Dubai’s economy grows 4.7% in 2Q 2025

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Adnoc’s trading unit plans to boost volumes by two-thirds + Human Resources Ministry tightens regs on business centers, introduces penalties

Good morning, lovely people. We have a busy issue with which to start the week, which is not usually characteristic of a Monday morning.

Fresh 2Q 2025 GDP figures for Dubai point to a strong quarter — even stronger than Abu Dhabi’s — while in IPO news, hookah maker Advanced Inhalation Rituals plans to list on the Nasdaq in the US in 1H 2026 via a SPAC merger. Also, the Abu Dhabi Investment Authority sold its 70% stake in a mall in Singapore, and Ittihad International raised UDF 550 mn from a sukuk issuance.

BUT FIRST- Introducing EnterpriseAM MENA <> India, our new briefing, published every Monday, Wednesday, and Friday, to track the transactions, trends, and market moves connecting these two dynamic regions. The flow of capital, talent, and trade between MENA and the Indian subcontinent is one of the most important economic stories in the world. And we’re telling it the way only we can.

The very first edition will be sent out today at 9am UAE time. If you’re investing, trading, or scouting for your next big move in MENA or India, subscribe to EnterpriseAM MENA <> India by tapping here to get the strategic intelligence you need.

⛅WEATHER- It’s going to be a mostly cloudy day and colder day today in both Dubai and Abu Dhabi. Expect a high of 31°C in both emirates, with an overnight low of 21°C, along with a chance of light rainfall in some areas, according to our favorite weather app.

WATCH THIS SPACE-

#1- Abu Dhabi-based oil giant Adnoc’s trading unit is planning to increase the volume it handles by nearly two-thirds over the next few years as it seeks international expansion in a bid to maximize the value derived from selling locally and internationally produced fuels, CEO of Adnoc Global Trading (AGT) Ahmad Bin Thalith told Bloomberg. AGT is set to open an office in Houston, Texas in 2027, which will help boost its volume targets given how big of an export market the US is, he added.

About AGT: AGT is a joint venture (JV) between Adnoc, Italy’s Eni SpA, and Austria’s OMW AG. It focuses on the trade of refined products, including diesel, gasoline, jet fuel and naphtha — where it delivers these products to customers in both local and global markets, according to its website. The trading unit has established offices in Singapore and Geneva.

#2- Human Resources Ministry tightens regs on business centers, introduces penalties: The Human Resources and Emiratization Ministry has issued a resolution introducing strict administrative and penalties for violations from private-sector business centers, ranging from trafficking to fake Emiratization schemes, according to a press release.

The new rules will implement penalties for violations including operating beyond licensed activities, engaging in human trafficking, employing or recruiting workers without valid work permits, fake Emiratization schemes, failing to hire workers with issued permits, allowing employees to work for other employers without proper authorization, and providing false information or documents to MoHRE. Employees found misusing their system authorization or enabling others to do so face administrative sanctions and may be referred to the judiciary.

ALSO- Business centers must pre-screen employees before granting them access to ministry systems and maintain the privacy of all customer data and documents.

#3- UAE to implement updated crypto common reporting standards from 2027: The Finance Ministry confirmed the UAE will adopt the Organization for Economic Cooperation and Development’s (OECD) updated common reporting standard (CRS 2.0) starting 1 January 2027, with the first exchanges of information set for 2028, state news agency Wam reports. The framework requires crypto exchanges and brokers to report customer transactions and mandates that governments share this data with each other.

What’s new? The updated CRS expands the existing framework to include electronic money, central bank digital currencies, and investments in crypto assets, alongside enhanced auditing and reporting requirements. New and bigger penalties will also be applied to those who do not comply with due diligence procedures, with firms facing fines of up to GBP 100 for failures like not obtaining a valid self-certification.

ICYMI- The UAE committed to adopting the OECD’s CARF in September. A public consultation was opened on 15 September, seeking feedback from exchanges, custodians, traders, and other crypto-sector participants.

#4- SETTING THE RECORD STRAIGHT- Heard on social media that your freelance visa might be suspended? That’s not happening, according to Dubai General Directorate of Residency and Foreigners’ Affairs Director General Mohammed Al Marri’s statements to Emarat Al Youm. The UAE does, however, plan to tighten auditing and review procedures for issuing freelance visas, also known as the Green Residency, to curb misuse and illegal visa trading.

IN CONTEXT- The stricter oversight follows isolated cases of abuse and rising demand for self-employment permits.

