Dubizzle postpones IPO a day before bookbuilding

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Al Ghurair plans to put land plots to use with new real estate developments + Masdar eyes USD 20 bn in investments

Good morning, friends. There’s plenty of news to keep you occupied this morning, with tidbits from the slew of ongoing summits and conferences across the UAE and several M&A and IPO updates.

The big story: Dubizzle has postponed its IPO a day before bookbuilding was set to begin, as it looks for an “optimal” time to tap markets.

And in M&A news, RAK Hospitality and RAK master developer Marjan have merged into a single entity, creating another state-owned real estate powerhouse. Meanwhile, Mubadala just snapped up a controlling stake in Rio De Janeiro’s expressway operator, and finalized a stake in Hong Kong’s Loscam.

WEATHER- Expect a bit of fog this morning, along with a high of 36°C and a low of 27°C in Dubai. Meanwhile, in Abu Dhabi, temperatures are set to peak at 35°C, with a low of 25°C.

WATCH THIS SPACE-

#1- Al Ghurair family eyes luxury real estate: Dubai’s Al Ghurair family is entering the property development sector through a new firm led by Sultan Al Ghurair, as he looks to put to use a portfolio of thousands of assets, including stagnant land plots, Bloomberg reports. The company is planning three to four projects, starting with an ultra-luxury tower in Business Bay by Japanese architect Kengo Kuma.

Abdulla Al Ghurair, who heads the family and is among the wealthiest b’naires in the UAE, already owns a diversified portfolio of assets, spanning stakes in banks like our friends at Mashreq, to the National Cement Company and food and water companies. His net worth is estimated at USD 10.3 bn, according to the Bloomberg B’naires Index.

Additional projects are in the pipeline, with future developments to be financed through a mix of off-plan sales and bank funding. “[We have a] healthy land bank and ambitions to acquire more as well,” Al Ghurair said, adding that while the first project targets the wealthy, “the bigger demand is always in the middle.”

REMEMBER- Analysts expect Dubai’s property market to cool slightly in 2H 2025: Fitch Ratings projects a correction of up to 15% in home prices after a 70% surge since 2019, JLL data shows. Moody’s and Deloitte similarly anticipate a slowdown or stabilization in price and rent growth, while supply is set to rise sharply, with nearly 250k new homes scheduled for completion in the coming years — a 30% increase as new developers enter the market.

Al Ghurair is not worried, saying he believes the market is “more mature” now compared to past years, which is what prompted them to enter the market now.

#2- Speaking of Emirati b’naires…: Emaar ’s chairman Mohamed Alabbar is eyeing expansion in China and India, he said at the Reuters NEXT Gulf Summit in Abu Dhabi, Reuters reports. The chairman cited India’s good “evolutions of economic development,” and also voiced confidence in China’s long-term recovery despite current housing issues. Emaar was reported to be weighing acquisitions in the US, India, China, and parts of Europe last month.

As for the US, its current housing shortage and overheated market could also offer attractive investment options, Semafor quoted him as saying. Emaar is currently studying market entry through takeovers and JVs, however specifics haven’t been decided yet, he said.

Alabbar dismissed speculation that Emaar could play a role in post-genocide Gaza reconstruction, stating the company had not asked to be involved, and wasn’t interested in any rebuilding efforts, adding that those responsible for the damage should be leading the efforts.

#3- Masdar eyes another USD 20 bn in clean energy investments: Abu Dhabi’s renewable energy firm has deployed USD 30 bn in capital and leverage over the past two years and plans to invest about USD 20 bn more, CEO Mohamed Al Ramahi said during the Reuters NEXT Gulf summit, Reuters reports. The additional funding will support Masdar’s global clean energy expansion drive.

ICYMI- Masdar is more than halfway to its 2030 target of 100 GW in renewables capacity, the firm said in August. Its portfolio expanded 62% last year to 51 GW.

#4- Syria is planning to launch an international investment roadshow in the next few months to attract capital from the Gulf, Europe, and the US as it seeks to rebuild its war-battered economy, Economy Minister Mohammad Nidal Al Shaar said on the sidelines of the Future Resilience Forum in London, Bloomberg reports. The roadshow would come following the easing of US sanctions, which came into effect earlier this year, and ahead of parliamentary formation, which would pave the way for new investor-friendly legislation, he said.

