LNG, LPG terminal hubs to be built at Khalifa Port

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WHAT WE’RE TRACKING TODAY

THIS MORNING: XRG to join LNG project in Argentina + Dewa invites bids for seventh phase of Mohammed bin Rashid Solar Park

Good morning, friends. The energy theme of the week continues, with several big stories this morning for the LNG sector — from XRG’s involvement in an LNG project in Argentina, to two new terminal hubs for LNG and LPG at Khalifa Port.

We also have a deluge of 3Q real estate reports out, pointing to strong demand across Dubai, Abu Dhabi, and Ras Al Khaimah. We have more on the residential sector across the three emirates, and the (still tight) office markets in Dubai and the capital, in the news well, below.

WEATHER- Expect a mostly cloudy day today in Dubai, with temperatures peaking at 34°C, before cooling to an overnight low of 27°C, according to our favorite weather app. Over in Abu Dhabi, conditions are slightly dusty, with a chance of light rainfall and temperatures peaking at 24°C, with a low of 23°C.

WATCH THIS SPACE-

#1- XRG to join LNG project in Argentina: Adnoc’s international investments arm XRG signed a non-binding agreement to explore joining Argentina’s YPF and Italy’s Eni on a liquefied natural gas project in Argentina, according to a statement. The project is set to export gas from the Vaca Muerta formation, the world's second-largest unconventional natural gas reserve, through a pipeline, and will involve the installation of liquefaction units. One source pegged the total financing needed for the project at USD 12.5 bn, according to Reuters.

The initial phase of the project is expected to deliver 12 mn tonnes per annum (mtpa) of LNG production capacity through two 6 mtpa FLNG vessels, the statement said. The companies are expected to sign a technical agreement within a month, the source told Reuters.

REMEMBER- Bloomberg reported that XRG might get involved in the project last week.

#2- Dewa is inviting bids for seventh phase of Mohammed bin Rashid Al Maktoum Solar Park: Dubai Electricity and Water Authority (Dewa) has invited qualified companies and consortiums to submit proposals for the seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park, according to a statement. The new phase will deliver 2 GW of solar capacity alongside a 1.4 GW battery storage system with six-hour capacity.

The company received 49 expressions of interest for the seventh phase and proposal documents were issued to qualified bidders last month, state news agency Wam reports. No timeline was disclosed for the proposals.

Where it stands: The solar park’s current production capacity is 3.86 GW, with an additional 800 MW under construction from the sixth phase. Dewa plans to expand the park’s production capacity to 7.26 GW by 2030 and cut 8 mn tonnes of carbon dioxide annually.

#3- Plans to expand Abu Dhabi’s Zayed International Airport are in the works — with construction set to start in two years, Abu Dhabi Airports’ Managing Director Elena Sorlini told The National, without disclosing an official investment ticket for the project. The state-owned airport operator is working on a detailed master plan to have the expansion ready by 2032, Sorlini said. The expansion aims to increase the capacity of the airport’s Terminal A to accommodate 65 mn passengers per year, up from 45 mn currently.

What we know: The operator plans to roll out biometric data-based solutions next year to reduce queuing time and streamline the experience for transit passengers — which make up 60% of the airport’s total traffic. AI-based solutions will also be deployed to improve operational efficiency across the airport, including decision-making, prediction, and scheduling.

BACKGROUND- Operations kicked off at Terminal A back in 2023. The 742k sqm terminal expands the airport’s cargo and passenger capacity, with the ability to operate 79 aircrafts at the same time and 45 mn passengers a year. The costs for the development of the terminal were pegged at USD 3 bn.

#4- The UAE’s aviation regulator plans to certify air taxis by 3Q 2026, General Civil Aviation Authority Director General Saif Al Suwaidi told The National. The certification will be locked in by the expected timeframe if “all safety requirements are applied,” Al Suwaidi added.

This means air taxis won’t be going live before end-2026. Skyports was set to roll out its first fleet of flying taxis in Dubai on 31 March 2026, while Joby Aviation is on track to launch its first vertiport at Dubai International Airport by 1Q 2026 ahead of commercial launch. Over in Abu Dhabi, Archer is set to bring its Midnight eVTOL aircraft to high-traffic areas in the Emirates, with an initial plan targeting as early as this year.

#5- NMDC Energy is bidding on more than AED 61 bn worth of projects, some already submitted and others still under study, with some 25% tied to Saudi Aramco, CEO Ahmed Al Dhaheri told Asharq Business (watch,runtime: 5:31). NMDC Energy — a subsidiary of the National Marine Dredging Company (NMDC) — has extended its long-term contract with Aramco for another three years as it looks to reinforce its position in Saudi offshore work and push into onshore projects. The company also plans to establish production operations for a foreign partner in Ras Al Khair, he added.

