Cabinet approves record budget with near 30% hike in spending

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WHAT WE’RE TRACKING TODAY

THIS MORNING: XRG eyes investment in Argentinian LNG project + Masdar breaks ground on 24-hour solar and battery energy facility

Good morning, friends. It’s busy, but not quite as busy as we’re used to, as hundreds have flocked to Riyadh for FII.

The big story of the day is 2026’s new record budget, which saw a 29.2% hike in expenditure and revenues. We break down the components of the budget and what else went down at the cabinet meeting in the news well, below.

It’s also a busy day for energy news, with Fujairah’s massive F3 gas turbine kicking off operations, and Masdar breaking ground on its AED 22 bn 24-hour solar and battery energy facility in Abu Dhabi. Meanwhile, Mubadala poured more funds into AI firm Crusoe, and into a new AED 55 mn venture capital fund. PLUS: Abu Dhabi Commercial Bank and United Arab Bank are the latest to put out 3Q earnings. Let’s dive in.

WEATHER- Temperatures continue to cool down, with Dubai seeing a high of 34°C today and a low of 26°C, while Abu Dhabi will see a high of 33°C and a low of 26°C.

WATCH THIS SPACE-

#1- Adnoc’s international investment arm XRG is mulling an investment in a liquefied natural gas project under development by Argentinian energy firm YPF, as it looks to deepen its portfolio in the US, Latin America, and Asia, Bloomberg reports, citing sources it says are in the know. The project will eventually produce 28 mn tons of LNG annually, with the likes of Shell and Eni working with YPF on the project.

Talks are still preliminary, and come as the firm deepens its push in LNG both locally and abroad. It previously acquired a stake in NextDecade’s Rio Grande LNG project in South Texas as it prepares to export mns of tons of LNG from its Ruwais facility in Abu Dhabi. A few potential acquisitions have fallen through though, with the firm dropping a planned USD 18.7 bn takeover of Australian gas producer Santos. It was also working on another bid for a South American firm, with an eye to acquire a USD 2.1 bn stake in Brazilian petrochemicals company Braskem, but later withdrew its offer.

#2- State-owned renewables giant Masdar has broken ground on its AED 22 bn 24-hour solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, according to a statement. The plant, which tackles renewable energy’s intermittency challenge by delivering a consistent power supply, will come online by 2027, providing 1 GW of uninterrupted clean power.

Refresher: The facility, which is being set up alongside Emirates Water and Electricity Co, will span 90 sq km in the Abu Dhabi desert and will power over 500k homes once online. It will also help cut 5.7 mn tons of CO2 emissions a year and provide 10k new jobs.

#3- M42 launches Saudi unit to expand precision health footprint: Mubadala-backed healthtech firm M42 has set up operations in Saudi Arabia through a new unit named M42 Saudi Arabia, according to a press release. M42 was already active in the Kingdom and has worked with its Health Ministry, operating more than 40 Diaverum clinics in 33 cities. The new unit will take over operations of the clinics, which specialize primarily in renal care.

The unit will later expand into multi-omics, digital health, and population health programs targeting metabolic and lifestyle diseases. M42 also said it will launch Saudi-led pilot programs and R&D collaborations to support the Kingdom’s Vision 2030’s goal of building a precision, preventive, and predictive healthcare system.

#4- The UAE has earmarked USD 6 bn worth of investments for Africa’s tourism sector, spanning infrastructure, hospitality, and aviation projects across 20 countries, Economy and Tourism Minister Abdulla bin Touq Al Marri told Asharq Business (watch, runtime: 6:25). The investments will focus on aviation, logistics, digital transformation, and infrastructure to boost tourism growth.

The global ranking: The UAE is the fourth largest foreign investor in Africa, after the US, China, and the EU, with cumulative investments exceeding USD 110 bn between 2019 and 2023, he added. It also is the top globally when it comes to greenfield investments in Africa, Al Marri said.

HAPPENING TODAY-

#1- The US Federal Reserve is expected to cut interest rates for the second time after its September cut at its Federal Open Market Committee today. Softer US inflation figures that came out last week put the Fed on course to make another small 25 basis point cut, analysts say.