Oil and gas is in focus, with Al Shaar floating the idea of working with GCC investors as Syria looks to rebuild its production lines to fuel industry and manufacturing. Currently, militant action in production fields in the northeast is hampering revival efforts.

REMEMBER- Emirati investors have been among the first to explore a return to Syria. DP World signed an USD 800 mn, 30-year concession with Syria’s General Authority for Land and Sea Ports in July to develop and operate Tartous Port, and Abu Dhabi’s National Investment Corporation inked a USD 2 bn agreement with Syria’s Transportation Ministry to develop a metro system in Damascus. Meanwhile, Al Habtoor Group has also expressed interest in real estate and hospitality ventures in Damascus, and UAE-based cement-focused advisory firm A³&Co inked an agreement with Syria’s state-owned Omran to modernize the country’s cement sector. Saudi Arabia also inked SAR 24 bn in agreements earlier this year, though Al Shaar noted that the country needs significantly more capital to fund its reconstruction.

#5- DFSA clears Magellan after probe into whistleblower claims: Dubai Financial Services Authority (DFSA) closed its investigation into hedge fund startup Magellan Capital, finding no evidence of wrongdoing, Bloomberg reports, citing a statement. The probe followed a months-long review triggered by a former employee’s complaint.

BACKGROUND- The DFSA reportedly searched Magellan’s offices in June after ex-trader Britney Lam, who left the firm last October after just five months, accused senior executive Ahmed Omar of concealing losses and blocking risk escalations. Magellan, which planned to launch with USD 700 mn in proprietary capital backed by a Middle Eastern family office, had denied the allegations at the time, saying it does not manage external client funds.

#6- MoHRE to launch unified jobs platform for Emiratis in private sector: The Human Resources and Emiratization Ministry (MoHRE) will launch the Emirati Work Package for the Private Sector by the end of the year, creating a single digital platform for citizens to apply for private sector jobs and also handle related services like work permits, pensions, and health ins., Gulf News reports. Currently in its pilot phase, the system will connect federal, local, and private entities to streamline hiring and remove the need to interact with multiple authorities.

REMEMBER- The platform supports the UAE’s Zero Bureaucracy initiative to simplify government services and reduce administrative layers. It expands on the existing Work Package for residents and domestic workers, which unifies visa, medical, and ID services into one digital process.

DATA POINTS-

#1- UAE tops Arab world in global investment risk index: The UAE ranked as the top Arab country and 38th globally in Henley & Partners’ 2025 Global Investment Risk and Resilience Index. The index assesses countries’ exposure to, and ability to recover from, geopolitical, economic, and climate risks, according to an accompanying press release. Regionally, Qatar followed in 51st place, with Saudi Arabia in 57th, and Kuwait in 60th.

The breakdown: The UAE had an overall score of 71.34 (pdf). Its risk score was 23.89, placing it in the “very low risk” category thanks to a 0.07 inflation risk score and 0.00 for currency volatility, while its resilience score came in at 66.57, supported by strong fiscal policy, governance, and investment ratings.

#2- Sharjah Airport logged 5.1 mn passengers in 3Q 2025, a 16.7% increase from the previous year, state news agency Wam reports. The total number of scheduled and non-scheduled flights stood at 30.7k, up 10.7% y-o-y. The airport processed 48k tons of cargo, up 3.9%, while sea-air freight jumped 32.8% to 4.3k tons.

#3- Arab trade tops USD 3.6 tn in 2024: Arab merchandise and services trade grew 4.5% y-o-y to more than USD 3.6 tn in 2024, driven by a 7.8% increase in imports to over USD 1.7 tn and a 1.7% rise in exports to USD 1.9 tn, according to Dhaman data picked up by Wam. Merchandise trade alone grew 5% to USD 2.8 tn, while the goods surplus narrowed 43% to USD 167 bn.

