’s final phase — Central Park Plaza.

HOSPITALITY-

Kerzner partners on USD 2 bn Saudi tourism project: The hospitality arm of Investment Corporation of Dubai, Kerzner International, will develop two luxury tourism projects in Saudi Arabia after inking a USD 2 bn agreement with the Kingdom’s Public Investment Fund-owned Jeddah Central Development and Saudi’s Midad Real Estate, Asharq Business reports. The projects — Atlantis Jeddah and One&Only Jeddah — will see investments of USD 2 bn and be located on the Kingdom’s Red Sea waterfront.

REMEMBER- Kerzner announced in September it is expanding its One&Only brand with new resorts in Fiji’s Nacula Island and a property in Big Sky in the US state of Montana.

AVIATION-

US-based aircraft giant GE Aerospace is expanding into Dubai South with a USD 50 mn On Wing Support facility in the Mohammed Bin Rashid Aerospace Hub, Gulf News reports. The facility will help the company scale maintenance, repair, and overhaul (MRO) capabilities, support the production of advanced engines like the GE9X, and introduce its first MRO training space. Construction is set to begin in December, with completion slated for 1Q 2027. The investment will expand GE Aerospace’s UAE footprint to 120k sq ft.

ICYMI- The firm had previously announced a USD 10 mn investment in its MRO facilities in Dubai and Doha to prepare for the arrival of the GE9X. Earlier this year, Etihad Airways said it was investing USD 14.5 bn for 28 Boeing 787 and 777X jets built by GE Aerospace in the US.

RTA + Joby host first crew-manned aerial taxi flight: Joby Aviation marked its first crewed electric vertical take-off and landing (eVTOL) aerial taxi flight between Margham’s Dubai Jetman Helipad and Al Maktoum International Airport, in cooperation with Dubai’s Road and Transport Authority (RTA), according to Dubai Media Office. The 17-minute flight marks the first crewed eVTOL flight between two points in the UAE.

The UAE’s first eVTOL aerial taxi vertiport in Dubai is 60% complete, RTA said, with UK-based firm Skyports Infrastructure leading construction efforts. The facility is located near Dubai International Airport.

REMEMBER- Joby Aviation is on track to launch its first vertiport at Dubai International Airport by 1Q 2026, ahead of commercial rollout.

More to come: RTA has inked agreements with Emaar Properties, Atlantis The Royal, and Wasl Asset Management to develop additional vertiports for aerial taxis within their real estate projects.

AI-

Ajman Bank, Oracle team up: Ajman Bank is moving its new trade finance platform onto US-based technology company Oracle ’s cloud infrastructure (OCI), aiming to boost capacity, speed and resilience as transaction volumes rise, according to a press release.

The details: Oracle will work with the bank on further cloud and data use cases as it modernizes its trade finance stack. Both sides will explore additional applications in data management, analytics and compliance to accelerate product development and improve internal controls.

REMEMBER- This is not Ajman Bank’s first digital scaling move: Ajman Bank signed an MoU with UAE-based digital asset platform Fasset in October to jointly launch shariah-compliant virtual asset offerings in the UAE.

Zero-day options are quietly capping S&P 500 rallies

A new wave of ultra-short-dated option trading is increasingly shaping how the S&P 500 moves during the day, and analysts say it may be putting a ceiling on stock market rallies, Bloomberg reports. Zero-day options and other one-to-five-day contracts have exploded in popularity this year, turning what used to be niche trades into one of the biggest forces in US equity markets.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

A flood of daily option-selling is changing intraday behavior: Investors have been selling more short-dated options to collect steady premiums. These trades are designed to profit if markets stay in a narrow range, but they also create mechanical pressure in the underlying index.

The last 30 minutes of trading are becoming a pressure point: Hedging flows spike as options approach expiration near the closing bell. On 24 October, dealer gamma peaked at about USD 90 bn roughly 10 minutes before market close. At that moment, even a 0.1% move in the index would have forced around USD 10 bn in hedging flows, according to UBS estimates.