Speaking of the Fed, Treasury Secretary Scott Bessent said the Fed’s next heir will likely be named by the end of the year, after whittling down the shortlist of candidates to just five, CNBC reports. The names potentially replacing current Fed chair Jerome Powell are: Fed Governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock executive Rick Rieder.

#2- The Future Hospitality Summit (FHS) is running until Wednesday at Madinat Jumeirah in Dubai. The summit brings together global hospitality leaders, investors, and industry leaders to explore investments to scale their businesses across key sectors, from hospitality to sustainability, technology, startups, talent, education, and branded residences.

#3- The Asia Pacific Cities Summit kicked off yesterday and is on until Wednesday at the Dubai Exhibition Center. The three-day summit gathers government leaders, urban planners, and industry experts from across the Asia-Pacific region to discuss sustainable city development, smart infrastructure, and cross-border collaboration.

#4- The Abu Dhabi Infrastructure Summit (ADIS) Roadshow 2025 started yesterday in Singapore, and is set to continue with legs in China and Ankara, before wrapping up in Istanbul in November, Wam reports. The roadshow will include conferences, B2B meetings, and site visits as it looks to drum up international interest in Abu Dhabi’s USD 54 bn pipeline of infrastructure projects. It is backed by the Abu Dhabi Investment Office and the Department of Municipalities and Transport.

#5- The Emirati Media Forum (EMF) is happening today at the Museum of the Future, organized by the Dubai Press Club. The annual event will gather senior UAE media executives, editors, and content creators to discuss the sector’s digital transformation and strategies to strengthen trust and counter misinformation.

#6- The Annual Gulf Ins. Forum is running until Wednesday at the Millennium Plaza Downtown Hotel, Dubai. The event will gather insurers, brokers, and regulators from across the region to discuss reins. capacity, pricing, solvency, and risk management in GCC markets, with sessions focusing on resilience, catastrophe response, and financial strength.

#7- Federal National Council (FNC) speaker Saqr Ghobash is leading a delegation to Azerbaijan today to attend the international parliamentary conference, marking the 30th anniversary of Azerbaijan’s constitution, state news agency Wam reports. The FNC delegation will hold bilateral talks aimed at deepening parliamentary cooperation between the UAE and Azerbaijan, covering legislative and constitutional affairs.

HAPPENING THIS WEEK-

#1- The International Forum of Sovereign Wealth Funds (IFSWF) will run from tomorrow to Friday at ADGM. Hosted by Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company, the event brings together global CEOs and senior executives from sovereign wealth funds, with combined assets of more than USD 10 tn, and serves as a platform to exchange ideas and insights on the role sovereign wealth funds play in responding to global volatilities and shaping economic resilience.

#2- The Branded Residences Forum is taking place tomorrow at Madinat Jumeirah in Dubai, bringing together developers, hospitality groups, and investors to examine the growing demand for branded real estate and evolving partnerships between luxury hotel brands and property developers.

THE BIG STORY ABROAD-

It’s a mixed bag in the international business press this morning, though mostly quiet as we await the US Federal Reserve’s interest rate decision tomorrow and Big Tech’s earnings later this week.

One story getting attention is Amazon’s plans to cut some 30k corporate jobs, its largest cut yet, slashing around 10% of its corporate workforce. The move comes as the firm looks to cut expenses and trim back its team after an overhiring wave during peak demand in the pandemic. Another reason could potentially be productivity gains from the use of AI which have removed the need for some corporate jobs, and a need for less bureaucracy. (Reuters | Wall Street Journal | CNBC)

Also from the world of Big Tech: Qualcomm will start producing semiconductor chips, entering a market that’s already dominated by US chipmaker Nvidia, which also includes players like Advanced Micro Devices. It previously produced chips for wireless connectivity and mobile devices. Its shares jumped 11% on the news. (CNBC | WSJ | Financial Times)

Over in Russia, its second-largest oil producer Lukoil is selling its international assets following the sanctions introduced against it by the US last week. (Reuters | FT | Bloomberg)

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UAE cabinet approves record AED 92.4 bn 2026 budget

UAE cabinet greenlights its largest budget yet: The cabinet approved an AED 92.4 bn budget for the country in 2026, making it the largest in the UAE’s history, Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum posted on X yesterday following a cabinet meeting. The final spending plan sets out a whopping 29.2% y-o-y jump in expenditure compared to 2025’s AED 71.5 bn budget, while revenues will match expenditure at AED 92.4 bn.