REMEMBER- The EPC unit has been busy, revealing plans in November last year to scale up its operations in the UAE, Saudi Arabia, India, and Taiwan, and entering new markets in Europe, North and West Africa, and Southeast Asia. In January, NMDC Energy inaugurated an AED 200 mn fabrication yard in Saudi Arabia’s Ras Al Khair Special Economic Zone.

#6- Multiply shareholders will vote on the group’s planned share-swap acquisitions of Ghitha Holding and 2PointZero Holding on Monday, 10 November, after the meeting was brought forward from its originally scheduled date of 12 November, according to a shareholder circular (pdf).

Following completion, shareholders of 2PointZero will own 62.5% of Multiply, while IHC Food and IHC Companies Management (IHC CM) will jointly hold 5.1%. The transactions will consolidate the three International Holding Company (IHC) subsidiaries under Multiply, which will in turn own 100% of 2PointZero and 83.9% of Ghitha.

#7- UAE consortium goes to India’s Supreme Court over redevelopment dispute: Dubai-based consortium SecLink Technologies has brought a case involving the restarting of a tender for the Dharavi redevelopment project before India’s Supreme Court, Khaleej Times reports.

IN CONTEXT- The redevelopment of Dharavi, a 2.4 sq km informal settlement in Mumbai, was estimated to generate more than AED 125 bn in long-term commercial value. SecLink said it had secured USD 4 bn-equivalent in bank guarantees for the project and has shouldered some AED 3.8 bn in costs due to the exposure.

What happened? SecLink Technologies — named the highest bidder in 2019 for the multi-year redevelopment of Dharavi, one of the world’s largest informal settlements — argued that the state of Maharashtra cancelled the original tender after it was informally selected, and later issued a 2022 tender with revised criteria that prevented SecLink from reapplying. A special purpose vehicle led by Indian conglomerate Adani Group then secured the second tender.

The response: The state argued the original tender had to be cancelled as it didn’t include the adjoining railway. SecLink maintains that the original tender already accounted for it.

Where we’re at: The Supreme Court noted that the new terms may have been structured to disable or oust SecLink, ordered all original files from 2018 onward to be examined, and said it will monitor all payments relevant to the project pending a final examination. The next hearing is set for 13 November.

DATA POINTS-

#1- Dubai’s Chamber of Commerce saw 53.8k new companies join its ranks in 9M 2025, a 4% increase y-o-y, according to Dubai Media Office. It also helped 90 Emirati firms expand internationally during the period. The results follow on from a strong 1H for the chamber, during which 35.5k new firms joined.

Exports and re-exports were up 16% y-o-y to AED 260 bn during 9M, with the chamber issuing 627.9k certificates of origin — up 9% y-o-y.

#2- The UAE accounted for 38.4% of global Islamic syndicated financing issuances in 9M 2025, according to a Fitch Ratings report. The GCC continued to dominate — responsible for 67.5% of issuances and 78% of outstanding financing.

Global outstanding Islamic syndicated financing rose 32.5% y-o-y to top USD 200 bn by end-September. The core markets — GCC, Indonesia, Malaysia, Turkey, and Pakistan — made up 90% of global Islamic syndicated financing. However, issuances were down 22% y-o-y at the end of 9M.

Fitch expected issuance to remain broadly flat through late 2025 and into 2026, with issuers increasingly favouring sukuk and conventional bonds for diversification and regulatory reasons.

HAPPENING TODAY-

#1- The world’s biggest oil and gas forum, Adipec, is on its third day and runs until tomorrow at the Abu Dhabi National Exhibition Center. The energy mega-event brings together global oil and gas, hydrogen, clean tech, and industrial strategy players alongside ministers and climate negotiators, to discuss building a resilient energy sector and developing intelligent solutions.

#2- Arabal International Aluminum Conference also runs until tomorrow at the Dubai Exhibition Center. The event gathers regional producers, OEMs, and technology players to discuss industrial decarbonization, supply chain competitiveness, and global metal demand cycles.

#3- Gulfood Manufacturing also wraps Thursday at Dubai World Trade Center. The F&B manufacturing event will bring processing, supply, logistics, packaging, and automation players together for exhibitions showcasing the latest developments in the sector.

#4- Dubai Design Week is on its second day and runs through Saturday at Dubai Design District. Designers, studios, universities, brands, and collectors will meet for workshops, exhibitions, a marketplace, and talks, to showcase innovation, materiality, and future-forward design.

#5- The UAE Government Annual Meetings are on their second day and run through tomorrow in Abu Dhabi. The series of meetings will bring together more than 500 senior officials and government leaders for three days of policy coordination, national briefings, and strategic priority alignment. On the agenda: the economy, investment, AI, healthcare, and traffic congestion.

HAPPENING THIS WEEK-

US Treasury Department's top sanctions official John Hurley arrives in the region on Friday, with a plan to visit Israel, the UAE, Turkey, and Lebanon, Reuters reports, citing a statement they’ve seen. The visit marks his first to the region since taking office, and will discuss pressure against Iran, with his UAE leg also focusing on combating money laundering and the financing of terrorism.

