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Monday, 3 Nov 2025

What We’re Tracking Today
Ipo Watch
Capital Markets
Economy
Earnings Watch
Moves
Also On Our Radar
Planet Finance
Calendar

Amanat’s education unit could raise c.USD 160 mn in Saudi IPO

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Today at a glance

1

IPO WATCH

Amanat’s education unit could raise c.USD 160 mn in Saudi IPO.
2

CAPITAL MARKETS

Abu Dhabi, Dubai bourses snap two-month losing streak in October.
3

ECONOMY

Abu Dhabi inflation inches up 0.2% in September.
4

EARNINGS WATCH

3Q earnings are in from Adnoc Distribution, Americana, Tecom, and NCTH.
5

ALSO ON OUR RADAR

UAE, US boost AI ties in the energy space.
6

WHAT WE’RE TRACKING TODAY

Alpha Dhabi to sell stake in Aldar?
7

PLANET FINANCE

Some 80% of private equity firms to turn into zombie firms in the next 10 years as fresh capital dries up.

Monday, 3 Nov 2025

What We’re Tracking Today
Ipo Watch
Capital Markets
Economy
Earnings Watch
Moves
Also On Our Radar
Planet Finance
Calendar
1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Alpha Dhabi to sell stake in Aldar? + We’re paying less at the pump in November

Good morning, friends, and happy November. The oil and gas theme of the week is already kicking into gear as Abu Dhabi’s Enact Majlis wraps ahead of the kickoff of Adipec this morning in the capital, with the majlis seeing plenty of US and UAE cooperation. We expect a lot more oil and gas news throughout the week as the world’s biggest oil and gas event gets underway.

We also have an update on Amanat’s education unit’s IPO on Tadawul, with the firm set to raise up to USD c.USD 160 mn from the IPO. Plus: Abu Dhabi and Dubai’s bourses have both snapped a two-month losing streak in October. We break down what underpinned performance in the Capital Markets section, below.

Meanwhile, Abu Dhabi’s inflation inched up in September, though a decline in transport prices has kept it in check.

⛅WEATHER- Expect a few more clouds this week: Cloudy conditions with chances of scattered light rainfall are expected this week, according to the National Center of Meteorology (pdf). Dubai will see a high of 33°C, with an overnight low of 24°C, while Abu Dhabi could see a high of 33°C and a low of 25°C.

WATCH THIS SPACE-

#1- More Aldar shares could soon hit the ADX, courtesy of Alpha Dhabi: Alpha Dhabi Holding is reportedly weighing a partial sale of its 26.5% stake in ADX-listed developer Aldar Properties that could raise about USD 400 mn as soon as this year, Bloomberg reports citing people it says are familiar with the matter. The company, a subsidiary of state-linked International Holding Company (IHC), reportedly intends to float a 2% stake in Aldar on the Abu Dhabi bourse (ADX) after initially considering a larger divestment against a backdrop of surging real estate prices and a wave of follow-on share sales here at home.

ICYMI- IHC, the largest ADX-listed company, has been reducing its exposure to real estate assets in Abu Dhabi. Just last week, Alpha Dhabi and IHC Real Estate sold the parent company’s entire 42.5% stake in Modon to Abu Dhabi government-owned L’imad Holding for AED 26.3 bn, as part of a broader portfolio review aimed at capping sector exposure at 20%. The conglomerate said it will recycle proceeds from the sale into healthcare, tech, energy, food, and financial services.

Market reax: Aldar Properties stock shed 3.8% to close at AED 9 on Friday.

#2- EmiratesNBD is looking to establish an investment bank in India, Bloomberg reports, citing people with knowledge of the matter. The bank reportedly aims to hire 15 bankers in the country by mid-2026 and is looking to snap up employees currently working for other global firms in India.

The plan: One source said that the lender has already applied for an investment banking license for Emirates NBD Capital and secured prime office space in Mumbai. Expansion into advisory, debt capital markets, and equity underwriting is also in the cards.

