IMF raises Abu Dhabi’s GDP growth forecast to 6%

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Incentives for hotels in Dubai South, Palm Jebel Ali, and more + AED-denominated physically deliverable gold contracts coming?

Good morning, lovely people, and happy hump day. We have a busy issue for you this morning, led by great news for Abu Dhabi, which saw its growth forecast upgraded to 6% by the IMF, as oil hikes and non-oil momentum continue to boost growth prospects.

In M&A news, the Abu Dhabi Investment Authority is taking a significant minority stake in Hologic as part of a USD 18.3 bn buyout led by Blackstone and TPG. And in debt news, Property Finder is getting a USD 250 mn loan from US-based Ares Management.

ALSO- Foreign investors are still loving GCC stocks — with UAE equities topping the list in the region in terms of YTD inflows.

AND- There’s good news for both hotel investors and SMEs in the National SME Program, who are both seeing significant fee reductions. We have everything you need to know about this — and more — in the news well, below.

WEATHER- Dubai will see a high of 37°C and an overnight low of 27°C today, while Abu Dhabi will see a high of 36°C and a low of 25°C, according to our favorite weather app.

WATCH THIS SPACE-

#1- International Holding Company’s (IHC) board signed off on Multiply Group’sproposedshare-swap acquisition of its subsidiaries Ghitha Holding and 2PointZero Holding, it said in a filing (pdf) to the ADX. The transaction, which is still pending shareholder and regulatory approval, will consolidate all three IHC subsidiaries under Multiply, creating one of the emirate’s most diversified listed investment groups.

REFRESHER- The combined entity would have around AED 120 bn in assets across 85 countries, spanning energy, food, logistics, packaging, mining, apparel, media, mobility and beauty, with the aim of serving 1 bn people globally.

What we know: Multiply will issue 1.8 bn shares to IHC in exchange for its shares in Ghitha, and another 12.7 bn shares for 2PointZero, the statement reads. Multiply had previously said that the transaction will see Multiply Group issue approximately 23.36 bn new shares to acquire 2PointZero and Ghitha Holding, increasing its share capital from AED 2.8 bn to AED 8.64 bn, with the merged entity comprising 34.56 bn shares.

What’s next? Shareholders will vote on the transaction on Wednesday, 12 November, when IHC holds its general assembly to approve the merger and a related amendment granting the board broader powers to execute financing and credit arrangements without prior shareholder consent.

#2- New incentives for hotels in new Dubai areas: New hotels, resorts, and hotel apartments in Dubai South, Palm Jebel Ali, Dubai Parks, and Dubai Islands will be eligible for a reimbursement of a 7% municipal fee and tourism AED fees for its first two years of operations, under a new incentive package by the Dubai Department of Economy and Tourism, according to a statement. The tourism AED fee ranges between AED 7 and 20 per room, per night, depending on the hotel’s star rating. It will only apply to hotels registered as of the introduction of the initiative.

The move aims to encourage investments in emerging areas in the emirate, as Dubai continues to build out residential offerings and infrastructure to meet rising demand.

#3- The Dubai Gold & Commodities Exchange (DGCX) is moving ahead with plans for an AED-denominated physically deliverable gold contract, as part of a wider strategy to deepen AED liquidity and strengthen the UAE’s role in global precious-metals trade, Ahmed Bin Sulayem, CEO and chairman of the Dubai Multi Commodities Center (DMCC), which oversees DGCX, said in a column for Khaleej Times. The proposal, which is currency pending approval from the Central Bank of the UAE and the Securities and Commodities Authority, will offer spot and monthly futures extending up to 12 months.

Expect round the clock trading: DGCX and its clearing arm plan to extend trading time to 24 hours to overlap with major global markets, from Hong Kong to New York, while introducing same-day settlement for physical trades. Contracts will continue to clear through DMCC-approved vaults as part of efforts to improve efficiency and global market access.

The move comes as DMCC positions itself for a new era of trade, backed by federal-level regulatory endorsement, rising global gold demand, and AI-driven clearing systems, Bin Sulayem said separately. DGCX is eyeing a daily benchmark gold price compliant with IOSCO principles, giving regional traders a transparent reference similar to London and Shanghai.

