Emirates makes USD 38 bn order for Boeing aircraft on day one of Dubai Airshow

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Wood Group’s shareholders approve Sidara acquisition + Space sector strategy for private sector coming?

Good morning, friends. It’s a busy morning as a slew of events take place across the UAE, alongside several diplomatic visits from the president of South Korea and Canada’s PM.

Our big story of the day is the USD 38 bn order from Emirates for Boeing aircraft, along with several other agreements taking place on the first day of the Dubai Airshow. (PS: If you’re attending, shoot us a reply to this email if you’d like to meet on ground.)

Adia is also pulling the trigger on a follow-on sale as it looks to sell a stake in Ooreedo. Plus: More M&A news as the Telegraph saga continues, with RedBird and IMI pulling their bid for the UK newspaper, while in other UK news, Arada Developers is acquiring a stake in a London project.

⛅WEATHER- Expect some fog and clouds today, and throughout the rest of the week, with a chance of blowing winds and dust, according to the National Center of Meteorology (pdf). Dubai will see a high of 31°C and a low of 21°C, while Abu Dhabi will see a high of 30°C and a low of 21°C.

PSA-

Public sector employees are getting a four-day weekend soon: Monday, 1 December and Tuesday, 2 December have been declared public holidays for federal government employees to mark National Day, according to the Federal Authority for Government Human Resources. We now await confirmation from the Human Resources and Emiratization Ministry on the holiday for private sector employees.

WATCH THIS SPACE-

#1- Sidara closer to finalizing Wood Group acquisition: Dubai-based Sidara’s acquisition of the UK’s Wood Group received the green light from the UK firm’s shareholders, with 89% voting in favor of the transaction at a general meeting yesterday. The companies are now finalizing regulatory procedures for the acquisition, with Wood Group saying it expects the acquisition to be finalized in 1H 2026. This comes shortly after Wood Group published its 1H 2025 earnings and 2024 accounts, clearing the way for the acquisition to go through.

Refresher: Sidara had submitted an allcash offer to acquire UK-listed John Wood Group for GBP 216 mn, valuing it at c. GBP 207 mn, 95% below its peak value in 2018. Sidara plans to make Wood its dedicated energy and materials division, with the company set to also inject USD 450 mn in capital to shore up Wood’s liquidity. Of this, USD 250 mn will be made available soon after shareholder approval, with the remaining USD 200 mn released after the completion of the acquisition.

ADVISORS- Sidara is advised by Goldman Sachs and Greenhill, with Allen and Overy Shearman Sterling, White and Case, and Dickson Minto as counsel. Saranac Partners and RB&A Partners acted as debt advisers. Wood is advised by Europa Partners, Rothschild and Co, JPMorgan Cazenove, and Morgan Stanley, with Slaughter and May and Burness Paull as counsel, and FTI Consulting as PR adviser.

#2- 2PointZero eyes earnings jump + dividend roadmap: 2PointZero Group — the merged entity combining Multiply Group, Ghitha, and 2PointZero — is targeting a 35% increase in 2026 net income (excluding fair-value movements) and plans to propose a dividend policy starting in 2027, state news agency Wam reports. The guidance comes as the company awaits regulatory approval after Multiply took over shares in Ghitha and all of 2PointZero recently, and International Holding Company completed (pdf) the allocation of new Multiply Group shares tied to the acquisition.

REMEMBER- What the merger creates: The combination will form an AED 120 bn investment platform operating under the 2PointZero Group name and spanning energy and consumer sectors across 85+ countries. Once completed, the group will have a 39% freefloat — a lift expected to deepen institutional participation and raise its weighting in major indices, including MSCI EM, the FTSE ADX General Index, and FADX 15.

Multiply has also confirmed the capital increase has gone through with the completion of its issuance of 23.6 bn new shares, according to a disclosure (pdf). It has also formally changed its name to 2PointZero Group.

#3- A new space sector-focused strategy aimed at encouraging private sector participation in the sector is expected before year-end, UAE Space Agency Chairman Ahmed Al Falasi told CNBC Arabia. Private spending in the sector is already up 30% y-o-y this year, making up 45% of total space spending in the UAE, marking a shift away from the sector’s earlier reliance on government funding.

The strategy will target firms across the supply chain, from engines and rocket components to satellites.

