Masdar, EtihadWe to develop 3.5 GW renewable energy projects in Saudi Arabia

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Emirates NBD’s push in India could move ahead as Indian regulators mull raising foreign investment cap + Are Emirates NBD and FAB eyeing expansions in Egypt?

Good morning, friends, and happy hump day. Our issue today is packed with big energy-related news and earnings. The big story of the day? Masdar and EtihadWe’s new renewable energy contracts in Saudi Arabia, which will see them develop some 3.5 GW of capacity in the Kingdom.

On the earnings side, we have updates from Adnoc Drilling, e&, Dubai Islamic Bank, Aldar Properties and more for their 3Q financials.

Plus: The ADGM is out with new regulations setting harsher fines on contraventions and expanding its regulatory powers. Let’s dive in.

WEATHER- Expect a high of 33°C and an overnight low of 25°C in both Dubai and Abu Dhabi today, as temperatures continue to cool down, according to our favorite weather app.

WATCH THIS SPACE-

#1- Good news for Emirates NBD’s push in India: The Indian Finance Ministry and Reserve Bank of India are weighing a proposal to raise the foreign direct investment (FDI) limit in state-run banks to 49%, more than double its current cap, Reuters reports, quoting unnamed sources. The proposed change would align public sector banks more closely with private lenders, where foreign ownership is permitted up to 74%.

This comes as Emirates NBD prepares to acquire a USD 3 bn, 60% stake in RBL Bank. The agreement is awaiting regulatory approvals due to the existing cap on foreign investments.

#2- Speaking of Emirati banks’ push abroad…: Not one, but two Emirati lenders are said to be eyeing HSBC’s retail business in Egypt, after the global bank said it’s undertaking a “strategic review” of the unit in Egypt. That’s C-suite speak for “we’re looking at options,” which range from solicit offers for the business as part of a potential sale process to keep it as it is. HSBC hasn’t said how long the review would take and there are no changes for retail customers now.

Disclaimer: This is all premature. HSBC isn’t yet accepting expressions of interest and won’t unless the review process it announced last week points in that direction. As it is, the review is just getting underway and the bank hasn’t made any decisions.

Still, the posturing has already begun: Al Mal reported earlier this week that Emirates NBD is interested, quoting an unnamed source as saying the UAE-based lender was running “preliminary studies on the portfolio,” while Asharq Business reports that First Abu Dhabi Bank is also in talks to acquire its portfolio in Egypt. Its portfolio includes roughly EGP 20 bn in loans and EGP 120 bn in deposits.

Our take: We’d absolutely expect Emirates NBD to be interested — it’s already pushing into India with a high-profile acquisition. We believe HSBC Egypt’s retail portfolio is disproportionately weighted toward high-value clients attracted to its Premier proposition. We would be surprised if market heavyweight CIB isn’t interested in having a look, as would QNB Al Ahly — if, indeed, HSBC Group decides the retail portfolio is up for grabs.

#3- The UAE government is expected to maintain “sufficient net asset buffers to sustain its spending plans through economic cycles or fluctuations in commodity prices,” barring a prolonged external shock, S&P Global’s Sovereign Ratings Senior Analyst Juili Pargaonkar told EnterpriseAM in comments on the UAE’s record 2026 budget approved by the cabinet on Monday.

REMEMBER- The final spending plan of the new budget sets out a whopping 29.2% y-o-y jump in expenditure and revenues to AED 92.4 bn compared to 2025’s AED 71.5 bn budget.

“The main contributors to federal revenue include service fees, taxes, and investment

returns from key government-related entities such as Etisalat and Du,” Pargaonkar said. “Proceeds from corporate tax and a global minimum tax of 15% on multinational companies, effective January 2025, are expected to bolster revenue from 2026,” she added. What’s excluded from the budget though are high-profile projects like the Saadiyat Cultural District, the expansion of Al Maktoum Airport, and The Wynn Integrated Resort in Ras Al Khaimah, which fall under each emirate’s remit.

S&P estimates the UAE's consolidated government liquid assets at 200% of GDP, according to Pargaokar. This substantial net asset position acts as a buffer against oil price volatility and other fiscal hurdles, Pargaonkar added. Inflation is also expected to remain in check despite the increase in spending, she added, citing the centrally administered prices for many basic goods, in addition to the AED’s peg to the USD.

#4- Fujairah gearing up to invest USD 500 mn into Hamra port? Fujairah will invest USD 500 mn into the initial phase of its planned USD 3 bn oil logistics zone at Egypt’s Al Hamra Port on the Mediterranean coast, an Egyptian government official told EnterpriseAM. The agreement comes after Fujairah and Egypt inked an agreement earlier this month to set up a joint-stock company to advance the project.