The breakdown:Raw materials made up 73% of Arab exports — with fuel accounting for 54% — while manufactured goods comprised 64% of imports. The UAE accounted for 40% of merchandise trade and China remained the region’s top trading partner, accounting for 16% of total Arab merchandise trade.

Inter-Arab trade climbed 16.6% to more than USD 250 bn and accounted for 9% of total Arab trade — with the Gulf, Egypt, and Iraq making up over 88% of the total.

HAPPENING TODAY-

#1-Global Food Week is wrapping up today at the Adnec Center in Abu Dhabi. Experts and industry leaders from the agriculture, food manufacturing, food security, and hospitality sectors will meet for discussions, exhibitions, and networking sessions focusing on showcasing solutions to improve global food security and sustainability. Last year’s event saw AED 6.2 bn worth of agreements signed.

#2- The Healthcare Future Summit is also on its final day at the Dubai World Trade Center. The summit will bring together healthcare professionals, industry leaders, and researchers to discuss the landscape of vaccine development and global disease control. Discussions will cover vaccine formulations, cancer research and therapeutic vaccines, antimicrobial resistance, measles, and the role of AI in vaccine innovation.

#3- The Alternative Investment Summit is on its second and final day at the Jumeirah Emirates Towers in Dubai, gathering asset managers, private equity firms, and institutional investors to discuss developments, market trends, and evolving regulatory frameworks in investment.

#4- The World Investment Conference and Sharjah Investment Forum are on until Friday at the Jawaher Reception and Convention Center in Sharjah, bringing together policymakers, investors, and multilateral institutions for over 60 workshops and conference sessions to discuss investment solutions, with this year focusing on SMEs, AI, and youth entrepreneurship.

#5- S&P Global’s annual Islamic Finance Conference is on today at the DIFC Atrium in Dubai.The conference brings together industry leaders, regulators, and investors to discuss the future of Islamic finance. The event will focus on the global outlook for the sector with sessions exploring growth investments, structural challenges, and the GCC’s changing capital markets.

THE BIG STORY ABROAD-

The US has sanctioned Russia’s two biggest oil companies, Roseneft and Lukoil, in a bid to ramp up pressure on the Kremlin to end the war in Ukraine. The move comes a day after a planned summit between the US and Russia to discuss a potential ceasefire was shelved, and is the first time US President Donald Trump imposes Ukraine-related sanctions on Russia since his second term began. (Reuters | Wall Street Journal | Financial Times | Guardian)

The EU also approved a package of sanctions that includes a ban on Russian liquefied natural gas imports from 2027, a year earlier than planned. (Bloomberg | Reuters)

Market reax: Oil jumped USD 2 on the news, with Brent Crude futures rising to USD 64.

ALSO GETTING ATTENTION- Tesla’s net income in 3Q 2025 fell short of analysts’ expectations, despite a boost in sales that drove revenues higher, as CEO Elon Musk cited tariffs and elevated research costs as challenges. Its shares fell 4% on the news. (Reuters | Guardian | WSJ)

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Dubizzle delays IPO a day before bookbuilding would have begun in rare about-turn

Dubizzle delays Dubai IPO: Dubai-based classifieds platform Dubizzle postponed its planned DFM listing a day before bookbuilding was due to start, saying it will reassess the optimal timing in a statement yesterday. This came despite “strong engagement and interest from investors,” according to the company, and could be due to issues related to valuation, head of research at SICO Bank Nishit Lakhotia is quoted as saying by Bloomberg.

More mature markets now demand more realistic valuations and growth forecasts: “Companies have to leave something for the IPO investors in terms of headroom and also future growth expectations should look more realistic,” he said. “Markets look more mature now and will punish IPOs that do not stick to these two factors.”

REFRESHER- The firm planned to offer 30.3% of its shares — about 1.1 bn existing and 196 mn new shares — in a hybrid sale expected to value the company at around USD 2 bn. The proceeds from the long-awaited listing, in the works since 2023, had been earmarked for M&A and expansion.

The move follows a string of underperforming UAE listings, including Alec Holdings, Talabat Holding, and Lulu Retail, all of which are currently trading below offer prices.