DATA POINTS-

#1- Dubai ranked as the top accommodating destination for the world’s elite, surpassing New York, Bloomberg reports, citing a Savills research report which ranked 30 global cities by their appeal to high-net-worth individuals. The report cited Dubai’s favorable business and tax climate, family-friendly infrastructure, and stability as the main factors driving its global appeal. It also has the most international schools of any city, the report said.

REMEMBER- Dubai expects to lure in some 9.8k m’naires this year, as wealthy individuals seek alternatives to increasingly stringent regulatory environments in traditional hubs like the UK. Wealth management firms — like most recently, Bentley Reid — are also relocating and moving their employees to Dubai to tap into the emirate’s rising influx of UK wealth.

#2- Family businesses account for 60% of the UAE’s GDP, state news agency Wam reports, citing Economy and Tourism Ministry data. Family-owned companies represent 90% of all private sector firms nationwide and are responsible for employing 80% of the workforce.

#3-Dubai backs 582 digital startups in 9M 2025: The Dubai Chamber of Digital Economy supported the establishment and expansion of 582 digital startups in 9M 2025, according to Dubai Media Office. International firms made up 70% of the total, reflecting the city’s growing pull as a base for global tech ventures.

AI leads the pack: AI firms accounted for 21% of new startups — the largest share by sector — followed by the healthtech, software-as-a-service, and fintech sectors.

HAPPENING TODAY-

#1- AbuDhabi Autonomous Week takes place from today until Saturday at Yas Marina Circuit’s Vehicle Experience Zone and the Adnec Center in Abu Dhabi. The six-day event convenes global smart mobility leaders to scale sustainable mobility solutions and explore investments across land, sea, air, and industrial uses.

#2- The UAE-Chad Investment and Trade Forum is taking place today and tomorrow in Abu Dhabi, convening over 2k participants including officials, investors, and African government delegations. The forum will see MoUs signed across the infrastructure, energy, agriculture, logistics, and financial services. The program includes five main sessions covering critical minerals, hydrocarbons, industrial attractiveness, infrastructure and logistics, as well as investments in human capital and emerging technologies.

#3-The Egypt-Gulf Cooperation Council Trade and Investment Forum is also happening today and tomorrow in Cairo, state news agency Wam reports. The two-day forum will feature panel discussions and B2B and B2G meetings, focusing on expanding Egypt-GCC ties across sectors like renewable and clean energy, industry, infrastructure, logistics, tourism, agriculture, digital economy, education, and healthcare.

HAPPENING THIS WEEK-

#1-The World Tobacco Middle East (WTME) exhibition is running today and tomorrow at the Dubai World Trade Center. The joint event will feature six exhibitions, hundreds of brands, and the launch of the WTME Awards, recognizing innovation in global tobacco and cigar production.

#2- Abu Dhabi will host RoboCup Asia-Pacific from today until Saturday at Khalifa University, bringing together leading robotics and AI researchers for competitions and demonstrations under the RoboCup Federation’s global initiative. The event will showcase advancements in autonomous robotics, AI learning models, and humanoid soccer robots, aligning with the UAE’s push to advance applied AI research.

#3-The ACI Financial Markets Association will hold the ICA ConferenceandExhibition from Thursday until Saturday at Conrad Dubai. The three-day event will gather professionals in financial trading, treasury management, and investment banking to discuss trends shaping global and regional markets.

THE BIG STORY ABROAD-

It’s a calm morning in the international press, with all eyes on critical negotiations at the US Senate that are poised to end the 40-day government shutdown. A group of Senate Democrats are reportedly going to support an agreement to fund some departments and agencies until 30 Jan, enough to pass through the Senate.

The longest shutdown on record is weighing down on the US economy, putting federal workers on leave, delaying food aid and slashing airport trips, while also delaying the release of key economic figures on employment, inflation and oil trading. (CNBC | Washington Post | Reuters | Financial Times)

ALSO- Head of the BBC and its top news executive both resigned yesterday, following criticism of the broadcaster’s editing of a speech by President Trump on 6 January 2021. (Associated Press)

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Dubai’s economy grows 4.7% y-o-y in 2Q 2025

Dubai's gross domestic product (GDP) grew by 4.7% y-o-y in 2Q 2025, contributing approximately AED 122 bn to Dubai's economy for the period, and outpacing the 4% growth recorded in 1Q, according to data from Dubai Media Office. This brings growth in 1H 2025 to 4.4% y-o-y, reaching AED 241 bn.

The annual growth in 2Q 2025 is also the highest in four and a half years, GCC Economist and Khalij Economics Director Justin Alexander told EnterpriseAM UAE.

The wholesale and retail trade sector contributed the lion’s share to GDP at 23.8%, with growth of 4.3% during the quarter, bringing in AED 29.9 bn.