Some see trading opportunities in these distortions, others aren’t convinced: The growing influence of short-option strategies has encouraged some traders to buy one-day options at the close and sell them at the next morning’s open, hoping to exploit overnight gaps. But skeptics warn against overstating the importance of any single strategy. “Of the 25 or so different things that are pushing markets in different directions, this is one of the 25,” said Susquehanna’s Chris Murphy. “It gets more attention than it deserves.”

And the sustainability question remains open: Many of these trades rely on stable, low-volatility conditions — something that rarely lasts forever. “Any systematic short-option strategy generally harvests premium pretty well until a high volatility environment realizes and then it kills the trade via convex losses,” said Garrett DeSimone of OptionMetrics.

MARKETS THIS MORNING-

Asian markets are mostly in the red in early trading this morning as traders adopt a cautious approach ahead of a busy week for earnings. Japan’s Nikkei, the Shanghai Composite, and the Hang Seng are all down 0.5%. Meanwhile the Kospi is in the green, up 1.7%.

ADX	9,918	-0.4% (YTD: +5.3%)
DFM	5,950	-0.7% (YTD: +10.2%)
Nasdaq Dubai UAE20	4,766	-0.9% (YTD: +14.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.8% o/n	3.7% 1 yr
TASI	11,053	-1.1% (YTD: -8.2%)
EGX30	41,211	+2.5% (YTD: +38.6%)
S&P 500	6,734	-0.1% (YTD: +14.5%)
FTSE 100	9,698	-1.1% (YTD: +18.7%)
Euro Stoxx 50	5,694	-0.9% (YTD: +16.3%)
Brent crude	USD 63.71	-1.1%
Natural gas (Nymex)	USD 4.46	-2.3%
Gold	USD 4,088	-0.2%
BTC	USD 94,500	-1.0% (YTD: +1.0%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.79	0.0% (YTD: +8.8%)
S&P MENA Bond & Sukuk	151.92	0.0% (YTD: +8.6%)
VIX (Volatility Index)	19.83	-0.9% (YTD: +14.3%)

THE CLOSING BELL-

The ADX fell 0.4% on Friday on turnover of AED 849.7 mn. The index is up 5.3% YTD.

In the green: Agthia Group (+6.6%), Eshraq Investments (+3.9%) and Gulf Cement Co. (+3.2%).

In the red: ADCB Rights Issue 2025 (-12.5%), Aram Group (-6.7%) and Presight AI Holding (-6.6%).

Over on the DFM, the index fell 0.7% on turnover of AED 673.3 mn. Meanwhile, Nasdaq Dubai was down 0.9%.

CORPORATE ACTIONS-

Dubai-listed shipping and maritime services firm GulfNav’s shareholders approved a 51% capital increase to AED 1.65 bn to fund its planned acquisition of Fujairah storage business Brooge Energy, according to a disclosure (pdf). The increase will come through AED 500 mn worth of bonds to be priced at AED 1.1 per bond and issued to existing shareholders. The bonds can be converted into shares within three months.

The capital increase also includes 358.8 mn new shares for Brooge with a one-year lock-up period and the issuance of AED 2.3 bn in mandatory convertible bonds for Brooge shareholders.

The capital increase has already been cleared by the Securities and Commodities Authority and will be activated on 21 November after trading hours. Trading will begin on 24 November.

REMEMBER- GulfNav announced closing an AED 3.2 bn acquisition of Brooge Energy in May, issuing 358.8 mn new shares and AED 2.3 bn in convertible bonds to Brooge, plus AED 500 mn in bonds to shareholders. GulfNav’s shares gained 8.97% at the time to end at AED 5.95.

CALENDAR

NOVEMBER

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

11-17 November (Tuesday-Monday): International Council of Museums (ICOM) General Conference, Dubai.

12-17 November (Wednesday-Monday): RoboCup Asia-Pacific, Khalifa University, 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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