Dubizzle pulls trigger on IPO

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Sharjah plans panda bond issuance + Emirates NBD back in talks with India’s RBL Bank?

Good morning, friends. The newsflow is picking up as news from Gitex begins to trickle in, and as the IPO rush in the back half of the year continues.

The big story of the day is Dubizzle’s upcoming IPO, which will see it float a 30% stake on the DFM, potentially for up to USD 1 bn. Also: Du is building a hyperscale AI data center park in Dubai.

ALSO- A new law authorizes the Central Bank of UAE to raise its ceiling for fines, and expands its authority and oversight powers.

WEATHER- Temperatures are continuing to cool down as heavier clouds bring with them rainfall in parts of the UAE. Dubai will see a high of 35°C and an overnight low of 28°C, according to our favorite weather app. Meanwhile, Abu Dhabi is set to see a high of 37°C and an overnight low of 28°C.

UPDATE-

Tabread seals Pal Cooling buyout: State-owned district cooling company Tabreed closed its takeover of Pal Cooling Holding from Multiply Group, alongside Luxembourg-based private equity firm CVC’s infrastructure investment arm CVC DIF, following regulatory approvals, according to two separate bourse filings (here, pdf and here, pdf). The move, which values Pal at AED 3.9 bn, is expected to add 600k refrigeration tons across eight Abu Dhabi concessions, boosting Tabreed’s connected capacity by 13% to 1.55 mn RT and introducing long-term contracts averaging 25 years with offtakers including Aldar, Modon and Imkan.

Tabreed also finalized its AED 1.5 bn concession agreement with Dubai Holding Investments to provide district cooling services to Palm Jebel Ali. The project will deliver 250k RT in phases through a joint venture, with Tabreed holding the majority 51% and Dubai Holding owning the remaining 49%.

Meanwhile, RedBird seeks UK approval to buy The Telegraph: US-based RedBird Capital Partners formally requested UK government approval to acquire The Telegraph in an agreement valuing the newspaper at GBP 500 mn (USD 667 mn), Reuters reports, citing an internal memo it saw. The transaction would give RedBird majority control of the publication alongside a consortium of British media investors, with Abu Dhabi-backed IMI holding a 15% minority stake, in line with UK limits on foreign state ownership of media outlets.

BACKGROUND- The move follows new legislation approved by the UK House of Lords in July allowing the UAE to retain a 15% stake, ending a two-year saga that saw a previous RedBird-IMI joint bid blocked and the sale forced under stricter 5% ownership caps. The revised law cleared the way for RedBird to proceed, pending a final public interest review.

WATCH THIS SPACE-

#1- Sharjah plans to secure an RMB-denominated syndicated loan worth up to USD 400 mn, at a fixed interest rate of 2.6% for a five-year term, Bloomberg reported, citing sources it says are familiar with the matter. The loan — which comprises an initial amount of USD 250 mn and a greenshoe option to raise it by USD 150 mn — will be used for general corporate purposes and is expected to be finalized this month.

Background: The bond comes after the emirate tapped the Panda bond market in 2018 with a RMB 2 bn bond (USD 316 mn) issuance, making it the first in the Middle East to do so.

ADVISORS- China Construction Bank is set to act as the sole mandated lead arranger and bookrunner for the transaction.Credit Agricole (China), JP Morgan Chase (China), Industrial and Commercial Bank of China, China Bohai Bank, Citic Securities, Export-Import Bank of China and Shenwan Hongyuan Securities are joint lead underwriters and bookrunners, Zawya reports.

#2- Emirates NBD is reportedly in advanced talks to acquire a stake in India’s RBL Bank, with plans to invest through a preferential allotment of equity and warrants, Reuters reports, citing sources it says are familiar with the transaction. The stake could go up to 25%, though current regulations in India cap strategic foreign investors’ allowed ownership at 15%. Exceptions have been made, though, and the Reserve Bank of India is considering changing that rule.

The bank was linked to talks with RBL Bank previously, though the Indian private lender had denied reports of an acquisition in July. Emirates NBD was also reportedly in talks in May to acquire a majority stake in the Industrial Development Bank of India.