USD 3 bn already in the game: Two weeks ago, the bank agreed to acquire a 51-74% stake in RBL Bank through a USD 3 bn preferential share issuance. Should the takeover secure regulatory clearance, it would be the largest foreign investment in India’s financial sector and its biggest bank equity raise on record.

#3- SIB taps joint lead managers for possible sukuk offering: Sharjah Islamic Bank (SIB) has appointed our friends at Mashreq Bank, along with Ajman Bank, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, The Islamic Corporation for the Development of the Private Sector, and Standard Chartered Bank as joint bookrunners and lead managers for a possible benchmark Reg S, USD-denominated sukuk offering, according to an ADX disclosure (pdf). The lender, rated A- by S&P Global and BBB+ by Fitch, said any offering would be subject to market conditions.

BACKGROUND- Earlier this year, the bank listed a benchmark USD 500 mn additional tier one sukuk offering on Euronext Dublin and Nasdaq Dubai. The perpetual non-call six-year issuance attracted over USD 1 bn in orders, and saw its yield tightened to 6.125% from initial price thoughts of 6.5%.

#4- Fourth round of UAE-EU FTA negotiations to kick off next month: The UAE and the European Union are set to begin the next round of their trade agreement negotiations next month, The National reports, citing European Council President António Costa. The parties have held three rounds since they kicked off negotiations in April.

REFRESHER- An agreement would aim to reduce trade barriers and tariffs, while boosting cooperation in key sectors such as advanced manufacturing, healthcare, logistics, and AI. The EU is the UAE’s second-largest trade partner, logging USD 67.6 bn in non-oil trade in 2024.

PSAs-

#1- Fuel prices dip in November: The Fuel Price Committee has lowered petrol and diesel prices by up to 5.6% this month, according to a post on X. The move follows October’s price hikes across the board.

Here’s the new breakdown per liter:

  • Super 98 is now AED 2.63, down from AED 2.77 in October (-5.1%);
  • Special 95 is AED 2.51, down from AED 2.66 (-5.6%);
  • E-Plus 91 is AED 2.44, down from AED 2.58 (-5.4%);
  • Diesel is AED 2.67, down from AED 2.71 (-1.5%).

#2- The Abu Dhabi Registration and Licensing Authority has rolled out an initiative for investors to update economic licenses that have been expired for over three years throughout the month of November with an exemption from penalties, according to the Abu Dhabi Media Office.

The first phase covers licenses that expired before 2010, with a timeline for those that expired after 2010 to be announced later.

BACKGROUND- This comes as Abu Dhabi looks to streamline business operations within its economic freezones. ADGM became the region’s largest international financial center in 1H, with 11.1k active licenses, including 1.9k new issuances during the period.

DATA POINT-

The UAE is now first globally for workplace AI adoption, with 59.4% of the working-age population using AI on a daily basis, according to a new Microsoft AI for Good Lab report (pdf). The score places the Emirates ahead of Singapore, Norway and Ireland. This is linked to strong policy coordination, with a country-wide AI strategy and legislative reforms, strong infrastructure, and digital readiness.

Elsewhere in the region, Qatar’s workplace AI adoption sits at 35.7%, Saudi Arabia’s at 23.7%, Kuwait’s at 17.7%, and Egypt’s at 12.5%.

OIL WATCH-

Opec+ has agreed to bump production by another 137k bbl / d next month, then pause hikes throughout 1Q 2026, according to a press release. The group approved the same additional number of barrels for October and November as part of its gradual unwinding of its 1.65 mn bbl / d voluntary cuts. Saudi Arabia’s production share will be at around 10.1 mn bbl / d until March, while the UAE’s will be some 3.41 mn bbl / d. The next meeting is scheduled for 30 November.

The pause in 1Q 2026 will leave the oil cartel with some 1.2 mn barrels a day to restore from its current supply tranche, Bloomberg reports.