REMEMBER- The UAE has invested about AED 44 bn in its space industry so far and aims to rank among the world’s top 10 space hubs by 2031.

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HAPPENING TODAY-

#1- A UAE delegation is visiting Singapore and India until Friday, 21 November to boost bilateral trade and explore new sustainable development investments, Abu Dhabi Media Office reports. The delegation will meet with policymakers, investors, and business leaders in both countries to strengthen partnerships across sectors like AI, agritech, healthcare and life sciences, renewable energy, advanced technology, financial services, manufacturing, and logistics.

#2- South Korea’s President Lee Jae Myung is on his second day of a three-day state visit to the UAE, holding talks with President Mohamed bin Zayed Al Nahyan to strengthen cooperation in investment, defense, energy, advanced technologies, and healthcare, Asharq Business reports. The visit builds on existing relationships spanning politics, economy, nuclear cooperation, climate change, cybersecurity, food security, defense, healthcare, culture, government administration, and space.

#3- The MENA Leaders’ Summit on Financial Inclusion is wrapping up today at The St. Regis Abu Dhabi Corniche, according to a press release (pdf). The two-day summit will convene ministers, central bank governors, fintech CEOs, and international organizations such as the OECD to discuss innovation and financial inclusion across the region.

The Central Bank of the UAE will also launch its national strategy for financial inclusion during the event, according to the release. Expect lots of talk around digital financial services, women’s economic empowerment, financial literacy, consumer protection, and policies to promote a sustainable financial ecosystem.

#4- Canadian Prime Minister Mark Carney will be arriving in Abu Dhabi today for a working visit focusing on attracting new investments and trade partnerships, and expanding the trade and economic partnership in areas like energy, agriculture, infrastructure, and AI, according to a statement. The PM will meet with business execs to attract investments to build out Canada’s export infrastructure and boost access for Canadian exporters.

#5- Dubai Airshow is on its second day and runs until Friday at Al Maktoum International Airport in Dubai. The event features over 1.4k exhibitors and 192 aircraft on display, and looks to develop new solutions for sustainable aviation. Expect plenty of agreements as well as discussions around key issues facing the aviation industry, from MRO and airport and airline management to cybersecurity, workforce development, airport tech, and women’s leadership in aerospace.

#6- TheMining Show kicked off yesterday and wraps up today at Dubai World Trade Center’s Za’abeel Halls. Featuring over 250 exhibitors, the event serves as a platform for knowledge exchange showcasing the latest technologies in mining across the Middle East, Africa, and South Asia.

#7- Middle East Iron & Steel is on its second day and will continue till tomorrow at Madinat Jumeirah Conference Center. The event brings together over 1.3k international senior executives to discuss the latest trends in the steel and iron industry.

#8- Dubai Future Forum kicks off today and will be ongoing till tomorrow at the Museum of the Future, bringing together policymakers, technologists, and futurists to explore long-term trends shaping the region, from AI to proactive medicine, and urban resilience. Some 100 innovative projects from students, graduates, and professors from global universities will be showcased, with five projects set to be chosen for support to prepare them for real-world application.

HAPPENING THIS WEEK-

#1- The Investment and Business Summit kicks off tomorrow and runs till Thursday, 20 November at Al Hamra International Exhibition and Convention Center in Ras Al Khaimah, gathering investors, industry leaders, and government representatives to discuss investment prospects in Ras al Khaimah, with a focus on manufacturing, tourism and hospitality, real estate and infrastructure, and investment and finance.

#2- The Sharjah International Travel and Tourism Forum takes place tomorrow at Al Jawaher Reception and Convention Center. The forum will gather senior government officials, international experts, and tourism, travel, and tech industry players to explore future trends in the tourism sector.

THE BIG STORY ABROAD-

The Epstein files are still taking Washington, DC by storm, pushing even US President Trump to walk back his earlier stance and call for Republicans to release the full stack of documents to the public. Trump’s call comes amid wide defection in the ranks of the House’s Republicans who were poised to vote in favor of a bill to release the files.