#2- A UAE delegation is attending the China International Import Expo from today until Monday, 10 November in Shanghai, according to the Abu Dhabi Media Office. The delegation, led by Deputy Chairman of the Presidential Court for Development Theyab Al Nahyan, is attending on behalf of President Mohamed bin Zayed Al Nahyan. The six-day expo will focus on deepening bilateral investment ties and exploring cooperation in key sectors like advanced technology, clean energy, food security, and logistics.

THE BIG STORY ABROAD-

US midterm elections are taking over headlines this morning, with heated races across the country that will serve as a litmus test of whether President Trump’s policies are appealing to voters. Democratic socialist Zohran Mamdani has been projected to become New York City’s first Muslim mayor, beating Trump-supported Andrew Cuomo, while an anti-Trump campaign in Virginia managed to snatch a victory for its first female governor Abigail Spanberger. (Washington Post | Reuters | CNN | Financial Times)

ALSO- Chipmaker AMD’s sales beat analyst estimates in 3Q, logging a 36% increase to USD 9.25 bn. However, a revenue forecast of USD 9.6 bn for the fourth quarter alarmed investors who jumped in on the stock’s rally, leading shares to fall over 3% in extended trading.

AND- More tech layoffs? IBM said yesterday it will lay off “a low single-digit percentage” of its global workforce in 4Q. Just cutting 1% of the workforce would see 2.7k jobs lost, according to IBM’s headcount at the end of 2024. Layoffs have been getting more frequent lately, with Amazon cutting 14k jobs in October and Meta gutting its AI unit amid an increasing reliance on AI tools.

ALSO WORTH NOTING THIS MORNING-

Former US vice president Dick Cheney has passed away at 84. The “war on terror” architect is considered the most powerful VP in modern US history, overseeing devastating military interventions that included the 2003 Iraq war. (CNN)
Norway’s sovereign wealth fund is not going to vote for Elon Musk’s USD 1 tn pay package, concerned about “the total size of the award, dilution and lack of mitigation of key person risk.” (The Guardian)
Apple is getting ready to enter the low-cost laptop market, working on a budget Mac geared for light users, unnamed sources told Bloomberg.

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AD Ports Group and Nixem to invest AED 3.9 bn in LNG, LPG terminal hubs at Khalifa Port

AD Ports + Nixem partner to set up AED 30 bn terminal hub: AD Ports Group has inked two long-term agreements with Nixem Terminals to develop LNG and LPG terminal hubs at Khalifa Port, according to a statement. The project is valued at over AED 30 bn based on projected 50-year multiple revenue streams from the two terminal hubs.

These would be the UAE’s first private-sector LNG and LPG terminal hubs accommodating large, long-haul gas carriers. The move aims to bolster Khalifa Port’s capacity to address growing demand from the international energy trade, specifically rising demand from Asia.

The plan: AD Ports Group will invest up to AED 1.3 bn to develop the required infrastructure, including dredging and the establishment of jetties. Nimex Terminals will plug up to AED 2.6 bn into setting up advanced LNG and LPG storage tanks, as well as,other superstructure construction, which features regasification facilities, pipelines, loading arms, flare structures, and firefighting systems.

What else we know: The LNG terminal — spanning some 130k sqm — will include cryogenic storage facilities with a total capacity of 400k cm. The LPG terminal, covering some 90k sqm, will host a total capacity of 280k cm. Both terminals will operate as a center for import, export, and transshipment services.

Initial operations are slated to launch by mid-2028. Steady-state operations are scheduled to be sorted by 2031 for the LNG terminal, whereas the LPG terminal is expected to kick off full operations by 2033.

REMEMBER- LNG demand is projected to rise by 50% by 2040 — fueled by a 4x surge in data center power demand, a growing global aviation fleet, and a 30% increase in jet fuel consumption, Adnoc CEO Sultan Al Jaber said earlier this week.

Adnoc inks another sales agreement for Ruwais LNG

Adnoc has locked in another long-term buyer for its Ruwais LNG project, signing a 15-year sales and purchase agreement with Shell subsidiary Shell International Trading Middle East, according to a press release. Shell will receive up to 1 mn tonnes of LNG annually under the contract, which upgrades a previous heads-of-agreement to a binding one.

BACKGROUND- Adnoc inked the heads of agreement with Shell last year, while also handing it a 10% stake in the USD 7 bn Al Ruwais LNG plant. It also handed TotalEnergies, BP, and Mitsui each 10% stakes.

This is the eighth long-term offtake contract tied to Ruwais. With this agreement, Adnoc now has commitments covering more than 8 mn tonnes of the facility’s planned 9.6 mn tonnes annual capacity. That level of coverage has been reached roughly 16 months after the project’s FID in June last year.

