Almasar’s institutional offering + Bank of Sharjah’s USD 500 mn issuance oversubscribed

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Potential MAF stake sale on the cards? + DP World kicks off Syrian port operations as Dana Gas eyes gas field expansion in Syria

Good morning, wonderful people. It’s another busy issue this morning, with plenty of M&A, IPO, and debt news. We take note of an oversubscribed USD 500 mn bond issuance from the Bank of Sharjah, as well as an oversubscribed institutional offering ahead of Amanat Holding’s IPO — plus an update for the merger of 2PointZero, Ghitha, and Multiply Group, as parent firm IHC’s shareholders give the transaction the green light.

ALSO- Abu Dhabi’s property market saw record growth in 3Q 2025, with prices rising amid tight supply and sustained demand. And in energy news, the GCC Interconnection Authority breaks down its plans to invest USD 3.5 bn in strengthening its grid link.

WEATHER- Dubai will see a high of 33°C, and an overnight low of 22°C, according to our favorite weather app. Meanwhile, Abu Dhabi’s temperatures will peak at 31°C, with an overnight low of 21°C.

WATCH THIS SPACE-

#1- Dubai officials explore options for Majid Al Futtaim stake sale: Government-appointed officials overseeing Majid Al Futtaim Holding are in talks over several strategic options for the USD 19 bn conglomerate, including a potential minority stake sale, Bloomberg reports, citing people familiar with the matter. Other scenarios under review include a partial divestment of business lines and an IPO, though discussions remain at an early stage and no final decision has been made.

Financial advisers have reportedly pitched for a role in the potential share sale, but it remains unclear if any banks have been formally mandated, with Majid Al Futtaim yet to comment on the discussions.

REMEMBER- The firm named Fadel Al Ali as chairman earlier this year, replacing Sir Michael Rake, after the Dubai government stepped in with a special judicial committee to restructure MAF’s governance to resolve a long-running succession impasse following the death of its founder and stabilize the group’s future. It also converted it into a public joint stock company with a lower decision-making threshold. Five government and four family representatives joined Al Ali on the board.

#2- DP World has kicked off operations at Syria’s Tartus Port under a 30-year concession agreement with the port’s authorities inked back in July, according to a statement. The company is now undertaking a study of the port’s infrastructure, and is conducting technical surveys and design planning for a development roadmap, the statement said.

Refresher: DP World is investing USD 800 mn to redevelop the port under a build-operate-transfer (BOT) model and turn it into a trade node linking Europe, the Middle East, and North Africa. Tartus is Syria’s second largest port, with an annual handling capacity of about 20k containers and about 4 mn tons of cargo.

The company will focus on dredging port access channels, as well as basins and berths, in the medium term, while rehabilitating and replacing handling equipment and introducing new, specialized assets, to improve bulk and breakbulk cargo handling, the statement added.

Speaking of Syria…: Sharjah-based Dana Gas has signed an MoU with the Syrian Petroleum Company (SPC) to assess the potential redevelopment and expansion of several gas fields in central Syria, including Abu Rabah — one of the country’s largest gas discoveries — and other SPC-operated assets, according to a press release (pdf). The company will conduct a technical study and draft a development plan to ramp up gas output, pending a successful evaluation and a final agreement.

REMEMBER- Dana Gas already operates in Iraq’s Kurdistan region, recently kicking off commercial gas sales from the USD 1.1 bn Khor Mor gas field expansion project, ahead of schedule. The company also launched a USD 100 mn venture in Egypt’s onshore Nile Delta with the Begonia 2 appraisal well — the first in a series of 11 appraisal and exploration wells planned under the two-year investment program, aiming to add 80 bcf in recoverable reserves.

UAE majors are doubling down on Syria: AD Ports Group also recently acquired a 20% stake in Syria’s Latakia International Container Terminal for AED 81 mn earlier this month, following in DP World’s footsteps.

#3- AD Ports and The Eurasian Economic Commission will look into developing digital transport corridors and logistics hubs across the Eurasian Economic Union (EAEU), according to a statement. The two sides inked a protocol looking to exchange knowledge and expertise on digitization across transport, logistics, and infrastructure.

IN CONTEXT- The UAE ratified a comprehensive economic partnership agreement with the EAEU in June after concluding trade talks earlier in December. The agreement targets cooperation in sectors like renewable energy, logistics, and construction across the bloc’s five member states: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.

OIL WATCH-

The International Energy Agency (lEA) finally admits its earlier oil demand projections needed an update — and now sees oil and gas demand continuing to rise until 2050, according to its World Energy Outlook 2025 (pdf). The agency expects the world to fall short of its climate goals, signaling that fossil fuels will maintain a dominant role for decades.

