Amanat Holdings’ education unit gets approval for Tadawul IPO. Plus: Abu Dhabi issues USD 3 bn bonds at record spreads

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Fuel prices rise in October + Spinneys ventures outside of the Gulf with first stores in Philippines

Good morning, friends. It’s the first day of a new month, which brings with it a slew of events and news.

We have a bit of everything in today’s issue, starting with the IPO of the education arm of Amanat on Tadawul; updates on the pricing of Abu Dhabi’s USD 3 bn debt issuance, which saw the tightest spread among emerging markets on record; and a retreat in Abu Dhabi inflation in August.

It’s also a busy day for investment and infrastructure news: There’s news of three new funds, two from Beco Capital to back startups in the GCC, and another industrial fund courtesy of SC Capital. On the infrastructure side of things, Etihad Rail tapped French firm Keolis to operate passenger services, and Fujairah Port will be linked up with Abu Dhabi ports.

Plus: In regulatory news, ADGM is proposing new crypto staking rules, up for consultation until the end of the month.

WEATHER- Dubai and Abu Dhabi will each see highs of 38°C and lows of 30°C, with sticky nighttime conditions expected.

IN MEMORIAM- Josh Pack, co-chief executive and managing partner of US-based, Mubadala-backed Fortress Investment Group, has passed away at 51, according to a statement. Pack had been with Fortress, which is majority owned by Abu Dhabi’s Mubadala Investment Company, for more than two decades. The firm described Pack as “a gifted investor, a thoughtful strategist, a compassionate leader — and a deeply cherished friend.”

PSAs-

#1- New month, new fuel prices: The Fuel Price Committee raised petrol and diesel prices for the month by up to 3%, according to a post on X. The move comes after September saw petrol inch higher and diesel ease, following a dip in petrol prices and a hike in diesel in August.

Here’s the new breakdown per liter:

Super 98 is now AED 2.77, up from AED 2.70 in September (+2.6%);
Special 95 is AED 2.66, up from AED 2.58 (+3.1%);
E-Plus 91 is AED 2.58, up from AED 2.51 (+2.8%);
Diesel is AED 2.71, up from AED 2.66 (+1.9%).

#2- No more power banks aboard Emirates flights: Dubai-based airline Emirates will prohibit passengers from using portable power banks on flights starting today, according to a press release. Passengers are still allowed to store one power bank inside hand baggage, provided it does not exceed 100 Wh.

#3- Etihad Water and Electricity (EtihadWE) is installing smart water meters across homes in the northern emirates to reduce leakages and boost efficiency, Khaleej Times reports. The company has already equipped half of the households with smart meters, with the rest set to be fitted within the next 18 months, CFO Thomas Spannring told the outlet, adding it will also be replacing old pipelines.

Demand is surging: This comes as water demand has surged, with consumption up 10% in the northern emirates for the second consecutive year, requiring an extra 20 gallons a day to keep up, Spannring added. EtihadWE is looking to expand its desalination capacities to cater to consumption trends.

CLARIFICATION- The Federal Authority for Identity, Citizenship, Customs, and Port Security introduced only four new visit visas — for specialists in AI, entertainment, events, and cruise ships/leisure boats.

And the other changes? The business exploration and truck driver visas, along with residence permits for widows/divorcees and humanitarian cases, were amendments to existing permits with updated eligibility and renewal conditions — not new categories as reported in yesterday’s issue, Wam reports. Per the updates:

The business exploration visa now requires proof of financial solvency, ownership in a company outside the UAE, or evidence of professional practice;
The truck driver visa now applies only to drivers sponsored by freight or shipping firms, and mandates health ins. and financial statements;
The humanitarian and widow/divorcee residence permits are now limited to one year and have clarified eligibility rules, including specific conditions for widows or divorcees with or without children,
The friend/relative visit visa was also amended to include new minimum income benchmarks for sponsorship based on degrees of kinship.

WATCH THIS SPACE-

#1- Spinneys is heading to Southeast Asia, after the UAE-based premium grocer signed a joint venture with the Philippines' Ayala Corporation to launch its first stores in the country, according to a press release (pdf). The partnership gives Ayala a 60% stake in the joint venture, with Spinneys holding the remaining 40%, and marks the firm’s first expansion outside of the GCC.

Rollout timeline: The first store is slated to open in 4Q 2026 under a phased rollout. Spinneys will support initial setup and operations before management fully transitions to the JV.

Why Philippines? The country offers “significant long-term growth potential," driven by a growing affluent population and shifting consumer expectations, according to Spinneys CEO Sunil Kumar.

REMEMBER- In August, Spinneys said it was entering the Kuwaiti market through a similar JV agreement — though with the chain holding a larger 51% majority stake and overseeing operations.

#2- China’s Keeta is investing big in the UAE: Keeta, the food delivery arm of Chinese consumer service tech giant Meituan, will invest hundreds of mns of USD in the UAE over the next 3-5 years as part of its regional expansion, under an MoU with the Investment Ministry, state news agency Wam reports. The agreement will see Keeta establish its UAE headquarters and roll out advanced last-mile logistics solutions, including drones and autonomous vehicles.