REMEMBER- The government had hiked spending by 12% y-o-y in 2025, and approved a federal budget of AED 192 bn for 2024-2026 in October 2023.

“It is unusually expansionary for the federal budget,” GCC economist and Khalij Economics Director Justin Alexander told EnterpriseAM UAE. “Prior to [the hike last year] the budget had barely increased since 2019,” he added.

The breakdown: The largest allocation — AED 34.6 bn — will go to social development and pensions, up 24% y-o-y, while AED 27.1 bn is allocated to government affairs and AED 15.4 bn is going towards financial investments, according to a separate statement. This is four times as much as financial investments’ allocation in the 2025 budget, Alexander said, though it’s not clear what accounts for the jump.

The expenditure will likely be financed through corporate income tax revenue and higher dividends from the Emirates Investment Authority, Alexander added.

The cabinet also approved a Federal Financial Support program, which will receive annual allocations from the federal budget. The program is aimed at ensuring the long-term financial sustainability of federal institutions, according to the Prime Minister’s post.

The UAE’s cumulative foreign investment abroad hit AED 1 tn in 2024, marking a 9% y-o-y increase, making us “the first in the Arab world and among the top 20 global economies in outward FDI,” Sheikh Mohammed said in another post.

Also from the cabinet meeting:

The Cabinet approved 35 international agreements and MoUs in the fields of economy and cooperation;
an updated guidebook on the Accounting Standards in the Federal Government;
The reformation of the Health Council and the National Committee for Public Health, both chaired by Health and Prevention Minister Ahmed bin Ali Al Sayegh;
and a resolution regarding excise goods and taxes, and the executive regulations of the Federal Decree-Law on Anti-Money Laundering and Combating Financing of Terrorism, and Weapon Proliferation Financing.

Aldar to invest AED 3.8 into develop-to-hold Abu Dhabi portfolio

ADX-listed Aldar Properties will invest AED 3.8 bn to develop residential, commercial, and logistics builds for rent in Abu Dhabi, according to a press release (pdf). The projects in Al Shamka, Yas Island, and Abu Dhabi Business Hub, will bring the firm’s pipeline of develop-to-hold assets to AED 17.6 bn and will be integrated into its investment portfolio.

On the residential front: Aldar will build nearly 2k residential units in its Alreeman community in Al Shamkha that will be available for rent. The units will range from studios to three-bed units, located alongside retail and leisure facilities. Yas Island is also set to see a piece of the pie, with Aldar planning to deliver 665 units — 217 townhouses and villas, and 448 apartments as an extension of Yas Residential Village for island staff housing.

On the commercial side, Aldar will develop Yas Business Park, a four-tower office complex offering 47.5k sqm of leasable space next to Yas Mall and Aldar Square. The development is expected to be completed by 2H 2027.

Logistics units will also see a boost, with Abu Dhabi Business Hub set to see some 175k sqm of new logistics space, catering to third-party logistics, e-commerce, and distribution tenants. Aldar’s plan to build the UAE’s first Tesla Experience Center is also part of the AED 3.8 bn investment.

The firm has been on a local expansion roll: Last year, the firm committed AED 1 bn to expand its logistics portfolio as well as AED 5 bn for new real estate assets in Abu Dhabi. It is also working on the Fahid Island coastal development with a AED 40 bn in gross development value, as well as a mixed-use development in Dubai’s Expo City for AED 1.8 bn. It is launching four JVs with Mubadala to develop AED 30 bn worth of properties in Abu Dhabi, and also said it was expanding into lower-cost housing, schools, and retail as part of a diversification push.

This comes amid a surge in new project launches in Abu Dhabi, with 9M 2025 seeing 42 new projects registered, including 39 residential developments offering over 9.5k units, Al Etihad reports, citing data from the Abu Dhabi Municipalities and Transport Department’s Dari platform. This nearly matches the 2024 total of 43 housing projects launched in Abu Dhabi.