IN CONTEXT- The agency’s earlier forecasts had projected that oil and gas demand would peak this decade and decline toward 2050. Now, it’s aligning more with Opec’s view, which sees demand continuing to grow through to mid-century on the back of rising usage in road transportation, aviation, and petrochemicals. This also comes amid a shift in US priorities under President Donald Trump, who has been calling for more oil and gas production and revoking renewables-friendly policies.

The agency used two scenarios for analysis: Under the IEA’s current policies scenario (CPS) — which reflects existing government measures rather than future climate ambitions — oil demand is projected to reach 113 mn bbl / d by mid-century, around 13% higher than in 2024. In the stated policies scenario (STEPS) — which includes announced but not yet implemented policies — demand peaks “around 2030” and stabilizes near 96.9 mn bbl / d in 2050.

Why the two scenarios? The return to CPS and STEPS reflects “growing uncertainties in the political, economic, and energy context,” IEA’s Executive Director Fatih Birol told Bloomberg.

Under CPS, sustained demand would absorb global oil and LNG oversupply faster, pushing crude prices to around USD 90 / bbl by 2035. Meeting that demand would require some 25 mn bbl / d of new projects. Our region is expected to remain the dominant oil exporter, sending out 3x more oil than the next-largest exporter in 2035.

LNG will be the next big thing: Final investment decisions for new export projects have surged in 2025, with some 300 bcm of annual capacity expected to come online by 2030 — a 50% increase in available global supply. The IEA projects LNG demand to rise to 880 bcm in 2035, reaching 1 tcm in 2050, and up from 560 bcm in 2024 — driven primarily by growing electricity needs from data centers and AI-related power consumption.

Data infrastructure is emerging as the new energy driver: Global data-center investments could reach USD 580 bn in 2025, exceeding the USD 540 bn annually spent on oil supply.

UAE officials have been banging this drum for a while now, arguing there’s no end in sight to rising oil and gas demand and that the answer has to be more investments in all forms of energy. Adnoc’s CEO Sultan Al Jaber said in his opening speech at Adipec this year that oil consumption is expected to remain above 100 mn bbl / d beyond 2040. Renewable energy capacity is also expected to double, he said, while LNG demand is projected to rise by 50%, fueled by a 4x surge in data-center power demand, a growing global aviation fleet, and a 30% increase in jet fuel consumption.

DATA POINTS-

#1- Some 90% of UAE businesses plan to increase trade and investment in Saudi Arabia over the next five years, according to an HSBC press release (pdf) citing its New Networks of Capital: Saudi Arabia report (pdf). The report — which surveyed over 4k executives from international firms generating between USD 50-500 mn annually — found a growing number of businesses showed strong confidence in the Kingdom as a new corridor for regional and international growth. Over 78% are planning to increase investments within the next six months.

Economic stability was cited by 59% of UAE respondents as a key part of Saudi’s growing business appeal, closely followed by growth (58%), while 42% viewed the Kingdom as a gateway to GCC markets. Some 94% said the country’s sustainability and ESG agenda are a catalyst for investment. Technology and innovation remain the most popular for current (47%) and future investments (46%), while project finance (52%) and risk management solutions (46%) were reported as the most attractive segments for participation.

Nearly half of UAE businesses see private equity/venture capital funds as the top expansion route into the Kingdom (48%), followed by mutual funds (46%), and partnerships and joint ventures (45%).

#2- AI adoption among DIFC firms surges to 52%: More than half of financial firms operating within the Dubai International Financial Center (DIFC) now use AI in their operations, rising to 52% from 33% last year, state news agency Wam reports, citing a Dubai Financial Services Authority survey. Generative AI use saw the highest jump y-o-y (+166%).

Out of 661 DIFC-based firms, the majority said they integrated AI into at least one business sector and plan further expansion next year. This growth is driven by strong governance, ethical data use, and robust risk management, the regulator noted.

PSA-

You can now renew your car ins., request inspections, and complete your car registration on Abu Dhabi government service platform Tamm 4.0 — after car ins. firm Shory rolled out an AI-powered vehicle ins. renewal service on the app, according to a press release (pdf). The service is supported by new features on Tamm including AutoGov, which enables automatic renewals, and comes as part of broader plans for Abu Dhabi to become the world’s first AI-native government by 2027.

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.

#3- The ACI Financial Markets Association will hold the ICA Conferenceand Exhibition from today 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.