Market impact: Keeta is pledging to create over 350 skilled jobs and onboard 5k UAE-based SMEs onto its digital platform.

Keeta is coming into a crowded market: Talabat, Deliveroo, and Noon already have a tight grip on the food delivery sector, but Keeta’s entry could shake up market shares as it enters with aggressive promotions and success in markets like Saudi Arabia and Kuwait.

#3- More details on Taqa’s Uzbekistan project: Taqa’s water treatment project in Uzbekistan’s new administrative capital is set to cover 500k cubic meters in water capacity to the tune of USD 700 mn, CEO of Taqa Water Solutions Ahmed Al Shamsi told CNBC Arabia (watch, runtime: 4:34). The firm is also looking to submit more bids in Central Asia, the GCC, Europe, and the US, with an investment pipeline of over USD 1 bn, Al Shamsi added.

BACKGROUND- The company recently inked an agreement for a AED 2 bn project to develop a raw water pipeline and treatment plant in Uzbekistan, slated for completion by 2035. This is their second water infrastructure project in the country, after it agreed last year to build a USD 1 bn wastewater treatment plant.

#4- Abu Dhabi bans crypto mining on farms, warns of heavy fines: The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) has reiterated that cryptocurrency mining is prohibited on farmland, according to Abu Dhabi Media Office. The clarification comes after violations were detected on several farms repurposed for mining operations.

Tougher penalties for violators: ADAFSA said offenders will face fines of AED 100k, doubled in cases of repeat violations. This is up from a AED 10k fine that was announced earlier in 2024. Farms used for mining also risk having electricity cut, services and subsidies suspended, and equipment confiscated. Both owners and tenants will be held accountable, with cases referred to relevant authorities for further action.

HAPPENING TODAY-

#1- Alec Holdings will determine the final price for its IPO on the DFM today, after wrapping subscriptions yesterday. The contractor marketed 1 bn shares, good for a 20% stake, in what is set to be Dubai’s first corporate IPO of the year. At the top of the pricing range (which is set at AED 1.35-1.40), the secondary offering could see the seller raise up to AED 1.4 bn, implying a market cap of AED 7 bn at listing. Alec shares are scheduled to start trading on the DFM on Wednesday, 15 October.

ADVISORS- Our friends at EFG Hermes are acting as joint bookrunners on the transaction alongside Abu Dhabi Commercial Bank. They’re joined by Emirates NBD Capital and JP Morgan as joint global coordinators and bookrunners, while Moelis is acting as independent financial adviser. Gibson, Dunn & Crutcher, and Ibrahim & Patterns are providing counsel. Emirates NBD is the lead receiving bank, alongside ADCB, ADIB, Al Maryah Community Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic, First Abu Dhabi Bank, Mashreq, and Wio Bank.

#2- The Abu Dhabi Securities Exchange’s (ADX) Global Investor Roadshow and Conference is on its final day in New York, held in partnership with Morgan Stanley, state news agency Wam reports. ADX Chairman Ghannam Almazrouei and CEO Abdulla Alnuaimi are leading a delegation of 15 listed companies — together worth over USD 300 bn — for meetings with global asset managers, hedge funds, and institutional investors.

#3- The Abu Dhabi Department of Economic Development’s (ADDED) Abu DhabiInvestment Forum is also happening today in New York, Wam reports. Held in partnership with ADGM and the Abu Dhabi Investment Office, the forum is part of a high-level US delegation visit led by ADDED. The delegation will also meet with US business leaders across the AI, life sciences, and advanced manufacturing sectors, among others.

#4- The Global Rail Transport Infrastructure Exhibition and Conference is also underway and wraps tomorrow at the Adnec Center Abu Dhabi. The conference gathers industry leaders, government officials, and operators to discuss rail technologies and network expansion.

#5- The Water, Energy, Technology, and Environment Exhibition (Wetex) is also on from until tomorrow at the Dubai World Trade Center. The exhibition showcases innovations in clean energy, water, and sustainability, and hosts panels on the energy transition and climate action.

#6- MENA Investment Congress (MENA Icon) wraps today at Rosewood Hotel Abu Abu Dhabi. The event will bring together regional and international investors, asset managers, and policymakers to discuss capital markets, portfolio strategies, and regional growth prospects. Speakers include hedge fund manager Ray Dalio, Apex Group’s Chief AI and Data Science Officer Helen Wang, and early stage investor Hamza Khushaim.

#6- TheEnergy Markets Forum will take place today and Thursday, 2 October in Fujairah. The event will bring together more than 300 participants, including senior officials, experts, and executives from local, regional, and international energy and industry entities, to discuss supply security, global economic shifts, and sector risks and potential.

#7- The World Green Economy Summit (WGES) is running from today to Friday this week at the Dubai World Trade Center. Organized by the World Green Economy Organization — in partnership with Dubai’s Electricity and Water Authority and Supreme Council of Energy — the global summit focuses on green economy, sustainability, and climate action. The forum convenes policymakers, business leaders, academics, and civil society to discuss climate solutions and sustainable economic models.