#4- Sukuk reform not enough to secure higher Fitch ratings for sukuk: The UAE’s new sale of rights rule (pdf) to strengthen investor protection in sukuk defaults is not enough to prompt higher ratings for unsecured sukuk from Fitch Ratings, Fitch’s global head of Islamic finance, Bashar Al Natoor, is quoted as saying by Bloomberg.

Refresher: The Higher Shariah Authority introduced the measure in May, allowing trustees to take ownership of underlying assets if issuers default, which is aimed at giving investors firmer recovery rights.

Yes, but: The new framework still lacks the regulatory clarity needed to justify higher ratings, though Fitch may revisit its stance if future rulings clarify enforcement, Al Natoor said.

Still a hit at home:. According to Bloomberg, the move has since gained popularity across the region with issuers in Saudi Arabia, Kuwait, and Oman also adding clauses that authorize trustees to register asset titles upon default.

DATA POINTS-

#1- Dubai climbs global city rankings amid AI-led urban shift: Dubai soared 19 places to rank 25th in the Global Cities Outlook category in consulting firm Kearney’s 2025 Global Cities Report. The category measures how forward-looking a city is, taking into account innovation, economics, well-being, and governance when determining future prospects. The emirate ranked 23rd in the overall Global Cities Index.

Behind the rise: Dubai’s proactive immigration policies, which seek to attract talent in emerging sectors like AI and blockchain, combined with a favorable tax environment and high quality of life, have helped to draw in global professionals. Schemes like the long-term golden visa program are helping to snap up specialists seeking alternatives as US immigration policy tightens.

#2- Fewer UAE employees are negotiating pay raises: Some 43% of employees in the UAE negotiated salary increases in the past year, down from 49% a year earlier, according to Michael Page’s UAE 2026 Salary Guide. A larger talent pool and increased competition have enabled employers to benchmark the salaries they offer.

59% of UAE employees cite salary as the most important decision factor for jobs, despite the slowdown in salary negotiations, and 80% rank it among their top five priorities. Still, 52% are satisfied with their current pay, though two-thirds remain open to changing jobs in 2026 as they start to prioritize their work-life balance and career path, Michael Page's Middle East Managing Director Jon Ede told Khaleej Times.

#3- F&B firms in Abu Dhabi up 42.2% in 1H: The Abu Dhabi Chamber of Commerce and Industry (ADCCI) saw memberships from firms in the food and beverage sector rise 42.2% y-o-y in 1H 2025, according to a press release. Active memberships stood at 24.6k at the end of 3Q, and SMEs currently account for 98% of food and beverage firms registered with ADCCI.

PSAs-

#1- Abu Dhabi’s Department of Municipalities and Transport (DMT) has opened Al Ain’s revamped Zakher Intersection — connecting Falaj Hazza in the east to Zakher in the west, according to a statement. The project, valued at AED 185 mn, has transformed the roundabout into a traffic light-controlled intersection, with the development of a three-lane 900 m tunnel in each direction, passing underneath Hazza bin Sultan.

#2- The Natural History Museum in Abu Dhabi will open its doors on Saturday, 22 November at the Saadiyat Cultural District, according to the Abu Dhabi Media Office. Spanning 35k sqm, the museum is set to be the largest of its kind in the region, guiding visitors through 13.8 bn years of history. Key exhibits include Stan, a Tyrannosaurus rex skeleton, and a 7 bn-year-old Murchison meteorite.

HAPPENING TODAY-

#1- Global Food Week is running until Thursday 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 until Thursday 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 Reuters NEXT Gulf Summit is happening today at The St. Regis Saadiyat Island Resort in Abu Dhabi. The summit will bring together regional and global leaders and firms to discuss challenges and prospects facing Gulf economies in areas including geopolitics, banking and financing, and AI and technology.

#4- The Alternative Investment Summit is on today and tomorrow 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.

#5- The World Investment Conference and Sharjah Investment Forum are kicking off today and will 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.