The heat is intensifying against names mentioned in the batch released days before, with former US Treasury secretary and ex-Harvard president Larry Summers announcing yesterday he’ll step back from public commitments to take responsibility for his “misguided” actions. (Financial Times | CNBC | CNN)

CLOSER TO HOME- The UN Security Council passed a resolution endorsing Trump’s 20-point ceasefire plan for Gaza, authorizing an international stabilization force in the enclave to demilitarize and destroy military infrastructure, and calling for a “Board of Peace” to govern Gaza in a transitional period and oversee reconstruction and economic recovery.

Hamas rejected the resolution, saying it “does not meet the level” of Palestinian political and humanitarian demand, and “imposes a mechanism to achieve the occupation’s objectives.” (Associated Press | Washington Post | Reuters)

ALSO WORTH NOTING THIS MORNING-

Amazon will raise USD 15 bn in its first USD-denominated bond offering in three years to fund AI infrastructure expansion. (Reuters)
Bangladesh’s ousted PM Sheikh Hasina was sentenced to death, following a trial in absentia over protests crackdown. (BBC)

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MARKET WATCH-

Most analysts don’t see Opec+ making supply cuts next year: Almost two-thirds of the 25 brokers and analysts surveyed by Bloomberg expect Opec+ to hold production steady in 2026, with fewer than a third anticipating any move to reduce supply. Only eight respondents expect fresh curbs next year, while 12 see no cuts at all, and the remainder say a policy shift is unlikely unless the market suffers a severe downturn.

Only a significant dip in demand and a drop in crude prices to USD 50 / bbl could push the group back into active market management, senior analyst at Eurasia Group Greg Brew told the business news information service.

Non-Opec supply growth could also stall as early as next year, potentially strengthening Opec+’s position by late 2026, Bloomberg cites BP’s CEO Murray Auchincloss as saying. That could help validate the group’s shift toward protecting market share, especially as the IEA continues to forecast demand growth for longer than previously expected.

Not everyone agrees on the size of next year’s surplus: Goldman Sachs and HSBC expect a smaller surplus than the IEA projects, noting that excess barrels may continue to be absorbed by China as it tops up its strategic reserves, the outlet said.

Middle East producers are also finding a lifeline in China and India, which have absorbed surplus barrels that briefly pushed the region into oversupply earlier this month, Bloomberg reports separately, citing traders. Cargoes that were sitting without buyers — including volumes from the UAE — have now cleared, easing concerns about a buildup of unsold shipments. Chinese refiners took several cargoes, while Indian processors marginally increased purchases through a run of tenders.

While buying has kept Middle East grades relatively supported versus other regions, pricing remains under pressure. Benchmarks including Oman, Upper Zakum, and Murban continued to trade at lower differentials to Dubai as the month progressed, Bloomberg said, citing General Index data.

Dubai Airshow day 1 wrap-up: Emirates makes USD 38 bn Boeing order, plans Starlink rollout + Edge, Ammroc, and Tawazun eye international defense cooperation

Dubai Airshow kicked off yesterday with a bang, with Emirates locking in a massive USD 38 bn order of Boeing aircraft, as well as an agreement to roll out Starlink’s satellite internet across its fleet, Flydubai securing an order of engines, and Tawazun and Edge Group making headway with local and international cooperation agreements.

EMIRATES + FLYDUBAI-

Dubai’s flagship carrier Emirates is acquiring 65 jets of Boeing’s 777-9 model for USD 38 bn, according to a statement. Boeing will start making deliveries on the order starting 2Q 2027, Emirates Chairman Ahmed Saeed Al Maktoum said. The order will be powered by GE Aerospace’s GE9X engines, with Emirates locking in an agreement for 130 units — bringing its orderbook of this engine model to 540 units in total.

Firing up Emirates’ orderbook: Already boasting a 269-jet fleet, the carrier now has a total orderbook of 367 jets — encompassing 315 widebody models from Boeing (including this order) and 52 Airbus A350-900s.

The move also supports Boeing’s feasibility study to develop its new 777-10 model — a larger version of its current 777X family — with Emirates signing up for options to convert its latest 777-9 order into the awaited 777-10 or the 777-8, Al Maktoum added.

Emirates will begin receiving deliveries of 777-9s starting 2Q 2027, Emirates said. Boeing has been facing certification delays for its latest jet putting it seven years behind schedule on deliveries. Emirates President Tim Clark has been vocal about the inconvenience the late deliveries have caused, as they pushed the company to invest in a costly retrofit program to extend the lifespan of its current fleet.