The construction sector also recorded an increase of 14.9% y-o-y during the quarter, driven by higher government spending on development projects, and 8.5% y-o-y to AED 16 bn in 1H of 2025. The sector contributed 6.7% to the GDP during this period.

Other sectors fueling this growth: The real estate activities sector grew by 7% y-o-y during 1H, recording AED 19.8 bn, supported by a 40% y-o-y increase in real estate sales. The financial and ins. activities sector grew by 6.7% to AED 30.2 bn and contributed 12.5% to Dubai's GDP during 1H, also recording a 7.7% y-o-y increase during 2Q. The information and communications sector also expanded by 5.3% y-o-y during 1H, to account for AED 10.8 bn — or 4.5% — to total GDP. The sector grew by 7.4% y-o-y during 2Q.

The sector seeing the most growth was human health and social work activities, with a surge of 20% y-o-y during the first six months of the year, netting AED 3.3 bn and contributing 1.4% to Dubai's total GDP. The sector's momentum was also strong in 2Q, recording 12.8% growth y-o-y to reach AED 1.4 bn.

ICYMI- Emirates NBD had pencilled in growth of 3.7% y-o-y for Dubai on the back of robust investment from both the private and public sectors. The IMF, meanwhile, expects the emirate’s GDP to see 3.3% growth this year, trailing a 4.2% prediction for Abu Dhabi. Dubai’s 2Q growth trumped Abu Dhabi’s, which grew 3.8% in the same quarter to AED 306.3 bn.

Hookah maker Advanced Inhalation Rituals plans US Nasdaq listing in 1H 2026

Dubai-based owner of hookah brand Al Fakher Advanced Inhalation Rituals is planning a US listing on Nasdaq in 1H 2026 through a merger with a special purpose acquisition company (SPAC) backed by global investment bank and financial services firm Cantor Fitzgerald, according to a statement seen by Bloomberg. Shares in the merged entity will trade under the ticker AIIR once the merger is completed, pending shareholder and regulatory approvals.

What we know: The SPAC, Cantor Equity Partners III (CEP III), raised USD 276 mn when it went public in late June. The transaction does not involve new capital raising for AIR, though it would collect any of the SPAC’s funds in trust that investors opt not to redeem. The merger values the merged entity at USD 1.75 bn, which includes AIR’s projected net debt of USD 293 mn at the end of 2025.

Uh, Enterprise, what’s a SPAC? A special purpose acquisition company is a type of shell company used by investors to acquire firms. SPACs raise money from the public in an IPO and then use the proceeds to merge with or acquire an appropriate company.

What they said: “Having a Nasdaq listing gives us the capital foundation, it will raise our profile and gives us the financial flexibility to drive hard our growth plans,” AIR CEO Stuart Brazier, told Bloomberg. AIR said it aims to use the listing to grow in the US, where it markets flavored tobacco and related products through waterpipes.

REMEMBER- The company had been eyeing both Dubai and Abu Dhabi as potential listing venues for an IPO in 2024, through which Britain's Kingsway Capital, the majority owner of AIR, was looking to sell its stake in the company through a dual-track process, where a seller pursues a sale and an IPO at the same time.

Background: AIR was previously listed as Al-Eqbal Investment on the Amman Stock Exchange and was taken private by Kingsway in 2020 in a transaction valuing the company at more than USD 1.4 bn including debt. The shisha molasses manufacturer now operates in over 100 countries and claims a greater than 60% share of the US market. It operates eight production facilities across the UAE, the EU, and with third-party partners. Its flagship brand, Al Fakher, had 14 mn consumers worldwide as of 2024, Reuters reports.

Last year, AIR generated USD 150 mn in adjusted EBITDA on revenue of USD 375 mn, and grew its top line at a CAGR of 5% between 2020 and 2024.

Advisors: Barclays is advising AIR, while Cantor is advising the SPAC.

Adia buys into India-based RBL Bank, ahead of Emirates NBD’s open offer for the Indian bank’s public share + sells stake in Singapore’s PLQ Mall

Adia offloads majority stake in Singapore’s PLQ Mall: The Abu Dhabi Investment Authority (Adia) sold its 70% stake in Singapore’s SGD 679 mn (c. USD 497 mn) Paya Lebar Quarter (PLQ) Mall to Lendlease Global Commercial REIT, according to a press release picked up by Zawya. The sale was executed through PLQM Trust, which holds full ownership of the property. Though the transaction value was not disclosed, it saw PLQ Mall valued at SGD 885 mn (c. USD 680.2 mn).

