Mubadala acquires Silver Rock, Zelis — and welcomes new shareholders

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Mair Group sets reference price for ADX listing + Could RedBird still hold onto the Telegraph?

Good morning, friends. We were not kidding when we said the UAE is “back to business” after the long weekend — it seems everyone has squeezed a week’s worth of work into just two days based on the newsflow today.

We have a string of M&A news from Mubadala, who, for the first time, accepted outside equity into one of its subsidiaries as part of a transaction; as well as acquisitions from NMDC's new logistics unit, NMDC LTS, and Aliph Capital. Plus: ADGM now has a regulatory framework for stablecoins, and we have fresh data on the UAE’s fiscal surplus in 9M 2024, and trade figures from Abu Dhabi.

WEATHER- It’s slightly warmer in Dubai today, with a high of 28°C and a low of 22°C. In Abu Dhabi, we have a high of 26°C, and an overnight low of 24°C.

WATCH THIS SPACE-

#1- Abu Dhabi investment firm Mair Group set a reference price of AED 1.16 for its direct listing on ADX, with plans to float the share price for the first three days of trading, according to an ADX disclosure (pdf). Trading is set to begin on 9 December. The company, which specializes in food retail and commercial real estate, was recently consolidated, with Adcoop and Makani moving under its wing in September.

REMEMBER- In a direct or technical listing, the share price is determined based on supply and demand, but the company sets a reference price to calculate how its share price is performing from the day its shares debut on the exchange. The key difference between a direct listing and an IPO is that a direct listing does not involve a bookbuilding process or underwriters — it simply makes the company’s existing shares tradeable on the bourse. Agility Global had a technical listing on the ADX earlier in May, where it saw its reference share price jump 327% on the first day of trading.

#2- Adia cleared by Indian competition watchdog for GMR Group debt subscription: Abu Dhabi sovereign wealth fund Adia received the greenlight from the Competition Commission of India to invest in USD 750 mn of Indian infrastructure firm and airport operator GMR Group’s debt, according to a statement (pdf) from the commission. A GMR Group special purpose vehicle will acquire a 9% stake in GMR’s airport unit GMR Airports as part of the transaction, in order to pledge it to Adia to secure its subscription.

Background: Adia had said it would invest in GMR Group’s debt in October, as the Indian firm looks to refinance its external debt and reduce pledged shareholding in its airports business, Reuters had said at the time. The company reported a total debt of INR 44.77 bn (c. USD 532.5 mn), an increase of nearly 4% y-o-y, in its latest annual report.

#3- Another Edgnex data center in Greece: Edgnex Data Centers, a joint venture (JV) between Damac and PPC Group, launched Data In Scale, a JV focusing on the development of a data center in Spata, Greece. The joint venture will see Damac holding a 55% stake and PPC Group owning 45%, according to a press release.

The details: The first phase of the project involves an investment of EUR 150 mn to establish 12.5 MW of capacity, with plans to expand to 25 MW in subsequent phases. Currently in the design and licensing stages, construction is set to commence in 1Q 2025, with the aim of completing the first phase within two years.

ICYMI: Damac Group plans to invest approximately USD 3 bn in establishing data centers across Southeast Asia through its subsidiary Edgnex, and between USD 5 and 7 bn to expand globally. The company is primarily targeting Malaysia, Indonesia, and Thailand in Southeast Asia.

#4- Despite the ongoing regional conflict, Abu Dhabi’s economy is expected to lead growth in the UAE next year at 5.6%, Zawya reports, citing data from BMI, a unit of Fitch Solutions. Dubai's growth is forecasted at 3.5%, driven by strong investment, private consumption, and a recovery in oil production. The UAE's non-oil sector is expected to grow by 6%, while the oil sector is set to recover by 2.5% as Opec+ eases supply restrictions later in the year.

REMEMBER- Fitch previously forecast the UAE's economy to grow by 5.2% in 2025, making it the fastest growing economy in the Gulf region next year.

Fitch sees the war between Israel and Hamas and Hezbollah ending in the first half of 2025, with US President-elect Donald Trump’s push to expand the Abraham Accords influencing the Israel-Hamas conflict, the report is cited as saying.

#5- Could RedBird potentially hold onto The Telegraph? UK Prime Minister Keir Starmer has not dismissed the possibility of revising the ban on foreign state ownership of UK newspapers ahead of his upcoming visit to the UAE sometime this month, The Telegraph reports. This comes after the UK government recently passed a law preventing UAE-backed RedBird IMI from taking over The Telegraph, which led to the sale of its sister magazine the Spectator in September. .

The Enterprise Act currently prohibits foreign state ownership or influence over newspaper mergers, but the government has yet to introduce secondary legislation to clarify any exceptions since consultations concluded after the last general election. One proposal under discussion would allow sovereign wealth funds to hold up to 5% of UK newspapers, though there have been proposals from Treasury to raise that cap as the UK government eyes more funding from the GCC.