REMEMBER- Airbus is also in the ring for an Emirates order: Airbus has also been linked to talks with Emirates for the purchase of its A350 model, despite Emirates President Tim Clark’s earlier criticism of Airbus’ engines.

ALSO FROM EMIRATES- Faster Internet for all? Emirates will equip all 232 aircraft in its in-service widebody fleet with SpaceX’s Starlink satellite internet, beginning with Boeing 777s this month and completing the rollout by mid-2027, according to Dubai Media Office. This is the first official confirmation of the agreement after months of talks we first reported back in May, when Emirates was still navigating certification and regulatory hurdles.

What’s planned: The airline will install two antennas on each 777 and three on each A380 — an industry first — and aims to retrofit about 14 aircraft each month with Starlink. The upgrade will enable high-speed connectivity across all cabins and position Emirates to operate the largest international widebody fleet with Starlink installed.

Dubai budget carrier flydubai tapped GE Aerospace for an order of 60 GEnx-1B engines — set to power the airline’s first widebody fleet ordered back in 2023, according to a statement. The terms of the agreement include spare engines and long-term service contracts to support flydubai’s launch of long-haul operations.

More to come from the budget airline? Flydubai is expected to announce an order consisting of 200 narrow-body planes, with an option for 100 more sometime during the event. Separate reports from Bloomberg and Reuters suggest that Airbus and Boeing are both in the lead to land the majority of the order.

EDGE, AMMROC, AND TAWAZUN-

#1- Edge and Indra move into European smart weapons: State-owned defense firm Edge Group and Spanish defense systems company Indra Sistemas have signed an MoU to establish a joint venture in Spain focused on developing and manufacturing loitering munitions and smart weapons for Spanish, European, and select international markets, according to a press release (pdf).

REMEMBER- The move builds on an existing Edge-Indra partnership, announced in March 2024 and launched that same year in December, for radar system development. Later in February, Edge Group’s naval arm Abu Dhabi Ship Building inked an agreement with Indra to integrate radar, communications electronic support, and counter-unmanned aerial systems into ADSB’s vessels.

#2- Ammroc and Boeing partner: The UAE’s dedicated military aviation maintenance, repair, and overhaul (MRO) provider Ammroc and Boeing have inked an MoU to scope out joint work on CH-47 component MRO, Wam reports. The MoU lays out a framework to evaluate potential MRO work for selected CH-47 helicopter parts — including hydraulics, landing gear, electrical and drive-system components — subject to US State Department export approvals. The exploratory framework leaves space for a formal agreement later.

#3- UAE defense and security authority Tawazun inked AED 3.8 bn agreements on behalf of the Defense Ministry during the Airshow, with six local contracts worth AED 3 bn and two international contracts totalling AED 725 mn, Wam reports.The breakdown:

UAE-based air navigation firm Global Air Navigation Services (GANS) secured the largest contract, with AED 1.3 bn for air navigation services and specialized manpower;
Abu Dhabi’s Global Aerospace Logistics (GAL) was awarded AED 600 mn for follow-on support, spares and technical services;
International Golden Group (IGG) landed two contracts: AED 415 mn for aircraft support and AED 299 mn to manufacture airdrop parachutes;
Maximus Air received AED 293 mn to rent aircraft, while Abu Dhabi Shipping Agency secured AED 137 mn under a similar structure.

International contracts added AED 725 mn: Airbus Helicopters signed an AED 512 mn agreement for HCare support services for the helicopter fleet, while Brazilian aerospace company Embraer secured a AED 212 mn contract to produce VIP aircraft for the Defense Ministry.

Tawazun also partnered with Russian state arms exporters Rosoboronexport, to expand cooperation in defense and security industries, Wam reported. The MoU aims to strengthen industrial participation, share expertise in defense production, and identify possible collaboration across R&D, technology transfer, and supply chains.

Adia pulls trigger on partial Ooreedoo stake sale

Adia goes ahead with partial Ooredoo stake sale: The Abu Dhabi Investment Authority (Adia) has formally kicked off a secondary global offering of 160.5 mn shares in Qatari telecom operator Ooredoo, equal to 5.01% of the company and roughly half of Adia’s 10% stake in the firm, according to a press release (pdf). News of the potential share sale first came out earlier this week.