What we know: The project is making headway and is expected to obtain a golden license, said the source. The project looks to boost exports to Europe via the Mediterranean as well as solidify Egypt’s position as a regional center for energy trade. It also will reduce the cost of petroleum imports. Sources previously said that the project will be completed within three years from the date of construction — work on the superstructure will kick off early next year.

#5- CBUAE prepares new telemarketing rules for banks, FIs: The Central Bank of the UAE (CBUAE) is drafting a new regulatory framework for telemarketing for banking and financial services, according to Emarat Al Youm, which obtained a copy of the draft regulation.

Requirements in the works: Firms will need to secure written board-level approval — and, in some cases, approval from the CBUAE — before contacting customers. They’ll also need to obtain prior consent and maintain an up-to-date, do-not-call register for customers opting out of further contact, along with a guide explaining how to opt out of calls and a communication channel for queries. It will also specify the digital, written, and verbal methods to secure customers’ consent.

The draft regs will limit calls to between 9am-6pm from Monday to Friday, and 12pm-5pm on Saturday and Sunday, and require intensive training of telemarketing employees on customer privacy and ethical standards. No calls will be permitted on official holidays, while institutions must comply with any preferred contact time specified by customers.

#6- UAE to roll out emirate-specific online gaming licences? The UAE’s General Commercial Gaming Regulatory Authority (GCGRA) is expected to adopt a one-license-per-emirate model for online gaming, mirroring the framework used for land-based casinos, Inside Asian Gaming reported, citing a Vixio GamblingCompliance report quoting sources familiar with the matter.

Under the model, each of the country’s seven emirates may issue a single B2C online gaming license with the GCGRA to firms, with individual emirates deciding whether or not to participate. Only two or three emirates are likely to opt in for online gaming operations, industry observers told Vixio.

Background: Estonia-based gaming group Yolo Group subsidiaries Hub88 Holdings and Live Online Gaming Services (Live88) received gaming-related vendor licenses from the General Commercial Gaming Regulatory Authority (GCGRA) last week, making Live88 the UAE’s first licensed live online casino, and allowing Yolo to supply B2B iGaming content to the UAE.

IN CONTEXT- The UAE became the first regulated gaming market in the GCC after issuing its national gaming framework last year. The GCGRA has since rolled out key licenses, including the country’s first lottery license to The Game, vendor approvals for TCSJohnHuxley and Australia’s Aristocrat, and a commercial gaming license for Wynn Resorts, which is set to be the first integrated gaming resort in the MENA region.

#7- Dubai links trade and finance under new dual-zone framework: DP World ’s Jebel Ali Freezone Authority (Jafza) and the Dubai International Financial Centre (DIFC) have inked an agreement creating a unified framework for companies seeking to operate across both industrial and financial ecosystems, according to the Dubai Media Office.

The details: The arrangement would connect Jafza’s manufacturing logistics base with DIFC’s financial infrastructure. It would allow companies to use DIFC for holding structures, family offices, and investment vehicles — with access to banks and financial advisory services under DIFC’S regulatory regime — and use Jafza for manufacturing, warehousing, distribution, and other supply chain services through Jebel Ali Port.

PSAs-

#1- Dubai residents will be able to pay government service fees via digital wallet platforms including Apple Pay, Google Pay, and Alipay, according to a Dubai Media Office statement citing Dubai Finance. The rollout, integrated with Dubai Pay and the DubaiNow app, covers services across all Dubai government entities and is expected to be completed by the end of the year.

#2- Settlements for unattested leases in Sharjah: Sharjah’s Executive Council (SEC) approved a temporary settlement scheme for unattested lease contracts, Sharjah24 reports. Those responsible for attesting contracts will receive a 50% exemption on attestation fees and a waiver of administration fines for non-attestation on unattested lease contracts signed before the implementation of the emirate’s new real estate law. The exemptions — covering residential, commercial, industrial, and investment contracts — will be valid from 1 November to 31 December.

HAPPENING TODAY-

#1- The US Federal Reserve is expected to cut interest rates for the second time after its September cut at its Federal Open Market Committee today. Softer US inflation figures that came out last week put the Fed on course to make another small 25 basis point cut, analysts say.

Speaking of the Fed, Treasury Secretary Scott Bessent said the Fed’s next heir will likely be named by the end of the year, after whittling down the shortlist of candidates to just five, CNBC reports. The names potentially replacing current Fed chair Jerome Powell are: Fed governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock executive Rick Rieder.

#2- The Future Hospitality Summit wraps today at Madinat Jumeirah in Dubai. The summit brings together global hospitality leaders, investors, and industry leaders to explore investments to scale their businesses across key sectors, from hospitality to sustainability, technology, startups, talent, education, and branded residences.