HAPPENING NEXT WEEK-

Canadian Prime Minister Mark Carney will be in Abu Dhabi from next Tuesday 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 BIG STORY ABROAD-

Shutdown to end as soon as today: The US House of Representatives voted 222-209 to reopen the government, passing the funding bill through the Congress and to US President Trump’s desk for signature. The vote ends a stalemate that led to the longest government shutdown in history — entering its 44th day — affecting food aid, economic reports and airport flights, as well as causing layoffs of federal workers which are set to be reversed under the bill. (Bloomberg | NYTimes | Financial Times | CNN | Reuters)

Another US story is dominating headlines: A new trove of emails from Jeffrey Epstein was released by lawmakers, reigniting scrutiny into The Donald’s ties with the disgraced financier as content hinted at Trump’s knowledge of Epstein’s activities at the time. Trump responded to the release by accusing Democrats of attempting to lure attention away from the end of the government shutdown. (Reuters | Washington Post)

ALSO WORTH NOTING THIS MORNING-

Anthropic plans to spend USD 50 bn on AI infrastructure in Texas and New York. (CNBC)
A severe water shortage crisis is hitting Tehran, threatening to make the Iranian capital uninhabitable for its 10 mn residents. (Reuters)

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IHC shareholders approve Multiply-Ghitha-2PointZero merger, appoint leadership for post-merger AED 120 bn firm

IHC shareholders give 2PointZero-Ghitha-Multiply merger greenlight: International Holding Company (IHC) shareholders have approved plans for its subsidiary Multiply Group to acquire 83.52% of Ghitha Holding from IHC Food Holding and 0.41% from IHC Companies Management, as well as IHC Capital’s shares in 2PointZero, according to a disclosure (pdf).

ICYMI- The move follows Multiply Group’s own shareholder approval earlier this week, when ADX-listed Multiply signed off on the mergers via share swap at its general assembly. The company will increase its share capital to AED 8.6 bn, from AED 2.8 bn currently, and issue a total of 23.36 bn shares to acquire the two firms.

Leadership shuffle: The post-merger entity — which will be known as 2PointZero Group — will be led by current Multiply CEO Samia Bouazza, with CEO of 2PointZero Mariam Almheiri appointed managing director, according to a separate statement (pdf). Ghitha, which will be a subsidiary of the group, will continue to be led by current CEO Faisal Ameen. The appointments are subject to board, regulatory, and shareholder approval.

The merger will also mean the company will have a 39% freefloat, broadening access to a “diversified investor base,” and paving the way for inclusion in global index-tracking funds, the statement said.

The company will be focusing on expanding its energy and consumer divisions, and is expected to achieve double-digit growth in its first few years of operations, the statement said.

Amanat education unit Almasar’s Saudi IPO priced at the top of the range following 102.9x institutional oversubscription

Amanat Holding’s Riyadh-based education arm Almasar Education priced its Tadawul IPO at SAR 19.50 per share, at the top end of its marketed price range, according to a press release (pdf). The institutional tranche of the IPO closed 102.9x oversubscribed, drawing heavy institutional demand with orders totaling SAR 61.6 bn.

The final offer price will see the company raise about SAR 599 mn, valuing it at roughly SAR 2 bn at listing.

REFRESHER- Amanat will sell 30% of its shares in its education unit — or 30.7 mn shares — through a secondary offering, and retain a 70% stake post-listing. The remaining shares will be subject to a six-month lock-up.

Retail investors are up next: Individual buyers may apply for up to 250k shares each at the final offer price between Tuesday, 18 November and Thursday, 20 November. Final allocations will take place on Wednesday, 26 November.

REMEMBER- Smaller issuers are still braving the Kingdom’s muted IPO climate despite many companies trading below their offer price. The listings’ success will hinge upon pricing discipline moving forward as investors grow more selective — though interest remains in long-term fundamentals as opposed to “first-day pops,” analysts have said.

ADVISORS- Our friends at EFG Hermes co-managed bookbuilding alongside SNB Capital, who is quarterbacking the transaction as the financial advisor, bookrunner, and underwriter. Clifford Chance is providing counsel to the issuer, while Baker McKenzie is advising the bookrunner. PwC is handling financial and tax due diligence, Euromonitor International is providing market research, and Deloitte is acting as the auditor.

Receiving agents include EFG Hermes, SNB Capital, Riyadh Capital, Saudi Fransi Capital, AlJazira Capital, Yaqeen Capital, AlBilad Capital, ANB Capital, Derayah Financial, AlRajhi Capital, Alistithmar Capital, Alinma Investment, Sab Invest, Alkhabeer Capital, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Al Osool Capital.