HAPPENING THIS WEEK-

The Zawya GCC Capital Markets Forum will take place on Thursday at the Fairmont in Dubai. The forum will bring together GCC corporates from traditional wealth exporters to growing capital market participants to address how capital markets are evolving, as well as their surrounding macro environment. The forum will feature C-suite speakers from banks and leading financial institutions including HSBC, Standard Chartered Bank, Emirates NBD, and EFG Hermes.

THE BIG STORY ABROAD-

Everyone in the foreign press has one story in mind, and that’s the looming government shutdown in the US, after Democrats blocked Republicans’ funding plan ahead of the midnight deadline. This will mean essential workers will be furloughed — with many possibly even getting permanently laid off, US President Donald Trump has warned.

The main issue? Democrats are demanding the extension of expiring subsidies for Obamacare and the reversal of cuts to Medicaid that were included in Trump’s big, beautiful bill.

This would be the US’ first shutdown since 2019, when a shutdown lasted around five weeks during Trump’s first term. This time around, the stakes are slightly higher: The US Federal Reserve is set to meet at the end of October to discuss and make a decision on interest rates, and with a delay in government data expected — as well as potentially worse jobless data in light of Trump’s warnings — the Fed’s judgment could be further clouded ahead of the crucial decision. (Reuters | Bloomberg | Financial Times | New York Times | Wall Street Journal)

ALSO WORTH NOTING- Warren Buffett’s Berkshire Hathaway is reportedly closing in on a USD 10 bn deal to buy Occidental Petroleum’s petrochemicals arm OxyChem — a move the Financial Times says would be the conglomerate’s largest acquisition in three years. Occidental is offloading the unit as part of efforts to trim its USD 24 bn debt load. Berkshire, already Occidental’s biggest shareholder with nearly 27% of its stock, is said to be negotiating a cash purchase.

ALSO GETTING ATTENTION- Trump has given Hamas three to four days to respond to his proposed peace plan for Gaza, warning of a “very sad end” if it does not accept the proposal. The 20-point plan, which calls for an immediate ceasefire and Hamas’ disarmament, Israel’s staged withdrawal, and a transitional foreign-led government in Gaza, has received widespread global support, including from the Palestinian Authority. Hamas was not involved in the negotiations that led to the proposal. (Reuters | Guardian)

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OIL WATCH-

Oil equities may be set for a rebound: Energy stocks have been among the year’s worst performers, weighed down by falling crude prices — with Brent down more than 9% YTD and WTI down over 8% — and record-low net long positions in WTI futures, Jay Pelosky, the Founder and Global Strategist at TPW Advisory wrote in Reuters. Yet, the sector led gains last week, hinting that the deeply bearish case could be softening, even as prices started to slip again.

The bearish narrative rests on oversupply forecasts: The IEA sees demand growth in 2026 at just 700k bbl / d, the lowest since 2009 outside the pandemic years. The US Energy Department expects Brent to average USD 51 / bbl in 2026 — down from roughly USD 70 at present — with inventories building by more than 1.7 mn bbl / d next year. That outlook is tied to the view that Opec+ will ramp up production after unwinding cuts, though analysts argue the group is already falling behind on quota.

Two wildcards could flip the script: Ukraine's drone strikes have sidelined about a quarter of Russia’s refining capacity, prompting Moscow to partially ban diesel exports — sending Brent up more than 1% after the announcement. Meanwhile, China has been importing nearly 1 mn bbl / d above its domestic needs on average this year. With significant storage capacity still unused, continued stockpiling could underpin demand in the months ahead.

The traditional commodity cycle is turning, as precious metals have already surged, with the Gold Miners ETF doubling YTD. Industrial metals have followed, with the Copper Miners ETF up nearly 30% over the past three months, leaving energy as the next likely leg. A weaker USD — the greenback is down almost 10% this year — could add momentum, as crude is priced in USD.

Risks remain: A prolonged trade war under Trump could weigh on global demand. Still, a looser US monetary policy, Beijing’s anti-deflation push, and surging AI-driven capex point to stronger growth. With positioning in oil so bearish, any upside surprise — whether from geopolitics, Opec+ shortfalls, or China’s buying spree — could deliver sharp gains in oil-linked equities.

Amanat Holdings’ Almasar Education is gearing up to debut a 30% stake on Tadawul

Almasar Education gets the all-clear for a Saudi IPO: Almasar Education (formerly known as Amanat Education) — the schools arm of Dubai-listed private equity firm Amanat Holdings — secured approval from the Saudi Capital Market Authority (CMA) to float a 30% stake, or 30.7 mn shares, on main market Tadawul, according to two separate statements (here, pdf and here). While no timeline was given for the offering, CMA approvals are typically only valid for six months.

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Almasar Education operates across Saudi Arabia and the UAE, serving more than 23k students. Its portfolio includes: Human Development Company (60% owned), the largest private provider of special education needs in Saudi Arabia, covering education, medical and rehabilitation services; Middlesex University Dubai (100% owned), the first overseas campus of Middlesex University London; and NEMA Holding (35% owned), which runs Abu Dhabi University and Liwa University across five campuses in Abu Dhabi, Al Ain and Dubai.