#3- Abu Dhabi-based private equity firm BlueFive Capital launched a unit in Oman named BlueFive Capital Majan as it looks to establish a footprint in the country with a new office in Muscat, according to a press release. The office will be led by Director Ashish Mehta (LinkedIn), and will focus on investment advisory, capital raising, and cross-border strategic partnerships aligned with Oman Vision 2040. The office will target priority sectors including infrastructure, logistics modernization, sustainable energy, and financial innovation.

REMEMBER- Oman’s sovereign-owned investment funds are among BlueFive Capital’s founding shareholders, which had led a founding shareholders funding round valuing it at USD 120 mn.

The firm has big plans: BlueFive has been expanding its footprint across the GCC and Asia, and aims to establish a Southeast Asia-focused investment corridor in partnership with Sriwijaya Capital, connecting GCC sovereign wealth funds and institutional investors with growth prospects across the ASEAN region. It also plans to close a USD 1 bn Asia fund in 4Q 2025 and launch a USD 500 mn private equity fund with China’s CICC Capital.

#4- Dubai Loop could open to the public as soon as 2Q 2026, AI Minister Omar Al Olama is quoted as saying by Bloomberg. The underground system, developed by Elon Musk’s construction firm The Boring Company, was planned as a 17-kilometer underground transport system with 11 stations and a capacity to move over 20k passengers per hour in an initial phase. The underground transport system is set to mirror the one in Las Vegas, which is operated by Tesla vehicles driven by human drivers, though autonomous vehicles have also been floated for the project.

PSAs-

#1- UAE residents can now manage domestic workers’ visas through a digital platform: The Human Resources and Emiratization Ministry’s Domestic Worker Services initiative now allows UAE residents to issue, renew, and cancel residency permits for domestic workers through its Work in UAE platform, according to a press release. The platform digitizes the full residency and onboarding procedure, covering everything from standardized application submission to work contracts, medical examination, and Emirates ID and residency visa issuance.

#2- Marriage contracts go fully digital in Abu Dhabi: Individuals can now authenticate their marriage contracts electronically via the Abu Dhabi Judicial Department (ADJD) website and smart app, under a new MoU between ADJD and the Foreign Affairs Ministry, state news agency Wam reports. The move allows users to instantly obtain certified copies, valid for use inside and outside the UAE.

More to come: The two entities plan to expand the system to cover other official documents.

#3- DFSA launches digital platform for DIFC application: Dubai Financial Services Authority (DFSA) rolled out a new digital services platform, DFSA Connect, streamlining regulatory and authorization processes for businesses looking to carry out financial services in Dubai International Financial Center (DIFC), according to a press release. The platform uses an AI system to reduce manual admin work in the regulatory approval process for the financial freezone.

The platform is expected to optimize regulatory workflows by 33% to help the DFSA cope with rising application volumes — already up 18% during 9M this year.

HAPPENING TODAY-

#1- GITEX Global kicked off yesterday and is running until Friday at the Dubai World Trade Center. The tech expo gathers major industry players including from G42 and Cerebras, as well as government officials, and innovators under one roof to showcase developments in AI, cloud computing, cybersecurity, quantum technologies, and digital infrastructure.

#2- Expand North Star is on its penultimate day at Dubai Harbour. The exhibition brings together over 2k startups, 1k investors, and accelerators from across over 100 countries to explore trends shaping the global startup ego system.

#3- The IUCN World Conservation Congress kicked off last week and is on until tomorrow in Abu Dhabi. The congress gathers government officials, academics, and members of the civil society to discuss the challenges facing sustainability and nature conservation, as well as the policy decisions influencing the conservation agenda. The event will be divided into three components — a forum, exhibition, and a members’ assembly to address how businesses should integrate sustainability into their strategies.

#4- The Global Future Councils annual meet kicks off today in Dubai and will run until Thursday. Hosted by the UAE government in collaboration with the World Economic Forum, the annual summit convenes leaders, ministers, and industry experts to shape policy frameworks on global issues, including energy transition, future cities, and the governance of emerging technologies.

#5- The World Bank and IMF annual meetup is getting into its swing in Washington today, after kicking off the weeklong set of meetings yesterday.