Shares are being marketed at QAR 12.40-13.00, setting it up to raise up to QAR 2.1 bn (USD 572 mn), and if fully covered, could see Adia’s stake be reduced to 4.99%.

Timeline: The bookbuild kicks off today and closes tomorrow, with acceleration possible at Adia’s discretion, and shares expected to first start trading on Thursday.

Who can take part? The offering is open to institutional investors outside of the US, as well as to certain qualified institutional buyers within the US, and to qualified investors in Qatar. Ooredoo is also floating the possibility of talks with institutional investors ahead of subscription closing.

ADVISORS- Our friends at HSBC are joint bookrunners alongside Citigroup and QNB Capital.

The move is the latest in a divestment drive, with Adia exiting a US student housing portfolio for USD 1 bn recently, its 70% stake in Singapore’s PLQ Mall, its holding in French car-leasing firm Ayvens, as well as reducing its ownership of Swiss skincare firm Galderma. At the same time, it has been showing more interest in investing in IPOs in India and hedge funds.

One divestment agreement is not going through, though: Abu Dhabi Investment Authority’s (Adia) subsidiary Infinity Investments will not be selling its 24.99% stake in in Vier Gas Holdings, the owner of German gas transmission operator Open Grid Europe (OGE), to energy infrastructure firm Snam, after the two terminated their EUR 920 mn agreement, according to a press release (pdf).

What happened? The agreement was dependent on Snam securing FDI approval from German regulators. Authorities later concluded the commitments offered by Snam did not adequately address their requirements, effectively blocking the transaction.

Arada acquires 80% of AED 12.3 bn Thameside West project in its second major London buy this year

Sharjah-based Arada acquired an 80% stake in London’s Thameside West development, a 2 mn sq ft project valued at AED 12 bn (USD 3.3 bn), according to a statement. The move marks its second major UK acquisition this year, following its September purchase of a 75% stake in British developer Regal for AED 2.5 bn.

What Arada is buying: Thameside West, located on the Royal Docks waterfront, is slated to deliver at least 5k homes, with 35% set aside as affordable housing. The planned mixed-use community will also include schools and retail facilities. The site spans the longest undeveloped riverfront in central London — half of which is earmarked for green and public spaces — and sits within a web of rail, air, river, and cable car transport links. Arada is looking to work with local authorities to build a new London metro station at the site, the statement said.

Funding: Arada will earmark as much as USD 427.7 mn for the takeover — with the funds coming primarily from the firm’s equity pools — with plans to also tap banks for debt financing, CEO Ahmed Alkhoshaibi told The National. The land acquisition is going to set the firm back GBP 225 mn, with most of that coming from its own coffers, and banks in the UAE set to finance a separate GBP 100 mn it will need for the acquisition.

Who’s involved? British architecture firm Foster + Partners is the master planner for the development. Arada acquired the 80% stake from Keystone, a Swiss-based family office focusing on private equity and real estate, and will work on the project with GLA Land and Property, a public British property development and investment body.

Pipeline impact: The transaction takes Arada’s UK pipeline to 15k homes, after Regal brought in 11 projects with a 10k-unit pipeline, rebranded as Arada London. Thameside West’s first 1k-unit phase is expected to break ground in 2027, pending planning approvals. Development will come in five phases, aiming to wrap up in 2029.

The local scene: London’s real estate is in somewhat of a slump currently, with more stringent regulation and tax uncertainty meaning that by 2027 only 15-20k homes will be under construction — down from almost 65k in 2020, Bloomberg reports. Despite this, Arada is confident, with Alkhoshaibi citing underlying demand and a network of GCC buyers likely to pick up the slack from potentially dampened local interest, as the project targets middle-income buyers.

More expansion ahead…: Arada aims to scale its London portfolio to 30k units within three years. The company has also said it is considering an IPO by 2028 and looking to expand into Saudi Arabia by next June.

The story also got ink from Reuters.

IN OTHER M&A NEWS-

M42 takes full control of UEMedical: Mubadala-backed healthtech firm M42 will acquire 100% of United Eastern Medical Services (UEMedical) by taking over the 26.67% stake of Abu Dhabi-based PE firm Olive Rock Partners (ORP) for an undisclosed sum, according to a press release. As part of the transaction, ORP will fully own HealthPlus IVF and Women’s Health Abu Dhabi.