#6- Stake to expand Saudi footprint: Dubai-based fractional ownership firm Stake plans to invest SAR 1 bn (USD 266 mn) in property agreements in Saudi Arabia over the next six months, its co-founder and CEO Rami Tabbara told Bloomberg. The planned investments includes acquiring a fully-rented mall in Riyadh for SAR 187 mn and purchasing a residential tower with over 140 apartments for SAR 200 mn.

Stake has seen “amazing demand” from investors since its soft launch in the Kingdom, on the back of high rental yields of 7-8%. The company plans to officially launch operations in Saudi Arabia on 9 December.

ICYMI- We knew this was coming: Stake raised USD 14 mn in series A funding earlier in June to expand its pool of investors and enter Saudi Arabia this year. The company said it would use the funds to become the first platform to allow individuals outside of the kingdom to invest in Saudi real estate.

It’s not only eyeing KSA: The company is also preparing to launch in Abu Dhabi early next year, Tabbara said.

#7- DP World plans to expand in India: UAE-based port operator DP World intends to boost its presence in India by expanding into more industrial parks and logistics projects, aiming to address trade bottlenecks and ease cargo movement from ports to customers, CEO Sultan Ahmed Bin Sulayem said in a Bloomberg interview.

China is also an area of interest: The Chinese market is also an area of interest for DP World as it recovers from the pandemic and factories continue to manage cargo backlogs, Sulayem added.

DP has ties in India: The port operator launched operations at Cochin Economic Zone in the Vallarpadam terminal back in June and also operates in Mumbai’s Nhava Sheva Business Park and Chennai’s Integrated Chennai Business Park.

#8- ADDED, ADDGE launch Golden Vendor list: The Abu Dhabi Department of Economic Development (ADDED) and the Abu Dhabi Department of Government Enablement (ADDGE) extended the scope of the Golden List with the introduction of a Golden Vendor list of local suppliers, covering 145 industries and addressing 74% of the government’s procurement needs, according to the Abu Dhabi Media Office. The list will later be expanded to include high-demand services, and will be integrated into the government’s tender processes to prioritize local content in procurement evaluations and encourage local manufacturing and supplier purchases.

PSAs-

The alcohol tax is back: All alcohol orders in Dubai will once again be subject to a 30% municipality alcohol sales tax starting 1 January, 2025, Caterer Middle East reports. Alcohol distributors MMI and African+Eastern notified affected restaurants and bars in the emirate about the reinstatement of the tax.

Background: The emirate suspended the alcohol sales tax at the end of 2022 for an initial one-year trial period throughout 2023, aiming to reduce alcohol costs for businesses and consumers. The suspension was quietly extended through 2024, with no official announcement made.

HAPPENING TODAY-

#1- The two-day Milken Institute Middle East and Africa Summit is on its second and final day at St. Regis Saadiyat Island in Abu Dhabi. The summit gathers key business and philanthropic leaders, health and finance experts, and policymakers to discuss solutions aimed at addressing various global issues, including climate change, public health crises, and energy insecurities.

#2- The Abu Dhabi Business Week is on its third and final day at the Adnec Center in Abu Dhabi. The event features discussions aimed at supporting business development in the emirate.

THE BIG STORY ABROAD-

It’s a mixed bag in the foreign press this morning, with more updates on France’s government after the resignation of Prime Minister Michel Barnier, Syrian rebels advancing in Syria, and some AI news.

#1- French President Emmanuel Macron will appoint a new prime minister in the coming days, with the priority for his selection being the budget — the key point of contention that led parliament to vote out Barnier. Macron pledged to fulfill his five-year term ending in 2027 despite calls from opposition for him to resign. The Guardian has a list of potential candidates. (Reuters | Washington Post | France24)

#2- CLOSER TO HOME- In Syria, Syrian rebels captured the central city of Hama in another blow to the Assad regime, after capturing Aleppo last week. The capture of Hama will make it more difficult for Assad and his allies to launch a counteroffensive against the rebels, and will make it easier for them to capture Homs, south of Hama, which is Syria’s third-largest city. (AP | Reuters | Guardian | CNN)

#3- IN AI NEWS- Elon Musk’s xAI secured USD 6 bn in new funding from 97 investors, according to a regulatory filing, which did not name any specific investors. The funding round was rumored to value the startup at some USD 40 bn. (Bloomberg | TechCrunch)

REMEMBER- Saudi Arabia’s PIF had previously invested in xAI, and Abu Dhabi investor MGX was also rumored to be eyeing an investment in the startup.

OIL WATCH-

Opec+ will delay its planned output hike to April 2025, planning to fully remove production cuts by the end of 2026, according to a statement. The group will gradually unwind 2.2 mn bpd of cuts from April 2025 through monthly increases of 138k barrels per day (bbl / d) until September 2026, according to Reuters’ calculations. This move marks the group’s third time it has delayed plans to phase out oil supply amid a slowdown in global demand and a rise in supply outside the cartel.

The organization also agreed to allow the UAE to increase its production by 300k bbl / d gradually from April 2025 instead of the beginning of the year as previously agreed until September 2026.