The actual output gains have lagged behind official targets, as some member states compensate for past overproduction while others face technical or capacity constraints, the business news information service said. With cooling demand in China and rising supply across the Americas, the market is already tipping into oversupply, Bloomberg added, citing trading firm Trafigura Group.

While US sanctions on Russian oil companies helped stabilize prices after a five-month low, it’s too early to fully assess their broader market implications, according to one Opec+ delegate.

HAPPENING TODAY-

#1- The world’s biggest oil and gas forum, Adipec, kicks off today and runs until Thursday at the Abu Dhabi National Exhibition Center. The energy mega-event brings together global oil and gas, hydrogen, clean tech, and industrial strategy players alongside ministers and climate negotiators, to discuss building a resilient energy sector and developing intelligent solutions.

#2- The Global AI Summit wraps up today at the Abu Dhabi Energy Center. The event, which is hosted by AI firm G42, brings together senior government officials, private sector executives, and AI leaders to advance global governance of AI and collaborate on innovative artificial intelligence solutions.

HAPPENING TOMORROW-

#1- ArabalInternational Aluminum Conference gets underway tomorrow and runs until Thursday at the Dubai Exhibition Center. The event gathers regional producers, OEMs, and technology players to discuss industrial decarbonization, supply chain competitiveness, and global metal demand cycles.

#2- GulfoodManufacturing is also running from tomorrow until Thursday at Dubai World Trade Center. The F&B manufacturing event will bring processing, supply, logistics, packaging, and automation players together for exhibitions showcasing the latest developments in the sector.

#3- DubaiDesign Week kicks off tomorrow and runs through Saturday at Dubai Design District. Designers, studios, universities, brands, and collectors will meet for workshops, exhibitions, a marketplace, and talks, to showcase innovation, materiality, and future-forward design.

THE BIG STORY ABROAD-

No single story is dominating today’s headlines, but a few are getting top billing:

Israel threatened to increase its attacks against Hezbollah in Lebanon with Israeli Prime Minister Benjamin Netanyahu saying that Israel “shall take whatever action is required” to prevent Hezbollah from opening a new front. Meanwhile, US special envoy Tom Barrack warned that time is running out for Lebanon’s government to enforce the ceasefire deal struck last year, which requires Beirut to disarm Hezbollah, something both Israel and Washington say the group is actively refusing. (Bloomberg | New York Times | Guardian)

ALSO WORTH READING THIS MORNING‑ Top AI labs including Google DeepMind, Anthropic, OpenAI and Microsoft are racing to plug a new security hole in large language models that allows hackers to embed commands in emails or websites and trick the models into spilling confidential data, the Financial Times report.

AND- US envoys are accused of deploying “bully‑boy tactics” to intimidate diplomats from Africa, the Pacific, and the Caribbean into sidelining the UN-backed Net Zero Framework for global shipping, writes the Financial Times.

***

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EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq and Hassan Allam Properties. Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

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2

IPO WATCH

Amanat’s education unit could raise c.USD 160 mn in Saudi IPO

Amanat Holding’s Riyadh-based education arm Almasar Education is guiding on a price range of SAR 18.5-19.5 for its Tadawul IPO, it said in a press release. At the top of the range, the sale could raise up to SAR 599 mn (USD 159.7 mn), valuing the company at roughly SAR 2 bn (USD 532.5 mn) at listing. This falls short of earlier expectations, after Reuters reported last year that the offering could fetch around USD 300 mn in proceeds.

REFRESHER- Almasar, formerly Amanat Education, is taking a 30% stake to market via a secondary sale of 30.7 mn shares. The IPO will see its sole owner Dubai-based Amanat Holdings offload part of its stake and pocket all the proceeds. Post-IPO, Amanat will retain a 70% holding in Almasar, with the remaining shares subject to a six-month lock-up period.

What’s next? Institutional investors have until Thursday, 6 November to place orders, with a maximum subscription of 5.1 mn shares each and a minimum of 100k. The retail tranche will open later this month between 18-20 November, during which individual investors can apply for up to 250k shares each. Final allocations will take place on Wednesday, 26 November.