#3- The Asia Pacific Cities Summit also wraps today at the Dubai Exhibition Center. The three-day summit gathers government leaders, urban planners, and industry experts from across the Asia-Pacific region to discuss sustainable city development, smart infrastructure, and cross-border collaboration.

#4- The Abu Dhabi Infrastructure Summit Roadshow will head to China today after its first leg in Singapore, before wrapping up in Ankara and Istanbul in November, state news agency Wam reports. The roadshow will include conferences, B2B meetings, and site visits as it looks to drum up international interest in Abu Dhabi’s USD 54 bn pipeline of infrastructure projects. It is backed by the Abu Dhabi Investment Office and the Department of Municipalities and Transport.

#5- The Annual Gulf Ins. Forum ends today at the Millennium Plaza Downtown Hotel, Dubai. The event will gather insurers, brokers, and regulators from across the region to discuss reins. capacity, pricing, solvency, and risk management in GCC markets, with sessions focusing on resilience, catastrophe response, and financial strength.

#6- The International Forum of Sovereign Wealth Funds kicks off today and runs through to Friday at ADGM. Hosted by Abu Dhabi Investment Authority and Mubadala Investment Company, the event brings together global CEOs and senior executives from sovereign wealth funds with combined assets of more than USD 10 tn, and serves as a platform to exchange ideas and insights on the role sovereign wealth funds play in responding to global volatilities and shaping economic resilience.

#7- The Branded Residences Forum is taking place today at Madinat Jumeirah in Dubai, bringing together developers, hospitality groups, and investors to examine the growing demand for branded real estate and evolving partnerships between luxury hotel brands and property developers.

THE BIG STORY ABROAD-

A mix of Big Tech news and headlines from the region are getting attention this morning:

#1- The Israel-Hamas ceasefire seems to be in its most fragile state yet, after Israel launched military strikes on Gaza yesterday, killing 26 people. An Israeli military official said the strike was in response to an attack from Hamas against Israeli military forces in an area within Gaza that is under Israeli control. (Reuters | Bloomberg | Financial Times)

#2- OpenAI is likely on track for a public listing, after a restructuring agreement with Microsoft that will see it abandon its nonprofit roots and turn into a public benefit corporation controlled by a nonprofit, as it looks to fund ambitious plans for data centers and AI technology. Microsoft will retain its 27% stake in the firm under the agreement. Its shares rose 2.5% on the news, sending its valuation above USD 4 tn. (Reuters | FT | CNBC | Wall Street Journal)

#3- Also joining the USD 4 tn club yesterday: Apple, which is benefitting from an ongoing rally prompted by positive sales momentum for its new iPhone 17. Only Nvidia and Microsoft have hit the USD 4 tn mark. (Reuters |

#4- As for the USD 5 tn club…: Nvidia was close to touching the USD 5 tn mark after its shares soared 5% yesterday, briefly touching USD 4.94 tn before settling at USD 4.89 tn. This came after it said it had USD 500 bn in bookings for its AI processors. (Reuters)

Other headlines from the firm:

The company is taking a stake in Nokia for USD 1 bn, with plans to work together on 6G technology. Nokia’s shares soared 22% on the news. (CNBC | FT )
Nvidia CEO dismissed concerns of an AI bubble, saying everyone’s “happily paying” for and enjoying AI models, as it struck industry partnerships with Uber, CrowdStrike, and Palantir Technologies. (Bloomberg)

ALSO- Could Elon Musk leave Tesla? That’s what he’s threatening to do if he does not get his USD 1 tn pay package in a shareholder vote next week. The chair of the board of the EV maker already said they’re lining up candidates to replace him as CEO in case that happens. (Bloomberg)

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MARKET WATCH-

Opec+ likely to opt for another modest output bump for December: The oil cartel is expected to sign off this Sunday on another 137k bbl / d increase to December output targets, Reuters reports, citing two of four sources briefed on the talks. Some members think the group should pause the monthly increases to account for seasonal demand weakness heading into the northern hemisphere winter, Reuters said, citing a fifth source.

Price impact has been mixed: Earlier Opec+ supply additions helped push Brent to a five-month low this month on concerts about a looming surplus. Prices then rebounded to some USD 66 a barrel after the US slapped sanctions on Russia’s top two oil firms — Rosneft and Lukoil — calming glut fears. Trump’s move could potentially strip at least some 1.5 mn bbl / d from the sanctions-abiding oil market, according to Reuters ’ calculations.

Where the cuts stand now: The 5.85 mn bbl / d Opec+ reduction package comprised 2.2 mn bbl / d and 1.65 mn bbl / d of voluntary cuts from the eight members, plus a 2 mn bbl / d cut from the full group. The eight members unwound the full 2.2 mn bbl / d layer by end-September and began unwinding the 1.65 mn bbl / d layer with two 137k bbl / d increases in October and November.