Marjan, RAK Hospitality merge to create Ras Al Khaimah’s largest real estate developer

State-backed developer Marjan will absorb the government’s investment and hotel management arm, RAK Hospitality Holding (RAKHH), to form a unified real estate and destination development entity operating under the Marjan name, the companies said in a joint statement. The announcement does not include financial terms, ownership details, restructuring mechanics, or a timeline for completion.

Abdulla Al Abdouli (LinkedIn) will serve as group CEO of the combined entity, which will rank among the UAE’s largest real estate developers.

The rationale: The tie-up brings hospitality assets and tourism operations together with Marjan’s land and master development activities, integrating real estate, hospitality, and lifestyle offerings into a single platform. The focus will be on mixed-use developments that integrate with “lifestyle infrastructure” and amenities, the statement said.

Operational upside: Unifying development and operations under one umbrella will also streamline planning, boost investment, and expand accommodation capacity to meet RAK’s ambitious targets, which include attracting 3.5 mn visitors annually by the end of the decade, and to have nearly 20k hotel keys.

Marjan has a healthy pipeline: Marjan’s portfolio includes Al Marjan Island, RAK Central, Marjan Beach, and an upcoming Jebel Jais masterplan. Infrastructure works are underway on the 85 mn sq ft Marjan Beach project, which will feature 22k residential units, 12k luxury hotel keys, 6.5 mn sq ft of open green space, and will have the capacity to accommodate some 74k residents, a workforce of 32k, and up to 180k annual visitors. The company also plans to add 100 km of hiking and biking trails over the next five years.

Echoes of Dubai’s consolidation drive: Last year, two of Dubai’s largest state-owned real estate developers, Nakheel and Meydan, merged under Dubai Holding in a move that also aimed to strengthen the emirate’s property and tourism portfolio and streamline oversight.

Mubadala Capital obtains 60.3% of Invepar’s Lamsa in an AED 238.2 mn debt-to-equity swap

Mubadala Capital acquired 60.3% of Brazilian infrastructure firm Invepar’s subsidiary Linha Amarela (Lamsa), which manages Rio de Janeiro’s expressway, through a BRL 349.8 mn (AED 238.2 mn) debt-to-equity swap, with the Brazilian infrastructure company set to keep the remaining shares, according to a statement (pdf).

This acquisition will fully settle some outstanding debt obligations between Mubadala and Invepar, involving debentures issued in 2017.

REMEMBER- Invepar owed Mubadala approximately BRL 650 mn (AED 434.7 mn) tied to debentures, with their negotiations previously resulting in a 15-day timeout in June as Invepar aimed to restructure its debt without going to court. Those notes are backed by major assets like the Linha Amarela expressway in Rio and a pledge related to the Guarulhos Airport concession, Brazil’s busiest airport.

What’s next? The transaction is still subject to approval from Brazil's antitrust authority (CADE) and the Rio de Janeiro Municipality, as well as other customary precedent conditions.

Mubadala ♥️ Brazil: Last year, the sovereign wealth fund earmarked USD 13.5 bn to set up a biofuels project in Brazil, adding to its in-country portfolio that includes subway operators in Rio de Janeiro and a 58% stake in Brazilian food retailer Zamp.

ALSO FROM MUBADALA-

The sovereign wealth firm finalized the acquisition of a 30% stake in Hong Kong-based pooling and packaging solutions provider Loscam International Holdings through its subsidiary Mamoura Diversified Global Holdings, the National reports, citing a company statement.

Refresher: Mubadala had inked a share purchase agreement to acquire the stake back in June, for a total of USD 566.6 mn (RMB 4.1 bn), based on a company valuation of RMB 11.8 bn on 31 December 2024.

Who owns what? Mubadala and the private equity arm of China-focused alternative investment firm CITIC Capital, Trustar International, will each hold a 30% stake in the company, while Asian private equity firm FountainVest and China Merchants Group’s Sinotrans will each own 20% of the firm.

Where will the money go? The investment will strengthen Loscam’s global expansion and promote a new model of collaboration in the logistics packaging equipment industry, vice president of Sinotrans Li Shichu said. He added that the firm’s diversified shareholder base will bring a broader global outlook and improved access to capital.