Refresher: Amanat’s planned IPO of Almasar Education was expected to raise around USD 300 mn. Amanat had tapped SNB Capital in November 2024 to arrange the listing, which has been in the works since May 2024, when Amanat announced plans to carve out its education platform into a separate holding company. Its board discussed the proposal that July, and Almasar was formally launched as a standalone brand in March 2025, with headquarters in Riyadh.

In context: Analysts have cautioned that larger regional IPOs slated for earlier this year could face delays amid geopolitical risks and softer investor sentiment, even as the wider Tadawul pipeline holds up.

1H performance + outlook: Almasar reported a 23% y-o-y jump in its 1H 2025 revenue, with student numbers and beneficiaries rising to more than 23k, according to the disclosure.

What’s next for Almasar: The company is looking to expand its network of education centers and boost higher education enrollments, while also exploring new offerings including residential facilities for special needs education.

Not the only Amanat IPO in the cards: Earlier in 2023, Amanat was said to have tapped EFG Hermes and First Abu Dhabi Bank (FAB) to prepare a potential listing of its healthcare arm, which could see it raise about USD 200 mn in IPO proceeds.

ALSO IN THE IPO PIPELINE:

Alec Holding saw its books fully covered soon after its subscription period opened last week;
Emirates Global Aluminium(EGA) reportedly tapped banks to arrange its potential IPO, which could value it at USD 10-15 bn;
Dubai Investments is in talks with banks for an IPO of up to 25% of its Dubai Investments Park (DIP) unit;
ADQ-backed Etihad Airways highly-anticipated IPO was expected to kick off this year but could be delayed to 2026 ;
Abu Dhabi conglomerate International Holding Company’s investment arm 2PointZero is gearing up for an IPO on the ADX;
Abu Dhabi Investment Group (ADIG) is eyeing listings for its financial unit and energy subsidiary this year;
Hospitality group Five Holdings also tapped advisors for a potential listing;
Dubai Holding is preparing to IPO two of its portfolio units;
Binghatti was the latest to join the UAE real estate IPO frenzy earlier this month, joining Arabian Construction and property and classifieds platform Dubizzle.

Abu Dhabi raises USD 3 bn in oversubscribed dual-tranche bond sale

Abu Dhabi has issued USD 3 bn in USD-denominated bonds in a dual-tranche offering that saw strong international investor interest, according to the Abu Dhabi Media Office. The issuance saw USD 18.5 bn in orders and was more than five times oversubscribed.

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At a record spread: The first tranche of USD 1 bn notes carries a three-year maturity date representing a 10 bps spread over comparable US Treasuries, while the second USD 2 bn tranche will mature after 10 years and has a 18 bsp spread over 10-year US Treasuries. The spread is about 94% below the average risk premium for emerging markets, Bloomberg reports.

Demand was driven by local and Asian investors, the business news information service adds, which prompted the “tightest-ever 10-year tranche in all of emerging markets,” fixed income portfolio manager at Arqaam Capital Fady Gendy said.

Solid ratings also help: The emirate holds an AA long-term foreign-currency rating with a stable outlook from both Fitch and S&P.

ADVISORS- Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, Bank of China, Citi, Goldman Sachs International, HSBC, ICBC, JP Morgan, Morgan Stanley, SMBC, and Standard Chartered Bank acted as joint lead managers and joint bookrunners.

REMEMBER- This is Abu Dhabi’s first return to debt markets in over a year. Abu Dhabi last tapped into debt markets in April 2024 when the emirate raised USD 5 bn through a three-trance eurobond offering.

Abu Dhabi inflation retreats in August, returning to its downward streak

Abu Dhabi’s consumer price index inched down 0.5% in August, returning back to its downward streak after a slight 0.1% pick-up in July, according to data from the Abu Dhabi Statistics Center (here (pdf) and here (pdf)). On a monthly basis, inflation saw a 0.1% decrease, the data shows, after having edged up 0.9% in July.

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The sectors remaining in deflation and pushing the emirate’s prices down on a y-o-y basis include clothing and footwear, which recorded the most significant dip for the second consecutive month (-9.3%). Transport prices, the second largest component of the inflation basket, also fell by 6.8%. Recreation and culture saw a 2.4% decrease, while the food and beverage segment declined by 1.8%, and telecommunications eased by 0.6%.

Prices of ins. and financial services led annual price increases in August, climbing 6.8% for a second consecutive month. This was followed by 4.8% increases in the costs across the household equipment and routine household maintenance, while personal care, social protection, and miscellaneous goods recorded a 4.7% increase. Housing, water, electricity, gas, and other fuels also picked up by 2.2%.

On a monthly basis, furnishing, household equipment, and routine household maintenance recorded the highest increase among all categories during the month, rising 2.6%, followed by a 0.5% increase in food and beverage prices, and a 0.4% rise in housing, water, electricity, gas and other fuels. Segments seeing deflation included recreation and culture, dipping 8.8%, clothing and footwear, dropping 1.5%, while transport and restaurants and hotels saw their prices falling 0.2%.