Global LNG supply is set to swell this decade: Some 300 bcm per year of new liquefaction capacity is scheduled to come online by 2030, translating into a potential 250 bcm / year of net LNG supply growth over the same period, according to the International Energy Agency’s (IEA) Gas 2025 report (pdf). The agency expects the surge to weigh on prices — barring major disruptions — and pull more demand into the market.

Demand outlook still climbing: Global gas demand is seen climbing by 1.5% annually through 2030 in the IEA’s base case — or by 380 bcm in absolute terms. About half of that growth — roughly 190 bcm — would come from the Asia Pacific, with the Middle East accounting for close to 30% of the non-Asia share, adding more than 50 bcm of demand over the period.

Natural gas output across the Middle East is forecast to expand by more than 20% — some 165 bcm — between 2024 and 2030, with Saudi Arabia expected to add almost 40 bcm over the period, while the UAE would add around 20 bcm through 2030.

Masdar, EtihadWE to develop solar and wind projects in Saudi Arabia

UAE firms feature prominently in Saudi’s latest renewables round: Masdar and EtihadWE were awarded three solar and wind energy projects by the Saudi Power Procurement Company, according to a statement. The two firms will develop 3.5 GW out of the 4.5 GW, USD 2.4 bn round. The exact value of the projects wasn’t disclosed.

Abu Dhabi’s Masdar secured two solar projects — the 1.4 GW Najran plant and the 600 MW Al Darb project in Jazan — both cleared at record-level tariffs, with the Najran project seeing the world’s second-lowest cost for electricity generation from solar power on record at USD 0.0104 / kWh.

Etihad Water and Electricity (EtihadWE) on the other hand secured the contract for the 1.5 GW Al Dawadmi project alongside Korea’s Electric Power Corporation and Saudi’s Nesma Renewable Energy, with a record low wind power generation cost at USD 0.0133 / kWh, according to the statement.

The move seems to mark EtihadWE’s first venture in the GCC, as the company’s sole foreign venture we heard of was a joint development agreement last year with Uzbekistan’s Energy Ministry and its Investment, Industry, and Trade Ministry, and JSC Thermal Power Plants for the 320 MW Mubaraka power plant.

…unlike Masdar, which is active in the region: The company reached financial close on the USD 1.1 bn, 2 GW Al Sadawi solar project in Saudi Arabia in August, and is working with consortiums on other projects across the region. That includes plans to develop the 500 MW Ibri III solar plant and 100 MWh BESS system in Oman with an investment of USD 300 mn. It’s also among five shortlisted to bid for Kuwait’s 500 MW Al Dibdibah and Al Shagaya solar projects..

Tabreed lines up AED 1.8 bn shariah-compliant facility

State-owned district cooling company Tabreed lined up a AED 1.8 bn shariah-compliant debt facility from our friends at Mashreq alongside Emirates NBD, to fund M&As and strengthen its balance sheet, it said in a filing (pdf) to the DFM. The six-year loan, split between AED and USD tranches, includes AED 1 bn in green financing.

REMEMBER- Earlier this month, CEO Khalid Al Marzouqi mentioned that Tabreed is exploring investment windows in the data center sector, citing strong growth possibilities driven by the industry’s heavy reliance on advanced cooling systems, adding that they will use various financing tools and support from key partners Mubadala and Engie to fund its expansion. It is also assessing other potential growth areas, including cooling services around Dubai’s upcoming Al Maktoum International Airport. It recently completed its acquisition of PAL Cooling Holding in a transaction worth an equity value of AED 3.8 bn.

Market reax: Tabreed’s shares rose 0.3% to AED 3.06 at yesterday’s close.

OTHER DEBT NEWS-

Emirates NBD is also handing Indian carrier IndiGo an aircraft finance lease facility to fund the acquisition of two Airbus A321neo aircraft, as per a press release. This comes as the largest Indian airline expands aggressively to meet rising demand and scale routes — with some 58 aircraft added in 2024 alone. The carrier has a fleet of over 400 aircraft, operates 2.2k daily flights, and has accommodated 118 mn passengers in FY 2025.

Plenty of UAE ties to IndiGo: The Abu Dhabi Investment Council was among IndiGo’s anchor investors in its 2015 IPO. Dubai Aerospace Enterprise leased seven Airbus A321neo jets to IndiGo in 2021, as per a separate press release.

ADGM overhauls enforcement rules with new fines + settlement framework

ADGM introduces new fine and enforcement framework: Abu Dhabi Global Market’s (ADGM) Registration Authority (RA) has published new administrative regulations 2025 (pdf), alongside amendments to related commercial legislation, introducing new tier-based fines for contraventions, and expanding its supervisory powers, according to a press release (pdf). The new regulations took effect immediately upon publication.