REMEMBER- Mubadala’s acquisition of a stake in Loscam represents a major expansion of its logistics portfolio, which currently includes Australian Logistics Platform and PCI Pharma Services. It aligns with the fund’s strategy to diversify into resilient, asset-backed sectors with long-term growth prospects, while capitalizing on rising demand for efficient and sustainable logistics systems in fast-growing markets.

3Q earnings from FAB, CBD, ADIB, and Rak Properties are in

FIRST ABU DHABI BANK-

First Abu Dhabi Bank (FAB) reported a 21% y-o-y rise in net income to AED 5.4 bn in 3Q 2025, driven by a 14% y-o-y increase in operating income to AED 9.3 bn and a 31% uptick in non-interest income to AED 4.3 bn, according to its financials (pdf) and a separate discussion and analysis report (pdf). Net income came in above analysts’ expectations of AED 4.5 bn, Reuters reports, citing data from LSEG.

On a 9M basis, FAB reported a 24% y-o-y rise in its bottom line, which reached AED 16 bn. Operating income increased by 16% y-o-y to AED 27.7 bn, with the results once again buoyed by an uptick in non-interest income, which surged 37% to AED 12.7 bn as the lender looked to diversify its revenue streams, as well as by strong business volumes and margins. Income from fees and commissions rose by 23% y-o-y to AED 5.1 bn.

Segment breakdown: Revenues from its personal, business, wealth, and privileged client banking group segment led with a topline of AED 9.5 bn — up 11% y-o-y — while activity from its investment bank and markets saw the highest yearly growth, at 17%, reaching AED 9.1 bn, supported by a 27% increase in lending. Wholesale banking posted an 11% y-o-y rise in revenue to AED 4.7 bn.

ABU DHABI ISLAMIC BANK-

Abu Dhabi Islamic Bank (ADIB) reported a 14% y-o-y increase in net income to AED 1.8 bn in 3Q 2025, reflecting broad-based growth and effective cost control, according to its financials (pdf) and management discussion and analysis report (pdf). Total operating income for the quarter rose 22% y-o-y to AED 3.2 bn, supported by a 22% rise in funded income to AED 1.9 bn and a 21% jump in non-funded income to AED 1.3 bn.

For 9M 2025, ADIB’s net income after tax rose 15% y-o-y to AED 5.3 bn, while revenues increased 14% to AED 9.1 bn on stronger financing volumes and fee-based income. Funded income grew 13% y-o-y to AED 5.5 bn, as stronger financing volumes helped offset the effect of rate cuts, and non-funded income rose 17% to AED 3.6 bn, as income streams became more diversified and led by a 33% uptick in investment income.

COMMERCIAL BANK OF DUBAI-

Commercial Bank of Dubai (CBD) reported a 13.5% y-o-y increase in net income to AED 884 mn in 3Q 2025, according to its financials (pdf) and a separate management and discussion report (pdf). Total income rose 8.4% y-o-y to AED 1.6 bn, driven by an uptick in fees and commission income as well as net interest income, which climbed 14.5% y-o-y to AED 1 bn.

For the first nine months of 2025, CBD posted a 15.6% y-o-y rise in net income to AED 2.6 bn, with income up 5.7% to AED 4.4 bn. Net interest income increased 8.4% y-o-y to AED 3 bn on the back of strong growth in loans, current accounts, and savings accounts. 9M also saw the lender’s total loans surpassing AED 100 bn for the first time.

RAK PROPERTIES-

RAK Properties reported a 73.7% y-o-y rise in net income to AED 56.2 mn in 3Q 2025, according to its financials (pdf). Revenue grew 39.0% to AED 390.7 mn, supported by strong sales momentum, project handovers, and sustained demand across its residential and hospitality portfolio, as the developer pressed on with its AED 5 bn Mina Island development pipeline, the company said in a directors report (pdf).

For the 9M period, net income jumped 78.6% y-o-y to AED 216.8 mn, while revenue rose 31% to AED 1.2 bn. Sales value more than doubled to AED 2 bn, with 1.2k units sold, up 90% y-o-y, bringing the developer’s sales backlog to AED 2.9 bn.