IN CONTEXT- UEMedical is part of Mubadala Heath and its portfolio includes Danat Al Emarat Hospital, Moorfields Eye Hospital Abu Dhabi, and the HealthPlus network

RedBird pulls GBP 500 mn offer for UK’s Telegraph

RedBird scraps bid for the Telegraph in the latest in a multi-year saga: US-based RedBird Capital Partners withdrew its GBP 500 mn bid for The Telegraph newspaper after it had formally requested approval for the acquisition last month from the British government following months of scrutiny, Reuters reports, citing people it says are close to the matter. The new bid was waiting for final regulatory approval.

Why? The US-based investment firm is said to have walked away before regulators completed their review, with sources saying both opposition from the Telegraph’s newsroom and a slow-moving clearance process raised doubts over the transaction’s feasibility and timeline.

ICYMI- The proposal had been restructured earlier this year to comply with updated UK media-ownership rules, which now allow foreign state-backed investors to hold up to 15%. Under that model, Abu Dhabi-linked IMI was set to take a small minority stake within RedBird’s bid, capped at 15% under the new regulations, rather than a majority stake through an original bid from its JV with RedBird Capital.

Back to square one: The withdrawal leaves the Telegraph’s sale unresolved for more than two years, with no final regulatory ruling issued and no remaining approved bidders in the process, although one source said RedBird’s founder Gerry Cardinale could restart talks as part of a consortium with other possible investors.

The move could also leave Telegraph debt-ridden, as the GBP 500 mn loan agreement offered by Redbird and IMI was contingent on a sale, the Telegraph said. If no sale occurs, the debt would land on its balance sheet.

CBUAE appoints new assistant governors

CBUAE leadership expanded with four new assistant governors: UAE President Mohamed bin Zayed Al Nahyan appointed four assistant governors at the Central Bank of the UAE (CBUAE) for the first time, state news agency Wam reports.

The new appointments:

Ahmed Al Qamzi was tapped as assistant governor for banking and ins. supervision;
Ibraheem Al Hashemi (LinkedIn) as assistant governor for the executive office and secretary general of the board of directors;
Fatma Al Jabri (LinkedIn) as assistant governor for financial crime, market conduct, and consumer protection;
Saif Al Dhaheri (LinkedIn) will be assistant governor for banking operations and support services.

Dar + Trump partner to develop and tokenize hotel in Maldives

REAL ESTATE-

Dar Global, Trump Organization partner to tokenize hotel project: Dar Global, the Dubai-based luxury developer and international arm of Saudi Dar Al Arkan, is partnering with the Trump Organization to build an 80-villa Trump International Hotel Maldives, in what they say is the world’s first tokenized hotel development project, according to a press release. The resort, located 25 minutes by speedboat from the capital Malé, is slated to open by end-2028, and marks the Trump brand’s entry to Maldives.

SOUND SMART- Tokenization typically allows real assets to be divided into digital shares using blockchain technology, enabling investors to purchase fractional exposure via tokens. In this case, the token structure applies to the development stage rather than a completed property, according to Bloomberg.

REMEMBER- Dar Global is already working with the Trump Organization on a series of projects across the Gulf, including the Trump Towers in Dubai and Jeddah.

STARTUPS-

UAE-based, women-focused healthtech platform Nabta Health secured USD 2 mn in a pre-series A funding round, bringing its total to USD 4.5 mn, according to a press release. Nabta will use the capital to work with new partners, expand its testing and diagnostic offerings, and boost clinical infrastructure by collaborating with local hospitals.

About Nabta: Founded in 2017 by Sophie Smith (LinkedIn), the platform focuses on healthcare solutions for women’s health, including menstrual health, pregnancy, postpartum care, and PCOS. Operating on a hybrid model, the platform combines digital, at-home, and in-clinic care services for customers.

BUSINESS-

#1- DMCC rolls out a new center for luxury product market: Dubai Multi Commodities Center (DMCC) has launched DMCC Luxury Innovation Center (DLIC) in partnership with global research hub OriginalLuxury, according to a press release. The center is located in Almas Tower — also home to Dubai Diamond Exchange — and will focus on working with players in the gold and precious metals and stones sectors, from luxury brands to tech firms. DLIC’s offerings are set to include authentication tools, AI-powered tracing systems, licensing solutions, as well as networking sessions and workshops.