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Mubadala subsidiaries acquire stakes in Silver Rock, Zelis

Two of Abu Dhabi sovereign wealth fund Mubadala’s subsidiaries have acquired stakes in companies overseas, with one of the transactions seeing Mubadala Capital receive outside equity for the first time.

#1- Mubadala Capital, the asset management arm of Abu Dhabi's sovereign wealth fund Mubadala, is acquiring a 42% stake in Los Angeles-based credit investment firm Silver Rock Financial through a combination of cash and equity, according to a press release. As part of this agreement, Mubadala Capital will also receive an equity investment from Milken's family office, marking the first time the Abu Dhabi-based firm has accepted outside equity.

Who’s on board? CEO and CIO of Silver Rock Financial Carl Meyer, Co-founder and Co-Portfolio Manager Michael Haberkorn; and M-Cor Capital, the investment arm of the Milken Family Office.

Mubadala Capital will also commit USD 1 bn in funds to Silver Financial over time, the statement said, without clarifying a specific timeline or targeted funds.

About Silver Rock: Silver Rock — which is backed by the family office of financier Michael Milken, known as the “junk bond king” — manages around USD 10 bn in assets, specializing in structured products and high-yield debt.

It’s not the first tie-up between Mubadala and Silver Rock: The two firms worked together on the 2012 takeover of EMI Music Publishing, which they sold to Sony for USD 4.75 bn in 2018.

This acquisition marks the latest in a series of moves to push further into private credit investments, with the sovereign wealth fund recently extending its multi-bn-USD partnership with US-based Apollo Management, focusing on private debt and equity financing.

#2- Mubadala secures a minority stake in Zelis: Mubadala Investment Company completed its acquisition of a minority stake in Zelis, a US-based healthcare tech provider, according to a press release. The sovereign wealth fund led the investment, joined by a group of investors including Norwest and HarbourVest.

Mubadala had been working on this agreement since October, which was said to value Zelis at around USD 17 bn. The transaction was also said to involve a mix of equity and debt to acquire the stake from Bain and Parthenon Capital, which remain majority owners.

ADVISORS- Goldman Sachs and JP Morgan advised Zelis, with legal counsel from Kirkland & Ellis. Mubadala was advised by Evercore, with Akin Gump as legal counsel.

Mubadala has been on an acquisition spree this year: Highlights include teaming up with private equity firms to buy US-based Truist Insurance Holdings for USD 12.4 bn in February — the largest acquisition of 2024 — and co-investing USD 8.3 bn in Dalian Wanda’s mall unit, the third-largest transaction of the period.

Gov’t revenues reached AED 404.9 bn in 9M 2024

Government revenues — including both federal and local — reached AED 404.9 bn in 9M 2024, according to the latest data from the Finance Ministry picked up by Al Khaleej. Taxes accounted for the lion’s share of revenue, contributing 67.3% or AED 272.7 bn, while other revenues totaled AED 119.7 bn, and social contributions added AED 12.5 bn.

The government recorded a fiscal surplus of AED 96.2 bn, with total expenditures amounting to AED 308.6 bn during the first nine months of the year.

Breakdown of expenditures:

AED 92.5 bn went to salaries and employee compensation;
AED 88.5 bn were spent on goods and services;
AED 54.1 bn were directed toward social benefits, and AED 22.1 bn to financial aid;
AED 10.7 bn were allocated to financial interest payments;
AED 7.3 bn for fixed capital consumption, and AED 804k for financial grants;
AED 20.7 bn invested in non-financial assets;
AED 11.5 bn accounted for other expenses.

On a 3Q basis, the government collected AED 141 bn in revenues, reflecting a 1.5% q-o-q decrease from 2Q but an increase of 16.9% compared to the first quarter of the year. Total expenditures reached AED 110.5 bn in 3Q, up 9.4% q-o-q from 2Q and 13.9% from 1Q.

REMEMBER- The government plans to spend more next year: The Federal National Council approved a draft federal law linking the Union General budget and independent federal entities' budgets for 2025, bringing the total to AED 71.5 bn in both revenues and expenditures. The budget, which the cabinet approved earlier in October, marks the largest in UAE history and sets out a 12% y-o-y increase in expenditure compared to 2024’s budget of AED 64.06 bn.

NMDC LTS to snap up 70% of Emdad

NMDC LTS moves to acquire 70% stake in Emdad: NMDC’s new logistics arm, NMDC LTS, is set to acquire a 70% stake in Abu Dhabi-based oil and gas services firm Emdad for an undisclosed sum, according to an ADX disclosure (pdf). The agreement is pending regulatory approvals and endorsements from stakeholders within and outside the UAE.

About Emdad: The Abu Dhabi-based company provides oilfield services, including operations, maintenance, and well construction, as well as shipping and marine services, offering offshore and logistical support, vessel management, cross chartering, and offshore transportation.

Emdad’s clients: Emdad has long-standing relationships with major players in the industry, including Adnoc, Borouge, and Emirates Global Aluminum (EGA).

There’s been hints: NMDC has been looking to acquire a 70% stake in Emdad since July. The company submitted a binding offer of an undisclosed value after completing due diligence.