REMEMBER- Adnoc has been converting Heads of Agreements into sales agreements for its Ruwais LNG plant over the past year, inking agreements with the likes of Indian Oil Corporation, Germany's SEFE, German energy infrastructure firm EnBW, Malaysia’s state-owned oil and gas firm Petronas, as well as a Japan’s Jera and Osaka Gas.

The project is scheduled to come online by the end of 2028, with construction and contractor mobilization underway at the Al Ruwais Industrial City site, Adnoc Gas’ CEO Fatema Al Nuaimi said. The project will have two 4.8 mn tonnes of liquefaction trains, which will more than double Adnoc Gas’ current LNG production to some 15 mn tonnes annually once commissioned.

Dubai’s residential market is still on a roll

Dubai’s quarterly transaction volumes stayed above 50k for a second straight quarter in 3Q 2025, according to Savills’ Dubai Residential Market 3Q 2025 report (pdf). While prices per square foot have increased, average capital values remained broadly stable, Savills said, as unit sizes have grown smaller.

Average apartment capital values have held broadly stable at around AED 1.9 mn since 1Q 2022, while average villa ticket prices are up 24% from the AED 5.8 mn average in 2024, remaining above AED 7 mn. Apartments represented 86% of all transactions — up from 75% in 1Q and 80% in 2Q — while villas and townhouses saw a dip in transaction volumes in 3Q.

Off-plan remained the anchor of activity at 69% of total transactions, with around 37k off-plan sales recorded in the quarter. The ready market saw 16.5k transactions, holding largely stable, with apartments making up 63% of ready volumes and villa volumes on the rise.

In the prime market: Villas dominated, accounting for 73% of transactions, with some 1.5k units sold above AED 10 mn in 3Q.

Location-wise: Zone 6 accounted for 37% of total transactions with locations like Jumeirah Village Circle, Dubailand, and the Al Khail corridor remaining popular. Zone 3 destinations — which include areas like JBR, Emirates Living, Al Barsha, and Marina — accounted for 29% of volumes while Business Bay, City Walk, and Downtown saw an uptick to make up 13% of transactions.

New completions accelerated, with 8.5k units completed during the quarter, bringing YTD completions near 30k — already matching full-year 2024 levels. A total of 10k units came into supply for 3Q. Another 10k units are scheduled for 4Q and the pipeline remains busy, with more than 250k units expected through 2028.

Looking ahead: Dubai is set to keep attracting global wealth, with a record inflow of 9.8k m’naires set to arrive this year. The emirate’s population is forecast to reach 5 mn by 2030 — increasing the need for more supply, however economic activity could be tempered by global uncertainty. Despite this, the UAE’s political stability, regulatory framework, and golden visa scheme are set to keep demand buoyant.

Residential prices in Ras Al Khaimah climb in 3Q

Ras Al Khaimah’s residential prices continued to rise amid a high proportion of off-plan sales in 3Q 2025, according to ValueStrat’s latest report (pdf). The ValuStrat Price Index for Ras Al Khaimah’s residential sector recorded 4.3% quarterly growth for capital values, and 14.9% y-o-y, logging 122.2 points.

Apartment prices are on the rise: 3Q saw an uptick in apartment capital values, rising 15.5% y-o-y and 4.9% q-o-q. Areas like Al Marjan Island (+16.8% y-o-y), Al Hamra (+14.8% y-o-y), and Mina Al Arab (+13.6%) led growth.

Villas, on the other hand, saw yearly capital value growth slow to 13.8% — down from 15% in 2Q — although freehold villas were up 3.3% q-o-q. Once again, Al Hamra (+12.1% y-o-y) and Mina Al Arab (+15.8%) saw the biggest upticks in values.

Rent increased as well, with average rental yields seeing 5.4% growth across the emirate. Apartments saw a 5.4% uptick, just ahead of villas with 5.2%.

Off-plan dominates in 9M: Off-plan sales accounted for the lion’s share of transactions in the emirate’s residential market during 9M. Some 4.1k off-plan units sold made up 84% of total sales, despite sales volumes dipping 20.5% y-o-y. Volumes were also down for ready sales, dipping 15.6% y-o-y, with 776 units sold. Apartments made up 76% of ready transactions, with villas accounting for the remaining 24%.

Average ticket sizes for off-plan units came in at upwards of AED 2 mn for 9M, while the average transaction size in the ready market was AED 1.6 mn.

Office rents climb up to 35% y-o-y in Dubai and Abu Dhabi in 3Q amid high demand

The office market remains tight in both Dubai and Abu Dhabi, with both emirates seeing more tenants expand and new entrants in the market hiking demand, according to two separate reports from Savills.

DUBAI-

Average rents across Dubai were up 35% y-o-y and 4.5% q-o-q in 3Q 2025 amid tight supply and high demand, defying the usual summer lull, according to Savills’ Dubai Office Market 3Q report (pdf). Prime office rents were up by as much as 35% y-o-y, however five submarkets saw rent stabilization on the back of supply constraints.