We knew this was coming: Back in September, Adia was reportedly preparing to divest its stake in PLQ Mall — which includes three Grade A office towers and more than 340k sq ft of retail space — valued at upward of USD 1 bn at the time. Lendlease Group, which owns the remaining 30%, had been working with Adia on the sale, according to CEO Tony Lombardo.

Portfolio expansion for Lendlease: The acquisition marks Lendlease REIT’s largest retail agreement to date and will lift its total asset value to SGD 3.9 bn (USD 3 bn) once completed.

Adia is a big investor in Singapore: In August, the UAE wealth fund announced plans to invest up to USD 1.5 bn in Singapore-based global investment manager GLP to support its regional expansion.

ALSO FROM ADIA-

Adia was reportedly among the buyers of a 3.45% stake in RBL Bank recently sold by India-based conglomerate Mahindra & Mahindra, according to Moneycontrol. The Indian conglomerate sold 21.1 mn shares at INR 320.7 each, marking a full exit from its holding in the private-sector Indian lender. The transaction is worth roughly INR 6.8 bn, according to our calculations.

The sale follows a surge in RBL Bank’s share price after RBL announced that Emirates NBD will launch its open offer for the Mumbai-listed bank’s public shares on Friday 12, December. Emirates NBD’s board approved a plan last month to acquire 51-74% of India’s RBL Bank through a USD 3 bn preferential share issuance, marking what would be the largest foreign investment in India’s financial sector.

Other buyers included global investors Goldman Sachs, Morgan Stanley, Citigroup Global, and Societe Generale, alongside leading Indian institutional investors including SBI Mutual Fund, Kotak Mahindra Mutual Fund, and HDFC Standard Life Ins.

Why sustainability-linked loans are the future of corporate finance

In the MENA region, we’re witnessing a financial revolution, and it’s powered by sustainability. At Mashreq, we’re at the forefront of this transformation, championing sustainable finance. Within its ambit is sustainability-linked loans (SLLs), a powerful tool that directly connects a company’s financial success to its environmental and social impact. SLLs have quickly become an essential part of the global sustainable finance scene, uniquely combining performance-based financial structures with sustainability responsibility for lenders. By the first half of 2025, the global sustainable loans market had reached a total issuance of USD 390 bn, with SLLs alone accounting for 60% of the total issuances.

By tying loan terms to clear, ambitious sustainability goals, companies are visibly demonstrating their commitment to a better future. This innovative structure makes them a potent force for good. When well-structured, they act as effective communication tools, publicly reaffirming a borrower’s commitment to sustainability. This not only strengthens relationships with lenders but also enhances transparency as regulatory demands continue to grow. We’ve seen this firsthand, with a notable growth in SLL transactions since COP 27 and COP 28 were held in our own backyard.

Of course, the road isn’t always smooth. Many companies face hurdles like a lack of reliable data for benchmarking against peers or the need for a robust, C-suite-led ESG strategy. Without this, they’ll struggle to commit to ambitious targets. That’s where we come in. We work hand-in-hand with our clients, helping them navigate these challenges. We’ve structured over 35 deals since 2022, including some of the region’s largest SLLs, proving that with the right partnership, these goals are well within reach.

Looking ahead, the market is shifting from sheer volume to quality and innovation. We’re moving beyond a phase of rapid expansion to one of maturity and accountability. We’re seeing new KPIs emerge that go beyond simple carbon metrics to address broader social impacts. The application of SLL principles is expanding to new sectors like sovereign entities and public-private partnerships.

The rise of complementary instruments, such as Sustainability-Linked Loan Financing Bonds (SLLBs), is also broadening the reach and adaptability of the SLL framework. As we continue to enforce strict principles and ensure robust governance, SLLs will not only mitigate greenwashing risks but also play a crucial role in building a credible, impactful, and sustainable economy for the future. By adhering to the SLL Principles (SLLPs) and encouraging strong governance at the company level, we can ensure the credibility and transparency of these powerful financial instruments.

Husam Abdel Al

Senior Director, Origination & Sustainable Finance, Investment Banking, Mashreq

Ittihad International’s USD 550 mn sukuk was oversubscribed four times

Ittihad International Investment USD 500 mn sukuk oversubscribed 4x: Abu Dhabi-based non-oil investment conglomerate Ittihad International Investment issued a five-year USD 550 mn senior unsecured sukuk, which attracted some USD 2 bn in orders, according to a press release. Some 65% of allocations went to investors outside the MENA region.

The details: The benchmark transaction was upsized to USD 550 mn and priced at 7.375%, 50 basis points tighter than initial guidance. Fitch and S&P recently upgraded Ittihad’s credit rating from B+ to BB-, which helped boost demand. The sukuk — which is non-call for the first two years — was listed on The International Stock Exchange, according to a separate press release.