HAPPENING TOMORROW-

S&P Global’s annual Islamic Finance Conference is happening tomorrow 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-

It’s a busy morning in the international business press, while a Russia-Ukraine ceasefire looks further from reach after Russia rejected US President Donald Trump’s ceasefire proposal, and a planned Russia-US summit in Budapest was shelved. (New York Times | Reuters)

The biggest business headlines:

#1- Gold broke its record rally after seeing its steepest drop in years, as investors began to buy the dip in a rare pullback this year against the backdrop of a strengthening USD and easing trade tensions between China and the US. Spot gold fell 6% to USD 4.1k, after the precious metal climbed 28% YTD, with analysts now questioning whether this could mark the end of the metal’s brilliant run and the start of a correction cycle. (Financial Times | Reuters)

#2- OpenAI launched its own competitor to Google’s search engine, Atlas, built around ChatGPT, sending shares of Google’s parent Alphabet down 1.8% yesterday and intensifying competition between the two tech giants. (Reuters | Bloomberg | Financial Times | Guardian)

#3- Netflix’s shares also took a hit, falling more than 5% after missing its third-quarter earnings target due to a hefty tax expense in Brazil. (Reuters | CNBC | FT | Wall Street Journal)

#4- In M&A news, Warner Bros rejected a c. USD 60 bn bid from Paramount Skydance, though it is open to selling its assets, with interested parties including Netflix and Comcast. (WSJ | Reuters | FT)

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IMF raises Abu Dhabi’s GDP growth forecast to 6%

The International Monetary Fund (IMF) now expects Abu Dhabi’s GDP to grow at a 6% clip this year, up from 4.2% earlier in May, and faster than Dubai’s 3.4% growth, state news agency Wam quotes IMF’s director for the Middle East, North Africa and Central Asia Jihad Azour as saying at a presser yesterday. Dubai’s forecast was also raised by 0.1%.

Abu Dhabi in particular benefits from increased oil production following the unwinding of Opec+’s supply cuts, alongside strong non-oil momentum from both services and real estate sectors, Azour said.

REMEMBER- The IMF expects the UAE’s economy to grow 4.8%in 2025, up from its 4% forecast in April, placing the UAE among the region’s fastest-growing economies this year. This comes as Opec+ members continue to unwind earlier oil cuts, and earlier this month agreeing to add a total of 137k bbl / d to production again next month, after approving the same additional number of barrels for October.

THE REGIONAL OUTLOOK-

The MENA region’s outlook was revised upward by 0.1 percentage points from July’s forecast to 3.3% in 2025, while the projection for next year’s growth was also revised upward by 0.3 percentage points to 3.7%. The fund now expects the region's GDP to remain broadly steady over the medium term.

“Economic activity in the Middle East and North Africa has shown remarkable resilience, despite persistent global uncertainty and heightened geopolitical tensions. The region has largely avoided direct fallout from higher US tariffs and global trade restrictions. And while recent tensions have raised concern, their impact has been limited and short-lived,” Azour said in a press briefing (pdf).

The GCC is expected to grow 3.9% this year, up by 0.9 percentage points from the fund’s last forecast, and significantly higher than the 2.2% growth achieved in 2024. This uptick is mainly driven by the accelerated phasing out of OPEC+ production cuts and robust expansion in non-oil sectors. Growth for 2026 was also upgraded by 0.2 percentage points from the previous forecast to 4.3%.

Beyond oil revenues, diversification efforts across the GCC are gaining momentum, with non-oil sectors participating significantly in sustaining growth and job creation, Azour said during the press briefing.

Adia joins USD 18.3 bn Hologic buyout

Adia takes minority stake in USD 18.3 bn Hologic buyout: The Abu Dhabi Investment Authority (Adia) and Singapore’s GIC will join Blackstone and TPG as significant minority investors in the USD 18.3 bn acquisition of US-based women’s health firm Hologic, according to a company statement. The transaction, which includes debt, is the largest in the medical devices sector in nearly two decades.

The details: Under the agreement, Hologic shareholders will receive USD 76 per share in banknotes plus a USD 3 contingent value right, tied to revenue goals for its breast health business in 2026-2027. This marks a 6% premium to its last closing price. It will also receive debt financing from Citi, Bank of America, Barclays, Bank of Canada, and Sumitomo Mitsui Banking.