Bank of Sharjah tightens pricing on USD 500 mn bond after 3.6x oversubscription

Bank of Sharjah issued a USD 500 mn senior unsecured bond, which was oversubscribed 3.6x with some USD 1.8 bn in orders, state news agency Wam reports. The five-year bond carries a coupon of 4.875% per year, with the bank having tightened pricing by 30 bps from initial guidance and after investor calls and a roadshow in Dubai and London.

The issuance falls under its USD 2.5 bn EUR medium-term note program, Zawya reported earlier.

The issuance came in a bid to diversify its investor base, Chief Treasury Officer Damian White said. It “compares favorably” with previous issuances, he added. The bank had issued a similar USD 500 mn bond — in September last year.

ADVISORS- Arqaam Capital, Bank ABC, Bank of Bahrain and Kuwait, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, IMI-Intesa Sanpaolo, Kamco Invest, and Standard Chartered Bank acted as joint bookrunners and lead managers.

Abu Dhabi home prices soared in 3Q 2025 amid tight market, record off-plan demand

Abu Dhabi’s property market logged its strongest performance to date in 3Q 2025, as the ValuStrat Price Index for residential capital values rose 4% q-o-q and 10.5% y-o-y, according to ValuStrat’s latest report (pdf). That’s up sharply from 1.7% and 5.3% during the same period last year.

Off-plan sales hit all-time high: Off-plan transactions nearly doubled q-o-q (+97.5%) and more than doubled y-o-y (+118%), accounting for 79% of total sales — the highest on record. Average off-plan prices rose 22.4% y-o-y to AED 20.8k per sqm, with ticket sizes averaging AED 3.4 mn. Ready-home transactions grew 12.5% y-o-y to AED 13.9k per sqm, though slipped 1.7% q-o-q.

Mortgage-backed transactions accounted for 67% of total sales, reaching AED 12.4 bn versus AED 8 bn in non-mortgaged purchases. The pickup came as the US Federal Reserve — and subsequently, the Central Bank of the UAE — cut interest rates, easing borrowing costs for buyers.

Villas led annual price growth: Villas posted an 11.6% y-o-y rise in prices during the quarter, while apartments saw faster quarterly growth, rising 4.4% q-o-q. Saadiyat Island led villa gains with a 21.2% price increase, followed by Al Reef (+8.1%) and Al Raha (+7.7%). Among apartments, Al Reef (+13.3%) and Saadiyat Island (+10.5%) saw the biggest jumps. The weighted average home value reached AED 10.8k per sqm.

Rents also saw their strongest annual gains in a year: Residential rents increased 2.3% q-o-q and 9.3% y-o-y, with apartments outpacing villas (+12.8% y-o-y vs +5.6%). Average apartment rents hit AED 120k per year, while villas averaged AED 253k. Occupancy stood at 88.1%, keeping gross yields around 8.1%.

Supply remains tight despite new launches: Only 10.3% of this year’s projected residential pipeline was delivered as of September. Around 33k new units are expected by 2030, two-thirds of them apartments. New projects this quarter included Aldar’s Waldorf Astoria Residences and Yas Living, and Taraf’s 1.4 mn sqm Masdar City community.

Offices and hotels extend rally: Office rents rose 22.7% y-o-y and 3.6% q-o-q amid 90.5% occupancy in central districts, while prices grew 8.7% y-o-y. Hotel occupancy reached 81.5% as of July, with average daily rates jumping 20.7% to AED 544 and revenue per available room climbing 23.7% to AED 443 on sustained tourism demand.

…as did industrial properties: Industrial property prices in the emirate grew at an average of 13.7% y-o-y, while rents increased 10.9% y-o-y at the lower end and 15.5% at the higher end, according to the report.

GCC Interconnection Authority to invest USD 3.5 bn in grid link

The GCC Interconnection Authority plans to pour more than USD 3.5 bn over the next decade into strengthening its regional interconnection power grid, boosting its capacity to integrate renewables and export electricity to neighboring countries, Reuters reports, citing CEO Ahmed Al Ibrahim. The authority will self-finance the program and recover costs through annual fees paid by member states.

The first cross-border connection outside the Gulf will link the GCC grid to Iraq, with electricity exports set to begin in April 2026, Al Ibrahim said. Talks with Baghdad are ongoing to finalize the export framework. The project, valued at more than USD 300 mn, was fully financed by the authority without a margin, with cost recovery expected within seven years through transmission tariffs.