A unified regime for all contraventions: All RA enforcement, investigation, and sanctioning powers are consolidated under one framework governing every entity subject to ADGM’s commercial laws. The reforms establish two main contravention categories — Tier 1 and Tier 2 — each with its own process and penalty ceiling. For both tiers, fined parties have 30 days to seek reduction or revocation.

Tier 1 contraventions cover minor breaches, with fines capped at USD 2k, which must be paid within 30 days of receiving notice. Firms can file statements of representatives within 30 days to seek reduction or revocation;
Tier 2 contraventions include more serious offenses and carry fines of up to USD 54 mn, along with other enforcement actions such as license suspension for up to 12 months, cancellation, disqualification, prohibition orders, imposition of certain requirements, changes to the type of license issued, and striking contravening parties off the register. The RA will first issue a written warning notice, setting a deadline for the party to submit any material to challenge the issuance. The authority can then issue a decision notice upholding the fine or a discontinuance notice annulling it. The two parties can also enter into a settlement.

Repeat contraventions: ADGM can impose higher fines through a decision notice if another Tier 2 contravention is committed within 12 months of the first.

Expanded investigative and supervisory tools: The RA also now has explicit authority to compile information from any connected person, verify submission, and appoint investigators to conduct targeted reviews. It can now also issue supervisory notices without going through the full enforcement process, allowing for immediate license variation or new compliance requirements when risks are identified.

A new rule gives the RA’s CEO statutory exceptional powers to suspend or cancel licenses, or issue prohibition orders immediately — bypassing Tier 2 procedures when there is serious contravention, criminal suspicion, or imminent material harm to consumers, market confidence, or public safety. The CEO must issue an exceptional notice setting out grounds, actions taken, and the right to judicial review before the ADGM courts.

Adnoc Drilling, e&, DIB, Aldar, Ghitha, and more report 3Q earnings

ADNOC DRILLING-

Adnoc’s drilling arm saw its net income increase 10% y-o-y to USD 368 mn in 3Q 2025, according to its management discussion and analysis report (pdf). Its revenues hit a record USD 1.3 bn, up 23% y-o-y, as the firm expanded its operations and new rigs came online over the course of the year.

Adnoc Drilling’s unconventional segment contributed more to revenues than previous quarters, with a 370% y-o-y increase to USD 158 mn, as it works through contracts such as the USD 1.7 bn it was awarded by Adnoc in May to recover unconventional energy resources across 144 wells in the UAE, according to its earnings release (pdf). This was good news for its revenues, given the high returns it offers, the release said.

In 9M 2025, its net income after tax rose 17% y-o-y to USD 1.1 bn, while revenues rose 27% y-o-y to USD 3.6 bn. It also secured a record USD 5 bn in contracts during the period, according to the release.

Dividends: The company’s board approved a dividend payout of USD 250 mn for 3Q 2025 — its highest ever, after it increased its dividend distribution floor to AED 25 bn by 2030, and to AED 3.7 bn in 2025 (+27% y-o-y).

Looking ahead: The company updated its revenue forecast to up to USD 4.9 bn for 2026, up from a previous forecast of between USD 4.7-4.8 bn.

Also set to boost net income: Decreasing interest rates, CFO Youssef Salem told Asharq Business (watch, runtime: 9:51), which will be good considering the USD 2 bn in financing facilities it raised recently, which feature variable rates.

ALDAR PROPERTIES-

Real estate developer Aldar Properties reported AED 1.9 bn in 3Q 2025 net income, up 49% y-o-y, with revenues rising 44% y-o-y to AED 8.0 bn, the company said in its earnings presentation (pdf). The group’s 9M 2025 net income hit AED 5.9 bn, rising 30% y-o-y, while revenue was up 43% y-o-y to AED 23.5 bn.

The performance was underpinned by growth across both of the group’s platforms, with Aldar Development’s growth driven by becoming a “leading destination builder, diversifying product and customer segments, and replenishing strategic landbank” in the UAE. Its revenues grew 51% y-o-y in 3Q 2025 to AED 5.8 bn, while revenues were up 50% y-o-y on a 9M basis to AED 17.1 bn as it expanded in Egypt and the UAE “organically and through land replenishments” and entered new markets. Aldar’s development backlog is now sitting at AED 66.5 bn, hitting a new record, with the vast majority of that figure in the UAE. Aldar Investment also saw growth supported by acquisitions, as well as several assets coming online.

Group-wide development sales grew 2% y-o-y in 3Q to AED 10.2 bn and 19% y-o-y to AED 28.5 bn. UAE sales hit AED 9.1 bn during the third quarter and AED 26.5 bn across the first nine months of the year.

e&-

Emirates Telecommunications Group Company (e&) reported a 0.8% y-o-y rise in net income attributable to owners to AED 3 bn in 3Q 2025, while revenues climbed 29.2% y-o-y to AED 18.6 bn, according to its financials (pdf) and a separate earnings release (pdf). The group’s subscriber base increased 14% y-o-y to 202.2 mn in 3Q 2025.