At the 1H mark, the emirate was set to see 11.9k new residential units by the end of the year. Total residential stock reached around 400k units as of 1H, according to a report (pdf) from Abu Dhabi Real Estate Center.

Fujairah F3 gas plant is now online

More gas power incoming: The 2.4 GW Fujairah F3 combined cycle gas turbine — one of the largest in the UAE — has begun commercial operations, according to a statement. The project, which involved Marubeni Corporation, Abu Dhabi National Energy Company (Taqa), Mubadala Investment Company and Hokuriku Electric Power Company, is capable of powering some 380k homes.

are among the project’s backers, with Emirates Water and Electricity Company (Ewec) as the sole offtaker under a long-term power purchase agreement.

Who owns what: Taqa holds 40% of the project company — Fujairah Power Company F3 — while Marubeni holds 20.4%, Mubadala owns 20%, and Hokuriku Electric owns 19.6%. The project reached financial close back in 2020, at an estimated cost of AED 4.2 bn.

Taqa and Ewec have more in the works: Taqa inked a 24-year power purchase agreement back in April with Ewec that will allow it to build, own, and operate a 1 GW open-cycle gas turbine in Al Dhafra.

Abu Dhabi could also see a lot more gas turbines: Ewec sees an urgent need for an additional 5.1 GW of gas capacity in Abu Dhabi to support renewable integration and manage peaks — including 2.5 GW of combined-cycle gas turbines due by 2028 and 2.6 GW of opec-cycle capacity expected online by 2027, the National reports.

Mubadala Capital leads USD 1.4 bn Series E funding round in Crusoe + backs USD 55 mn fund

Mubadala Capital led a USD 1.4 bn Series E funding round in US-based AI infrastructure company Crusoe, alongside US tech investor Valor Equity Partners, according to a press release. The oversubscribed round pushed the company’s valuation to over USD 10 bn, up from USD 2.8 bn last year. Nvidia also took part in the funding round, alongside Franklin Templeton, Fidelity Management, SuperMicro, T. Rowe Price, and others.

The wealth fund is already heavily invested in the clean computing startup: The sovereign entity previously participated in Crusoe’s USD 350 mn series C round in 2022 and its USD 600 mn series D round in 2024. The company used the funds to invest in data centers and its cloud platform, Crusoe Cloud.

Where will the money go? The funding will enable Crusoe to expand its vertically integrated approach to delivering AI factories at the required scale and timeframe, Crusoe’s CEO Chase Lochmiller said. This plan involves buying new hardware and hiring more employees, Bloomberg reports.

About Crusoe: Founded in 2018, the company is an AI infrastructure developer that adopts a vertically-integrated model, spanning energy sourcing, hyperscale data-centre development, and its cloud platform, Crusoe Cloud. It is currently working on several data center development projects in the US, including a Texas-based 1.2 GW project and a 1.8 GW campus in Wyoming.

It’s also a Stargate player, with the Texan data center complex it operates for Oracle and OpenAI being the first installation in the USD 500 bn US Stargate initiative backed by Abu Dhabi investor MGX.

IN OTHER MUBADALA NEWS-

Mubadala backs AAF’s USD 55 mn hybrid venture fund: Abu Dhabi’s Mubadala Investment Company backed US-based venture capital firm AAF Management’s latest USD 55 mn fund, according to a press release. Family offices from MENA, the US, and Europe, as well as general partners from US firms, also anchored the funding alongside Mubadala.

About the fund: The Axis Fund targets emerging managers and funds overseeing promising startups and firms at the pre-IPO and pre-seed stage. The fund has already backed 25 pre-seed and seed-stage funds alongside making five direct investments.

AAF now has a total of USD 250 mn in assets across four funds, and plans to invest 80% of its capital in startups and the remaining 20% in emerging funds, TechCrunch reports. AAF has made 138 investments since 2016, backing five companies which have since become unicorns. It focuses primarily on firms in the tech, fintech, healthcare, enterprise software, and deep tech sectors.