US President Donald Trump’s latest ratcheting up of the country’s trade war with China is expected to top the agenda, with Trump reacting to the curbing of key critical mineral exports from China with additional tariffs of 100% on all Chinese US-bound goods starting 1 November. Leading up to the spat over the weekend, the two economic superpowers — with a combined 42.9% of global GDP — had been cooling relations and lowering tariffs, which had in turn persuaded the World Bank and IMF to revisit and raise growth forecasts after previous tariff-related downgrades.

The IMF will release its latest World Economic Outlook today. The report provides updated forecasts and analysis on global economic growth and key trends and will be unveiled during a press briefing later today. We’ll also be keeping our eyes peeled for the Regional Economic Outlook for the Middle East and Central Asia, to be released on 21 October.

HAPPENING THIS WEEK-

The Evolve Future Mobility Show is running from tomorrow until Saturday at the Expo Center in Sharjah. The event will host 200 international exhibitors as well as industry leaders, policymakers, and entrepreneurs, to explore the use of EV technology in key sectors of sustainable mobility.

THE BIG STORY ABROAD-

One story is dominating the front pages of the foreign press, and that’s US President Donald Trump’s victory lap in Sharm El Sheikh in Egypt yesterday, following the release of the remaining Israeli hostages by Hamas, Israel’s release of Palestinian prisoners, and what he declared the end of the war. Trump and 20 other world leaders — including from the UAE and Saudi Arabia — gathered for a peace summit in Egypt yesterday to celebrate what is being heralded as a “new dawn” for the Middle East.

Vice President Mansour bin Zayed Al Nahyan was the UAE’s representative at the summit, state news agency Wam reports. The delegation also included National Security Adviser Tahnoon bin Zayed Al Nahyan, Energy and Infrastructure Minister Suhail Al Mazrouei, Industry and Advanced Technology Minister Sultan Al Jaber, Investment Minister Mohamed Alsuwaidi, and State Minister Khalifa Shaheen Al Marar.

Key issues remain unresolved, including Hamas’ refusal to disarm, Israel’s partial troop withdrawal, and the question of who will govern Gaza once the fighting fully stops, the Associated Press reports. The US-led plan envisions an international body overseeing Palestinian technocrats and an Arab-led security force, but both Hamas and Israel have pushed back on elements of that framework. (Reuters | Bloomberg | Financial Times | Wall Street Journal)

Next up: Ukraine? Trump is set to meet with Ukrainian President Volodymyr Zelensky at the White House on Friday as he sets his eyes on resolving the conflict with Russia. (WSJ | Axios)

Among the biggest business headlines, OpenAI’s latest chip agreement with Broadcom is getting the most attention. The two firms agreed to develop and deploy 10 GW of chips and computing systems, marking the latest in a series of chip agreements inked by OpenAI with the likes of Nvidia and AMD worth bns of USD. (WSJ | FT | CNBC)

PLUS- American-Israeli Joel Mokyr, French economist Philippe Aghion and Canadian economist Peter Howitt were awarded the Nobel Prize for Economic Sciences for their work exploring the impact of innovation on economic growth, and the concept of “creative destruction.” (WSJ | CNN)

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MARKET WATCH-

Opec has kept its global oil demand growth forecast unchanged at 1.3 mn bbl/d in 2025 and 1.4 mn bbl/d in 2026, according to its monthly oil report (pdf). Global supply is expected to match demand next year as the group continues to boost production.

Demand for Opec+ crude remains steady at 42.5 mn bbl/d this year, rising slightly to 43.1 mn bbl/d next year. The group increased output by 630k bbl/d in September, bringing total production to an average of 43.05 mn bbl/d, the report adds citing secondary sources.

ICYMI- Opec+ agreed to add a total of 137k bbl / d to production in October and November.

Dubizzle pulls the trigger on its long-awaited Dubai IPO

Another real estate-linked play hits Dubai’s IPO market: Dubai-based property and classifieds platform Dubizzle Group Holdings is taking a 30.3% stake to market in a hybrid offering on the DFM, comprising roughly 1.1 bn existing shares and 196.1 mn new shares, it said in its prospectus (pdf). The IPO could value Dubizzle at around USD 2 bn, Bloomberg reported earlier this week, citing people it says are familiar with the matter. IFR had earlier reported that the IPO could raise USD 500 mn in proceeds.