Price growth is still much cooler than in Dubai, where annual inflation decelerated for the first time in four months to 2.43% in August, down from 2.88% in July.

The bigger picture: The Central Bank of the UAE (CBUAE) lowered in September its inflation forecast for the UAE this year by 0.4 percentage points to 1.5%, which it attributed to falling food and transport costs. Meanwhile, the IMF expects inflation in the country to come in at 2.1% in 2025, in what is a slight upward revision from the fund’s earlier estimate of 2% inflation for the year.

Beco Capital launches USD 120 mn early-stage fund and USD 250 mn growth fund for Gulf startups

Dubai-based venture capital firm Beco Capital raised USD 370 mn across two new funds with the goal of backing companies spanning pre-seed to IPO stages in the UAE and Saudi Arabia, according to a press release (pdf). The raise includes the USD 120 mn Beco Fund IV, the firm’s fourth early-stage vehicle, and a USD 250 mn growth fund.

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Beco Fund IV will invest in startups from pre-seed to Series A, following a sector-agnostic strategy with a focus on construction tech, fintech, proptech, consumer and retail tech, and application software. It is led by Managing Partners Dany Farha (LinkedIn), Abdulaziz Sheikh Al Sagha (LinkedIn), and Yousef Hammad (LinkedIn).

The Growth Fund will deploy an average of USD 20 mn into companies from Series B through pre-IPO, targeting both existing Beco portfolio firms and new prospects. It is led by General Partner Amer Alaily (LinkedIn).

About Beco Capital: Established in 2012, the firm manages over USD 820 mn in assets, with a majority of its investments directed to the UAE and Saudi Arabia. It has delivered nine exits to date, including two unicorns.

IN OTHER INVESTMENT NEWS-

Abu Dhabi-based VC Iliad Partners announced the second closing of its USD 50 mn Iliad Partners Tech Ventures Fund I, according to a press release (pdf). The fresh close brings in three Greek banks — Eurobank, National Bank of Greece, and Piraeus Bank — as strategic LPs, marking their first VC investment in MENA.

Iliad is positioning the fund as a venture bridge between MENA and Europe, with Greece as the gateway. The entry of the Greek banks is expected to add equity and debt financing options, later-stage capital, corporate client access, European market entry, financial services expertise, and exit windows, particularly for fintech.

REMEMBER- Iliad reached first close on its fund in December 2024. The fund targets pre-series A and series A B2B software startups in the UAE and Saudi Arabia, with a focus on fintech, logistics, and proptech. Around 10% of commitments are earmarked for European startups, particularly Greek ones, expanding into the Mena region.

Current backers include Saudi’s Jada Fund of Funds (a subsidiary of Saudi’s Public Investment Fund), the Olayan Family, Masarrah Investment Company, MLM Investments, and the Constantakopoulos Family of Greece, alongside other GCC and European family offices.

SC Capital, CapitaLand launch UAE industrial fund with RAK industrial park project

SC Capital and CapitaLand launch UAE-based industrial fund: Singapore-based SC Capital Partners and CapitaLand Investment — which holds a 40% stake in SC Capital — launched the SC GCC Real Estate Industrial Development Fund (GRID), their first co-sponsored industrial development vehicle in the UAE, according to a press release (pdf). The fund’s inaugural project, a 300k sqm industrial park in Ras Al Khaimah Economic Zone (Rakez), is expected to host over 50 tenants and create 1.8k jobs.

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The details: The park will target high-tech and smart manufacturing enterprises, particularly from Asia, with tenants expected in sectors such as EVs, renewable energy, and advanced materials. THi Holding Management Corporation will act as development manager, asset manager, and operator.

REMEMBER- Rakez previously partnered with THi Holding on a 300k sqm tech-focused industrial park in Al Hamra, aimed at boosting the emirate’s competitiveness in tech by attracting global firms in AI, software, and advanced technologies.

What’s next? The fund is eyeing projects in Abu Dhabi and Dubai’s industrial zones, which are expected to anchor its future growth.

IN OTHER INDUSTRIAL NEWS-

Biostadt India to join Rakez’s Al Hulaila zone: Indian agricultural biostimulants manufacturer Biostadt India is establishing a new manufacturing facility in Al Hulaila Industrial Zone of Ras Al Khaimah Economic Zone (Rakez), according to a press release. The company signed a lease agreement for the 100k sq ft facility, which will have an annual production capacity of around 5k kiloliters to serve markets across MENA and East and West Africa. Operations are scheduled to begin in July 2026, with the plant expected to create advanced technical jobs in Ras Al Khaimah.

Etihad Rail taps France’s Keolis for rail network operations + Fujairah, Abu Dhabi ports to be linked

Etihad Rail signed a joint venture with France’s Keolis to operate passenger services on the Emirates’ national rail network set to connect major cities in the UAE, Keolis International CEO Laurence Broseta told CNBC Arabia (watch, runtime: 5:32). The French transportation firm will deploy digital tools, including journey-planning apps and AI-powered predictive maintenance, to improve operational efficiency, Broseta added.