ICYMI- NMDC Group launched NMDC LTS this week with a focus on marine logistics and technical operations as part of the company’s strategy to diversify its portfolio.

Aliph Capital acquires 25% stake in Sanipex Group

Private equity firm Aliph Capital acquired a 25% stake in Sanipex Group, a lifestyle product supplier, according to a press release (pdf). The investment — the size of which has not been disclosed — marks Aliph’s expansion into the lifestyle sector and follows its previous foray into the UAE's pet retail market with the acquisition of The Pet Shop. Aliph’s CEO, Huda Al Lawati, and Managing Director, Gaurav Wadhwa, will take a seat on Sanipex’s board.

REMEMBER- Aliph Fund I, Aliph Capital’s first and only fund with a USD 250 mn target, secured an undisclosed investment from Saudi SME Bank’s VC arm, Saudi Venture Capital earlier this week.

ADVISORS- PwC Middle East served as the exclusive corporate finance M&A advisor to Sanipex Group for this transaction. Legal advisory support was provided by Clyde & Co for Sanipex Group and by Latham & Watkins for Aliph Capital.

About Aliph Capital: Founded in 2021, Aliph Capital specializes in mid-market and high-growth businesses in the GCC. The firm provides growth capital with an active ownership model that emphasizes sustainability and facilitates the transition to tech-enabled operations. We featured Al Luwati in My Morning Routine earlier this year, where she touched on the strategy of the firm and its future plans.

About Sanipex Group: Established in 1995 in Dubai, Sanipex Group offers a range of lifestyle products, including bathroom, kitchen, surface, lighting, and outdoor solutions. The company is known for its flagship brand, Bagnodesign, and has showrooms in Dubai, Abu Dhabi, and London, and a distribution network spanning over 30 countries. Sanipex also plans to expand into new product categories, including kitchen appliances and outdoor furniture, and is set to open additional showrooms in the UAE and Qatar, along with a new Design Center in Dubai’s Jumeirah Beach Road in 2025.

Adnoc secures another 15-year LNG supply agreement for Al Ruwais

Adnoc finalizes second long-term LNG agreement with Malaysia’s Petronas: Adnoc signed a 15-year sales and purchase agreement (SPA) with Malaysia’s state-owned oil and gas firm Petronas to supply it with 1 mn tonnes of liquefied natural gas (LNG) annually from its LNG project in Al Ruwais, according to a statement. Deliveries are set to begin in 2028.

The agreement will help Malaysia ramp up its LNG portfolio: The agreement with Adnoc “bolsters [Petronas’] LNG portfolio with a reliable supply of lower-carbon energy to meet Malaysia’s domestic demand,” Petronas LNG Marketing & Trading VP Shamsairi Ibrahim said.

ICYMI- To date, over 8 mn tonnes per annum (mtpa) of the Al Ruwais LNG project’s 9.6 mtpa production capacity has been committed through long-term agreements. These include a 15-year SPA with Singapore’s Sefe Marketing & Trading for 1 mn tonnes, a 15-year agreement with China’s ENN Natural Gas for 1 mn tonnes, and another 15-year agreement with Germany’s Energie Baden-Württemberg for 0.6 mn tonnes. Additional supply agreements include 1 mn tonnes per year to Shell and 0.6 mn tonnes to Mitsui.

FSRA issues stablecoin framework

The Financial Services Regulatory Authority (FSRA) issued a regulatory framework for the issuance of fiat-referenced tokens (FRTs) in ADGM, according to a press release (pdf). The new regulations (pdf) set out a definition for FRTs, allowing its issuance and its use as a method of payment within ADGM.

Uh, Enterprise, what are FRTs? FRTs are a type of stablecoin whose value is pegged to a traditional fiat currency.

The regulations set out requirements for their issuance, including clarifying constituents of reserve assets, requiring periodic attestation and stress testing, and requirements for disclosures and whitepapers on risks and holder rights. The new rules also clarify capital adequacy requirements and restrictions, and ensure holders can redeem tokens at par value within specific timeframes by setting redemption rights.

REMEMBER- The FSRA issued a consultation paper in August, proposing new rules to allow the issuance of fiat-referenced tokens. The Dubai Financial Services Authority also eased regulations around unrecognized crypto tokens and stablecoins, while the Central Bank of the UAE’s board greenlit the introduction of a licensing and regulatory system for stable cryptocurrencies.

PLUS- We have an AED-pegged stablecoin on the way: The Central Bank of the UAE (CBUAE) gave in-principle approval to AED Stablecoin’s AE Coin in October, putting it on track to become the country’s first regulated stablecoin if it earns final approval. ADX-listed crypto miner Phoenix Group and cryptocurrency giant Tether also plan to launch an AED-pegged stablecoin fully backed by liquid UAE-based reserves and accessible globally, pending regulatory review and approval.