ADVISORS- Abu Dhabi Commercial Bank, Ajman Bank, Al Rajhi Capital, Arab Bank, Arqaam Capital, Bank of Sharjah and Dubai Islamic Bank served as joint bookrunners and joint lead managers for the facility. Abu Dhabi Islamic Bank, BofA Securities, First Abu Dhabi Bank, HSBC, Emirates NBD Capital, and JPMorgan were joint global coordinators and bookrunners.

REMEMBER- The group secured a USD 450 mn sustainability-linked revolving credit facility at the start of the year as it looked to shore up its capital base, boost liquidity, support expansion plans, and lower financing costs.

Dana Gas, Parkin, Union Coop report 3Q earnings

PARKIN-

Dubai parking operator Parkin reported a 49.9% y-o-y increase in net income to AED 157 mn in 3Q 2025, according to its financials (pdf) and earnings release (pdf). Revenues rose 43.5% to AED 343.3 mn, supported by the rollout of variable parking tariffs, record seasonal card sales, and higher enforcement proceeds. Enforcement revenue jumped 59% y-o-y to AED 103 mn, while public parking revenue rose 30% to AED 135 mn as the average hourly tariff increased to AED 3.03 from AED 2.01 a year earlier.

9M performance: Net income for 9M 2025 climbed 45.6% y-o-y to AED 441.9 mn, while revenue rose 41.9% to AED 936.6 mn. Parkin added 11.7k new spaces during the period, bringing its total portfolio to 219k. Seasonal card sales more than doubled y-o-y to 196k, as motorists opted for fixed-rate packages amid higher daily tariffs.

Looking ahead: Parkin raised its full-year revenue guidance, expecting public parking revenues between AED 520-550 mn and enforcement revenues of AED 360-390 mn. The company is expanding its portfolio through projects such as the 3.1k-space development in Dubai Sports City and partnerships to roll out up to 300 EV chargers across Dubai with Dewa and e&’s charge&go network.

DANA GAS-

Sharjah-based Dana Gas reported a 25.9% y-o-y drop in net income to AED 109 mn in 3Q 2025, with revenues declining 12.5% y-o-y to AED 308 mn, according to its financials (pdf). For 9M 2025, net income fell 7.6% y-o-y to AED 379 mn, while revenue slid 10.8% to AED 935 mn, reflecting softer Brent prices and lower production in Egypt, partly offset by stable output from the Kurdistan Region of Iraq (KRI), according to a separate earnings release (pdf).

Average group production dipped 8% y-o-y to 50.9k boe/d, as output in Egypt dropped 28% while KRI production inched up 1%.

Operations update: Dana Gas completed the KM250 expansion project at its Khor Mor gas field in Iraq in October, adding 250 mn scf/d of new capacity, set to boost revenue by up to 35% once fully operational. In Egypt, the company drilled three new wells and re-completed three others under its USD 100 mn investment program, aimed at reversing production declines and adding 80 bcf of recoverable reserves.

UNION COOP-

Budget retailer Union Coop reported net income of AED 53.3 mn in 3Q 2025, up 7.5% y-o-y, according to its financials (pdf). Total income rose 10.4% y-o-y to AED 542.4 mn. For the nine-month period, net income rose 6.7% y-o-y to AED 226.9 mn, with total income up 7.5% y-o-y to AED 1.7 bn.

By the sector: Retail sales reached AED 1.4 bn in 9M, up 6.7% y-o-y, while real estate income reached AED 134 mn, up 12.6% y-o-y, according to an earnings release (pdf). Active customers rose 19% and the number of new customers was up 66% y-o-y. The firm’s online sales increased by 27% during 9M as it opened four new shops and upgraded four more. In 4Q it is set to tap into the ready-meal segment through launching a Grab & Go service.

A new foreign trade undersecretary + interim CEO at GCGRA

GCGRA CEO steps down: The General Commercial Gaming Regulatory Authority’s (GCGRA) CEO, Kevin Mullally (LinkedIn), is stepping down from his position, according to a press release. The board appointed GCGRA Chairman Jim Murren (LinkedIn) as interim CEO effective immediately, and thanked Mullally for his contribution in helping create the authority’s regulatory framework.

ICYMI- The GCGRA recently tapped a new chief of licensing and investigations amid a wider push to develop the UAE’s gaming sector. The Emirates issued a national gaming framework last year, becoming the first regulated gaming market in the GCC, and has since worked to roll out key gaming-related licenses.