How banks are preparing themselves for the era of open finance, from API marketplaces to more fintech cooperation

The Central Bank of the UAE rolled out its open finance framework this year, onboarding its first fintechs and allowing them to launch payment services under the framework — a milestone that paves the way for broader industry cooperation. The regulation standardizes secure cross-sector data sharing and transactions through a trust framework, an API hub, consumer consent protocols, and infrastructure services to support cross-sectoral data sharing and transaction initiation.

Local banks have been preparing for this moment for a while. Our friends at Mashreq in April launched their own API marketplace as part of efforts to support this cross-industry collaboration between fintechs, banks, and other financial institutions. The marketplace offers a flexible subscription model, and is designed with a “developer-first mindset”, with comprehensive documentation and sandbox environments to test out different codes and applications.

How does that work, you ask? To give one example, the bank is offering instant payment APIs for its corporate clients as well as financial institutions, with MultiBank being the first to be fully integrated with central bank-backed instant payment platform Aani. This allows MultiBank’s clients to carry out real-time transactions, including domestic fund transfers and bulk payments.

We had a chat with Mashreq’s new global head of transaction banking, Vivek Batra (LinkedIn), to talk about how open finance will change the way banks and fintechs operate, why APIs are important in this transition, where he sees demand for APIs, and what he identifies as the most important prospects for collaboration with fintechs. Edited excerpts from our conversation:

Enterprise: How do you think the era of open finance and the introduction of API hubs like Mashreq’s will impact the banking sector over the next few years?

VB: Open finance is fundamentally reshaping the banking and financial industry landscape. Over the next few years, we expect open finance to drive a shift from traditional, siloed banking models to a more collaborative, ecosystem-driven approach — where banks, fintechs, corporates, and developers co-create solutions tailored to specific industry needs. Platforms like the Central Bank’s API Hub are pivotal to this transformation, providing a central infrastructure to plug in our product and services, while Mashreq API Marketplace is designed not just as a technical gateway, but as a strategic enabler for our clients.

Enterprise: What specific services do you see Mashreq partnering with fintechs for?

VB: We see opportunities for partnerships with fintechs in areas like advanced analytics, GenAI, embedded finance, and digital channel enhancements like mobile banking apps and customer journeys. We’re looking to cooperate with them across several high-impact domains, including trade finance and receivables, digital channels UX, open banking and APIs.

Enterprise: What’s demand looking like for your APIs right now?

VB: We have developed over 25 essential APIs that are empowering clients to integrate banking services directly into their ERP systems, treasury platforms, and customer-facing applications. The market demand is growing and we have successfully enabled clients with our API connectivity solutions across many sectors, and there are many more at the advanced stages of implementation.

Clients are adopting APIs for payments, cash, trade, and various needs. Probably the most used API right now is related to validation, checking that payments are going to the right beneficiary. It sounds like a very small thing, but not so far back this didn’t even exist as a concept — and today it’s the most common and popular usage for APIs.

Just like we track a transaction pipeline, we track an API pipeline. We now have all essential APIs on the platform developed, tested and implemented, spanning payments, statements, validation, collections, virtual accounts, balance enquiries, and utility payments. We’re working on new industry solutions and are hoping to expand access to other regional markets where we’re present.

Enterprise: What differentiates a bank’s API hub? Is it sheer volume, or distinctions within the APIs themselves?

VB: Anyone can create an API. If I do it three weeks before you, it doesn’t mean anything. But where the rubber hits the road is when it comes to actual co-creation with clients. Having the ability to sit with a client and develop an API for a specific use case that they need — that’s where it becomes meaningful.

Enterprise: How do you see the next stage of open finance developing in the UAE? Could we start seeing digital asset solutions become more mainstream now with this additional cooperation between fintechs, non-banking financial institutions, and banks?

VB: Digital assets are one part of open finance, but they are not the whole picture. Open finance includes digital assets like tokenized currencies, stablecoins, and crypto-based instruments; banking APIs for payments, account info, lending, etc.; embedded finance banking services integrated into non-bank platforms; data portability allowing customers to share their financial data across providers; and third-party fintechs building on top of bank infrastructure.

So while digital assets are a key enabler — especially in areas like programmable money, cross-border settlements, and decentralized finance — they sit alongside many other components that make up the open finance landscape.