For the first nine months of 2025, the firm’s bottom line jumped to AED 13.2 bn from AED 8.2 bn the year before, amid sustained expansion in international operations following the consolidation of e& PPF, with international revenues jumping 57.2% y-o-y to reach AED 23.6 bn during 9M. Total revenues reached AED 53.5 bn, marking a 25.3% increase from 9M 2024.

DUBAI ISLAMIC BANK-

Dubai Islamic Bank (DIB) reported a net income of AED 2.0 bn in 3Q 2025, down 5.8% compared to 3Q 2024, according to its financials (pdf) and a separate earnings release (pdf). The bank’s total income rose 5.6% y-o-y to AED 6.0 bn, driven by an uptick in income from commission, fees, and foreign exchange, as well as from held investments and properties.

For the nine-month period, DIB’s net income rose 4.3% y-o-y to AED 5.7 bn for 9M 2025. The lender recorded a 2.2% y-o-y increase in total income to AED 17.4 bn for the same period. An uptick in non-funded income, strong margins, and increased business volumes drove growth.

NMDC ENERGY-

NMDC Energy posts 3Q results: NMDC Energy — a subsidiary of the National Marine Dredging Company (NMDC) — recorded an 8.5% y-o-y drop in net income to AED 367.6 mn in 3Q 2025, according to its financials (pdf). The firm’s top line rose 22% y-o-y to AED 4.8 bn during the quarter

On a 9M basis: NMDC Energy saw its net income rise 5% y-o-y to AED 950.9 mn for 9M 2025, driven by solid backlog execution and operational strength, according to a management discussion and analysis report (pdf). The company’s revenues increased 33% y-o-y to AED 13 bn during the same period, with global market operations accounting for some 31% of the firm’s revenues during the period. NMDC Energy secured an AED 9.7 bn engineering, procurement, and construction contract for a local project in March. It also announced plans to invest USD 500 mn in a dedicated offshore wind vessel back in February.

GHITHA-

Abu Dhabi-based food manufacturer Ghitha Holding saw its net income drop to AED 25.4 mn in 3Q 2025, down from AED 42.5 mn the year before, according to its quarterly financials (pdf). Total revenues surged to AED 1.3 bn, up 14.3% y-o-y, driven primarily by higher sales of food and non-food goods. Gross earnings climbed 23.7% to AED 280.7 mn.

For the nine-month period, the group reported a revenue of AED 4.0 bn, up 9.2% y-o-y, with its bottom line seeing a steep drop to AED 80 mn, down from AED 2.8 bn in 9M 2024, which had seen a AED 2.7 bn gain from the derecognition of a subsidiary.

Behind the results: Strong performance across core activities and acquisitions drove earnings for the quarter — which saw Ghitha restructure its agricultural and fresh food operations via its subsidiary NRTC Food Holding, in a bid to enhance its supply-chain value, according to a separate earnings release (pdf). Inflows from its 2024 acquisition of Arabian Farms also boosted its balance sheet, along with its March takeover of Al Jazira Poultry.

A new exec for JPMorgan Private Bank in Dubai

JPMorgan names new exec: JPMorgan Private Bank tapped Karim Abi Nader (LinkedIn) as the firm’s new executive director and banker, according to a post on LinkedIn. Nader will join JPMorgan’s Dubai office, serving the firm’s regional ultra-high-net-worth clients.

Nader has over two decades of experience in private banking, wealth management, and corporate and investment banking. He joins the firm from Abu Dhabi Commercial Bank — where he was an executive manager in its private banking segment — and previously served as head of the credit department at the Bank of Sharjah.

Global banks, aviation, and energy players flock to the UAE

PAYMENTS-

Crown Agents subsidiary to set up shop in ADGM: CAB Global Markets, UK-based Crown Agents Bank’s new Middle Eastern subsidiary, secured in-principal approval from ADGM’s Financial Services Regulatory Authority for a category 2 financial services permission, according to a press release. The lender provides foreign exchange, cross-border payments, trade finance, and treasury management solutions.

It’s the latest in a series of hedge funds, banks, and asset managers setting up shop in the capital, with Swiss bank UBS and Deutsche Bank’s investment arm DWS Group among those joining in recent weeks.

LOGISTICS-

Aviation services major Avia is coming to the UAE: Dublin-based Avia Solutions Group (ASG) — a leading global provider of aircraft, crew, maintenance, and ins. (acmi) services — is set to launch its regional headquarters at Mohammed bin Rashid Aerospace Hub (MBRAH) in Dubai South in 4Q 2027, according to a statement. The office will operate a shared-services center, boosting ASG’s regional operations in acmi, cargo charters, cybersecurity, and aviation ins. The facility is also set to serve as the firm's collaboration and technological hub, with plans to attract up to 800 multinational experts to work in a first-of-its-kind Agentic AI innovation hub for the industry.