Abu Dhabi’s non-oil trade surplus widens to AED 7.8 bn in 3Q 2024

Abu Dhabi’s non-oil foreign trade hit AED 77.8 bn in 3Q 2024, marking a 12.9% y-o-y increase, according to import and export data (here, pdf, and here, pdf) from Abu Dhabi’s statistics center. Imports fell 3% y-o-y to AED 35 bn, while exports and re-exports increased 30.2% y-o-y to AED 42.8 bn, widening its trade surplus to AED 7.8 bn, according to the data.

On a nine-month basis, trade increased 4.6% y-o-y to AED 223.2 bn. Imports rose 1.9% y-o-y to AED 105.7 bn, while exports increased 7.2% y-o-y to AED 117.5 bn.

REMEMBER- The UAE’s foreign trade increased by 11.2% y-o-y in 1H 2024, reaching an all time high of AED 1.395 tn. Non-oil exports rose 25% y-o-y in 1H 2024 to AED 256.4 bn, with the target for non-oil foreign trade for the year set at AED 3 tn.

Chapman Freeborn appoints Linas Dovydenas as president for IMEA region

Air cargo carrier Chapman Freeborn appointed Linas Dovydenas (LinkedIn) as President for the India, Middle East & Africa (IMEA) region, as part of its broader regional expansion strategy, effective immediately, according to a press release. Dovydenas joined Chapman Freeborn in 2023 as Executive VP for ACMI Leasing. He has 16 years of experience at the carrier's parent company, Avia Solutions Group, where he held CEO and CCO roles.

Sheikh Sultan bin Ahmed bin Sultan Al Qasimi (Link edIn) appointed Khamis Al Mazrouei as the Deputy CEO of Sharjah National Oil Corporation, Wam reports.

More hedge funds set up shop in the UAE

FINANCE-

#1- Singapore-based hedge fund Dymon Asia Capital is the latest to open up its first Middle East office in Dubai, Reuters reports, citing a statement. The multi-strategy USD 3 tn hedge fund opened the office in November with two portfolio managers after receiving a category 3C license from the Dubai Financial Services Authority (DFSA), with plans to hire three more by January. The hedge fund’s deputy CEO Kenneth Kan cited Dubai’s favorable timezone and its attractiveness to investment professionals as the main drivers behind setting up the new office.

#2- US private equity firm Lone Star Funds expanded into the UAE with an Abu Dhabi office, Bloomberg reports. The company received in-principle approval to establish an office in the emirate’s financial center and plans to use the new office as a base to expand the presence of its portfolio companies in the Mena region, with investments taking place across equity, real estate, credit, and other assets.

DEBT-

Dubai toll operator Salik has received an A- issuer default rating from Fitch Ratings and an A3 rating from Moody’s, both with a stable outlook, according to a disclosure (pdf). The investment-grade ratings come on the back of Salik’s ties to Dubai’s economy and the emirate’s consistent traffic and population growth, its concession agreement ensuring long-term cashflow generation, and minimal need for capex spending, the disclosure said.

The company does not have immediate plans to issue debt, CEO Ibrahim Sultan Al Haddad said, adding that the public ratings offer the company “greater future flexibility in the financial markets.”

DEVELOPMENT FINANCE-

Emirates Development Bank (EDB) allocated AED 1.1 bn to the food security sector, accounting for 8% of its total cumulative financing of AED 14.7 bn since the launch of its strategy to support the sector in April 2021, Wam reports.

EDB also signed an MoU last week with Watermelon Ecosystem, a platform designed to integrate suppliers and stakeholders in the food and beverage industry.

BUSINESS-

#1- Abu Dhabi Investment Office and Abu Dhabi Chamber of Commerce and Industry partnered to increase investment and economic growth in the emirate, Wam reports. The partnership will create a framework to connect family offices to ADIO's network, improve investor access to market insights, and connect local and global stakeholders. The entities will also create a strategy to amplify their impact through shared data, strategic outreach, joint initiatives, and economic diversification.

#2- We have more info on KFED’s new strategy for SMEs: The Khalifa Fund for Enterprise Development (KEFD) launched the MZN Hub, an AI-driven ecosystem to provide entrepreneurs with customized resources and programs, Wam reports. The hub looks to support SMEs and startups with diversified funding sources, including both financial and non-financial offerings.

The hub grants startups access to MZN Venture Studios in Al Ain, Abu Dhabi, and Al Dhafra, which provide support in technology transfer, R&D commercialization, matchmaking, and training, and feature manufacturing facilities, including maker spaces, testing fields, and raw material zones. Startups will also gain access to a sector-specific accelerator program, with MZN Venture Capital providing critical early-stage financing to address funding gaps.

Background: Earlier this week, KEFD said it had a new strategy in the works to support SMEs with growth measures and ecosystems.

BANKING-

Haifin, an e& enterprise company, signed an MoU with Vodacom Business, to support the digital transformation of South Africa’s banking ecosystem, according to a press release. The partnership aims to enhance the lending capacity of banks in South Africa with goals of increasing revenues and improving access to liquidity for SMEs and corporate borrowers.