It will require a lot of players to come together, so you’ll have a number of players moving in step to make sure it works together. It’s not just one bank and one regulator — it’s an ecosystem. The possibilities are tremendous, and as we move into a more open and transparent economy, we will start embedding not just finance, but non-finance activity as well under this framework.

ADCB and United Arab Bank see jump in 3Q net income

ABU DHABI COMMERCIAL BANK-

Abu Dhabi Commercial Bank (ADCB) reported a 29% y-o-y increase in net income to AED 3.1 bn in 3Q 2025, according to its financials (pdf) and a separate earnings release (pdf). Operating income rose 25% y-o-y to AED 5.9 bn, supported by a 21% jump in net interest income on the back of higher volumes to AED 3.8 bn and a 32% increase in non-interest income to AED 2.1 bn.

For 9M 2025, net income rose 18% y-o-y to AED 8.1 bn, while operating income grew 19% to AED 16.6 bn. Non-interest income climbed 34% y-o-y to AED 5.8 bn, driven by higher fees, trading income, and gains from loan sales, as well as continued cost discipline and robust core operations. Total assets increased 17% y-o-y to AED 744.2 bn.

REMEMBER- ADCB has been cleaning up its balance sheet: The lender plans to lift its Common Equity Tier 1 ratio by around 120 bps through a AED 6.1 bn rights issue — to which sovereign wealth fund Mubadala intends to fully subscribe — and recently sold USD 1.4 bn in distressed loans to Davidson Kempner. It is also reportedly in talks with advisors to undertake Significant Risk Transfers — transactions that would help offload credit risk ahead of higher regulatory buffers expected next year.

Looking ahead, ADCB said it is embedding artificial intelligence across its operations under a new transformation program (pdf) aimed at unlocking over AED 4 bn in value. The initiative, led by a newly appointed chief AI officer, will integrate more than 150 AI use cases across the bank’s business lines to support its medium-term goal of doubling net income to AED 20 bn within five years.

UNITED ARAB BANK-

United Arab Bank (UAB) reported a 46% y-o-y increase in net income to AED 108 mn in 3Q 2025, according to its financials (pdf) and earnings release (pdf). Operating income for the quarter rose 36% y-o-y to AED 206.8 mn, driven by higher net interest and non-interest income, and supported by continued recoveries and cost control.

For 9M 2025, net income climbed 49% y-o-y to AED 315.6 mn, while total income rose 28% to AED 580.4 mn. Loans and Islamic financing grew 31% y-o-y to AED 14.1 bn, and total assets reached AED 24.5 bn, up 22% y-o-y. The lender said profitability was bolstered by higher asset yields, recoveries, and improved efficiency, with its cost-to-income ratio narrowing to 46.2%.

REMEMBER- UAB also completed a fully subscribed AED 1.03 bn rights issue during the quarter, boosting its capital adequacy ratio to 22.8%.

Germany’s largest asset manager coming to ADGM

BUSINESS-

Germany’s largest asset manager secures license for ADGM: Deutsche Bank’s investment arm, DWS Group, secured a category 4 license from the Financial Services Regulatory Authority (FRSA) to operate in ADGM, Bloomberg reports, citing an emailed statement. The office will mark the first Middle Eastern outpost for Germany’s largest asset manager, which has over USD 1.2 tn in assets under management.

Who’s in? Joe Kiwan (LinkedIn), head of Middle East and Africa coverage, will relocate from Paris to lead the new office. The office will initially hire three sales specialists, with plans for future expansion.

ICYMI- Deutsche Bank secured financial service permission from the FRSA back in May. The bank has been strengthening its presence in the region, recently moving one of its top private bankers here as it looks to boost its presence in Dubai, Abu Dhabi, Jeddah, Doha, and Riyadh — with a particular focus on Saudi Arabia.

M&A-

#1- South Africa’s FirstRand buys 20.1% stake in Dubai fintech ahead of listing: South African holding firm FirstRand acquired a 20.1% stake in Dubai-based fintech Optasia, ahead of the company’s planned listing on the Johannesburg Stock Exchange (JSE), according to a disclosure. The transaction saw private equity stakeholders sell their shares for ZAR 19 apiece, with Optasia raising USD 277 mn, Bloomberg reports.