ICYMI- The DMCC is expanding its international business district, drawing in international companies across key markets and welcoming roughly 1.1k new firms in 1H 2025. Currently, some 1.5k firms in the gold and precious metals sector, along with 1.4k in diamonds and precious stones, are part of DMCC.

#2- Demeter Tactical Investment opens ADGM office: US-based investment advisory firm Demeter Tactical Investments launched its UAE office in the Abu Dhabi Global Market (ADGM), after securing a permit, according to a press release. John Hensel (LinkedIn) will lead the new office as senior executive officer and senior vice president of Middle East markets.

SUSTAINABILITY-

#1- Taqa + Sdeira Group partner on major retrofit project: Taqa Energy Services, a subsidiary of Abu Dhabi National Energy Company (Taqa), inked an agreement with AD Ports subsidiary Sdeira Group to develop one of the largest retrofit projects enhancing energy and water efficiency in Abu Dhabi, according to a press release.

The details: The project will retrofit Aryam ICAD Residential City in Abu Dhabi’s Mussafah industrial district over 14 months, modernize heating, ventilation, and air conditioning systems, and implement energy and water monitoring and management systems. Annually, It is expected to cut 17k tons of CO2 emissions, save 36 GW hours of electricity consumption, and reduce water usage by over 616k cbm.

#2- EtihadWE and EPointZero explore energy collaboration in northern emirates: Etihad Water and Electricity (EtihadWE) has partnered with IHC-owned energy platform EPointZero, 2PointZero’s energy platform, to explore gas, renewables, and storage projects across the northern emirates, according to a press release.

A closer look: The agreement will see the two explore possible sites, investment models, and financing structures for projects, as well as conduct feasibility studies and due diligence ahead of any formal project launches or agreements. EtihadWE’s infrastructure arm — Emirates Utilities Development Company — will lead project development.

REMEMBER- In its efforts to improve sustainability and efficiency in the northern emirates, EtihadWE announced in October it is installing smart water meters across homes in the region to reduce leakages and boost efficiency.

#3- Noatum Maritime partners with Siemens + GPT on offshore energy projects: Noatum Maritime, a subsidiary of AD Ports Group, inked an agreement with Siemens Energy and Green Parrot Tech (GPT) to explore investments in the offshore renewable energy sector, according to a press release. Under the agreement, the firms will collaborate on comprehensive, cost-efficient solutions for renewable energy developers to support emission reduction targets. They will also explore initiatives in floating power plants and regasification units.

HEALTHCARE-

Dubai-based hospital, clinic, and pharma operator Aster DM Healthcare has secured AED 265 mn in financing from EmiratesDevelopmentBank to build two new multi-speciality hospitals in Dubai, with scope for additional upsizing to support further expansion, according to a press release.

Where will the money go? The facilities will add 250+ beds and capacity to treat more than 560k patients a year. The new sites — due to break ground in 2026 — will house over 675 clinicians once fully commissioned.

REMEMBER- Aster DM Healthcare has been expanding in the Gulf: The firm finalized the separation of its Gulf and India business units last year, selling stakes in each unit to expand in both regions under independent entities.

AVIATION-

Abu Dhabi Aviation, MLG partner on eVTOL rollout: Abu Dhabi Aviation Group and Advanced Mobility Hub, a Multi Level Group (MLG) unit, signed an MoU to develop advanced air mobility projects in the UAE, including passenger and cargo operations using electric vertical take-off and landing (eVTOL) aircraft, according to an ADX disclosure (pdf). The partnership covers vertiport development, training programs, and R&D to localize technology and build national expertise.

Meanwhile, the Abu Dhabi Investment Office (ADIO) and Abu Dhabi-based Global Air Navigation Services (GANS) signed an MoU to accelerate advanced air mobility and modernize the emirate’s airspace, according to a press release. Announced at DRIFTx 2025, the collaboration will see the two firms work on airspace design and management, regulatory readiness, and technical integration of emerging mobility technologies like drones and eVTOLs.