Second time’s the charm? Hologic had previously rejected a USD 16 bn takeover by Blackstone and TPG earlier this year.

Timeline: The transaction — approved by Hologic’s board — includes a 45-day go-shop period for the health firm to seek other takeover agreements, though if this one goes through, the agreement could close in 1H 2026, pending shareholder and regulatory approval.

Once complete, Hologic will be delisted from Nasdaq but retain its name and Massachusetts headquarters. The firms plan to accelerate research, pursue acquisitions and develop products, Reuters quotes people familiar with the matter as saying.

REMEMBER- Adia and Blackstone ties run deep: The two previously partnered with Vista Equity to acquire software provider Smartsheet for USD 8.4 bn last year and were in talks for a for a 20% stake in India's Haldiram Snacks valued at USD 1.6 bn before they fell through on valuation differences.

ADVISORS- Goldman Sachs is acting as financial advisor to Hologic, while Wachtell, Lipton, Rosen & Katz is serving as counsel to the Company. Citi is financial advisor for the Blackstone-and-TPG-led consortium, while Kirkland & Ellis is serving as counsel, and Ropes & Gray is serving as healthcare regulatory counsel.

Property Finder secures USD 250 mn debt facility from US-based Ares

California-based Ares Management, through its credit funds, is handing Property Finder a USD 250 mn loan to support its expansion across the GCC, Bloomber g reports, citing statements from Property Finder founder and CEO Michael Lahyani. The move comes a little over a month after London’s Permira and US-based Blackstone Growth invested USD 525 mn into the Dubai-based IPO-hopeful, amid growing global institutional appetite for the UAE’s real estate sector.

REFRESHER- Property Finder already expanded into Qatar, Bahrain, and Egypt and is now eyeing Saudi Arabia and Turkey. The fresh capital will fund that regional push, while the company is also in talks with new equity investors to broaden its shareholder base, and is said to be weighing a potential IPO.

The move adds to a string of GCC-bound facilities from the US: US-based Oaktree Capital Management extended debt to Kuwaiti firm Arzan Investment Management earlier this month, while Goldman Sachs and Brookfield are also committing hundreds of mns to UAE real estate plays, the business news information service wrote.

Foreign inflows into GCC stocks hit USD 4.8 bn in 3Q as Saudi, UAE lead rally

Foreign investors extended their buying streak for GCC equities for the seventh quarter in row, buying up some USD 4.8 bn in stocks during 3Q 2025, up from USD 4.2 bn the previous quarter, according to Kamco Invest’s GCC Trading Activity Quarterly Report (pdf). Cumulative inflows for 9M rose 35.4% y-o-y to USD 11.7 bn, versus USD 8.6 bn a year earlier.

KSA led inflows in 3Q: Saudi Arabia drew the largest share at USD 2.8 bn last quarter, supported by reports of the expected easing of foreign ownership caps in Tadawul-listed companies before year-end, followed by Abu Dhabi (USD 799.7 mn) and Dubai (USD 614.9 mn). Foreign investors recorded consistent net buying in the two regional heavyweights throughout all three months of the quarter.

ELSEWHERE IN THE REGION- Kuwait followed with USD 283.3 mn in equities bought by foreign investors, while Qatar logged USD 267.2 mn. Bahrain saw a modest USD 22.9 mn in 3Q, and Oman remained the only market with net outflows at USD 38.7 mn, extending its selling streak from 2Q.

On a YTD basis, the UAE leads the way in terms of foreign inflows at USD 5.9 bn, followed by Saudi Arabia (USD 4.5 bn) and Kuwait (USD 1.7 bn). Qatar and Bahrain saw smaller net buys of USD 179.9 mn and USD 18.3 mn, while Oman recorded outflows of USD 527.5 mn.

Smaller exchanges drove index growth: The MSCI GCC Index climbed 4.6% q-o-q last quarter to 767.9, its highest reading in three quarters. Oman (+15.1%) led, followed by Kuwait (+4.0%), Saudi (+3.0%), Qatar (+2.8%), Dubai (+2.3%), Abu Dhabi (+0.6%), and Bahrain (+0.2%).