REMEMBER- 2Q showed signs of a slight cooldown, with rents stabilizing in several areas and 11 out of the 23 tracker sub-markets saw rents remain flat q-o-q, despite rising 36% y-o-y.

Tenant trends: Leasing enquiries were concentrated in smaller units, with nearly 65% of 3Q enquiries for spaces below 5k sq ft, and just 2% for spaces of over 40k sq ft. Transactions were split equally between new entries, expansions, and relocations, with each accounting for 29% of transactions, while renewals made up just 13%.

Sector-wise, tech, media, and pharma sectors each accounted for 29% of transactions, with consulting energy and oil firms both making up 14%. Financial and government tenants remained active but constrained by licensing and availability in preferred freezones. Many tenants settled for ready spaces rather than waiting for new completions.

Areas seeing growth included Old Dubai submarkets which posted q-o-q gains exceeding 10%, while Business Bay, Downtown Dubai, and Sheikh Zayed Road recorded moderate growth.

Supply and pipeline: Minimal new completions kept market conditions tight. Key launches in 3Q included HQ by Rove in Business Bay and Capital One in Jumeirah Village Circle, and strata office models gained popularity. Roughly 1 mn sq ft of office space is set to come online by early next year — much of it already pre-leased — and rental growth is slated to moderate amid global uncertainty. Demand will stay high, however, as companies continue to set up shop in the emirate, with the strata office models and new completions offering some relief.

ABU DHABI-

Over in Abu Dhabi, the office market tightened further in 3Q — driven by limited Grade A supply and steady business expansion, according to Savills’ Abu Dhabi Office Market report (pdf). The emirate saw strong demand and limited availability throughout 1H, despite ADGM’s expansion to Al Reem Island.

Rental rises: Grade A rents reached AED 2.9k on average per sqm in Central Business District (CBD) — up 15% q-o-q and 35% y-o-y — while outer CBD rents stood at AED 1.8k per sqm, down 1% q-o-q but still 11% higher y-o-y. Occupancy remained tight across premium submarkets, particularly within ADGM-linked buildings, where fitted plug-and-play space continues to be absorbed within weeks of becoming available.

Demand was evenly split between expansions and new market entrants in 3Q — With limited Category A fitted stock, tenants increasingly prioritized immediate availability over full bespoke fit-out, and short search windows pushed more occupiers to compete for ready-to-occupy space.

Tenants from the financial services, technology and manufacturing sectors led demand, each accounting for an 18% share of total enquiries. The medical and healthcare segment made up 14% of enquiries, transportation came in at 9%, and professional services accounted for 5%.

The outlook: New Grade A deliveries remain tight through 2026 with larger supply additions not expected until late 2027 or early 2028. Until then, rental growth is likely to remain stable to marginally upward given pre-commitment levels and limited near-term release of prime inventory. Flexible workspace spaces is still an untapped market, especially as foreign firms look for spaces with quick setup times.

Waha Capital pockets USD 119 from Optasia exit + Adia divests stake in Ayvens as part of a consortium

Waha Capital exits Optasia: Abu-Dhabi listed investment management company Waha Capital fully divested its stake in Optasia following the Dubai-based AI-powered fintech’s IPO on the Johannesburg Stock Exchange (JSE), earning USD 119 mn in proceeds and a 4x return on its initial investment and 25% internal rate or return (IRR), it said in a press release (pdf).

The IPO raised ZAR 6.5 bn (USD 375 mn), with the company holding a market cap of ZAR 23.5 bn at (USD 1.3 bn) at listing. Optasia’s shares hit the JSE yesterday, rising in intraday trading and closing flat at ZAR 19.38. Meanwhile, Waha Capital’s stock were also flat, ending the day at AED 1.69.

Background: Waha first acquired a 20% stake in the company back in 2017, before trimming its holding to 9.3% ahead of the IPO through a series of partial exits. The exit coincides with South Africa’s FirstRand acquiring a 20.1% stake in Optasia last week. Founded in 2012, Optasia operates in 38 emerging markets across Africa, the Middle East, and Asia. Its AI-led platform provides microfinancing and airtime credit services through distribution partners and financial institutions, giving it access to 860 mn mobile subscribers.

The company is now eyeing expansion in Africa, Asia and Latin America, with plans to pursue acquisitions in the latter two, CEO Salvador Anglada told Bloomberg. It also plans to widen its credit offerings to include buy-now-pay-later and virtual credit, Anglada said.

OTHER DIVESTMENT NEWS-

The Abu Dhabi Investment Authority (ADIA), alongside other investors, divested most of their stake in the French car-leasing firm Ayvens SA, according to terms seen by Bloomberg. The investors offered about 87 mn shares, which were estimated to be priced at EUR 10.8 (USD 12.45) per share, retaining only 1% holding to support remaining contingent liabilities. This would give the offering, which saw strong demand and was covered multiple times over, a value of EUR 940 mn.