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 Mackenzie 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.

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3

CAPITAL MARKETS

Abu Dhabi, Dubai bourses snap two-month losing streak in October

The FTSE ADX and the DFM both broke their two-month losing streak in October, with the Abu Dhabi bourse inching up 0.9% in October and the DFM General Index rising a sharper 3.8%, according to Kamco Invest’s GCC Markets Monthly Report (pdf). On a YTD basis, the FTSE ADX is up 7.2%, while the DFM is up 17.5% YTD.

Six out of 10 sectors on the ADX closed in the green last month, including telecoms (2.9%), consumer discretionary (1.9%), and financials (1.4%). Meanwhile, real estate was down 5.2%, and utilities was down 4.0%. Financial heavyweights including National Bank of Fujairah (+13.5%) and First Abu Dhabi Bank (+11.5%) underpinned the month’s gains.

Dubai’s rally was similarly concentrated in blue chips: Six of eight DFM sectors ended higher, driven by real estate, which was up 7.7%, and financials, up 4.3%. Property giants including Emaar Properties and lenders including Emirates NBD (+15.6%) and Commercial Bank of Dubai (+2.6%) led the rally, while United Foods (-17.6%) and Talabat (-14.5%) were among the main laggards.

ELSEWHERE IN THE REGION- GCC equities rose for the second month in a row, with the MSCI GCC climbing 1.2%. TASI gained 1.3% in October, marking its second consecutive month on the up, despite being the only GCC member down YTD (-3.2%). Oman was up 8.3% last month, while Bahrain was up 5.9% and Kuwait was up 2.7%. Egypt’s EGX30 outperformed both the UAE, Kuwait, and Saudi Arabia, climbing 4.4% in October.

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4

ECONOMY

Abu Dhabi inflation inches up 0.2% in September

Abu Dhabi’s consumer price index rebounded in September, inching up 0.2% after resuming its downward trajectory in August, according to data(pdf) from the Abu Dhabi Statistics Center. On a monthly basis, inflation saw a 0.5% increase, after having edged down 0.1% in August, separate data (pdf) shows.

Prices of ins. and financial services led annual price increases again in September, climbing 6.6%. This was followed by 4.1% increases in the costs across the household equipment and routine household maintenance, while personal care, social protection, and miscellaneous goods recorded a 2.5% increase. Housing, water, electricity, gas, and other fuels — the largest component in the index — also picked up 2.4%. Food and beverage prices also edged up 0.5% after being deep in deflation territory during July and August, while tobacco prices rose 1.0% during September.

Some sectors are still in deflation territory on a y-o-y basis, including clothing and footwear, which recorded the most significant dip for the third consecutive month (-9.2%). Transport prices, the second largest component of the inflation basket, also fell 3.5%. Recreation and culture saw a 6.0% decrease.

On a monthly basis, recreation and culture recorded the highest increase among all categories during the month, rising 2.8%, followed by a 2.1% increase in food and beverage prices, and a 0.9% rise in personal care, social protection, and miscellaneous goods. Housing, water, electricity, gas and other fuels saw a 0.4% m-o-m price increase, while clothing and footwear rose 0.3%. Transport, restaurants and hotels, and tobacco and household equipment were all in deflation territory on a m-o-m basis.

Abu Dhabi inflation is still much cooler than in Dubai, where annual price growth accelerated again in September to 2.88%, after slowing to 2.43% in August.

But why? The capital enjoys lower rental inflation compared to Dubai — 2.5% versus 5.8% — and transportation accounts for a bigger portion of its overall basket, meaning that continued deflation from that segment has a bigger impact, Khalij Economics Director Justin Alexander told EnterpriseAM.

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. This is broadly in line with the IMF’s revised inflation forecast of 1.6% in 2025, which marks a significant downgrade from the fund’s earlier estimate of 2.1% inflation for the year.