REFRESHER- Iraq’s tie-up to the GCC interconnection power grid was set to be operational in December of last year.

Also in the pipeline: Expansion plans will later include Jordan, and potentially Syria, Al Ibrahim noted. Gulf countries are also in talks to connect Middle Eastern grids to the European network by exporting electricity to Egypt via the Saudi-Egypt interconnection, with Egypt then set to have a 2 GW EuroAfrica Interconnector linking its grid with Greece and Cyprus, he said.

The focus remains on reinforcing internal grids, particularly as Saudi Arabia and the UAE roll out large-scale data center and AI projects that will increase power demand. Such projects will place added pressure on domestic grids due to their high and volatile electricity consumption, Al Ibrahim said, adding that stronger interconnection will be key to stabilizing supply and balancing loads across the region.

Emsteel, Dewa, Aramex and more post 3Q earnings

EMSTEEL-

Emsteel swings to black in 3Q 2025: Steel and building materials manufacturer Emsteel reported a net income of AED 95.4 mn in 3Q 2025, versus an AED 82.9 mn loss a year earlier, according to its financials (pdf). Revenues rose 13% y-o-y to AED 2.2 bn, driven by an average 3.5% y-o-y increase in selling prices and improved production efficiency, the company said in a separate earnings release (pdf).

9M performance: Net income for the nine-month period surged 209% y-o-y to AED 283.4 mn, while revenues grew 10% to AED 6.5 bn, as stronger steel demand and “optimized capacity utilization” helped boost sales of finished steel — with volumes rising 21% y-o-y to 2.4k tons. The Emirates Steel division contributed AED 5.8 bn in revenues, up 9% y-o-y, while Emirates Cement division’s revenues rose 21% to AED 652 mn.

DEWA-

Utility provider Dubai Electricity and Water Authority (Dewa) reported a 35% y-o-y increase in net income after tax to AED 3.9 bn in 3Q 2025, according to its financials (pdf). Revenues came in at AED 10.3 bn, a 4.5% rise y-o-y, with the firm seeing gross power generation rise 4.5% y-o-y to 20.5 TWh. Demand for desalinated water also grew by 6.7% during the period to 43.5 bn imperial gallons, according to a separate earnings release (pdf).

The company also reported its highest revenues to date in 9M 2025, up 5.9% y-o-y to AED 24.9 bn, while net income after tax reached AED 6.8 bn, a 24.8% rise y-o-y. This was underpinned by a consistent rise in demand across its electricity, water, and district cooling segments. Dewa invested over AED 7.8 bn in capital expenditure during the period, expanding renewable capacity, electricity and water networks, water desalination, and district cooling infrastructure.

Looking ahead: The company anticipates its total installed capacity to exceed 23 GW of power and 735 mn imperial gallons per day (MIGD) of desalinated water by end-2030. This includes 8.3 GW from renewable sources and 308 MIGD generated via renewable-powered reverse osmosis technology.

AMANAT HOLDINGS-

Amanat Holdings reported net income from continuing operations of AED 60 mn in 3Q 2025, up from a loss of AED 3.8 mn a year earlier, according to its financials (pdf). Revenue rose 21% y-o-y to AED 153.8 mn in the quarter, driven by growth in both education and healthcare, according to a separate earnings release (pdf). Student and beneficiary numbers reached 28k, up 22% y-o-y, while healthcare bed capacity expanded to 715, supported by facility expansions in Jeddah and Dhahran.

For 9M 2025, Amanat posted net income from continuing operations of AED 164.7 mn, up 73% y-o-y, on revenue of AED 622.1 mn, a 15% increase from 9M 2024. Education revenue grew 24% y-o-y to AED 332.3 mn, while healthcare revenue rose 6% to AED 289.8 mn with expanded facility capacity contributing to profitability.

Looking ahead, the company plans to reinvest into potential transformations, including higher education partnerships and further healthcare capacity expansions.

ARAMEX-

Aramex reported stable normalized net income — excluding acquisition and transformation costs — of AED 26.7 mn in 3Q 2025, unchanged y-o-y, on revenue of AED 1.6 bn, which was also flat y-o-y, according to its financials (pdf). Domestic express revenue grew 5% y-o-y, freight forwarding increased 4%, and logistics delivered 16% growth, according to a separate earnings release (pdf). International express declined 9% as nearshoring trends continued while total express shipments rose 2% to 36.1 mn, supported by 6% growth in domestic volumes.