DEFENSE-

Edge Group will provide Censipam with a new communications system: The UAE’s defense conglomerate Edge Group partnered with the Brazilian Defence Ministry’s Management and Operational Centre of the Amazon Protection System (Cenispam) to provide it with a securitized communications system, Wam reports. The system will be developed in collaboration with the Brazilian weapons and systems developer Siatt, which is 50% owned by Edge.

MANUFACTURING-

Adnoc partners with government entities to support local manufacturing: Adnoc inked a strategic collaboration agreement with the Industry and Advanced Technology Ministry, Abu Dhabi Department of Economic Development, Abu Dhabi Investment Office, and Abu Dhabi Chamber of Commerce and Industry to boost local manufacturing and industrial growth, Wam reports.

The agreement aims to explore opportunities to support local manufacturers and empower SMEs, with plans to integrate SMEs into Adnoc’s supply chain.

TRADE-

ADDED kicks off TIP for imports and exports: Abu Dhabi Department of Economic Development launched the Abu Dhabi Trade Information Portal (TIP) to streamline import, export, and re-export procedures, in collaboration with Abu Dhabi Customs and Maqta Gateway, Wam reports. TIP provides details on regulations, fees, taxes, and procedures across all trade stages, including permits, licenses, and certifications. The details on transactions are provided using harmonized system codes, considering product specifics and transit methods.

TIP’s main features: The new portal offers templates for essential trade documents like bills of lading and certificates of origin. It also evaluates timelines and costs, potentially reducing customs compliance time by 50% and cutting operational costs by USD 100-1k per transaction, according to the organisation for economic co-operation and development. It also integrates the Abu Dhabi Export Gateway to help local businesses identify international markets.

AVIATION-

Etihad Airways established a bilateral codeshare agreement with Kazakhstan’s flag carrier Air Astana to expand connectivity for both airlines’ customers, according to a press release. The partnership grants Etihad’s passengers access to 10 new destinations in Kazakhstan and neighboring countries through Air Astana’s network, including Almaty, Astana, Bishkek, and Tashkent. Meanwhile, Air Astana passengers gain access to Etihad's routes to India, Bahrain, and Oman via Abu Dhabi.

ENERGY-

Adnoc Group’s AI joint venture AIQ partnered with Adnoc, Baker Hughes, and Corva to launch the AI rate of penetration (RoP) optimization initiative to improve drilling performance across Adnoc’s fields, according to a press release. The initiative uses AI-driven solutions to provide recommendations for optimizing drilling parameters, such as weight on bit and rotations per minute, reducing time-to-depth while improving performance.

What BTC’s breach of the USD 100k mark means for the industry

One day after Bitcoin broke the USD 100k mark, speculation over where the digital asset is heading next runs rampant. The cryptocurrency reached an all time high of USD 103.7k on Wednesday, though it has since fallen below the USD 100k mark. It has more than doubled in value this year, with a more than 50% increase in value over the past four weeks since US president-elect Donald Trump’s victory, Bloomberg reports. The total value of the crypto market has doubled to a record of over USD 3.8 tn, with BTC alone hitting a value of just shy of USD 2 tn.

Trump’s pro-crypto agenda supercharged digital assets: The US president previously stated that he intends to make the US the “crypto capital of the planet” and to gather a national stockpile of bitcoin. He also nominated pro-crypto businessman Paul Atkins to serve as the chair of the US Securities and Exchange Commission. The president-elect also recently launched a new decentralized finance venture — World Liberty Financial — for cryptocurrency trading.

Could the USD 100k milestone signal a new era for BTC? “Bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream — this momentum is fuelled by institutional adoption, advancements in tokenisation and payments, and a clearer regulatory path,” Mike Novogratz, founder and CEO of US crypto firm Galaxy Digital, told Reuters. Other experts expect the momentum to continue.

Digital asset funds are taking over: Sovereign wealth funds, pension funds, and family offices have expressed plenty of interest in 2024 in bitcoin exchange traded funds (ETFs), as they generated over USD 76 bn in investments since their launch. "Roughly 3% of the total supply of bitcoins that will ever exist have been purchased in 2024 by institutional money,” global head of digital assets research at Standard Chartered Geoff Kendrick said.

Still, it is not all rosy in crypto’s future: Despite the recent rally, plenty of investors still believe that cryptocurrencies are too volatile and unpredictable to be a mainstream asset class, with long term price behaviour depending on larger market conditions. Cryptocurrencies have also been previously criticized for consuming large amounts of energy and their active use in crime around the world.

MARKETS THIS MORNING-

Asian markets are mixed this morning, capping off a volatile week amid political turmoil in South Korea. The Kospi is still down, alongside the Kosdaq and Japan’s Nikkei. On the upside, Hong Kong’s Hang Seng is trading up along with China’s CSI 300. Meanwhile, Wall Street futures are unchanged as US investors await the jobs report today.