Who’s involved? The consortium of sellers also includes TDR Capital, Singapore’s GIC, and pension funds ATP and PGGM. Ayvens agreed to acquire EUR 275 mn worth of the shares as part of a buyback program.

The consortium has been trimming its stake for a while, executing three previous share sell-downs in Ayvens this year, totalling over EUR 1.2 bn and amounting to 17% of its share capital, according to an STJ Advisors press release. It sold shares worth EUR 450 mn in May and EUR 335 mn in June through block trades.

ADVISORS- Barclays, Bank of America, Deutsche Bank AG, and Societe Generale arranged the offering.

AED 18.3 bn for new parks + more plans to improve quality of life in Dubai

Dubai’s Executive Council approved several policies aimed at improving quality of life in Dubai, spanning from more public parks to more affordable schools, state news agency Wam reports. The policies, which were approved during the annual government meetings, include:

An AED 18.3 bn project to introduce 310 new parks, 120 new open spaces, and improve 322 existing parks, with the goal of boosting annual park visits in Dubai to 95 mn by 2040 and tripling the number of trees;
A project to boost Emiratization and local talent in the aviation sector, aiming to introduce 15k new jobs, and more than 4k training and skills development programs, attracting AED 650 bn in investments;
A project to attract 60 new affordable schools and add 120k new seats through incentives like reduced land leasing costs for school operators.

Other policies approved during the meeting include one aiming to attract more international sports events and developing talent through 19 programs and 75 initiatives across 17 priority sports, a project to boost financial reorganization and bankruptcy settlement, and a policy to expand early detection healthcare services for Emirati citizens.

United Foods names a new CFO

United Foods has appointed Ravi Kamra (LinkedIn) as CFO effective 1 November 2025, according to a disclosure (pdf). Outgoing CFO Avinash Mittal retired from the role. Kamra has held senior leadership positions overseeing financial operations for firms like IFFCO, Cargill, and Baxter India.

The UK's HNWI exodus draws Bentley Reid to DIFC

FINANCE-

Bentley Reid expands into Dubai with DIFC office: UK wealth management firm Bentley Reid is setting up shop in Dubai International Financial Center (DIFC) after securing a Category 4 regulatory license from Dubai Financial Services Authority (DFSA), according to a press release. Its CEO Peter Clark (LinkedIn) will lead regional expansion efforts from the new office. The firm, with USD 1.5 bn in assets under management, has deployed three of its staff to the emirate so far, the Financial Times reports.

IN CONTEXT- The UK is currently experiencing an exodus of high-net-worth individuals amid prolonged economic stagnation and steep hikes on capital gains and inheritance taxes — with the UAE’s favorable tax environment drawing many of them in. This, coupled with legislative uncertainty, is pushing many of Bentley Reid’s clients to eye a move to Dubai, Clark told FT.

ICYMI- During 1H 2025, the number of wealth and asset management firms joining DIFC surged 19% y-o-y to 440.

ENERGY-

Snoc finds more gas reserves in Hadiba: Sharjah National Oil Corporation (Snoc) has confirmed a second successful well at the Hadiba Gas Field after drilling to 13.2k ft and completing flow testing, state news agency Wam reports. The Hadiba-02 well lies north of Al Sajaa field and will be integrated into production in the coming months — with drilling works also set to continue to determine the well’s reserves and capacity.

REMEMBER- New gas reserves were discovered at Al Hadiba field in May 2024. The Hadiba-01 well is Sharjah’s fifth onshore field and serves the emirate’s domestic gas supply.

REAL ESTATE-

Dubai-based developer Sankari Properties has started construction on its luxury residential project, Regent Residences Dubai — Sankari Place, in Dubai’s Marasi Marina, according to a press release. Construction is expected to wrap up within 34 months on the project, which is the Regent brand’s first-ever residential project for UK-based IHG Hotels and Resorts. The developer tapped Al Basti & Muktha as the main contractor under an almost AED 1 bn contract, while Dutch Foundations carried out groundworks for the project.

AI-

#1- Dubai Holding + Palantir launch JV to scale AI across the UAE: Dubai Holding and US-based software firm Palantir Technologies launched a joint venture (JV), Aither, to integrate AI adoption across key industries in the Emirates, according to Dubai Media Office. The JV will provide enterprise-grade AI solutions for both government and private-sector institutions working in the commercial sector.

BACKGROUND- Dubai Holding has already used Palantir’s AI platforms in portfolio companies like Meraas, Jumeirah, and Nakheel for the past year and a half.

#2- Emirati telco operator e& and Amazon Web Services have launched the UAE Sovereign Launchpad for the adoption of AI and cloud solutions, according to a press release. The cloud platform primarily targets UAE government entities, as well as specific customers in other sectors, and offers security, compliance, and data management solutions. It provides a secure, national digital infrastructure to safeguard critical data — though it will not deploy workloads classified as secret and top secret.