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Still on track: UAE rail passenger services remain on track to launch by 2026, with Etihad Rail confirming progress on building a nationwide network that will connect 11 cities and regions from Al Sila in west Fujairah to Dubai, state news agency Wam reports.

Planned travel times include 57 minutes for the route between Abu Dhabi and Dubai, 105 minutes to travel from Abu Dhabi to Fujairah, and 70 minutes for the Abu Dhabi-Ruwais line, with each train carrying 400 passengers across multiple daily trips, Etihad Rail Mobility Deputy CEO Azza Al Suwaidi said. A parallel high-speed rail line will cut journeys between Abu Dhabi and Dubai to 30 minutes at 350 km/h, expected to contribute AED 145 bn to GDP over 50 years.

On the freight side, Etihad Rail signed an agreement with AD Ports Group to link Abu Dhabi and Fujairah ports, aiming to accelerate cargo movement, improve logistics efficiency, and support decarbonization efforts, Wam reports.

The wider picture: The upcoming GCC railway has also made headway, with more than 4k km of the 5k km regional network already completed in Saudi Arabia, while the UAE has around 200 km left to finish, Khaleej Times reports, citing comments from Etihad Rail CEO Shadi Malak. The route could see passengers travel between the UAE and Saudi Arabia in under five hours, as well as cut down the time of logistics operations between Oman and Kuwait, Malak noted.

ADGM proposes crypto staking rules

ADGM floats new rules for staking virtual assets: Abu Dhabi Global Market’s Financial Services Regulatory Authority (FRSA) issued a consultation paper (pdf) on a proposed framework to regulate the staking of virtual assets. Feedback is open until 31 October 2025.

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Defining the regulatory scope: Individuals engaging in staking activities without intermediation would not be subject to regulation, and if a service provider is providing services other than holding client assets —- like facilitating, setting up, maintaining, or operating — they will also not fall under the regulatory framework.

Firms that stake client assets will need a specific permit, either as a virtual assets asset manager or as a custodian, and will need a no-objection certificate before staking virtual assets. They also have to get the client to agree to a written contract.

Due diligence will also be required on staking service providers, as well as on any automated protocols or contracts.

Arqaam Capital taps new exec to drive investor relations

Arqaam Capital appoints new IR exec: Dubai-based investment bank Arqaam Capital tapped Paolo Casamassima (LinkedIn) as the firm’s executive director for investor relations and stakeholder engagement, according to a press release (pdf). Casamassima previously served as CEO of the Middle East Investor Relations Association (Meira), with the company’s corporate membership doubling under his tenure. He also oversaw market expansion, financial management, and key initiatives such as the IR Marketplace and Corporate Access programs for the firm. His career includes prior stints at Orient Capital and Greensea Capital Investment Bank.

Dubai, CBUAE eye capital markets boost

CAPITAL MARKETS-

CBUAE, Dubai Finance cooperate on bonds: The Central Bank of the UAE (CBUAE) and Dubai’s Finance Department (Dubai Finance) signed an MoU to support the development of the country’s capital markets, according to a statement (pdf). Under the agreement, Dubai Finance will issue AED-denominated government bonds, and the two sides will also cooperate on fintech, payment systems, and a central bank digital currency platform.

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REMEMBER- CBUAE plans to launch the blockchain-backed Digital AED in 4Q 2025 as a recognized payment method, issued through licensed institutions for retail, wholesale, and cross-border transactions.

M&A WATCH-

#1- Careem takes minority stake in Swapp: Dubai-based ride-hailing and delivery app Careem acquired a minority stake in UAE-based car rental and subscription platform Swapp — already integrated into the Careem Everything App since 2022 as Careem Car Rental, according to a press release. The size and value of the stake were not disclosed.

What’s next: Swapp will use the funds to expand its regional footprint, roll out multi-month rental packages, and speed up fulfillment times. The agreement will also support new features like instant KYC onboarding, one-hour car delivery, on-demand vehicle swaps, lease-to-own options, and an expanded electric vehicle fleet.

#2- Ducab acquires Oman’s National Cable Factory: Dubai Cable (Ducab) bought the National Cable Factory in Salalah for an undisclosed sum, expanding its regional footprint, state news agency Wam reports. The agreement links Oman’s manufacturing and export base with Ducab’s UAE operations to bolster energy infrastructure and high-value exports.

REMEMBER- Ducab entered 20 new markets last year and was recently awarded a contract to supply over 40k km of building wires and 15k km of fire-resistant cables for emergency power continuity at Hong Kong’s state-backed Acute Hospital.

INFRASTRUCTURE-

Dubai’s public parking operator Parkin will develop 3.1k paid parking spaces in Dubai Sports City and manage the spaces for a 10-year period, according to a DFM disclosure (pdf). Building will kick off later this year and is slated for completion in 4Q 2026. Parkin earmarked between AED 18-20 mn in capex for the project, which it expects to bring in revenues of AED 40-50 mn and hit profitability after four years. Parkin will also manage the maintenance costs for the project’s parking spaces, footpaths, and roads.