Why MBRAH? The zone is home to several operational maintenance centers, with more new developments currently underway, including an expansion of its line-maintenance unit infrastructure in 2026 and a USD 190 mn MRO facility dedicated to Flydubai fleet.

TECH-

#1- Oson secures DFSA in-principle approval: Uzbekistan-based fintech Oson has secured in-principle approval from the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Center (DIFC), Gulf News reports. The license will enable Oson to launch its multi-currency payment services and B2B fintech infrastructure in the UAE — its first market in the MENA region — as it gears up for its first investment round.

BACKGROUND- Oson operates in Uzbekistan, Kazakhstan, Kyrgyzstan, and Tajikistan, serving over 3 mn users. Its multi-currency platform, Oson Wallet, facilitates cross-border payments and transactions for businesses.

#2- Cisco, G42 partner on AI infrastructure: Digital communications tech conglomerate Cisco and state AI firm G42 have expanded their partnership to integrate Cisco’s full-stack of AI infrastructure, including its compute, networking, and analytics tools, with one of G42’s large-scale AI clusters, according to a press release. The cluster will include AMD’s MI350X GPUs.

ICYMI- Cisco and G42 signed an agreement in May to collaborate on AI infrastructure, as well as encourage public and private sector adoption. Cisco is also one of the firm’s working alongside Nvidia, OpenAI, Oracle, and SoftBank on the Stargate UAE 1 GW cluster.

ENERGY-

Uzbek state oil firm launches UAE subsidiary: Uzbekistan’s state-owned oil and gas company — Uzbekneftegaz — has launched a new subsidiary in the UAE, named Orient Energy, Trend News Agency reports. Set to operate internationally under the firm’s UNG Overseas brand, the subsidiary will work as an investment hub for UNG, focusing on attracting capital from global investors and financial institutions to fund energy, infrastructure, and industrial projects, and developing hydrocarbon supply chains.

SUSTAINABILITY-

UAE launches first green innovation district: The Economy and Tourism Ministry and Expo City Dubai have unveiled the country’s first green innovation district, a large-scale initiative designed to link industrial growth with climate action, Wam reports. The district will serve as a hub for companies operating in clean energy, circular economy, and green tech, hosting office, retail, and F&B spaces, along with light industrial units and farm plots. The site will serve as a testbed for decarbonization technologies.

First tenant secured: UAE-based manufacturer converting date palm waste into biodegradable materials Palmade is the first with plans to move production to the district.

Also involved: European bank Intesa Sanpaolo will support sustainable projects and financing mechanisms within the district, while Nestlé will contribute technical expertise and R&D. The UAE’s CSR fund, Majra, will help guide sustainable enterprises on establishing operations.

Global sukuk market on track to close out 2025 on a high note

The global Islamic finance industry is expected to register growth in 2025 despite headwinds and “growing uncertainty,” S&P Global said in its recent Islamic Finance Outlook report (pdf). This year’s anticipated positive performance will come after the industry grew 10.6% in 2024, driven by an outstanding sukuk performance and substantial banking asset growth. Banking assets contributed to 60% of the industry’s growth in 2024, with Saudi Arabia leading the pack, accounting for around two-thirds of that acceleration.

Global sukuk issuance is on track to hit as much as USD 200 bn by the close of the year — barring any major impact from current market volatility, S&P said, reiterating its forecast from January of this year. Foreign currency-denominated sukuk are expected to account for a little less than half of the total (USD 70-80 bn), maintaining positive momentum from 2024, when FCY-denominated sukuk rose 29% y-o-y despite total sukuk issuances dipping.

The year so far: Global sukuk issuance hit a record in 3Q 2025, defying market volatility and the usual seasonal slump, according to recent Fitch Ratings figures. Core markets — the GCC, Malaysia, Indonesia, Turkey, and Pakistan — issued about USD 80 bn in the quarter, up 22% q-o-q and 89% y-o-y. The 3Q performance comes after issuances fell 15% y-o-y in 1H 2025 on the back of lower local currency-denominated issuances in key markets, including Malaysia, Qatar, the UAE, and Saudi Arabia.

Sustainable sukuk issuance volumes rose by 27% in 1H 2025, reaching USD 9.3 bn, according to S&P. The issuance activity was led by the Islamic Development Bank, which accounted for almost half of the market’s activity, with Saudi Arabian issuers leading the market.