Abu Dhabi’s secular divorce court in the spotlight

The region’s first secular, bilingual family court in Abu Dhabi caught the eye of the international press recently. Since its establishment four years ago, the Abu Dhabi Civil Family Court has seen settlement claims worth as much as AED 1 bn, as it gains popularity among the emirate’s expatriate population, the Financial Times reports. Since inception, the court has registered 43k marriages and received 10k new applications in 1H 2025

The draw: The court allows non-muslims and muslim expatriates from non-muslim countries to marry and divorce under a non-religious framework. It operates fully online, with both Arabic and English documentation, can wrap up divorce proceedings in as little as nine days, and offers no-fault divorces and joint custody by default. It’s also closed to the media, making it more attractive to high-profile expats.

The rationale? The bilingual court is yet another card in the emirate’s hand as it looks to cater to its growing expat population and keep attracting high-net-worth individuals from around the globe, promising an option for secular, easy, and fast settlements as an alternative to courts based on shariah law principles.

Emirates’ first carbon capture plant kicks off operations

MANUFACTURING-

Rak Ceramics, Gulf Cryo open UAE’s first carbon capture plant: Rak Ceramics and industrial gas firm Gulf Cryo opened the UAE’s first carbon capture and utilization facility in Ras Al Khaimah, Wam reports. The plant will capture emissions from Rak Ceramics to produce high-purity CO2, aligning with the emirate’s 2050 sustainability strategy and the UAE’s Net Zero by 2050 targets.

INFRASTRUCTURE-

Aldar Estates, Parkonic launch JV for AI parking: A new JV between Aldar Properties’ subsidiary Aldar Estates and Dubai-based smart parking company Parkonic will bring AI-driven parking systems to Abu Dhabi and Al Ain, according to a press release. The JV will focus on rolling out the automated, cashless systems at retail and commercial locations.

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BACKGROUND- Parkonic is also partnering with Dubai Holding and the emirate’s toll operator Salik to roll out fully automated parking across 36k spaces in Dubai Holding communities, and is integrating Salik’s e-wallet payment solution as an option across 107 locations.

ENERGY-

Empower is starting construction on its second district cooling plant in Jumeirah, with the district cooling provider confirming that the project to deliver 37k refrigeration tons (RT) is on schedule, according to a DFM disclosure (pdf).

ICYMI- Last year Empower secured the contract to develop the facility, which will service residential and commercial areas, hotels, and other facilities in the 802-hectare Jumeirah Village development. Its first plant has a 48k ton capacity, and it plans to develop a total of six district cooling plants in Jumeirah, with a combined production of 256k RT.

SMEs-

ADGM’s Numou launches SMEs procurement financing tool: ADGM subsidiary Numou introduced a procurement financing initiative to help SMEs with government or corporate contracts access funding, state news agency Wam reports. The platform links confirmed contract demand with a network of lenders — including fintech firms such as CredibleX, Zelo, and FlapKap, as well as government partners like the Khalifa Fund’s SME Champions Program — to ease cashflow gaps and expand financing access.

Next step, data integration: Numou also plans to develop the UAE’s first SME Data Warehouse to give lenders real-time insights into SME performance and enable data-driven lending decisions.

STARTUPS-

Dubai SME, Plug and Play to launch accelerator for Emirati startups: The Mohammed Bin Rashid Establishment for SME Development (Dubai SME) is partnering with Silicon Valley-based VC firm Plug and Play to launch an Emirati-targeted accelerator program, according to a press release. The two will provide mentorship, networking windows, and market access to Emirati-owned early-stage firms through the program, which will be based at the newly-launched Dubai Founders HQ and will support cohorts of ten firms twice a year.

Who else is involved? Government and government-related entities, including Dubai Health, Dubai Police, and the General Directorate for Identity and Foreigners Affairs - Dubai, are set to identify gaps for the startups to find sector-specific solutions for.

FOOD-

ADIO, Wusoom Holding to develop protein fermentation facilities in Abu Dhabi: The Abu Dhabi Investment Office (ADIO) inked an MoU with UAE-based Wusoom Holding to establish large-scale protein fermentation facilities in the emirate, according to a press release. The partnership is part of the Abu Dhabi's AgriFood Growth and Water Abundance (AGWA) cluster.