UAE President taps new undersecretary exec: President Mohamed bin Zayed Al Nahyan named Fahad Al Gergawi (LinkedIn) as undersecretary of the Foreign Trade Ministry, state news agency Wam reports.

Al Gergawi has been serving as acting undersecretary since July. His previous roles include CEO of Dubai Foreign Investment Office and of the Trade and Industry Development Department at the Dubai Chamber of Commerce and Industry.

UAE gets ink for AI drive + drawing in Chinese wealth

The Gulf’s AI drive is in the spotlight, with CNBC reporting on the UAE, Saudi Arabia, and Qatar’s moves to channel sovereign wealth and energy revenues into large-scale AI infrastructure and chip investments to position themselves as global tech hubs. In the UAE, Abu Dhabi’s G42 and MGX are leading investments backed by Mubadala, Microsoft, and Silver Lake, with Microsoft committing USD 15.2 bn through 2029 after taking a minority stake — and a board seat — in G42.

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

Aligning with America: The outlet focused on the UAE choosing the US as its main AI partner, rather than China, and gave ink to Abu Dhabi’s upcoming 5 GW Stargate AI campus as one of the world’s largest data center projects outside the US. Developed under the USD 500 bn US-UAE Stargate initiative and a USD 200 bn investment pact, the facility will use Nvidia chips under US-approved export controls to ensure oversight of advanced semiconductors.

The road ahead: “The GCC states have the capital and the leadership. They see it as strategic and are willing to have skin in the game,” said Baghdad Gherras, UAE-based venture partner at Antler. But analysts told CNBC the region’s next challenge will be building local talent and regulatory depth to match its financial strength. “The final barrier isn’t money, but execution,” said UBS analyst Ulyana Lenvalskaya.

A growing number of wealthy Chinese individuals are setting up family offices in Dubai and Abu Dhabi, drawn in by the UAE’s golden visa program and lighter regulatory environment, Financial Times reports. Inquiries from East Asian clients at Standard Chartered have surged over the past year, as Singapore — formerly the preferred destination for wealthy Asians — tightens residency and immigration rules, Mike Tan, Standard Chartered’s Singapore-based global head of wealth planning and family advisory, told FT, noting that family offices are often considered an easier way to secure citizenship or residency.

Dubai gains ground: The number of family-related entities in Dubai International Financial Center climbed to 1.0k in 1H 2025, up from 800 at end-2024 and 600 in 2023, with advisers attributing much of the increase to Chinese clients. Wealth managers say demand is strongest among individuals with USD 50-200 mn in assets, with many shifting real estate and capital from Singapore.

Pantheon and India’s NBCC to develop projects across the UAE

REAL ESTATE-

Pantheon Development inks MoU with NBCC India: UAE-based real estate developer Pantheon Development signed an MoU with India-based government owned engineering and infrastructure company NBCC India to jointly develop residential, hospitality and mixed-use projects across the UAE, Khaleej Times reports. NBCC is one of India's leading public-sector construction and redevelopment firms, engaged in large-scale housing, urban infrastructure and civil works projects domestically and overseas.

The partnership will support Pantheon’s AED 3 bn expansion pipeline, focused primarily in Dubai and Ras Al Khaimah. Under the MoU, NBCC will collaborate on project planning and execution, bringing more than six decades of experience and a project portfolio exceeding AED 50 bn.

AI-

Dubai’s GEP, Malawi launch AI platform for Paris Agreement compliance: The Dubai-based Green Economy Partnership (GEP) partnered with the Malawi government to launch an AI-powered Paris Agreement Implementation Platform, according to a press release. The digital system will use AI and blockchain tools to make sure the country complies with Paris Agreement rules when it comes to national emissions data, carbon trading, and reporting.

Next stop, COP30: Developed over two years with Malawi’s Natural Resources and Climate Change Ministry, the platform will be formally unveiled at COP30. The system is designed for wider adoption across Africa, Asia, and Latin America, as countries look for digital infrastructure to stay on top of climate commitments.

CAPITAL MARKETS-

ASB Capital and Xtrackers launch first Sukuk ETF on LSE: Al Salam bank-backed Dubai-based asset management firm ASB Capital partnered with exchange-traded fund (ETF) provider German asset management company DWS’ Xtrackers to list a sukuk ETF on the London Stock Exchange, according to a press release. The XASB ETF provides diversified, low-cost access to over 150 sukuk globally and targets institutional and retail investors.