Regional investors are selling: GCC investors (excluding Bahrain) were net sellers of USD 51.2 mn in 3Q, nearly flat from USD 50.5 mn in 2Q. The Kingdom saw net buying of USD 121.8 mn, followed by Qatar (62.6 mn), offset by net selling in UAE, Kuwait, and Oman. Total GCC trading volume rose 15% q-o-q to 108.9 bn shares, led by Kuwait (+38.2%) and Oman (+158.8%).

UAE slashes trademark service fees by 50% for National SME Program members and introduces seven new IP services

UAE halves trademark fees for SMEs: The Economy and Tourism Ministry cut trademark service fees by 50% for companies enrolled in the National SME program, while people of determination are fully exempt, according to a press release. The ministry also introduced new trademark services and updated its fees for filing complaints.

The updates: An infringement complaint filing fee is now set at AED 2.3k, while a grievance by a party whose objection has been dismissed costs AED 7.5k.

The update also adds seven new services, including:

geographical indication registration for AED 6.5k;
one-day trademark extension for AED 2.3k;
complaint against a trademark cancellation for AED 5k;
converting a national mark to an international one for AED 400;
renewing a trademark agent registration for a branch of a foreign firm for AED 7.5k;
filing a grievance against refused registration for AED 5k;
and examination and study of claims for AED 2.3k.

Consolidated pricing for renewals: Renewal in the final year of a protected period costs around AED 5.8k, while renewing six months after expiry will be AED 6.5k. Monitoring and inspection mark renewal is AED 8.3k in the final year, and AED 9.8k if renewed six months after the original expiry date.

The initiative comes as UAE filings surge: The country logged nearly 20k trademark registrations in 1H 2025, up 129% y-o-y, bringing total registered national and international marks to 402.3k as of September.

HR tech startup Cercli raises USD 12 mn in a Series A round

Dubai-based payroll and employee data platform firm Cercli has raised USD 12 mn in a Series A round, the firm said in a LinkedIn post. Germany’s Picus Capital led the funding round, marking its first MENA investment, with saw participation from several existing investors including Dubai-based VC fund COTU Ventures and Mehdi Ghissassi from Abu Dhabi’s Advanced Technology Research Council AI71, according to a press release.

Cercli? Founded in 2023 by Akeed Azmi (LinkedIn) and David Reche (LinkedIn), Cercli offers software that streamlines back-office operations, enabling businesses to hire, manage, and pay their workforce through a single platform. Over the past year, Cercli has processed over USD 100 mn in employee salaries across 50 countries for clients, including Abu Dhabi-listed Multiply Group’s Backlite Media, Huspy, and Lean Technologies.

Next up: Funds will be used to develop new AI-driven products as well as work to expand its solutions into a more comprehensive offering for firms.

REMEMBER- In September 2024, Cercli raised USD 4 mn in a seed round led by Afore Capital. Cercli said at the time it would use the funds to scale growth and attract global talent.

IN OTHER STARTUP NEWS-

Dubai and London-based deeptech startup 1001 AI raised USD 9 mn in a seed round led by CIV, General Catalyst, and Lux Capital, according to a press release. Individual backers taking part included Amira Sajwani from UAE-based Damac and Hisham Al Falih from Saudi’s Lean Technologies.

About the firm: 1001 AI was founded by Bilal Abu Ghazaleh (LinkedIn) and uses AI to detect and reduce operational inefficiencies for firms working in the aviation, construction, oil and gas, and logistics industries in the GCC, as well as automate complex workflows.

Where will the money go? The new capital will support team expansion in both Dubai and London, as well as work towards deploying its AI solutions in airports, oil and gas operations, and ports across the Gulf region. 1001 AI plans to onboard its first customer by the end of this year in the construction sector.

Salama, Farnek, and ICAO tap new execs

Salama names new chairman for the board of directors: Islamic Arab Ins. Company (Salama) tapped Essa Alzaabi (LinkedIn) as chairman of the board of directors, according to a DFM disclosure (pdf). Alzaabi brings with him over 20 years of leadership experience in the public and private sectors, according to a separate disclosure (pdf). His previous leadership roles include tenures as senior vice president for support services at Dubai Chamber of Commerce and Industry, deputy general manager at Emirates Institute of Finance (EIF), and vice president for human capital at Dubai World Trade Centre.