ADX	9,277	+0.1% (YTD: -3.1%)
DFM	4,820	-0.7% (YTD: +18.7%)
Nasdaq Dubai UAE20	3,904	+0.1% (YTD: +1.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.5% o/n	4.3% 1 yr
TASI	11,932	+0.4% (YTD: -0.3%)
EGX30	30,840	0.0% (YTD: +24.9%)
S&P 500	6,075	-0.2% (YTD: 27.4%)
FTSE 100	8,349	+0.2% (YTD: +8.0%)
Euro Stoxx 50	4,952	+0.7% (YTD: +9.5%)
Brent crude	USD 71.86	-0.3%
Natural gas (Nymex)	USD 3.09	+0.4%
Gold	USD 2,642.0	-0.2%
BTC	USD 97,726.45	-3.5% (YTD: +131%)

THE CLOSING BELL-

The ADX rose 0.1% yesterday on turnover of AED 1.1 bn. The index is down 3.1% YTD.

In the green: Abu Dhabi National Co. for Building Materials (+9.3%), Al Khaleej Investment (+7.3%) and Julphar (+6.4%).

In the red: Ooredoo (-8.2%), National Bank of Umm Al Qaiwain (-6.5%) and Gulf Medical Projects Company (-5.8%).

Over on the DFM, the index closed down 0.7% on turnover of AED 653.1 mn. Meanwhile, Nasdaq Dubai also rose 0.1%.

Packed diplo week: Talks with Senegal, Mongolia, and the US

President Sheikh Mohamed bin Zayed Al Nahyan met with Senegalese President Bassirou Diomaye Faye during his visit to the UAE, Wam reports. The leaders discussed strengthening UAE-Senegal relations, focusing on investment, trade, economy, and development, while also addressing regional and international issues of mutual interest.

Sheikh Mohamed also met with the Mongolian Prime Minister Luvsannamsrai Oyun-Erdene in Abu Dhabi, Wam reports. They discussed strengthening ties in trade, economy, renewable energy, infrastructure, climate action, and tourism.

Sheikha Fatima bint Mubarak met with US First Lady Jill Biden during her visit to the UAE to discuss enhancing relations between the two countries, Wam reports. Their discussions also addressed deepening collaboration between women’s organizations in the two nations and empowering women while promoting family stability.

My Morning Routine: Firdosh Sheikh, founder and CEO of Drife

Firdosh Sheikh, founder and CEO of Drife: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Firdosh Sheikh (LinkedIn), founder and CEO of Drife, a decentralized mobility platform that uses blockchain technology to connect drivers with riders at market-determined prices, according to its website. The company operates on a zero commission model, allowing drivers to keep 100% of their earnings. Edited excerpts from our conversation:

I’m the founder and CEO of Drife. I come from a finance background and worked with Microsoft and a hedge fund before starting Drife, which is a very personal story for me. I’ve used ride-hailing apps like Uber and Careem extensively — ever since Uber launched in India when I moved to New Delhi. As a user, I was aware of problems like fluctuating prices, but I valued the convenience of getting a cab at my doorstep. One night, a cab driver asked me to cancel the trip and pay him less directly. That alarmed me. I realized cab drivers were paying Uber a 45% commission, which got me thinking about how this system affects drivers.

My father started his career as a taxi driver. I saw firsthand the struggles — the long hours and lack of family time. Despite technological advancements, drivers today are still making the same money but working much harder. I felt that if I didn’t address this issue, I wasn’t sure who else could. That’s how Drife came about. I had no idea how to do it initially, but I knew I wanted to create something better for drivers and their families.

I typically start my day by catching up with my core team. I have four or five people who directly report to me, and I speak with them first thing in the morning to understand their plans for the day, address any blockers, and provide support with anything they need. After this, my tasks vary depending on the phase the company is in — whether it's fundraising or launching operations in a new city.

Every day is very different. As an entrepreneur, you can end up in a very different place than what you had decided for yourself. You have to be ready for a very dynamic day, and I think that's what the life of a founder is all about — jumping from one place to another.

Most of the time, my day involves disaster management, and people call me a “war room CEO.” Whenever anything goes wrong, they say, “She's going to solve it for us.”

The first hour of my day is crucial because I work between India and the West. I make sure both operations can function independently of me. It's very important that the team can carry on without having to come back to me throughout the day.

I’ve worked hard to bring discipline into my life, and I like to stay disciplined throughout my day. I’m a religious and spiritual person, so I make sure to offer all my prayers no matter where I am or what I’m doing and reconnect with God as much as possible.

I wake up at 4:30am and dedicate time to myself until 8am, avoiding distractions and not speaking at all. It’s important to reflect, reconnect, and stay grounded, and that's only possible when there is no noise. I also meditate and exercise, and by 7:30am, I'm at my desk putting together a list of my tasks for the day. At night, I meditate again and read at least 10 pages of any book.

I wouldn’t say I’m great at balancing work and personal life, but I prioritize relationships with the people who matter. I have a small group of close friends and family, and I make a conscious effort to stay connected with them daily. Building a company is a rollercoaster, and when everything goes down, the support of loved ones means the world.

For Drife, we’re working on expanding to new countries. We’re live in India and Dubai, and we’re working on entering London and Morocco. We also have major goals to enter Saudi Arabia in 2025 — the place everybody wants to be.