The details: Under the agreement, partnerships for product distribution will be explored across countries with trade and economic partnership agreements with the UAE’s CEPA agreement, including China, markets in the GCC, Africa, and Europe.

AVIATION-

Emirates reinstated flight operations to Antananarivo in Madagascar from today, Gulf News reports. This comes following the airline’s recent suspension of flight EK707/708, which operates between Dubai and Antananarivo via the Seychelles, against the backdrop of ongoing civil unrest in the country. However, Emirates advised customers to check for travel updates to monitor the situation.

DEFENSE-

Edge, Angola near border security agreement: State-owned defense firm Edge Group is finalizing a multi-year border security program with Angola’s Interior Ministry, following the signing of a letter of intent during a state visit led by UAE President Sheikh Mohamed bin Zayed Al Nahyan to Luanda, according to a press release.

The details: The agreement will see Beacon Red, Edge’s national security solutions arm, deploy a comprehensive border control system integrating AI analytics, UAV surveillance, and C2 systems tailored to Angola’s terrain and operational needs. Edge’s previous involvement in the country includes a EUR 1 bn contract inked in 2023 to build ships for Angola’s navy.

Global financial inclusion stalls in 2025 after two years of improvement

Global financial inclusion has lost momentum in 2025, following two years of steady progress, according to the Global Financial Inclusion Index (pdf) by Principal Financial Group and the Center for Economics and Business Research (Cebr). The Index — which evaluates the roles of governments, financial systems, and employers across 42 markets — edged down to 49.4 points from 49.6 a year earlier, though it remains well above the 2022 baseline of 41.7. Singapore maintained its lead as the world’s most financially inclusive market for the fourth straight year.

The slowdown was driven primarily by a pullback from employers, with the employer support score dropping 0.6 points as 83% of markets reported declines. Persistent geopolitical tensions and shifting trade dynamics have left companies cautious, scaling back on employee benefits and flexible pay programs.

Governments and financial systems continued to play a stabilizing role, as the global government support score rose 0.6 points, with 35 markets posting gains in one or both pillars. Although the global financial system score slipped by 0.9 points, wealthier regions — including North America, Europe, and the Middle East — posted modest improvements, signaling stronger institutional resilience.

Gulf states recorded the strongest y-o-y gains in the financial system pillar, fueled by rapid fintech growth and ongoing digital transformation. The UAE led the advance, climbing five positions and 3.9 points to the 24th spot, while Saudi Arabia rose four spots and 1.8 points to rank 35th.

US steadies after earlier declines: The US posted a modest 0.6-point increase in its overall score, snapping two consecutive years of decline while maintaining its seventh place globally. The uptick reflected gains in financial system support, including better access to credit, private lending growth, and fintech expansion. However, broader economic headwinds and subdued SME growth limited further progress.

Markets with higher financial literacy and robust digital infrastructure proved more resilient to debt stress in tighter monetary conditions, Principal Asset Management CEO Kamal Bhatia noted. A 1% rise in financial literacy correlates with a 2.8% reduction in household loan defaults and a 6.7% decline in debt-to-income ratios, contributing to long-term GDP growth, the report found. Digital finance reforms — such as instant payments and open banking — have also propelled gains in countries like Argentina, South Korea, and Brazil since 2022.

Looking ahead: Geopolitical shocks and economic headwinds are reshaping the path of global financial inclusion, Cebr’s managing economist Pushpin Singh said. He emphasized the need for deeper financial literacy efforts and stronger collaboration among employers, governments, and financial institutions to sustain global progress.

MARKETS THIS MORNING-

US-China trade worries are weighing down Asian markets this morning. Japan’s Nikkei is down 1.4% in early trading, while the Shanghai Composite is down 0.9% and Hong Kong’s Hang Seng is down 0.7%. Meanwhile, Wall Street futures are mixed as investors process earnings.