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5

EARNINGS WATCH

3Q earnings are in from Adnoc Distribution, Americana, Tecom, and NCTH

ADNOC DISTRIBUTION-

Adnoc's retail arm Adnoc Distribution reported a 21.5% y-o-y in net income to USD 221 mn (c. AED 812 mn) in 3Q 2025, exceeding analyst expectations, according to an earnings release published last week.

In 9M 2025, the company’s bottom line surged 15.6% y-o-y to USD 579 mn. This coincided with Adnoc Distribution’s highest-ever 9M fuel volume sales — reaching 11.7 bn liters — and its addition of 85 stations, raising its network scope to 977 service stations. It upgraded its year-end target for service stations to 90-100, up from 60-70 initially, given it has already exceeded its target, with Saudi Arabia getting the bulk of new stations.

AMERICANA-

ADX and Tadawul-listed F&B giant Americana Restaurants posted a net income of USD 42.9 mn in 3Q 2025, up 14.7% y-o-y, according to an earnings release (pdf). Revenue also rose 12.2% to USD 622.7 mn during the quarter.

For the first nine months of the year, net income grew 15.3% y-o-y to USD 135.4 mn, while revenue climbed 14.4% to USD 1.6 bn on the back of stronger sales, portfolio expansion, menu innovation, digital engagement, and operational efficiency, according to the release. The company opened 68 new stores and integrated 46 restaurants from Pizza Hut Oman, bringing the total store count to some 2.7k across 12 countries.

Americana maintained a net income margin of 7.4%, the same as last year, despite USD 11.3 mn in new taxes resulting from regulatory changes in key markets and a high comparison base from 9M 2024.

NATIONAL CORPORATION FOR TOURISM & HOTELS-

The National Corporation for Tourism and Hotels (NCTH) reported AED 13.1 mn in net income, compared to an AED 7.1 mn loss during the same period last year, according to its financials (pdf) and a separate earnings release (pdf). Quarterly revenues jumped 130.7% y-o-y to AED 469.1 mn.

On a nine-month basis, revenue almost doubled — up 95.1% y-o-y to AED 1.5 bn, while net income surged 3x y-o-y to AED 332.8 mn. 9M performance was driven by a one-off gain of AED 178.5 mn from a reverse acquisition which saw Alpha Dhabi Holding increaseits stake in NCTH to 73.73%. As part of the transaction, Alpha Dhabi transferred four premium hotel assets to NCTH. Its hotel revenues increased 72.7% y-o-y to AED 699.7 mn, and its catering segment started to generate returns.

TECOM-

Business district developer Tecom Group reported a net income of AED 373.2 mn in 3Q 2025, a 9.9% increase y-o-y, according to its quarterly financials (pdf) and a separate earnings release (pdf). The company’s revenues were up 18.5% to AED 724.2 mn as demand for commercial, land, and industrial assets in Dubai continued to grow.

During the first nine months of the year, the group reported a top line of AED 2.1 bn, up 20.2% y-o-y, while net income rose 17.8% to AED 1.1 bn on the back of robust occupancy figures, an uptick in rental rates, and acquisitions. Improved operational efficiency and capital management also boosted results, with funds from operations growing 16% y-o-y to AED 1.5 bn.

Occupancy across its land portfolio jumped 8% to reach 98% during 9M, while its commercial and industrial segment saw a 2% yearly uptick to reach 96%.

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6

MOVES

Bildco’s board looks for a new CEO

Abu Dhabi National Building Materials Co.’s board is looking for a new CEO after deciding to end the tenure of current chief executive officer (CEO) Osama Abubakr, based on a recommendation from the nominations and remunerations committee, according to an ADX disclosure (pdf).

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

Until the board appoints a successor, Shamsa Al Fahim (LinkedIn) will step into the role as acting CEO. Al Fahim is currently the firm’s chief strategy and sustainability officer, having held the position since January 2025.