UAE representative tapped as ICAO VP: UAE representative to the International Civil Aviation Organisation (ICAO) Saeed Al Suwaidi (LinkedIn) has been elected vice president of the ICAO, state news agency Wam reports.

Farnek appoints new head of integrated services: UAE-based smart and green facilities management company Farnek tapped Salome Joubert (LinkedIn) as its head of soft services, according to a press release. Joubert will manage the firm’s planning, quality control, vendor management, and team development operations.

Farnek has over 15 years of operational leadership experience in the hospitality and logistics sectors, both in the UAE and globally, and has held roles at Accor, Damac, Hilton, and Enova.

Emaar founder’s ambitions in the spotlight

DFM-listed Emaar Development’s founder’s global ambitions got ink from the international press, with the Financial Times spotlighting Mohamed Alabbar’s efforts to lead a new phase of outward investment mirroring the UAE’s growing global reach.

Alabbar all around: Currently, Emaar’s development footprint extends to Egypt, Madagascar, and India. Alabbar also founded Eagle Hills in 2014, another real estate-focused development and investment firm which has been making forays into Italy, Iraq, Montenegro, Serbia, and Georgia — albeit sometimes facing criticism from local communities, the likes of which put a stop to its ambitions in Hungary. Elsewhere, he also owns a majority stake in Americana alongside KSA’s sovereign wealth fund, chairs Zand Bank, and launched e-commerce firm Noon.

China’s Lianhe Sowell to build robotics facility in UAE + Amazon introduces 15-minute delivery service in UAE

MANUFACTURING-

China’s Lianhe Sowell plans USD 132.5 mn AI robot base in UAE: Nasdaq-listed industrial robotics solutions provider Lianhe Sowell International Group signed a USD 105 mn non-binding financing term sheet with European investment fund Excellent Capital Investments (ECI) to establish its first AI robot manufacturing and R&D hub in the UAE, according to a press release. The total investment is valued at USD 132.5 mn, with Lianhe Sowell, which operates primarily in China, contributing 20% and ECI covering the remainder through structured credit.

What to expect: Construction of the facility is expected to take 18 months and produce several thousands of AI robots annually. The project will also include a robotics training and certification center, creating over 2k skilled jobs and supporting the UAE’s Industry 4.0 strategy across sectors including automotive, aviation, and construction.

CRYPTO-

Selini Capital enters Dubai with Vara license: Global digital asset trading firm Selini Capital secured a Virtual Asset Service Provider license from Dubai’s Virtual Asset Regulatory Authority (Vara), according to a press release. The license enables the firm to offer its broker-dealer and over-the-counter trading services to investors globally. The firm’s Dubai entity will also be its regional base as it looks to scale up its regional offerings.

Why Dubai? The firm cited the emirate as being at the forefront of the digital asset sector, the press release stated, with Vara-licensed firms logging over AED 2.5 tn in trading volumes so far this year.

M&A-

Multiply’s EDC completes 22.5% takeover of Mwasalat: Multiply Group’s ADX-listed subsidiary Emirates Driving Company (EDC) completed its acquisition of a 22.5% stake in Abu Dhabi-based fleet operator Mwasalat Holding, according to an ADX disclosure (pdf). The takeover, initially agreed upon in July, includes an option for the training institute to increase its shareholding capacity to 50.6%, subject to regulatory approval and conditions.

A recap: Mwasalat operates a fleet of public buses, taxis, school transport, and corporate hire vehicles, and saw a topline of AED 650 mn last year. EDC is currently looking to expand its public transport services and also acquired a 51% stake in Excellence Premier Investment, which operates delivery, limousine, and auto workshop services in Dubai, last year for AED 153 mn.

LOGISTICS-

Amazon launches 15-minute delivery in the UAE: Amazon has rolled out Amazon Now in the UAE, slated to deliver its fastest times yet with packages arriving in 15 minutes, according to a press release. The service relies on micro-fulfillment centers located close to key residential areas to avoid traffic and cut down delivery times.