Background: ASB launched earlier this year, aiming to bridge regional and global investment windows, and now has USD 5.8 bn in assets under management. In April, it partnered with global investment management firm State Street Global Advisors (SSGA) to launch a shariah-compliant global equity fund. It later launched another global sukuk fund in partnership with Dubai-based investment bank Arqaam Capital, and a MENA Equity Fund with Amwal Capital Partners.

AVIATION-

ADQ-owned Etihad Airport Services rebranded itself as Velora, bringing together the firm’s three subsidiaries for ground handling, cargo and logistics, and security services under a single platform, according to a statement released on Thursday. Velora will now oversee daily operations for the services at Abu Dhabi’s airports, bringing to the table over 5k skilled workers.

Crypto adoption is picking up across the MENA region, but who is leading the charge?

The MENA region stands as a dynamic hub for cryptocurrency adoption, with over USD 60 bn in transactions recorded at the end of 2024 — despite economic and geopolitical tensions, according to a report from blockchain analysis firm Chainalysis. Growth has slowed down compared to last year, yet it remains strong, showing the sector’s resilience and versatility across diverse national contexts. Regional crypto adoption grew 33% y-o-y in the fiscal year 2024-2025, with Turkey, the UAE, Egypt, Jordan, and Saudi Arabia leading the regional index.

Leading the region is Turkey, with nearly USD 200 bn in annual transactions between July 2024 and June 2025 — driven by inflation and currency instability that have pushed institutions toward crypto as an alternative investment tool. However, while institutional activity remains robust in the sector in a manner that was “rarely seen in emerging markets facing similar pressures,” retail participation shrank due to affordability issues, tighter regulations, and growing speculative altcoin trading.

As for the UAE, it saw its crypto economy grow 33% y-o-y in the fiscal year to record USD 56 bn in annual transactions. It has charted a contrasting path of regulated, institutional growth, attracting major players while also witnessing a boom in merchant-level crypto use. While this growth rate is slower than the 86.4% rate seen in the previous period, “it still demonstrates steady continuity in the country’s crypto economy.”

The bigger picture: India led the 2025 Global Crypto Adoption Index, followed by the US, Pakistan, Vietnam, and Brazil.

Redefining crypto’s place in global financial systems: “As the region continues to face economic and geopolitical challenges, these adaptation patterns offer valuable insights into digital assets’ evolving role in the global financial landscape,” the report said.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning as investors digest China’s inflation data which was released over the weekend. South Korea’s Kospi is up 2.8%, while Japan’s Nikkei and the Hang Seng are looking at more modest gains. The Shanghai Composite is flat.

ADX	10,075	+0.5% (YTD: +7.0%)
DFM	6,025	+0.1% (YTD: +16.8%)
Nasdaq Dubai UAE20	4,891	+0.6% (YTD: +17.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.7% o/n	3.9% 1 yr
Tadawul	11,244	-0.5% (YTD: -6.6%)
EGX30	40,822	+2.2% (YTD: +37.3%)
S&P 500	6,729	+0.1% (YTD: +14.4%)
FTSE 100	9,683	-0.6% (YTD: +18.5%)
Euro Stoxx 50	5,567	-0.8% (YTD: +13.7%)
Brent crude	USD 64.04	+0.6%
Natural gas (Nymex)	USD 4.45	+3.2%
Gold	USD 4,061	+1.3%
BTC	USD 106,500	+4.4% (YTD: +13.3%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.75	0.0% (YTD: +7.7%)
S&P MENA Bond & Sukuk	151.95	+0.1% (YTD: +8.6%)
VIX (Volatility Index)	19.08	-2.2% (YTD: +10.0%)

THE CLOSING BELL-

The ADX rose 0.5% on Friday on turnover of AED 1.2 bn. The index is up 7.0% YTD.

In the green: Phoenix Group (+11.3%), National Bank of Umm Al Qaiwain (+4.2%) and Aldar Properties (+3.6%).

In the red: Al Khaleej Investment (-9.8%), Sudatel Telecommunications Group Company (-3.0%) and Pure Health Holding (-2.2%).

Over on the DFM, the index rose 0.1% on turnover of AED 852.1 mn. Meanwhile, Nasdaq Dubai was up 0.6%.

CORPORATE ACTIONS-

Bildco approves new partner, capital share increase: ADX-listed Abu Dhabi National Company for Building Materials (Bildco) approved a capital increase and will issue new shares to its new strategic partner, Abu Dhabi Integrated Investment Holding, according to an ADX disclosure (pdf).

Abu Dhabi, Montenegro to boost energy cooperation + Several MoUs signed with Chinese firms

UAE, Montenegro ink energy cooperation MoU: The UAE and Montenegro will cooperate in the energy sector after inking an MoU during a meeting between President Mohamed bin Zayed Al Nahyan and Montenegrin Prime Minister Milojko Spajić, state news agency Wam reports. They also explored broader cooperation in economic, developmental, educational, cultural, and renewable energy sectors.