Saudi Arabia and the UAE are expected to be the primary engines of growth, S&P said. “Saudi Arabia’s Vision 2030 will continue to translate into significant banking system growth, provided it attracts sufficient refinancing sources, including sukuk issuances from the international capital market.” Meanwhile, high non-oil GDP growth in the UAE and high capex needs “will further support financing requirements and sukuk issuances in 2025,” according to the report. S&P also sees continued growth in the industry across the rest of the GCC, as well as high single-digit growth coming out of Asia-Pacific markets — particularly Indonesia, Bangladesh, Malaysia, and Pakistan.

Not all markets will do equally well: Local currency-denominated sukuk are expected to continue growing in Turkey and Egypt, but overall performance will depend on the performance of their currencies. S&P said. Depreciation in Turkey made it one of the largest contributors to growth in relative terms, but the contribution was modest in absolute terms, the report said.

Risks remain: Prospects for the sukuk and takaful market in 2026 and next depend on the possibility of adopting Shariah Standard 62, S&P noted, saying that the adoption of the new standards could disrupt the market “by potentially reclassifying the instruments from debt-like to equity-like.” Some issuers may still preemptively rush to market before the standard is implemented, particularly if it is adopted in its current form.

SOUND SMART- Shariah Standard 62 is a proposed overhaul of how sukuk are treated to bring them more in line with shariah principles. The planned revisions — introduced in 2024 — would allow sukuk holders to gain full ownership of the underlying assets and expose them to additional risks like defaults. It could also increase costs and red tape for issuers through additional asset transfer and documentation.

MARKETS THIS MORNING-

Japan’s Nikkei is continuing a strong trend of gains, leading Asian markets with a 2% rise in early trading after reaching new heights yesterday on US-Japan trade optimism. Over on Wall Street, futures are little changed in anticipation of the Fed’s decision on interest rates.

ADX	10,165	-0.3% (YTD: +7.9%)
DFM	6,070	+0.5% (YTD: +17.6%)
Nasdaq Dubai UAE20	5,002	-0.0% (YTD: +20.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.9% o/n	3.7% 1 yr
Tadawul	11,674	+0.5% (YTD: -3.0%)
EGX30	38,305	+0.4% (YTD: +28.8%)
S&P 500	6,891	+0.2% (YTD: +17.2%)
FTSE 100	9,697	+0.4% (YTD: +18.6%)
Euro Stoxx 50	5,704	-0.1% (YTD: +16.5%)
Brent crude	USD 64.40	-1.9%
Natural gas (Nymex)	USD 3.25	-3.0%%
Gold	USD 3,973	-0.3%
BTC	USD 112,944	-1.0% (YTD: +20.7%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.78	0.0% (YTD: +8.5%)
S&P MENA Bond & Sukuk	152.45	0.0% (YTD: +8.9%)
VIX (Volatility Index)	16.42	+4.0% (YTD: -5.4%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 1.3 bn. The index is up 7.9% YTD.

In the green: GFH Financial Group (+3.8%), Waha Capital Company (+2.5%) and Apex Investment (+2.1%).

In the red: Phoenix Group (-3.8%), National Bank of Umm Al Qaiwain (-3.4%) and Abu Dhabi Commercial Bank (-2.8%).

Over on the DFM, the index rose 0.5% on turnover of AED 926.8 mn. Meanwhile, Nasdaq Dubai remained flat.

CALENDAR

OCTOBER

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): Gulf Ins. Forum, Millennium Plaza Downtown Hotel Dubai.

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

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

29-31 October (Wednesday- Friday): International Forum of Sovereign Wealth Funds (IFSWF), ADGM, Al Maryah Island.

30-31 October (Thursday-Friday): Ras Al Khaimah Global Real Estate and Investment Summit, Al Hamra International Exhibition and Convention Center.

NOVEMBER

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

2-3 November (Sunday-Monday): Global AI Summit, Abu Dhabi Energy Center, Abu Dhabi.

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

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 2025, 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.

11-17 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.

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

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

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 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.

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

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

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

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

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

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

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

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

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

13-15 December (Saturday-Monday): Mobile Developers Week, Abu Dhabi.

18-23 December (Thursday-Tuesday): Games of the Future, Adnec, Abu Dhabi.

29-30 December (Monday-Tuesday): World Sports Summit, Dubai.

Signposted to happen sometime in 2025:

e& will complete Adnoc’s private 5G network;
Executive Committee Meeting (EXCOM) conference of the World Smart Sustainable Cities Organisation (WeGO).

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro.

JANUARY 2026

1 January: Client asset regime changes in Dubai International Financial Center take effect.

9-11 January (Friday-Sunday): 1 Bn Followers Summit, UAE.

13-15 January (Tuesday-Thursday): FESPA Middle East, Dubai Exhibition Center, Dubai.

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

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

31 January - 7 February (Saturday-Saturday): Mubadala Abu Dhabi Open, International Tennis 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

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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