The move follows months of speculation around potential market debuts by Dubizzle and rival Property Finder, which were both said to be gauging investor appetite for an IPO. The company had previously brought on Citigroup and HSBC to explore a 2023 listing that never came through.

Prosus anchors the float: Dubizzle’s largest shareholder (via OLX) and Amsterdam-listed tech investor Prosus is pouring USD 100 mn into the IPO, signaling confidence in the platform which it first backed in 2011. The company currently holds a 38% stake in Dubizzle.

A two-tranche offering: Some 97% of the shares on offer will be limited to qualified institutional and professional investors both within the UAE and in other select markets, while the remaining 3% is reserved to local retail investors.

Use of proceeds: The group, whose two main ventures are its classifieds platform dubizzle and property portal Bayut, plans to use proceeds from the primary offer finance M&As and support future growth plans, as well as to settle its employee stock ownership program.

Books open next week: The subscription period will be open between 23 and 29 October, with the final pricing and allocation due Thursday, 30 October. Dubbizle is expected to ring the DFM’s opening bell on or around Thursday, 6 November.

Dubizzle said it does not plan to pay dividends in the near term, with cashflows expected to be reinvested into product innovation, market expansion, particularly in Saudi Arabia, and strategic acquisitions. The company aims to adopt an “attractive dividend policy” in the medium term, once growth investments stabilize and cashflow generation strengthens.

Boasting healthy financials: Dubizzle’s adjusted net income climbed 50% to USD 14.03 mn in 1H 2025, reflecting improved operating leverage and higher monetization across its real estate and automotive verticals. Its revenue was up 26.6% y-o-y to USD 133 mn over the same period.

ADVISORS- Rothschild & Co is quarterbacking the transaction as independent financial advisors while Emirates NBD serves as listing advisor, according to the ITF document (pdf). Meanwhile, our friends at EFG Hermes UAE and HSBC are joint leads alongside Abu Dhabi Commercial Bank, Barclays Bank, Emirates NBD Capital, Goldman Sachs and Morgan Stanley.

IN CONTEXT- The Dubizzle listing adds to a string of property-linked IPOs on the DFM this year, as companies look to ride the city’s real estate boom. All three Dubai listings YTD are tied to the sector, including Dubai Holding’s residential REIT earlier this year, state-backed Alec Holdings, and now Dubizzle.

ALSO IN THE IPO PIPELINE:

Alec Holding is due to start trading on the DFM tomorrow, after raising AED 1.4 bn in what was Dubai’s first corporate IPO of the year;
Amanat Holding secured regulatory approval to list 30% of its education unit in Saudi Arabia’s Tadawul; with potential plans to also float its healthcare arm ;
Binghatti was the latest to join the UAE real estate IPO frenzy earlier this month as it tapped banks for a potential IPO, joining Arabian Construction;
Emirates Global Aluminium could be reviving plans for a potential IPO that could rank among the region’s largest;
ADQ-backed Etihad Airways highly-anticipated IPO was expected to kick off after Eid Al Fitr but could be delayed to 2026 ;
Abu Dhabi conglomerate International Holding Company’s investment arm 2PointZero is gearing up for an IPO on the ADX;
Dubai Holding plans to float two of its property portfolio units;
Abu Dhabi Investment Group is eyeing listings for its financial unit and energy subsidiary this year;
Hospitality group Five Holdings also tapped advisors for a potential listing;
Shisha producer Advanced Inhalation Ritual is also rumored to potentially IPO.

The UAE was the region’s second most active bond issuer in 9M 2025

The UAE accounted for 26% of total bond proceeds coming out of MENA in 9M 2025, making it the region’s second most active issuer of conventional and Islamic paper after Saudi Arabia, which accounted for 54%, according to LSEG data. Abu Dhabi’s USD 3 bn dual-tranche bond ranked among the region’s largest debt sales this year, drawing USD 18.5 bn in orders and pricing at record-tight spreads of 10 and 18 bps over US Treasuries, underscoring the Emirate’s AA-rated credit strength and deep investor demand.