ICYMI- Earlier this month, Optasia said it was looking to raise at least USD 375 mn through an IPO on the JSE, which will include a USD 75 mn primary issuance to fund growth and a USD 300 mn secondary sale by existing shareholders.

#2- Mair Group sells Al Reem Island land for AED 85 mn: ADX-listed investment firm Mair Group signed a sale and purchase agreement for a land plot on Al Reem Island valued at AED 85 mn, according to a disclosure (pdf). The transaction is part of the firm’s asset optimization program, as it looks to divest from non-core assets and refocus proceeds into higher-yield growth windows.

REMEMBER- Mair Group is eyeing AED 400 mn in investments this year. The company recently signed an MoU with Al Jazira Club to develop 80k sqm around the Mohammed bin Zayed Stadium into a mixed-use hub via Makani Real Estate. It also expanded its retail arm, rebranding 34 Al Ain Coop and Earth stores under Adcoop as part of a broader merger of seven brands last year.

HOSPITALITY-

ADNH-backed MFive Services to expand to Bahrain: UAE-based housekeeping and clearing firm MFive Services, backed by Abu Dhabi National Hotels (ADNH), is expanding to Bahrain through a JV with Bahrain-based hospitality player Gulf Hotels, according to a press release.

What’s next? The JV will specialize in outsourced housekeeping, providing a full turnkey option including establishing a staffing base, as well as quality assurance, and full operational services for hotels, resorts, and serviced residences.

ICYMI- MFive is jointly-owned by ADNH, which acquired a 50% stake in the firm in 2023, and Metro Global. Post-acquisition, the firm was reported to be exploring entry into new markets in North Africa and Europe. It’s been a busy year for ADNH overall, with the firm partnering with Mariott International on an Al Marjan Island development, and acquiring Food Nation Catering Services and a stake in Compass Arabia through its catering arm.

TRANSPORT-

Space42 partners with DMT on AI for smart city planning: ADX-listed space tech firm Space42 inked an MoU with the Department of Municipalities and Transport (DMT) to co-develop geospatial and AI-driven solutions for Abu Dhabi’s smart city systems, according to a press release. The tie-up will focus on developing digital twins of Abu Dhabi, and use the models to boost efficiency when it comes to road networks, transport links, energy consumptions, and other infrastructure and city planning areas. Space42 will provide satellite data and AI mapping insights, and the two will also launch pilot projects on using space tech in city planning.

TECH-

Presight launches R&D lab for smart cities in Kazakhstan: UAE-based data analytics firm Presight established its first R&D facility in Kazakhstan at the Alem AI center in Astana, according to a press release (pdf). The new lab will focus on developing solutions in data analytics, artificial intelligence, and digital governance, and aims to support Kazakhstan’s tech sovereignty goals. It will focus on sectors like smart cities and urban management.

Presight in Kazakhstan: Earlier this year, the firm launched Kazakhstan’s first national supercomputer. In May it opened its first overseas office in the country, and said that it would deliver two Nvidia H200 superpods for a data center in Astana to support its smart city project. The regional office helped develop an AI Command and Control Center at Alem AI for smart city operations. In 2023, it also formed a JV with Kazakhstan’s sovereign wealth fund to use Presight’s data in its energy, public services, and transport sectors.

DEVELOPMENT-

Dubai’s Sheikh Ahmed Dalmook forms holding firm for impact investments: Dubai royal Sheikh Ahmed Dalmook Al Maktoum established Inma Emirates Holdings, a Dubai-based company consolidating his family office’s investments in sustainable development projects across emerging markets, according to a press release. The holding firm will target infrastructure, technology, and real estate ventures.

Inma’s current portfolio includes a 50-year port concession in Pakistan with Abu Dhabi Ports, a 36.6 MW power plant in Equatorial Guinea, and backing for Talent Plus, a UAE-based digital economy firm. The company said it will pursue co-financing partnerships with governments and institutions.

Forging expense reports is an AI risk few companies saw coming

A surge in expense fraud is the latest alarming AI-related trend, with new tech making the hustle accessible for many more employees and threatening to eat even more of earnings, the Financial Times reported.