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7

ALSO ON OUR RADAR

UAE, US boost AI ties in the energy space

ENERGY-

#1- UAE, US sign MoU on energy, AI cooperation: The UAE and the US have signed an MoU to deepen collaboration in energy, AI, smart manufacturing, and AI in robotics, according to a statement. The collaboration will focus on production planning, logistics, improving energy efficiency, managing smart grids, enabling predictive maintenance, and enhancing energy storage systems. This came during a meeting between President Sheikh Mohamed bin Zayed Al Nahyan and Doug Burgum, secretary of the United States Department of the Interior and chairman of the National Energy Dominance Council.

The two countries’ private sectors are already cooperating across both industries: Adnoc signed three new agreements with US-based Gecko Robotics — a specialist in wall-climbing inspection robots for critical industrial assets — covering multi-year rollouts of robotics across Adnoc’s assets, AI deployment for Adnoc Gas, potential localization of robotic systems manufacturing in the UAE, and joint skills development programs with Adnoc Technical Academy, state news agency Wam reports.

The agreement will see AIQ — Adnoc’s JV with Presight — venture into robotics for the first time through the deployment of the Cantilever operating system across Adnoc Gas. The deployment is expected to generate more than USD 300 mn maintenance and inspection cost savings over five years, enabling predictive maintenance, reducing shutdowns and extending asset life, according to a separate press release. Under the three-year roadmap, Gecko will lead AI integration in phase one with joint deployment, data modeling before scaled access, and continuous optimization in years two and three.

ALSO- Adnoc is locking in a new four-party strategic agreement with Masdar, XRG and Microsoft to accelerate AI deployment across Adnoc’s value chain while also developing sustainable energy solutions to power Microsoft’s global AI and hyperscale data center expansion, Wam reports.

Under the pact, Adnoc and Microsoft will jointly develop AI agents to enable autonomous operations and efficiency gains, with Microsoft providing AI tools and talent upskilling. Masdar and XRG join the collaboration to co-develop sustainable energy infrastructure that supports Microsoft’s future AI load.

#2- Enoc, Petronas eye cooperation in oil and gas expiration: Emirates National Oil Company’s (Enoc) subsidiary Dragon Oil signed an MoU with Malaysia’s Petronas to enhance cooperation in oil and gas exploration and production, and support the exchange of technical expertise across the upstream sector, Wam reports. The agreement establishes a framework to explore areas of technical and commercial collaborations and identify potential future joint projects, though it’s not clear whether those projects will be based in the UAE or Malaysia.

Background: Petronas already operates oil and gas exploration concessions in Abu Dhabi, with the Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA) awarding the firm a concession in Al Dhafra in September last year.

UAE energy firms have a history with Petronas: Adnoc’s XRG signed a production sharing contract with Petronas for Turkmenistan’s Block I gas and condensate fields in the Caspian Sea earlier this year, while XRG and Petronas also signed a long-term gas sales agreement with State Concern Turkmengas as part of the transaction. Adnoc also signed a 15-year sales and purchase agreement last December with Petronas to supply it with 1 mn tonnes of liquefied natural gas (LNG) annually from its LNG project in Al Ruwais.

REAL ESTATE-

Emaar, Saudi’s Dallah Albaraka eye Cairo project: Emaar Misr, the Egyptian arm of Emaar properties, is in talks with Saudi Arabia’s Dallah Albaraka Holding to explore possibly partnering to develop a new mixed-use project in Cairo, Emaar said in a disclosure (pdf) to the EGX.

More details: The project will be with the Saudi company’s subsidiary Samla and Alam Al Rum for Urban Development on a 380-feddan area in east Cairo and is expected to generate around USD 3.4 bn in revenues, Asharq Business reports, citing a source familiar with the matter Dallah Albaraka owns the land while Emaar Misr will handle development and management in exchange for 67% of the project’s revenues, another source said.

LOGISTICS-

Emirates SkyCargo starts weekly freight service to Bangkok: Dubai-based Emirates SkyCargo has introduced a new weekly freight route to Bangkok’s Suvarnabhumi Airport, according to a press release. The new route brings its East and Southeast Asia freight network to 11 destinations, and its overall global network to 43.