M&A WATCH-

Fork & Good acquires UAE’s Orbillion to expand meat production in the Emirates: US-based Fork & Good has acquired Hub71-backed Orbillion — a B2B firm focusing on commercializing low-cost red meat — in a move that merges the two firms, according to a press release (pdf). The new company has established a subsidiary in ADGM and will use the UAE as a base for its manufacturing and regional operations, with Fork & Good’s US facility continuing to operate as well. It aims to boost food manufacturing and production supply chains, with a focus on diversifying sources.

Adnoc ALSO ON OUR RADAR artificial intelligence Aviation Dubai Financial Services Authority Dubai Holding Dubai International Financial Center e& energy Etihad Airways Finance food food and beverage logistics M&A WATCH Presight Holdings Real estate Sharjah Sharjah National Oil Corporation tech UAE-India relations

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PLANET FINANCE

MENA sees M&As rise 23% y-o-y in 9M to USD 69.1 bn -EY

MENA logged another strong stretch of M&A activity in 9M 2025, closing 649n transactions worth USD 69.1 bn, a 23% y-o-y rise in volume and the region’s most active cross-border run in half a decade, supported by renewed investor confidence and a firmer macro backdrop, according to EY’s MENA M&A insights report. The GCC alone accounted for the bulk of M&A plays at 500 transactions valued at USD 65.9 bn.

What EY says is behind the uptick: “MENA’s improving economic outlook, expanding digital economy and strategic policy support attracted higher foreign investor interest in the first nine months of this year. The UAE maintained strong foreign direct investment (FDI) momentum, driven by its stable economy and investor-friendly policies,” Anil Menon, EY MENA head of M&A and equity capital markets leader, said.

The UAE remained the region’s M&A hub, attracting 171 inbound transactions worth USD 29 bn, more than any other one country, led by OMV and Borealis’s USD 16.5 bn acquisition of a 64% stake in Borouge, the region’s largest M&A YTD. Adnoc’s USD 6.3 bn purchase of 46.94% of Canada’s NOVA Chemicals and Saudi Aramco’s USD 3.5 bn acquisition of Peru’s Primax followed as major outbound plays.

Cross-border activity continued to drive growth, contributing 54% of the total count and 76% of total value. Outbound M&A reached 189 transactions worth USD 28.5 bn, led by the UAE and Saudi Arabia, which together accounted for 85% of total outbound value. Canada topped the list by value, while the UK was the most targeted market by volume.

Egypt and Kuwait were among the region’s top five buyers and targets, with Oman and Qatar also seeing increased dealflow. The surge in cross-border activity reflects “a growing appetite for international expansion and portfolio diversification,” EY Strategy and Transactions Leader Brad Watson said, adding that the “shift toward mid-size transactions reflects a strategic focus on high-growth, innovation-driven sectors that support long-term economic development in line with the region’s economic diversification goals.”

Inbound transactions rose 25% y-o-y in volume and 34% in value to 160 plays worth USD 23.8 bn, buoyed by Austrian investment linked to the Borouge acquisition. Chemicals and technology led sectoral activity, contributing USD 23.9 bn and USD 12.2 bn, respectively.

On the domestic front, MENA sealed 300 local M&As with a combined disclosed value of USD 16.8 bn, representing 46% of overall volume. Activity was concentrated in technology, provider care, banking, and capital markets, while mid-sized transactions dominated. Technology and consumer product industries made up 32% of the domestic transaction value and 40% of volume.

Sovereign wealth funds remained active, executing 22 transactions (17 outbound) focused on energy, logistics, and technology. UAE- and Saudi-based funds led the charge, reflecting their growing role as cross-border consolidators and long-term strategic investors.

MARKETS THIS MORNING-

Asian markets are in the red in early trading this morning extending losses triggered by concerns over elevated valuations. Japan’s Nikkei is down 4.2%, South Korea’s Kospi is down 4.0%, while the Shanghai Composite and Hang Seng are looking at more moderate losses.

ADX	10,058	+0.3% (YTD: +6.8%)
DFM	6,013	-0.1% (YTD: +16.5%)
Nasdaq Dubai UAE20	4,891	+0.3% (YTD: +27%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.8% o/n	3.9% 1 yr
Tadawul	11,398	-0.7% (YTD: -5.3%)
EGX30	39,066	+1.2% (YTD: +31.4%)
S&P 500	6,772	-1.2% (YTD: +15.1%)
FTSE 100	9,715	+0.1% (YTD: +18.9%)
Euro Stoxx 50	5,660	-0.3% (YTD: +15.6%)
Brent crude	USD 64.44	-0.7%
Natural gas (Nymex)	USD 4.30	-1.0%
Gold	USD 3,943	-0.5%
BTC	USD 101,146	-5.1% (YTD: +8.0%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.78	0.0% (YTD: +8.5%)
S&P MENA Bond & Sukuk	151.94	-0.1% (YTD: +8.6%)
VIX (Volatility Index)	19.00	+10.7% (YTD: +9.1%)

THE CLOSING BELL-

The DFM fell 0.1% yesterday on turnover of AED 546.5 mn. The index is up 16.5% YTD.