For 9M 2025, normalized net income reached AED 60.1 mn, down 21% y-o-y, with revenues up 1% y-o-y to AED 4.7 bn. Logistics and supply chain solutions led growth with 20% revenue growth, while domestic express revenues grew 10% y-o-y and freight forwarding saw 6% growth. International express fell 13% over the nine months.

AMLAK FINANCE-

AmlakFinance reported a net income of AED 1.9 bn for 3Q 2025, compared to AED 8.9 mn in 3Q 2024, following the completion of its AED 2.9 bn Ras Al Khor land sale in June and full settlement of its legacy financing obligations, according to its financials (pdf) and a separate earnings release (pdf). Total income surged to AED 3 bn, up from AED 36.1 mn in the same quarter last year.

In 9M 2025, net income surged to AED 2 bn, compared to AED 15.9 mn in the same period last year, while total income surged to AED 3.1 bn from AED 100.9 mn a year earlier. Amlak’s investments contributed AED 5 mn in income before divestment during the period.

ICYMI- Regionally, Amlak also divested its investments outside the UAE in April, fully exiting its associate in Saudi Arabia in September and, in October, signing a sale and purchase agreement to divest its Egyptian subsidiary for EGP 400 mn.

Adnoc names former e& exec as group chief for tech + innovation

Adnoc tapped Dena Almansoori‏ (LinkedIn) as its new group chief technology and innovation officer (CTIO), following a five-year tenure as group chief AI and data officer at e&, according to a post on LinkedIn. In her new role, Almansoori will lead the firm’s AI and tech strategy, driving the integration of AI, loT, robotics, data analytics, and advanced technologies across the organization.

Aldar acquires two Kezad logistics facilities from AD Ports for AED 570 mn

LOGISTICS-

Aldar buys Kezad logistics assets from AD Ports for AED 570 mn: Abu Dhabi-based Aldar Properties acquired two Grade A logistics and industrial facilities in Khalifa Economic Zones Abu Dhabi (Kezad) from AD Ports Group for AED 570 mn, according to a statement (pdf). The sale comes as AD Ports continues to monetize non-core assets, with proceeds set to go toward deleveraging its balance sheet. It also sold AED 2.5 bn worth of land in Al Mamoura to Mira Developments in October.

About the sites: The assets — leased to e-commerce outfit Noon and UK-based fiber optic solutions provider Emtelle — span 136k sqm and were developed under 50-year Musataha agreements. Noon’s facility, completed in March 2025, is the UAE’s largest e-commerce hub, while Emtelle’s site, finalized in June 2024, ranks among the world’s biggest fiber optic manufacturing plants.

The acquisition comes as part of Aldar’s push to scale its logistics portfolio in Abu Dhabi and Dubai. Earlier this year, the developer bought AED 530 mn in warehouse assets at Almarkaz Industrial Park, after having invested AED 1 bn in several facilities in 2024 — including the 7 Central Logistics Hub in Dubai Investment Park and a 144k sqm logistics park with DP World in Jebel Ali. It also agreed to develop new logistics facilities in Dubai South under a JV agreement last year.

M&A WATCH-

DataCamp acquires UAE’s Optima to expand in the Middle East: US- and London-based edtech firm DataCamp acquired Dubai-based AI learning platform Optima for an undisclosed amount, marking its first major expansion into the Middle East, according to a press release. Founded in 2021 by Yusuf Saber (LinkedIn), Optima develops AI-native adaptive learning technology that tailors lessons and feedback in real time for enterprises and individual learners.

What’s next: Saber will join DataCamp as chief AI officer, based out of the UAE, with Optima’s team integrating into the company. The acquisition will also launch DataCamp Classrooms in the UAE, giving educators and students access to more than 500 interactive courses on data and AI skills, including Python, SQL, Power BI, and Machine Learning, at no cost.

By the numbers: The company has 18 mn users and a B2B business with 6k customers, serving companies including Google, Uber, Nike, and Pfizer. It expects to cross USD 100 mn in annualized recurring revenue before the end of next year, the statement saod.

MANUFACTURING-

Phillips Middle East launched its first manufacturing tech center of excellence in Dubai Silicon Oasis, according to a press release. The USD mn-scale facility spans 5k sq ft and integrates Philips’ additive and subtractive manufacturing technologies under one roof — serving manufacturers across sectors like aerospace, defense, automotive, oil and gas, medical, and education.

The center aims to address the region’s reliance on imported parts and original equipment manufacturers by providing modular, on-site manufacturing systems that enhance supply chain resilience and enable localized production. The firm plans to expand local hires over the coming year, the statement said.