Behind the move: Emirates SkyCargo aims to tap into Thailand’s current focus on importing and exporting tech products as the country looks to develop its advanced manufacturing sectors. The UAE is a key global trade connector to China and ASEAN markets, with the area forming a central part of SkyCargo’s 2026 expansion plan, the statement read.

HOSPITALITY-

SKHPrivate Family Office will acquire and redevelop The Cove Rotana Resort in Ras Al Khaimah under an AED 500 mn investment, after the family office inked an agreement with the Abu Dhabi-based real estate developer, according to a press release. The transaction covers both the takeover and full upgrade of the resort including guest rooms, villas, F&B outlets, leisure spaces, and the addition of new towers. Rotana is set to reassume full management for 15 years starting from December.

ADVISORS- Rasmala Investment Bank acted as financial advisor on the transaction.

CRYPTO-

Du just became the first telco in the UAE to roll out cloud mining-as-a-service for retail residents, according to a press release. The new Cloud Miner product — launched under du Tech — lets UAE residents take part in BTC mining using rented compute power through du’s domestic data center footprint, with subscriptions auctioned online between 3-9 November.

The details: The product aims to serve as a regulated entry point into crypto mining for UAE residents. Subscribers will sign 24-month contracts with 250 TH/s capacity.

SPACE-

UAE spacetech firm Space42 has launched three new satellites into orbit, bringing its total Foresight Earth Observation constellation to five, according to a press release (pdf). Foresight-3, Foresight-4, and Foresight-5 lifted off from Cape Canaveral Space Force Station in Florida, where the Thuraya 4 telecom satellite also launched.

About the satellites: The systems provide high-resolution imaging of Earth’s surface regardless of weather or lighting conditions, enabling real-time tracking of small objects and surface changes for government and industry uses.

ICYMI- The satellites were shipped to the US last month and mark the UAE’s first deployment of advanced SAR satellites. Foresight-1 launched last year, followed by Foresight-2 in January, as part of Space42’s growing Earth observation constellation, set to be finalized by 2027.

AVIATION-

HSBC to fund Emirates’ six-plane orderbook: Dubai’s flagship carrier Emirates tapped HSBC to finance the uptake of six new Airbus A350-900 aircraft, according to a statement. Five of the six carriers have already been financed through the Japanese Operating Lease with Call Option (Jolco) structures, while financing for the remaining plane is currently in motion. The exact size of the facility was not disclosed.

Background: Emirates inked a lease agreement with the bank for four of the aircraft back in March, as it looks to diversify funding sources to support its fleet expansion plans. The airline has some 65 Airbus A350-900 carriers in total — with deliveries scheduled to run through till 2028. It tapped Emirates NBD in September to finance the uptake of two Boeing 777-200 long-range freighter aircraft.

DATA POINT- At present, Emirates operates a fleet of over 260 aircraft – dominated by long-haul aircraft models Boeing 777s and Airbus A380s. The airline maintains one of the largest orderbooks globally, with up to 205 Boeing 777Xs and 35 Boeing 787 Dreamliners on top of the 65 A350s on order.

COMMODITIES-

Arab Express Business Service to invest AED 300 mn in gold and diamond stores: Business services provider ArabExpress Business Services plans to invest AED 300 mn (USD 82 mn) to open 15 gold and diamond stores across the UAE by 2030 — with Saudi Arabia, Qatar, Kuwait and Oman also in the pipeline for future GCC expansion targets — Chairman and Founder Mustafa Nezami told Al Khaleej. The firm opened a branch in Dubai’s Madina Mall and the first Abu Dhabi location is slated to open next in Musaffah.

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8

PLANET FINANCE

Some 80% of private equity firms to turn into zombie firms in the next 10 years as fresh capital dries up

The private equity industry is spooked — and it’s not just because of Halloween. Private equity is finding it increasingly difficult to raise fresh capital, leading the CEO of Swedish PE firm EQT, Per Franzén, to predict that some 80% of all private equity firms could turn into zombie firms by 2035 in comments to the Financial Times.