ADX	10,228	+1.1% (YTD: +8.6%)
DFM	5,974	-0.0% (YTD: +15.8%)
Nasdaq Dubai UAE20	4,984	+1.6% (YTD: +19.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.9% o/n	3.7% 1 yr
Tadawul	11,586	+0.4% (YTD: -3.7%)
EGX30	37,577	-0.3% (YTD: +26.4%)
S&P 500	6,699	-0.5% (YTD: +13.9%)
FTSE 100	9,515	+0.9% (YTD: +16.4%)
Euro Stoxx 50	5,639	-0.8% (YTD: +15.2%)
Brent crude	USD 62.59	+2.1%
Natural gas (Nymex)	USD 3.44	-0.3%
Gold	USD 4,121	+1.4%
BTC	USD 107,492	-1.5% (YTD: +14.9%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.78	-0.3% (YTD: +8.5%)
S&P MENA Bond & Sukuk	152.56	+0.3% (YTD: +9.0%)
VIX (Volatility Index)	18.60	+4.1% (YTD: +7.1%)

THE CLOSING BELL-

The ADX rose 1.1% yesterday on turnover of AED 995.8 mn. The index is up 8.6% YTD.

In the green: GFH Financial Group (+6.1%), First Abu Dhabi Bank (+5.1%) and Abu Dhabi Islamic Bank (+4.0%).

In the red: Al Khaleej Investment (-8.3%), National Corporation for Tourism & Hotels (-6.2%) and Ras Al Khaimah National Ins. Co. (-3.0%).

Over on the DFM, the index remained flat on turnover of AED 546.6 mn. Meanwhile, Nasdaq Dubai rose 1.6%.

UAE eyes energy cooperation with Germany, Singapore, Ireland, and Indonesia

UAE strengthens energy cooperation at G20 meetings: The UAE’s energy undersecretary at the Energy and Infrastructure Ministry Sharif Al Olama met with officials from Singapore, Ireland, Germany, and Indonesia to deepen international collaboration in several energy sectors, state news agency Wam reports. This came on the sidelines of the G20 energy meetings in South Africa.

Discussions with Singapore covered cooperation in peaceful nuclear energy, electricity interconnection, and liquefied natural gas, as well as the country’s potential participation in the Global Energy Efficiency Alliance (GEEA), to which he also invited Indonesia. Meanwhile, meetings with Ireland centered on renewables and hydrogen derivatives, ahead of the upcoming UAE-Ireland Joint Economic Committee in December.

He also explored expanding bilateral cooperation with Germany under their existing Emirati-German Energy and Climate partnership, with a focus on hydrogen supply chains and industrial decarbonization.

PLUS- National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan met with US Special Envoy for the Middle East Steve Witkoff and American businessman Jared Kushner in Abu Dhabi, where they discussed the ceasefire in Gaza and broader developments in the region, Wam reported.

CALENDAR

OCTOBER

21-23 October (Tuesday-Thursday): Global Food Week, Adnec Center, Abu Dhabi

21-23 October (Tuesday-Thursday): International Family Med. Conference and Exhibition, Dubai World Trade Center.

21-23 October (Tuesday-Thursday): Annual Radiology Meeting (ARM), Dubai World Trade Center, Dubai

21-23 October (Tuesday-Thursday): Healthcare Future Summit, Dubai World Trade Center, Dubai

22-23 October (Wednesday-Thursday): Alternative Investment Summit, Jumeirah Emirates Towers, Dubai.

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

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

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

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

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

27 October (Monday): The Network Forum Middle East, Hilton Abu Dhabi, Yas Island

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 (Wednesday): The Brand Residences Forum, Dubai.

NOVEMBER

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

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

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

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

6 November (Thursday): Dubbizle to ring the DFM’s opening bell.

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

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

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

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

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

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

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

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

19-20 November (Wednesday-Thursday): Investment and Business Summit, Al Hamra International Exhibition and Convention Center, Ras Al Khaimah

19-23 November (Tuesday-Sunday): Abu Dhabi Art, Manarat Al Saadiyat, Abu Dhabi

24-27 November (Monday-Thursday): Big 5 Global Exhibition, Dubai World Trade Center, Dubai

26 November (Wednesday): DFSA–HKMA Joint Climate Finance Conference, Dubai

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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