The region’s bond proceeds climbed to a record USD 125.9 bn in the first nine months of the year, up 20% y-o-y, with financial issuers accounting for 58% of total proceeds, followed by governments and agencies at 25%. Volumes posted a record 27% increase, a record 9M tally. Qatar ranked third accounting for 9% of total issuance, while Kuwait and Oman made comebacks, returning to the market for the first time in years.

Sukuk made up 38% of total bond proceeds in the region so far this year (up from 36% a year earlier) raising USD 48.2 bn in 9M, up 28% y-o-y and setting a new record. Saudi Arabia led issuance in the Islamic debt market, followed by the UAE. “GCC sukuk now accounts for 51% of total [global] supply, up from 46% in 2024. We've already surpassed record volumes in MENA bond and sukuk markets and expect further growth this year,” Nour Safa, head of MENA Debt Capital Markets at HSBC, is quoted as saying.

Who’s piling into Gulf debt? “Asian participation has been very strong in regional paper in 2025,” Safa said, adding that it is much higher when compared to prior years. This comes on the back of Asian investors trying to diversify their holdings away from home and seeing the GCC as a safe haven instrument, Safa said, adding that tighter spreads and strong oversubscriptions also point to sustained investor demand for Gulf paper.

Four of the heftiest debt sales in the region were Saudi-born as the Kingdom continues to raise funds for projects tied to Vision 2030, including two sovereign issuances totaling USD 11.95 bn and USD 5.5 bn, followed by Aramco’s USD 4.95 bn debt offering in May. Other sizable offerings included Saudi Arabia Global Sukuk’s USD 2.97 bn offering, state-owned Saudi Electricity’s USD 2.75 bn sukuk, a USD 2.49 bn issuance by Saudi Real Estate Refinance (SRC) just last month, and another USD 2.35 bn sovereign debt issuance.

UAE banks also featured prominently in the sukuk league tables, with our friends at Mashreq among the most active arrangers in the region alongside Emirates NBD, First Abu Dhabi Bank, and Dubai Islamic Bank. Meanwhile, our friends at HSBC led the overall MENA bond market, including both conventional and Islamic issuances, with a 10.5% share of total proceeds, followed by Standard Chartered (9.1%) and JPMorgan (7.3%).

Du plans 1 GW AI park in Dubai

du to build 500k sqm 1 GW AI Park in Dubai: Telco du plans to develop a 500k sqm AI Park in Dubai’s Warsan district, to be developed in phases over five years, according to a press release. The park will host hyperscale, liquid-cooled data centers with up to 1 GW capacity, alongside AI research labs and startup incubators as part of efforts to expand the UAE’s sovereign AI infrastructure.

The company also introduced a new National Hybrid AI platform at Gitex. The platform will allow government entities and enterprises to build and deploy AI applications across du’s sovereign cloud infrastructure, integrating with its 5G and fiber networks.

REMEMBER- Du is also building a AED 2 bn hyperscale data center in the UAE for Microsoft, which will be its main tenant. The state-owned telecoms firm currently operates five data centers across the UAE.

We already have a massive AI park set to be set up in Abu Dhabi: The US and the UAE are partnering on Stargate UAE, set to be the first deployment of the US’ wider USD 500 bn Stargate infrastructure platform. It will be part of a wider 5 GW US-UAE AI data center cluster in Abu Dhabi and host US tenants including OpenAI.

Speaking of Stargate… US AI chipmaker Cerebras Systems plans to deploy its infrastructure in the UAE to support the country’s rapidly growing AI sector, CEO Andrew Feldman told Reuters. The rollout will include “megawatts worth of equipment” for Stargate UAE.

REMEMBER-Abu Dhabi’s G42 invested USD 335 mn in Cerebras in April after restructuring the transaction to acquire non-voting shares. Further back in 2023, the two signed an agreement for G42 to secure Cerebras supercomputers, however Trump administration restrictions have blocked exports so far, the news outlet said. The company recently raised USD 1.1 bn and withdrew its US listing plans, with Feldman saying Cerebras still intends to go public and will “refile it as quickly as we can.”

Cerebras is also targeting a broader global expansion, with plans to grow its data center footprint from six sites to as many as 12-15 in the coming months. The UAE hub will serve as a key center for regional operations, including markets in India and Pakistan, Feldman said.