AI is making the process too easy: Forgeries that used to require skillful photo editing or bribery in the past are now an AI prompt away through chatbots from OpenAI and Google. Image generation software can now easily produce realistic images of expense receipts, complete with signatures and wrinkled paper visuals, sometimes proving too realistic to detect by humans.

More prevalent than you think: Some 70% of surveyed chief financial officers think employees are already using AI to falsify expenses, while 10% are sure this is happening in their company, the salmon-colored paper cited research by SAP Concur. AI-faked receipts amounted to some 14% of fraudulent documents in September, according to AppZen data, while a new software by fintech Ramp caught over USD 1 mn in fake invoices within 90 days.

“This isn’t a future threat; it’s already happening,” expense management platform Rydoo’s Sebastien Marchon told the FT, noting that while the percentage of AI-generated receipts out of non-compliant filed receipts might be small now, “this is only going to grow.” A rise in faked expense reports can lead to a dramatic increase in expense fraud-related income loss, estimated in 2024 to cost US businesses a median of USD 50k a year.

Fighting fire with fire: Companies are now turning to — you guessed it — AI tools to detect fake receipts. Scanning for image metadata and analyzing contextual information, as well as comparing receipts to authentic ones from the same vendor to detect slight changes in font or spacing, can reveal an image was faked and by which tool.

BUT- There are ways to fly under the radar of these tools as well. “It’s a cat-and-mouse game,” AppZen’s CEO Anant Kale told the New York Times.

MARKETS THIS MORNING-

Asian markets are mostly in the red this morning, with Japan’s Nikkei inching down 0.4%, while Hong Kong’s Hang Seng is down 0.1% in early trading. Over on Wall Street, futures are unchanged following a day of record highs for major indexes.

ADX	10,192	-0.1% (YTD: +8.2%)
DFM	6,041	-0.4% (YTD: +17.1%)
Nasdaq Dubai UAE20	5,002	-0.3% (YTD: +20.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	3.7% 1 yr
Tadawul	11,620	+0.2% (YTD: -3.5%)
EGX30	38,162	+0.2% (YTD: +28.3%)
S&P 500	6,875	+1.2% (YTD: +16.9%)
FTSE 100	9,654	+0.1% (YTD: +18.1%)
Euro Stoxx 50	5,711	+0.6% (YTD: +16.7%)
Brent crude	USD 65.46	-0.2%
Natural gas (Nymex)	USD 3.37	-2.1
Gold	USD 4,009	-0.3%
BTC	USD 114,094	-0.5% (YTD: +22.1%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.78	-0.5% (YTD: +8.5%)
S&P MENA Bond & Sukuk	152.49	0.0% (YTD: +9.0%)
VIX (Volatility Index)	15.79	-3.5% (YTD: -9.0%)

THE CLOSING BELL-

The DFM fell 0.4% yesterday on turnover of AED 468.6 mn. The index is up 17.1% YTD.

In the green: Dubai National Ins. & Reins. (+10.7%), Emirates Investment Bank (+9.5%) and GFH Financial Group (+2.4%).

In the red: Chimera S&P UAE Shariah ETF- Share class B - Income (-8.0%), Agility The Public Warehousing Company (-3.7%) and Al Ramz Corporation Investment and Development (-3.4%).

Over on the ADX, the index fell 0.1% on turnover of AED 999.6 mn. Meanwhile, Nasdaq Dubai was down 0.3%.

CALENDAR

OCTOBER

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.

28-29 October (Tuesday-Wednesday): Gulf Ins. Forum, Millennium Plaza Downtown Hotel Dubai.

28 October (Tuesday): Emirati Media Forum, Museum of the Future in Dubai.

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

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

29-31 October (Wednesday- Friday): International Forum of Sovereign Wealth Funds (IFSWF), ADGM, Al Maryah Island

30-31 October (Thursday-Friday): Ras Al Khaimah Global Real Estate and Investment Summit, Al Hamra International Exhibition and Convention Centre

NOVEMBER

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

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

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

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 2025, Dubai World Trade Centre

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

11-17 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.

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

18-20 November (Tuesday-Thursday): Retail subscription period for Almasar Education’s IPO on Tadawul.

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 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.

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, 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.

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

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 Centre, 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

13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

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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