STARTUPS-

Dubai’s Aydi secures USD 7.5 mn to scale AI agronomy assistant Orth: UAE-based agritech and farm management platform Aydi raised USD 7.5 mn in seed funding to launch Orth, its AI-powered farm assistant, according to a press release (pdf). Dubai’s Cotu Ventures and Nuwa Capital took part in the capital raise, joined by Egypt’s Daltex, Magrabi Agriculture, and Foundation Ventures. Aydi is active in more than 15 countries and has offices in Cairo, Madrid, and Dubai.

Orth? Aydi’s primary offering, Orth, is touted as an agronomy assistant that uses satellite imagery and predictive analysis to give farmers real-time advice and troubleshooting to improve their agriculture operations. The firm will use the capital to launch and scale up Orth, which it says can boost yields and efficiency by over 20%, and introduce it to global markets as a full operating system.

UTILITIES-

Aldar + EHC Investment set up utilities JV: Aldar Estates, the real estate services arm of Aldar Properties, formed a joint venture with Abu Dhabi-based EHC Investment’s energy arm Emirates International Gas to launch CoreLynx, according to a press release. The company will handle utility services across Aldar’s communities, including centralized gas distribution, retrofits to existing and new developments, and advanced fire safety systems.

ICYMI- ADX-listed Aldar raised its stake in Aldar Estates to 82.55% last week after acquiring Modon Holding’s 17.45% indirect stake.

FOOD-

Al Seer + Food Tech Valley to develop food logistics hub: FMCG distributor Al Seer Group signed a partnership agreement with Dubai government-backed food innovation center Food Tech Valley to co-develop a food logistics and distribution facility, according to a press release. The facility aims to streamline food distribution in the Emirates and boost its food security infrastructure and supply chain resilience, by using both cold chain and ambient systems.

ICYMI- Food Tech Valley recently partnered with newly formed Al Ain Farms Group to develop another logistics hub in Dubai to bolster food security and supply chains.

Record wave of megadeals pushes M&A past USD 1 tn

Global M&A activity rose past USD 1 tn in 3Q 2025, fueled by a record wave of megadeals, the Financial Times reports. A total of 14 acquisitions worth more than USD 10 bn were announced over the past few months, led by the USD 55 buyout of gaming giant Electronic Arts by a consortium of the PIF, US private equity firm Silver Lake, and Affinity Partners — the largest take-private this year. Other headline tie-ups included Union Pacific’s USD 85 bn takeover of Norfolk Southern, Anglo American’s USD 50 bn merger with Teck, and Palo Network’s USD 25 bn acquisition of CyberArk.

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

It’s been a busy year so far: There were 47 transactions worth more than USD 10 bn in the first nine months of the year — the most since London Stock Exchange Group (LSEG) began tracking. Total global M&A activity climbed to nearly USD 3.1 tn YTD, a 35% increase y-o-y, putting 2025 on pace to be the strongest year for M&A since 2021.

Corporate restructuring is also fueling the flurry of activity: Kraft Heinz will split into two publicly traded companies in 2026 through a spin-off following challenges “to allocate capital effectively, prioritize initiatives and drive scale in our most promising areas” due to a complicated internal structure. At the same time, Keurig Dr Pepper is acquiring JDE Peet’s in an allcash USD 18.3 bn transaction and plans to spin off its USD 16 bn coffee arm into Global Coffee Company. Meanwhile, the company will focus on North America’s USD 300 bn refreshment market, anchored by Dr Pepper and Canada Dry.

Advisory firms say sentiment has shifted: M&A activity was subdued earlier in the year as trade tariffs, high borrowing costs, and regulatory uncertainty made boards and private equity firms cautious, with many large transactions delayed or shelved pending clearer guidance on antitrust reviews and macro conditions, according to Reuters. That cautiousness is easing as financing costs moderate, regulators signal a lighter touch, and executives refocus on growth initiatives, including megadeals and AI-driven acquisitions, EY Global Financial Services Strategy and Transactions Leader Andre Veissid told Reuters. Clients are “dusting off” old plans as they adjust to today’s market conditions and lighter antitrust scrutiny, a Skadden partner told the Financial Times.

Banks are cashing in: Fees have already reached USD 95.4 bn this year, the second-highest total on record. Bank of America could earn USD 130 mn if the Norfolk Southern transaction clears regulators, topping JP Morgan’s USD 123 mn payday from AbbVie’s 2019 acquisition of Allergan.

The upshot: “M&A is infectious,” said Latham & Watkin’s Charles Ruck, who advised on three of this summer’s largest acquisitions. “The market is rewarding companies for pursuing mergers again.” Co-chair of Wachtell Lipton’s M&A practice Jacob Kling put it more bluntly, “the M&A market is on fire at the moment — and I don’t think that’s changing anytime soon.”

ALSO FROM PLANET FINANCE-

Kuwait is returning to international debt markets for the first time in eight years with a bond sale that raised USD 11.25 bn, Bloomberg reports, citing a person it says is familiar with the matter. The three-part offering, with maturities of three, five, and 10 years, drew orders of more than USD 27.7 bn. The bonds are expected to be rated A+/AA by S&P and Fitch and were priced as much as 35 basis points tighter than initial guidance, according to the source.