Investcorp Capital invests in Investcorp’s USD 750 mn Golden Horizon Fund

Abu Dhabi-based Investcorp Capital made an undisclosed commitment to Investcorp's Golden Horizon Cooperation Fund, according to an ADX disclosure (pdf) . The platform had initially targeted USD 1 bn in total capital and has now reached a final close at USD 750 mn, according to a company statement.

Launched in partnership with China Investment Corporation (CIC), the fund secured backing from institutional investors across the GCC and China, including Jada Fund of Funds (a PIF subsidiary), Saudi Venture Capital, Silk Road Fund, and Bank of China.

Where will the money go? The platform targets high-growth companies in the consumer, healthcare, transportation and logistics, and business services sectors across the GCC and China, focusing on firms positioned for IPOs or trade-sale exits within three to five years.

It focuses primarily on the GCC through the Investcorp Saudi Pre-IPO Growth vehicle. The fund has so far made three investments in GCC-based companies: Saudi ICT services firm NourNet, digital trucking startup Trukker, and e-commerce enablement firm Salla.

UAE raises ceiling for CBUAE fines under new financial sector law

The UAE issued a federal degree defining the Central Bank of the UAE’s regulatory scope, raising its ceiling for administrative fines to up to 10x the value of a violation or unjust gain, state news agency Wam reports. The law also authorizes the CBUAE to automatically debit the funds from offenders’ accounts — and explicitly allows the CBUAE to replace management, restructure capital, or liquidate distressed institutions.

Plus, new avenue for consumer redress: The law also sets up specialized judicial committees to resolve financial disputes for claims of up to AED 100k, complementing Sanadak — the CBUAE’s ombudsman unit launched last year to handle complaints against banks and insurers.

President appoints Energy and Infrastructure Ministry undersecretary

President Sheikh Mohamed bin Zayed Al Nahyan has appointed Mohamed Ebrahim Hassan Al Mansoori as undersecretary of the Energy and Infrastructure Ministry for Infrastructure and Transportation Affairs, state news agency Wam reports. Al Mansoori was previously the director-general of the Sheikh Zayed Housing Program and has held several senior ministerial positions, including executive director of engineering affairs and vice president of the permanent committee for project management.

L&T to build substation in UAE for GCC grid connectivity + Miral, e& launch Yas Island Metaverse

ENERGY-

L&T to build 400 kV substation in UAE for GCC grid expansion: India’s Larsen & Toubro (L&T) secured an engineering, procurement, and construction contract for a 400 kV substation in the UAE, to be part of a wider GCC network, according to a press release. The new station will form a key part of a power interconnection link between the UAE and Oman.

The details: The project, awarded to L&T’s power transmission and distribution division, will enhance cross-border power exchange and strengthen grid reliability across the GCC. The 400 kV link builds on the existing 220 kV connection between the two countries.

COMMODITIES-

Hong Kong launches Dubai-based commodities pricing arm: Hong Kong Exchanges and Clearing (HKEX) launched Commodity Pricing and Analysis Limited (CPAL), a new Dubai-based subsidiary that will serve as a commodities pricing administrator, the bourse said in a statement.

The details: CPAL will provide independent price reporting and market analysis for the global metals market and support the London Metal Exchange’s plans to develop sustainable metal premia. The bourse cited Dubai’s second-place ranking in the global Commodity Trade Index as a factor in the move.

ICYMI- The move follows an MoU signed last month between the Abu Dhabi Securities Exchange and HKEX to expand cross-border cooperation, including dual listings, cross-border financing, and product development such as exchange-traded funds.

TECH-

Miral and e& launch Yas Island Metaverse: Abu Dhabi-based real estate developer Miral and e& enterprise, the digital transformation arm of e&, have launched the Yas Island Metaverse, an interactive platform aiming to attract international business and developers to the island, according to a press release. The platform uses virtual reality, AI, and 3D modelling to provide a gamified experience letting users navigate the island’s business offerings and visualize events.

ICYMI-Miral is currently working on developing Middle East Disneyland on Yas Island — its latest move to transform Yas Island into a global leisure destination, already home to Warner Bros. World, Ferrari World, SeaWorld Abu Dhabi, and Yas Waterworld.