Forget witches and ghosts, zombie firms are a more formidable spectre haunting the industry, which happens when an investment firm can no longer raise money for new funds and remains operational to manage the companies and investments it already has. Like the undead, these firms are technically alive, but are dead insofar as they no longer seal new acquisitions or raise fresh funds while they run down their existing investments.

It’s not just a nightmare on Wall Street, but a global issue, with only a third of the 15k or so PE firms having raised funds in the last seven years, according to Franzén. Of these 5k firms with some recent fundraising success, Franzén sees less than half of them carrying on this success in the next 5-10 years. But there’s good news for the largest firms with established global footprint, with 50 to 100 such firms expected to rake in 90% of all fresh funds in the next fundraising period.

REMEMBER- Hopes for a rebound of the sector at the start of the year began to fall apartby early April, when a fresh round of US tariffs sent markets wobbling after a strong start to the year. Transaction value in April fell 24% below the 1Q average, and dealcount dropped 22%, according to Bain and Company’s Private Equity Midyear Report 2025. Now, more than 18k funds are chasing USD 3.3 tn in capital — or USD 3 of demand for every USD 1 available — according to the report.

MARKETS THIS MORNING-

Asian markets are in the green this morning, with the Kospi leading gains (+2.4%) The Nikkei (+2.1%), Hang Seng (+0.5%), and Shanghai Composite (+0.1%) are looking at more moderate gains.

ADX

10,100

-1.1% (YTD: +7.2%)

DFM

6,059

-0.8% (YTD: +17.4%)

Nasdaq Dubai UAE20

4,941

-2% (YTD: +18.6%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

3.7% o/n

3.7% 1 yr

TASI

11,536

-1.0% (YTD: -4.2%)

EGX30

38,083

-0.5% (YTD: +28.1%)

S&P 500

6,840

+0.3% (YTD: +16.3%)

FTSE 100

9,717

-0.4% (YTD: +18.9%)

Euro Stoxx 50

5,662

-0.7% (YTD: +15.7%)

Brent crude

USD 65.03

+0.4%

Natural gas (Nymex)

USD 4.11

-0.4%

Gold

USD 4,003

+0.2%

BTC

USD 110,567

+0.5% (YTD: +18.2%)

Chimera JP Morgan UAE Bond UCITS ETF

AED 3.8

0.0% (YTD: +9.1%)

S&P MENA Bond & Sukuk

152.05

-0.2% (YTD: +8.7%)

VIX (Volatility Index)

17.44

+3.1% (YTD: +0.52%)

THE CLOSING BELL-

The DFM fell 0.8% on Friday on turnover of AED 528.8 mn. The index is up 17.4% YTD.

In the green: Dubai Ins. Co. (+9.6%), Chimera S&P UAE UCITS ETF - Share Class A - Accumulating (+9.4%) and Chimera S&P UAE Shariah ETF- Share class B - Income (+5.0%).

In the red: Al Mal Capital REIT (-9.5%), United Foods Company (-5.7%) and Emaar Properties (-2.7%).

Over on the ADX, the index fell 1.1% on turnover of AED 1.4 bn. Meanwhile, Nasdaq Dubai was down 2%.

Tags:

CALENDAR

NOVEMBER

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

2-3 November (Sunday-Monday): Global AI Summit, Abu Dhabi Energy Center, Abu Dhabi.

2-6 November (Sunday-Thursday): Institutional bookbuilding period for Almasar Education’s IPO on Tadawul.

3-6 November (Monday-Thursday): Adipec, Abu Dhabi.

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

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

4-6 November (Tuesday-Thursday): Gulfood Manufacturing, Dubai World Trade Center.

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

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.

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

10-11 November (Monday-Tuesday) Future Cities Week, Dubai.

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

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

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

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

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

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

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

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

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

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

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.

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) 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:

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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