ENERGY-

NMDC Energy, Baker Hughes to localize offshore energy products in Saudi: Abu Dhabi-based National Marine Dredging Company (NMDC) inked an MoU with US oil field services firm Baker Hughes to localize offshore products and services in Saudi Arabia to serve wider energy markets in the Middle East, North Africa, Turkey, and India, according to an ADX disclosure (pdf). The collaboration will see NMDC Energy use its fabrication and yard facilities in the Kingdom to supply the offshore market — with projects including a logistics base for offshore pipeline systems and an emergency pipeline repair system.

REMEMBER- NMDC Energy signed another agreement with Baker Hughes at Adipec 2025 to localize gas technology products such as gas compression stations and LNG modularization units in Saudi Arabia to serve the regional market. The firm launched its AED 200 mn fabrication yard facility in Saudi Arabia’s Ras Al Khair Special Economic Zone earlier this year as it pushes to scale its EPC unit operations across the Middle East, India, and Taiwan, with plans to enter markets in Europe, North and West Africa, and Southeast Asia.

CONSTRUCTION-

Abu Dhabi inks seven infrastructure MoUs in Singapore: The Abu Dhabi Projects and Infrastructure Center (Adpic) signed seven MoUs with major Singaporean construction, engineering, and architecture firms to advance smart city planning, modular construction, and sustainable infrastructure across Abu Dhabi’s USD 54 bn project pipeline, according to Abu Dhabi Media Office. The agreements were signed during the Abu Dhabi Infrastructure Summit Singapore Roadshow.

The partnerships are with:

BCA International for green standards and infrastructure;
Surbana Jurong for master planning and urban development;
Meinhardt Group for engineering consultancy;
CPG Corporation for infrastructure design and delivery;
RSP Architects for design collaboration;
Tech Onshore MEP Prefabricators for advanced MEP systems;
and Singapore Institute of Architects for design and professional exchange.

AUTOMOTIVE-

#1- Rox Motor rolls out regional HQ in Abu Dhabi: China-based luxury hybrid and electric vehicle manufacturer Rox Motor established its regional headquarters in the UAE capital, in partnership with Abu Dhabi Investment Office, according to a press release. The regional base will manage sales, after-sales, and future localization initiatives for industry and supply chains. Rox Motor plans to expand its local operations to include marketing, R&D, and design, with plans to integrate Arabic language models into its smart cockpit systems and autonomous driving features.

BACKGROUND- This move comes as part of Abu Dhabi’s broader push to strengthen its advanced mobility sector and establish an integrated automotive ecosystem. Chinese Geely-backed mobility tech company CaoCao also launched its regional headquarters in Abu Dhabi this week, marking its entry into the Middle East.

#2- Multiply Group’s ADX-listed subsidiary Emirates Driving Co. (EDC) signed a series of agreements with local technology firms during the DriftX exhibition to support the UAE’s shift toward intelligent and sustainable transport, according to a press release.

Among the new partnerships:

An MoU with K2 to promote innovation and automation in the transportation system;
A joint venture — ChargePoint — with electric vehicle (EV) infrastructure firm Vcharge to roll out EV charging infrastructure across the UAE;
An MoU with EV tech firm Drive Terra focused on attracting investments to develop EV battery-swapping sites;
an MoU with Performative Labs, a UAE firm that specializes in AI-driven computer vision technologies, to automate its driver training and testing systems.

MOBILITY-

#1- The Abu Dhabi Department of Municipalities and Transport launched an autonomous vehicles (AV) integrated testing, operations, and management system to oversee all phases of AV testing and operations in the emirate, according to a statement. The new system covers all stages from registration, application, permissions, trials, and data analysis to full commercial operation.

On the cards: In the short-term, the platform will review applications to assess companies’ readiness and issue permits across structured testing phases. It will also integrate a suite of smart tools to map out end-to-end operations management — including real-time vehicle tracking and instant shutdown options when any operational fault is observed.

This comes at a crucial time for the UAE’s autonomous mobility ambitions — with Abu Dhabi Mobility expanding its self-driving taxi rollout, and Dubai’s Roads and Transport Authority kicking off open-road pilot testing for driverless taxis in Jumeirah and Dubai Silicon Oasis, targeting a commercial launch by 1Q 2026.

#2- Glydways to bring autonomous transit systems to the UAE? The Abu Dhabi Investment Office (Adio) signed a strategic partnership with US-based automated transit network developer Glydways to explore deploying its autonomous electric transit systems across Abu Dhabi, according to the Abu Dhabi Media Office. This will include a pilot project which will see the company use AI-powered driverless vehicles operating on dedicated guideways for zero-emission, on-demand urban mobility.