Kuwait currently has only one outstanding international bond, a USD 4.5 bn note due in 2027, which trades at a yield of around 4.3%.

The bond sale follows the government’s approval of a long-delayed debt law earlier this year, ending years of political gridlock that blocked new borrowing. To cover budget deficits, the country has been tapping its General Reserve Fund and even selling assets to its Future Generations Fund, both overseen by the Kuwait Investment Authority.

MARKETS THIS MORNING-

It’s a mixed start for Asia-Pacific markets this morning, even after US markets closed in the green overnight. Japan’s Nikkei and Topix are both down more than 1% in early trading, while South Korea’s Kospi is up. Markets in China and Hong Kong are closed today for China’s National Day. Futures suggest Wall Street will open in the red later today as the US government inches closer towards a shutdown.

ADX	10,015	+0.2% (YTD: +6.3%)
DFM	5,840	-0.5% (YTD: +13.2%)
Nasdaq Dubai UAE20	4,745	+0.2% (YTD: +13.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	3.8% 1 yr
TASI	11,503	+0.6% (YTD: -4.6%)
EGX30	36,670	+0.8% (YTD: +23.3%)
S&P 500	6,688	+0.4% (YTD: +13.7%)
FTSE 100	9,350	+0.5% (YTD: +14.4%)
Euro Stoxx 50	5,530	+0.4% (YTD: +13.0%)
Brent crude	USD 67.02	+0.2%
Natural gas (Nymex)	USD 3.34	+1.2%
Gold	USD 3,892	+0.5%
BTC	USD 113,824	-0.5% (YTD: +21.6%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.72	-0.3% (YTD: +6.8%)
S&P MENA Bond & Sukuk	150.69	+0.2% (YTD: +7.7%)
VIX (Volatility Index)	16.28	+1.0% (YTD: -6.2%)

THE CLOSING BELL-

The ADX rose 0.2% yesterday on turnover of AED 1.1 bn. The index is up 6.3% YTD.

In the green: Gulf Medical Projects (+6.9%), Al Khaleej Investment (+5.5%) and Emirates Telecommunications Group (+2.2%).

In the red: Abu Dhabi National Energy Company (-10.0%), National Bank of Umm Al Qaiwain (-3.7%) and Abu Dhabi Ports (-1.8%).

Over on the DFM, the index fell 0.5% on turnover of AED 824.5 mn. Meanwhile, Nasdaq Dubai was up 0.2%.

CALENDAR

SEPTEMBER

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

30 September-1 October (Tuesday-Wednesday): IMO World Maritime Day Parallel Event, Dubai.

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

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

OCTOBER

1 October (Wednesday): Final price for Alec Holding’s IPO to be announced.

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

1-2 October (Wednesday-Thursday): The Energy Markets Forum, Fujairah.

2 October (Thursday): Zawya GCC Capital Markets Forum, Fairmont, Dubai.

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

4 October (Saturday): Syria Recovery and Investment Forum, Adnec Center, Abu Dhabi.

7 October (Tuesday): Enterprise Egypt Forum 2025.

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

8-9 October (Wednesday-Thursday): Quantum Maritime Conference, Mussafah, Abu Dhabi

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

9-11 October (Thursday-Saturday): European Arab Medical Congress (EAMC 2025), Abu Dhabi Energy Center, Abu Dhabi

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

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

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

14 October (Tuesday): Dubai Safari Park, Dubai

15 October (Wednesday): Alec Holding’s shares to begin trading on the DFM.

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

15-18 October (Wednesday-Saturday): The Future Mobility Expo and Conference, Expo Center Sharjah.

15-18 October (Wednesday-Saturday): Evolve Future Mobility Show, Expo Center Sharjah.

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

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

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

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

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

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

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

29 October (Wednesday): The Brand Residences Forum, Dubai.

NOVEMBER

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

4-6 November (Tuesday-Thursday): Annual government meetings, Abu Dhabi.

4-6 November (Tuesday-Thursday): ARABAL International Aluminum Conference, Dubai

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

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

10 November (Monday): SASC organizes The Abu Dhabi Autonomous Summit, Abu Dhabi

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

12 November (Wednesday): Dubai Business Forum, Cipriani South Street, New York City.

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

13-15 November (Thursday-Saturday): International Financial Markets (ICA) Conference and Exhibition, Conrad Dubai.

15-17 November (Saturday-Monday): Myplant & Garden Middle East Green Expo, Dubai Exhibition Center, Expo City.

17-21 November (Monday-Friday): Dubai Airshow, Al Maktoum International Airport, Dubai.

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

19-20 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

26-27 November (Wednesday-Thursday): DATE (Digital Acceleration & 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.

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

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

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

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

8-10 December (Monday-Wednesday): The Bridge Summit, Adnec Center, Abu Dhabi.

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

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JANUARY 2026

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

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

13-15 January (Tuesday-Thursday): FESPA Middle East, Dubai Exhibition Center, 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.

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.

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 between 2027 and 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai.
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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