The initiatives align with Abu Dhabi’s wider autonomous mobility push. The emirate is already testing fully driverless robotaxis, piloting autonomous delivery vehicles in Masdar City, preparing to certify air taxis by 3Q 2026, and has more than 10 vertiports in the pipeline. The Abu Dhabi Investment Office also partnered with Aridge to fast-track flying-car testing and certification.

Abu Dhabi Aviation Abu Dhabi Investment Office AD Ports AD Ports Group ADGM ALSO ON OUR RADAR Aster DM Healthcare Aviation Donald Trump Dubai Multi Commodities Center Dubai Multi Commodities Centre Emirates Development Bank energy gold Healthcare healthtech logistics Mobility Real estate sustainability Taqa

8

PLANET FINANCE

BTC sinks below USD 92k as traders brace for a deeper slide

BTC plunged below USD 91.5k on Monday, wiping out all its gains for the year, writes Bloomberg. Options traders are bracing for more losses, loading up on downside bets that suggest they think the slide is far from over.

Traders are paying up to protect against a deeper drop: Demand for put options has surged at the USD 90k, 85k, and 80k price marks, particularly in contracts expiring later this month. More than USD 740 mn of options betting on further declines into late November have changed hands in just a few weeks, far outpacing demand for bullish calls.

Balance-sheet “BTC plays” are under pressure: The sell-off has been especially painful for listed companies that piled into BTC earlier this year to market themselves as “crypto-treasury” stocks.

Fear is now the dominant emotion: A sentiment gauge compiled by CoinMarketCap — tracking price momentum, volatility, derivatives, and other indicators — now shows crypto investors stuck in “extreme fear.” The mood is being dragged down not just by BTC’s slide, but by a broader risk-off turn across global markets. “I think the Fed and AI bubble talk are two major headwinds for crypto and risk assets heading into the end of the year,” said Kaiko research analyst Adam McCarthy. “The AI risk is likely compounding and affecting risk sentiment in crypto, adding that to the chatter from FOMC officials, you’re looking at a sustained downtrend for BTC.”

Macro jitters, not a structural crack: Despite the brutal drawdown, some in the industry argue this is more about global risk sentiment than a new existential crisis for crypto. “That riskoff tone spills into crypto markets, where sentiment remains fragile — the latest drawdown reflects broader macro jitters rather than structural flaws,” said Kraken global economist Thomas Perfumo.

MARKETS THIS MORNING-

Asian markets are in the red in early trading this morning, with Japan’s Nikkei inching down 1.9%, the Kospi down 1.8%, and the Hang Seng down 1.1%.

ADX	9,911	-0.1% (YTD: +5.2%)
DFM	5,958	+0.1% (YTD: +15.5%)
Nasdaq Dubai UAE20	4,744	-0.5% (YTD: +13.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.9% o/n	3.9% 1 yr
Tadawul	11,051	0.0% (YTD: -8.2%)
EGX30	41,066	-0.4% (YTD: +38.1%)
S&P 500	6,672	-0.9% (YTD: +13.4%)
FTSE 100	9,675	-0.2% (YTD: +18.4%)
Euro Stoxx 50	5,641	-0.9% (YTD: +15.2%)
Brent crude	USD 63.98	-0.3%
Natural gas (Nymex)	USD 4.34	-0.6%
Gold	USD 4,039	-0.9%
BTC	USD 91,376	-4.0% (YTD: -1.8%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.79	0.0% (YTD: +8.8%)
S&P MENA Bond & Sukuk	151.92	0.0% (YTD: +8.6%)
VIX (Volatility Index)	22.38	+12.9% (YTD: +29.0%)

THE CLOSING BELL-

The DFM rose 0.1% yesterday on turnover of AED 668.5 mn. The index is up 15.5% YTD.

In the green: Ekttitab Holding Company (+14.9%), Al Firdous Holdings (+14.8%) and Ithmaar Holding (+11.2%).

In the red: Agility The Public Warehousing Company (-5.3%), Chimera S&P UAE UCITS ETF - Share Class A - Accumulating (-5.1%) and Dubai Refreshment Company (-5.0%).

Over on the ADX, the index fell 0.1% on turnover of AED 1.8 bn. Meanwhile, Nasdaq Dubai was down 0.5%.

CALENDAR

NOVEMBER

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

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.

17 -19 November (Monday-Wednesday): Middle East Iron and Steel Conference, Dubai

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 in 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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