FINANCIAL SERVICES-

XS.com secures SCA license: Global multi-asset fintech firm XS.com has obtained a category 5 license from the UAE Securities and Commodities Authority (SCA), according to a press release. The firm established a new entity through which to offer its financial services in the Emirates.

XS.com? Founded and first licensed in Australia in 2010, XS.com is also authorized in Cyprus, the Seychelles, Malaysia, South Africa, Mauritius, and Kuwait. It targets brokers, investors, and traders with its tech-based trading solutions and access to liquidity.

LOGISTICS-

Dubai Taxi to supply 500 delivery bikes to Keeta by year-end: Dubai Taxi signed an agreement with food delivery app Keeta to supply it with around 500 delivery bikes and drivers by the end of 2025, CEO Mansoor Rahma Alfalasi told Khaleej Times. Keeta currently operates about 150 bikes in Dubai, with the agreement expected to generate over AED 10 mn in revenue in the first year and create 500 delivery jobs.

ICYMI-Keeta, the food delivery arm of Chinese consumer service tech giant Meituan, is set to invest hundreds of mns of USD in the Emirates over 3-5 years under an MoU signed with the Investment Ministry.

REMEMBER- DTC’s delivery bike revenues surged 102% y-o-y in 2Q 2025 to AED 18.2 mn, contributing to an overall 17.7% rise in total revenue to AED 625.1 mn and a 32.8% jump in net income to AED 105.4 mn. The company aims to expand its fleet to around 3k bikes by year-end.

STARTUPS-

#1- DIFC + PFG to provide growth debt to UAE startup firms: Dubai International Financial Center (DIFC) and US-based private credit provider Partners for Growth (PFG) are partnering up to provide debt financing to tech-focused startups, according to a press release. PFG, which has already backed regional firms like Tabby and Huspy, will take the lead on origination, portfolio management, and underwriting.

The details: Funding will be primarily earmarked for firms based in Dubai and the wider GCC area, however financing could also be deployed to companies headquartered elsewhere that are looking to expand operations to the MENA region. The tie-up looks to support promising firms in fintech, ins. tech, proptech, SME digital finance, spacetech, and healthtech sectors.

#2- Cybersecurity Council, DWTC join Presight’s AI startup accelerator…: The UAE Cybersecurity Council’s CyberE71 program and Dubai World Trade Centre (DWTC) are joining G42-backed data analytics firm Presight’s AI startup accelerator program as partners, according to two separate press releases here (pdf), and here (pdf). The CyberE71 will help Presight develop cybersecurity-focused research and technical initiatives, while DWTC will grant founders in Presight’s program access to its international network and events.

#3- Legaltech firm Oqood taps USD 1 mn in seed funding: UAE-based legaltech startup Oqood secured USD 1 mn in seed funding to expand its presence across the GCC and boost operational efficiency, according to a press release. The funding came from a group of angel investors.

About Oqood: Founded in 2024 by Khaled Al Rasheed (LinkedIn), the firm designs AI-powered solutions for law firms and corporate legal teams, and looks to use AI to cut out repetitive manual and admin work for firms.

TELECOMS-

Ericsson to upgrade e& UAE’s 5G network: Telecom operator e& UAE has signed a multi-year agreement with Swedish telecommunications and technology firm Ericsson to upgrade e&’s 5G core network, according to a press release. The upgrade targets low-latency connectivity, supporting the network’s use for industry-grade services and IoT applications.

The tie-up: The agreement will see Ericsson modernize e&’s core network applications using unified data management, IP multimedia subsystem, and user data consolidation — running on a hybrid setup combining Ericsson’s cloud native infrastructure solution and e&’s own cloud.

CRYPTO-

IOPn to power world’s first blockchain citizenship program: UAE-based blockchain firm IOPn partnered with the São Tomé and Príncipe government to launch the world’s first blockchain-based citizenship-by-investment program, according to a statement (pdf). The five-year agreement — to be implemented through São Tomé’s exclusive partner, STP Service Advisory — will use IOPn’s OPN Chain and ATLAS AI platform to build a secure, transparent digital system for processing citizenship applications.