More to come: The partnership — part of Adio's Smart and Autonomous Vehicle Industries cluster — will include feasibility studies, regulatory framework development, and plans for a regional manufacturing and assembly hub in Abu Dhabi to serve the wider Middle East.

Emerging market disinflation momentum outpaces developed nations, boosting local bonds

A reversal in global inflation trends is pushing investors to look toward emerging market bonds for better returns, and many — including Ninety One and Morgan Stanley Investment Management — see plenty of road ahead for the rally to continue, Bloomberg reports.

For the first time in 35 years — bar a small Covid-era blip — prices grew slower in emerging nations than their developed counterparts for two straight quarters, according to indexes tracked by the business news service’s mighty terminal. During 3Q, inflation in EMs averaged 2.5%, while developed nations saw prices rise at an average of 3.3%

Lower EM inflation has cranked up forecasts of interest rate cuts, with the list of emerging nations deciding to begin cutting rates growing and their central banks cutting at a faster speed than the US. But there’s still plenty of wiggle room, according to Ninety One Emerging Market Sovereign and FX Co-Head Grant Webster, who estimates that real policy rates in EMs are their highest in 20+ years.

In turn, this has helped push the average returns on EM local bonds in some countries like Egypt to over 20%. The average across all EMs comes out at around 7%, which is a decent peg above US Treasuries for the year so far. Good news for EM local bonds is also good news for EM currencies, with many strengthening against the greenback following investor appetite for their debt.

EM disinflation outpacing developed nations is also helping increase interest in assets outside of Wall Street and Europe. The difference in risk between equities from EMs and developed countries is narrowing, and the “emerging world looks relatively less risky than DM for the first time in a long time,” Allspring Global Investments Senior Portfolio Manager Derrick Irwin told the outlet.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning as investors react to the US House passing a funding bill that will end the government shutdown. Japan’s Nikkei is leading gains, up 0.3%, with the Shanghai Composite and Kopsi trailing behind. The Hang Seng is in the red, down 0.5%.

ADX	9,994	-0.4% (YTD: +6.1%)
DFM	6,042	-0.5% (YTD: +16.9%)
Nasdaq Dubai UAE20	4,846	-0.7% (YTD: +16.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.8% o/n	3.9% 1 yr
Tadawul	11,255	-0.1% (YTD: -6.5%)
EGX30	40,229	-0.1% (YTD: +35.3%)
S&P 500	6,851	+0.1% (YTD: +16.5%)
FTSE 100	9,911	+0.1% (YTD: +21.3%)
Euro Stoxx 50	5,787	+1.1% (YTD: +18.2%)
Brent crude	USD 62.71	-3.8%
Natural gas (Nymex)	USD 4.54	0.0%
Gold	USD 4,205	-0.2%
BTC	USD 101,605	-1.2% (YTD: +8.7%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.77	-0.8% (YTD: +8.2%)
S&P MENA Bond & Sukuk	151.90	+0.1% (YTD: +8.5%)
VIX (Volatility Index)	17.51	+1.3% (YTD: +0.8%)

THE CLOSING BELL-

The ADX fell 0.4% yesterday on turnover of AED 1.1 bn. The index is up 6.1% YTD.

In the green: Al Wathba National Ins. (+14.4%), Julphar (+5.8%) and Abu Dhabi Ship Building (+3.7%).

In the red: Al Khaleej Investment (-5.4%), Rapco Investment (-4.6%) and Presight (-4%).

Over on the DFM, the index fell 0.5% on turnover of AED 670.9 mn. Meanwhile, Nasdaq Dubai was down 0.7%.

CORPORATE ACTIONS-

Adnoc Logistics & Services’ board approved the distribution of an AED 298.4 mn (USD 81.25 mn) interim banknote dividend — equivalent to 4.03 fils per share — for 3Q 2025, according to an ADX disclosure (pdf). The last entitlement date is 18 November, and the payment will be made within 30 days of 10 November.

Abdullah bin Zayed, US treasury secretary discuss economic + regional cooperation

UAE, US discuss economic + regional cooperation: Foreign Affairs Minister Abdullah bin Zayed Al Nahyan met with US Treasury Secretary Scott Bessent in New York to discuss strengthening UAE-US strategic relations, according to a press release. Talks focused on expanding cooperation in finance, economy, trade, as well as regional and international developments. Both sides emphasized joint efforts to promote peace, stability, and economic resilience across the Middle East.

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.

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

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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