But at what cost? The service is open to all customers, and those subscribed to Amazon Prime can get Amazon Now at no charge for orders over AED 25 or pay AED 6 for delivery on baskets below AED 25.

For those of us suited to a more leisurely pace, Amazon also now has a 2-hour delivery option when buying products from more than 30 categories.

EVs-

Tierra Tech rolls out a battery-swapping facility in Abu Dhabi: EV startup Tierra Tech has launched its first electric motorbike battery-swapping facility in Abu Dhabi, with Adnoc Distribution providing infrastructure support, according to a press release. Located at one of Adnoc’s flagship service stations, the station marks the entry of battery swapping in the capital, designed to serve delivery riders using battery-powered bikes.

The technology enables riders to exchange depleted batteries for fully charged ones within seconds, cutting downtime, reducing emissions, and supporting the emirate’s effort of transitioning away from traditional fuel-powered vehicles. This move comes as Abu Dhabi plans to transform 50% of its vehicles into EVs by 2040.

BIOTECH-

Abu Dhabi’s tech startup ecosystem Hub71 launched Hub71+ Life Sciences, a specialist platform designed to help biotech, medtech, and digital health startups scale from research to commercialization, according to a statement. The program connects founders with regulators, hospitals, investors, and industry partners to accelerate clinical validation and market access. Hub71 has launched similar platforms for other emerging sectors like Hub71 + AI and Hub71 + Digital Assets.

Who’s involved: The initiative is backed by Abu Dhabi’s Health Department, the Emirates Drug Establishment, and Abu Dhabi Investment Office’s Helm cluster as founding partners, with Cleveland Clinic Abu Dhabi and Ultrahuman among anchor partners. 12 partners in total will work with startups.

REMEMBER- UAE biotech is on the rise: Abu Dhabi’s biotech sector continues to attract investor interest, with Abu Dhabi-based women’s health startup Ovasave raising USD 1.2 mn in pre-seed funding, and BioSapien extending its pre-Series A round to over USD 8 mn. The Mena healthcare services market is projected to reach USD 412 bn by 2032, underscoring growing regional investment in health innovation

The EM equity + currency boom is here to stay

Emerging market equities have had a really good 2025 so far — and they’re on track to keep outperforming well into next year, Goldman Sachs said in a recent note. The MSCI EM index has closed each month this year in the green, and is up c.32% YTD. The index rose 7% in September as the US Federal Reserve cut interest rates for the first time in 2025, “contributing to a ‘risk-on’ sentiment as investors sought out assets with higher potential returns relative to safer fixed-income investments.”

This performance is expected to be sustained over the next 12 months, with Goldman Sachs upgrading its forecast from the index to 1,480 from 1,373 as of 9 October, “implying 8% price returns from current levels” in USD terms.” The outlook comes as Goldman Sachs expects strong company earnings from emerging markets, which are seen rising 9% this year and 14% in 2026.

The bull run comes after a “very long winter” — “the EM trade has not been a good one” since 2009, ABS Global Investments founding partner and portfolio manager Guilherme Ribeiro do Valle tells CIO. Indeed, the EM MSCI index underperformed the MSCI World index by more than 200 percentage points from 2010-2024, Deutsche Bank’s Oliver Harvey wrote for the Financial Times. Developed markets such as the US, Europe, and Japan, saw a concentration of liquidity during that time on the back of quantitative easing policies, while emerging markets simply were not able to do the same. However, emerging markets have broadly recovered post-covid, with rapid interest rate cuts also supporting structural changes that are now in these markets’ favor.

Even as they outperform, EM equities still boast very attractive valuations. As of last month, EMs “remain deeply undervalued: at 14x forward price-to-earnings, they are 30% cheaper than [developed markets] and a striking 42% cheaper than the US. Add in the low price-to-book ratios and higher dividend yields versus the US, and the case for EMs becomes more compelling,” Eastspring Investments said in a recent report. Goldman Sachs sees particular upside in Chinese and Korean equities, while potential reforms that would ease limits on foreign ownerships of listed companies in Saudi Arabia “could unlock passive inflows up to USD 10 bn” to equities in the Kingdom.