ALSO- The UAE signed a series of agreements on digital trade enablement, agriculture, logistics, mobility tech and the digital economy, with Chinese entities during the UAE-China economic and trade cooperation conference at CIIE 2025 in Shanghai, according to Abu Dhabi Media Office.

Under the new agreements:

Abu Dhabi’s economic development authority and China-UAE Industrial Capacity Cooperation Co will expand industrial collaboration per an MoU;

Abu Dhabi Department of Economic Development and Shanghai Jensen Institute of Finance will support economic and investment cooperation;

Abu Dhabi Customs, blockchain-based trade documentation provider CargoX, and digital trade platform operator Shanghai E&B International will establish a secure digital trade corridor between Abu Dhabi and Shanghai;

Food security and agri-supply chain operator Silal and Chinese agricultural production and greenhouse tech company Shouguang Group will collaborate on food security and agriculture;

Al Khayyat Investments Group and Alibaba Group’s global logistics arm Cainiao will expand tech and logistics cooperation;

Mobility and vehicle solutions firm Legend UAE and electric mobility and battery exchange systems provider Hilo will develop an EV two-wheeler battery swap and charging ecosystem;

Legend UAE also signed an MoU with vehicle manufacturer Foton Motor on commercial vehicle distribution in the UAE market.

PLUS- Adnoc renewed crude oil supply contracts with China National Offshore Oil Corp and Zhenhua Oil, according to the statement. Adnoc had reportedly inked MoUs for a five-year LNG contract to supply CNOOC with some 500k metric tons of LNG per year as of next year, and up to 12 cargoes of LNG annually for Zhenhua Oil.

Bilateral non-oil trade between China and the UAE is set to come in at over USD 100 bn this year, up from USD 90 bn last year, Foreign Trade Minister Thani Al Zeyoudi said.

AND- UAE, South Africa boost trade + private sector ties: Foreign Trade Minister Thani bin Ahmed Al Zeyoudi met with South Africa’s Trade and Industry Minister Mpho Parks Tau to discuss strengthening bilateral trade and private sector collaboration, Wam reports. The two sides also explored cooperation avenues across the food production, agriculture, infrastructure, manufacturing, logistics, renewable energy, and real estate sectors.

PLUS- State Minister Saeed Al Hajeri met Laos' Deputy Prime Minister Saleumxay Kommasith to discuss cooperation across the economic, technological, and renewable energy sectors, Wam reports. They also discussed advancing agreements on double taxation and investment protection.

CALENDAR

NOVEMBER

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

10-11 November (Monday-Tuesday): The Egypt-Gulf Cooperation Council (GCC) Trade and Investment Forum, Cairo.

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.

12 December (Friday): Emirates NBD to launch an open offer for Mumbai-listed RBL Bank’s public shares.

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

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

26 December (Friday): Tender period for Emirates NBD’s offer for RBL Bank’s public shares ends.

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro.

JANUARY 2026

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

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

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

12-15 January (Monday-Thursday): Dubai International Project Management Forum, Madinat Jumeirah, Dubai.

28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.

28-30 January (Wednesday-Friday): World Customs Organization Technology Conference, Adnec Center, Abu Dhabi.

31 January - 7 February (Saturday-Saturday): Mubadala Abu Dhabi Open, International Tennis Center, Zayed Sports City.

FEBRUARY 2026

3-5 February (Tuesday-Thursday): The World Governments Summit.

12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.

9-13 February (Monday-Friday): The World Health Expo (WHX), Dubai.

MARCH 2026

31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.

APRIL 2026

7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

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

21-23 April (Tuesday-Thursday): UITP Public Transport Summit, Dubai

MAY 2026

19-20 May (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

JUNE 2026

15 June-15 September (Monday-Thursday): Dubai Mallathon, Dubai.

JULY 2026

31 July (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

Signposted to happen in 2026:

13-15 April (Monday-Wednesday): The International Glass Manufacturing Show, Dubai;
14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai;
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center;
The UAE to host the Arab Competition Forum;
Dubai to host the Arab Actuarial Conference;
United Nations Water Conference;
Dubai Future Finance Week;
Investopia Global Talks, Tashkent.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing;
1Q 2027: Completion of the first phase of Hassyan seawater desalination project;
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation ;
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation;
1 July: Deadline for small businesses to implement e-invoicing;
1 October: Deadline for governments to implement e-invoicing;
Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime between 2027-2029:

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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