New Chinese curbs on rare-earths reignite trade war

China targets rare earths: Rare-earth metals are at the core of the latest round in the US-China trade war, with the Chinese Commerce Ministry introducing new restrictions this month over national security concerns, Bloomberg reported last week. International companies will need Beijing’s approval to export goods if as little as 0.1% of their value comes from certain rare earths sourced from China, and an export license is required for products made using Chinese rare-earth processing technology.

By the numbers: China holds the world’s largest reserves — about 44 mn tons of 17 metallic elements crucial to electronics, defense, and green tech industries. It also dominates mining with 270k tons last year — 70% of the world’s output. Meanwhile, the US has just 1.9 mn tons in reserves and produced some 45k tons in 2024. China also it controls the world’s largest processing capacity, making the rest of the world heavily dependent on its supply chain.

Not the first round: Beijing imposed new export controls in April on seven heavy and medium rare earth elements necessary for EVs and wind turbines manufacturing. These controls expand on measures that have been implemented by China since 2023 in response to US restrictions on chip technology, requiring exporters to obtain licenses for each overseas shipment and banning re-exports to the US.

Feeling the impact: US companies, along with some EU firms, were affected by the pre-existing China’s rare-earth restrictions, including car manufacturer Ford Motor, which had to temporarily shut down a Chicago-based factory in May due to the lack of rare-earth magnets. The US aims to reduce the reliance on China through measures including the Department of War’s USD 400 mn investment in MP Materials — the operator of the only US rare-earth mine in California, as well as exploring sources in Greenland (8th-largest reserves) and Ukraine.

Following China’s move, US President Donald Trump announced the possibility of imposing an additional 100% tariff on imports from China in November, along with possible export restrictions on software, he said in a post on his platform Truth Social.

A relapse into trade wars: Washington and Beijing had reached in May a 90-day truce to their trade war after Geneva talks, with the US slashing tariffs it imposed earlier this year on Chinese goods from 145% to 30% — encompassing the 10% baseline US tariff and an additional 20% linked to fentanyl trafficking — while China lowered its tariffs on US imports from 125% to 10%.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with the Shanghai Composite up 0.6%, Hong Kong’s Hang Seng up 0.3%, and Japan’s Nikkei down 0.8%. Wall Street futures are slightly inching up following big gains for the S&P 500 and other major indexes.

ADX	10,106	-0.1% (YTD: +7.3%)
DFM	5,953	-0.5% (YTD: +15.4%)
Nasdaq Dubai UAE20	4,837	-0.3% (YTD: +16.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	3.9% 1 yr
TASI	11,592	+0.9% (YTD: -3.8%)
EGX30	37,410	+0.1% (YTD: +25.8%)
S&P 500	6,655	+1.6% (YTD: +13.1%)
FTSE 100	9,443	+0.2% (YTD: +15.5%)
Euro Stoxx 50	5,568	+0.7% (YTD: +13.7%)
Brent crude	USD 63.57	+0.4%
Natural gas (Nymex)	USD 3.10	-0.7%
Gold	USD 4,145	+0.3%
BTC	USD 115,526	+0.5% (YTD: +23.5%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.75	+0.8% (YTD: +7.7%)
S&P MENA Bond & Sukuk	151.00	0.0% (YTD: +7.9%)
VIX (Volatility Index)	19.03	-12.1% (YTD: +9.7%)

THE CLOSING BELL-

The DFM fell 0.5% yesterday on turnover of AED 444.2 mn. The index is up 15.4% YTD.

In the green: Depa (+9.7%), Agility The Public Warehousing Company (+8.6%) and Al Mazaya Holding (+7.9%).

In the red: Dubai Refreshment Company (-10.0%), National Industries Group Holding (-3.1%) and Shuaa Capital (-2.9%).

Over on the ADX, the index fell 0.1% on turnover of AED 969.5 mn. Meanwhile, Nasdaq Dubai was down 0.3%.

CALENDAR

OCTOBER

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

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

13-17 October (Monday-Friday): GITEX Global, Dubai World Trade Center, Dubai

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

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

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

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

21-22 October (Tuesday-Wednesday): HR Summit and Expo, Dubai World Trade Center, Dubai

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

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.

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

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

NOVEMBER

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

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

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

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

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

10-15 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.

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.

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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