On a personal level, my goal is to find peace. I want to be more spiritually awakened because it brings clarity. If you have a chaotic mind, then everything around you is also chaotic, and that will reflect in every aspect of your life. I’m trying to be more at peace and have more clarity in life, and that's only possible with more spiritual awakening in place.

A book I recommend is Never Split the Difference by Chris Voss. It’s about negotiation skills, which are important for every entrepreneur, specifically because of the different kinds of people that you meet in your day-to-day life. Whether you’re dealing with investors, partners, or vendors, it teaches you how to achieve your goals while negotiating with others.

My father once told me, “In wrestling, you don’t lose when you fall; you lose when you don’t get up.” Life will fail you many times, but the key is to have the courage to get up tomorrow and fight again. Nine out of ten founders also give up at one point, but the ones who don't give up are the people who make history.

CALENDAR

DECEMBER

4-6 December (Wednesday-Friday): Abu Dhabi Business Week, Adnec Center, Abu Dhabi.

5-8 December (Thursday-Sunday): Formula 1 Etihad Airways Abu Dhabi Grand Prix, Yas Marina Circuit.

8-12 December (Sunday-Thursday): International Desalination and Reuse Association World Congress, Adnec Centre Abu Dhabi.

13 December - 4 January (Friday-Saturday): Liwa International Festival, Al Dhafra, Abu Dhabi.

9-10 December (Monday-Tuesday): The Bitcoin Mena Conference, Adnec Centre Abu Dhabi.

9 December (Monday): Mair Group’s shares will start trading on the ADX.

10 December (Tuesday): Talabat’s shares will start trading on the DFM.

9-12 December (Monday-ThursdayTuesday): Abu Dhabi Finance Week, Abu Dhabi.

9-12 December (Monday-Thursday): IEEE International Conference on Data Mining 2024, Adnec Centre, Abu Dhabi.

9-13 December (Monday-Friday): World Realty Congress, Palazzo Versace, Dubai.

10-11 December (Tuesday-Wednesday): Global Trade and Infrastructure at Logimotion, Dubai World Trade Center.

10-11 December (Tuesday-Wednesday): SCALEX at Logimotion, Dubai World Trade Center.

10-11 December (Tuesday-Wednesday): The Forbes Middle East Under 30 Summit, The Great Lawn, Umm Al Emarat Park, Abu Dhabi.

10-12 December (Tuesday-Thursday): Middle East Investor Relations Association (MEIRA Conference), Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi.

10-12 December (Tuesday-Thursday): The Middle East and North Africa Business Aviation Association Show, Al Maktoum International Airport, Dubai.

10-12 December (Tuesday-Thursday): The International Mangrove Conservation and Restoration Conference, Bab Al Qasr Hotel, Abu Dhabi.

10-12 December (Tuesday-Thursday): Automechanika Dubai, Dubai World Trade Center.

11-13 December (Wednesday-Friday): European-Arab Medical Congress, Abu Dhabi.

14-21 December (Saturday-Saturday): World Schools Festival, Abu Dhabi

16-20 December (Monday-Friday): AIMS Conference 2024, Adnec Centre, Abu Dhabi.

17-19 December (Tuesday-Thursday): China Home Life, Dubai Word Trade Center.

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

UAE-China Summit, Abu Dhabi.
Abu Dhabi Forum for Peace, Abu Dhabi.

JANUARY 2025

1 January (Wednesday): ADGM to slash licensing fees for retail and non-financial firms, and hike fees for finance firms.

7-9 January (Tuesday-Thursday): 17th edition of the Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry, Dubai International Convention and Exhibition Center, Dubai.

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

11-13 January (Saturday-Monday): The 1 Bn Followers Summit, Dubai.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi.

14-16 January (Tuesday- Thursday): The Light + Intelligent Building Middle East exhibition, Dubai.

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, Dubai.

19-24 January (Sunday-Friday): Coling2025, Abu Dhabi.

20-22 January (Saturday-Monday): FESPA Middle East, Dubai World Trade Centre, Dubai.

22-25 January (Monday-Saturday): The Sharjah Real Estate Exhibition, Expo Centre, Sharjah.

27-30 January (Monday-Thursday): Arab Health Exhibition 2025, Dubai World Trade Centre, Dubai.

FEBRUARY 2025

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City's International Tennis Centre.

1-28 February (Saturday-Friday): 3rd Sheikh Mansour bin Zayed Agriculture Excellence Award, Abu Dhabi.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word Trade Center.

16 February-1 March: Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

28-29 February (Friday-Saturday): The Investopia 2024, the St. Regis, Abu Dhabi.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

APRIL 2025

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.

7-10 April 2025 (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

28 April-1 May (Monday-Thursday): The Arabian Travel Market 2025, Dubai World Trade Center

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY 2025

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

19-22 May (Monday-Thursday): Make it in the Emirates Forum 2025, Adnec, Abu Dhabi.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

SEPTEMBER 2025

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER 2025

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

NOVEMBER 2025

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

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE

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