In the green: Ekttitab Holding Company (+14.8%), Chimera S&P UAE Shariah ETF- Share class B - Income (+12.3%) and Al Mazaya Holding Company (+8.2%).

In the red: Dubai Ins. Co. (-8.8%), DEPA (-7.9%) and Shuaa Capital (-4.2%).

Over on the ADX, the index rose 0.3% on turnover of AED 1.2 bn. Meanwhile, Nasdaq Dubai was up 0.3%.

CORPORATE ACTIONS-

Orascom Construction completes ADGM move: Orascom Construction confirmed it has completed the transfer of its incorporation from Dubai International Financial Center to ADGM, according to a disclosure (pdf). The company had also delisted from Nasdaq Dubai and moved its shares to the Abu Dhabi Securities Exchange, where trading began on 11 September. Its secondary listing on the EGX remained unchanged.

ICYMI- This came as the company and Dutch-listed fertilizer player OCI Global — both backed by Egyptian b’naire Nassef Sawiris — plan a potential merger that would combine the two platforms into a single Abu Dhabi-based global infrastructure and investment vehicle.

UAE, Austria explore increasing private sector, trade cooperation

UAE + Austria discuss deepening trade, private sector ties: Foreign Trade Minister Thani bin Ahmed Al Zeyoudi met with Austrian officials including Labor Minister Wolfgang Hattmannsdorfer to discuss deepening bilateral trade and economic ties, state news agency Wam reports. The meeting focused on expanding private sector collaboration in key sectors like advanced manufacturing, renewable energy, tech, and tourism.

BACKGROUND- The meeting builds on an existing economic relationship between the UAE and Austria, with bilateral non-oil trade coming in at USD 1.1 bn in 1H 2025, up 57% y-o-y.

CALENDAR

NOVEMBER

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

2-6 November (Sunday-Thursday): Institutional bookbuilding period for Almasar Education’s IPO on Tadawul.

3-6 November (Monday-Thursday): Adipec, Abu Dhabi.

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

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

4-6 November (Tuesday-Thursday): Gulfood Manufacturing, Dubai World Trade Center.

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.

10-11 November (Monday-Tuesday) Future Cities Week, Dubai.

11-12 (Tuesday-Wednesday): World Tobacco Middle East, Dubai World Trade Center.

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

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

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

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

14 November (Tuesday): Abu Dhabi Extreme Championship, Al Ain Region, Abu Dhabi.

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

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

17-18 November (Monday-Tuesday): The Mining Show, Za'abeel Halls, Dubai World Trade Center.

17-19 November (Monday-Wednesday): Middle East Organic & Natural Products Expo, Dubai World Trade Center.

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

18-19 November (Tuesday-Wednesday): Dubai International Food Safety Conference (DIFSC), Dubai World Trade Center.

18-20 November (Tuesday-Thursday): Retail subscription period for Almasar Education’s IPO on Tadawul.

19-20 November (Wednesday-Thursday): Knowledge Summit, Dubai World Trade Center.

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

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

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

24-27 November (Monday-Thursday): LiveableCities X, Dubai World Trade Center.

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

26 November (Wednesday): Final allocations for Almasar Education’s IPO on Tadawul.

26-27 November (Wednesday-Thursday): DATE (Digital Acceleration and Transformation Expo), Dubai.

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

2-5 December (Tuesday-Friday): Sotheby’s Abu Dhabi Collectors’ Week, Abu Dhabi.

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

3-4 December (Wednesday-Thursday): Binance Blockchain Week, Coca-Cola Arena, Dubai.

7-14 December (Sunday-Sunday): Asian Youth Para Games, APC headquarters, Dubai.

8 December (Monday): DeFi Technologies Insights Global Symposium, Emirates Palace, Abu Dhabi.

8-9 December (Monday-Tuesday): BTC MENA Conference, Adnec Center, Abu Dhabi.

8-9 December (Monday-Tuesday): Global AI Show, Abu Dhabi.

8-10 December (Monday-Wednesday): The Bridge Summit, Adnec Center, Abu Dhabi.

8-11 December (Monday-Thursday): Abu Dhabi Finance Week, ADGM, Al Maryah Island.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

9-11 December (Tuesday-Thursday): Automechanika Dubai Trade Show, Dubai World Trade Center.

10 December (Wednesday): UAE-Russia Business Forum, Dubai.

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.

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

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

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

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

FEBRUARY 2026

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

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

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

MARCH 2026

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

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

APRIL 2026

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

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

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

MAY 2026

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

JUNE 2026

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

JULY 2026

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

Signposted to happen in 2026:

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

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027-2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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