The key drivers of the rally: A weaker USD, and investors trying to diversify away from the US, for the most part. “The USD plays a crucial role in emerging market trade as the main invoicing currency for imports, and financial systems, with a large share of debt still denominated in it,” Harvey said. The weakening of the USD has therefore helped developing economies improve their current account balance and reduce their external liabilities, Harvey notes, and can “boost flows into EM stocks as investors look for higher returns outside the US,” Goldman Sachs says.

It’s not just equities — EM currencies are also having their time in the sun: EM currencies are also on a tear, outperforming developed market currencies in September, Goldman Sachs notes. The investment bank sees that performance continuing in the months to come, supported by a strong carry trade, the movement in the USD, and the EM equity boom.

MARKETS THIS MORNING-

Asian markets are treading water in early trading this morning, with Japan’s Nikkei leading losses as analyst sentiment remains mixed on the country’s new cabinet — led by its first-ever woman prime minister — and export data came in lower than expected. The Hang Seng Index and the Shanghai Composite are also in the red, while the Kospi is trading up so far.

Wall Street, meanwhile, looks likely to open flat later today. Futures for the Dow Jones and S&P 500 are marginally in the red, while Nasdaq futures are trading marginally in the green.

ADX	10,121	+0.2% (YTD: +7.5%)
DFM	5,976	+0.4% (YTD: +15.8%)
Nasdaq Dubai UAE20	4,906	+0.5% (YTD: +17.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.9% o/n	3.7% 1 yr
Tadawul	11,546	-0.9% (YTD: -4.1%)
EGX30	37,698	-0.7% (YTD: +26.8%)
S&P 500	6,735	0.0% (YTD: +14.5%)
FTSE 100	9,427	+0.3% (YTD: +15.3%)
Euro Stoxx 50	5,687	+0.1% (YTD: +16.2%)
Brent crude	USD 61.60	+0.5%
Natural gas (Nymex)	USD 3.52	+1.3%
Gold	USD 4,083	-0.6%
BTC	USD 109,279	-1.1% (YTD: +16.6%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.79	0.0% (YTD: +8.8%)
S&P MENA Bond & Sukuk	152.05	+0.2% (YTD: +8.7%)
VIX (Volatility Index)	17.87	-2.0%(YTD: +3.0%)

THE CLOSING BELL-

The DFM rose 0.4% yesterday on turnover of AED 404.6 mn. The index is up 15.8% YTD.

In the green: Dubai Refreshment Company (+10.9%), BHM Capital Financial Services (+10.1%) and Emirates NBD (+2.9%).

In the red: Al Mal Capital REIT (-10.0%), International Financial Advisors (-9.5%) and Al Mazaya Holding Company (-5.7%).

Over on the ADX, the index rose 0.2% on turnover of AED 1.3 bn. Meanwhile, Nasdaq Dubai was up 0.5%.

CORPORATE ACTIONS-

Investcorp Capital’s board of directors approved the distribution of AED 206.6 mn in interim dividends — AED 0.094 fils per share — for 1H 2025, according to an ADX disclosure (pdf). The payment date is scheduled for 19 November.

Salama sets date, terms for capital cuts: Islamic Arab Ins. Company (Salama) will reduce its share capital to AED 483 mn from AED 939.6 mn on 8 December 2025, according to a DFM disclosure (pdf). The move will cancel about 440 mn shares and 16.8 mn treasury shares which, along with using AED 4.2 mn from its statutory reserve, will offset AED 443.9 mn in accumulated losses. Creditors have until 20 November to file claims related to outstanding debts before the capital reduction takes effect.

ICYMI- Earlier this week, Salama’s general assembly cleared a two-step plan involving the capital reduction and a AED 175 mn mandatory convertible sukuk to strategic investors via a special purpose vehicle. The sukuk will convert into new shares to help restore solvency and meet Central Bank of the UAE capital requirements.

CALENDAR

OCTOBER

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.

23-29 October (Thursday-Wednesday): Subscription period for Dubizzle’s IPO.

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.

28-29 October (Tuesday-Wednesday): GulfIns. 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.

30 October (Thursday): Final pricing and allocation for Dubizzle’s IPO.

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.

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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