Mubadala, Aldar to double office space in Al Maryah. Plus: Binance secures global ADGM license

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Abu Dhabi investor backs Paramount’s hostile bid for Warner Bros + Abu Dhabi gets fintech, insurance, digital assets cluster

Good morning, lovely people. Abu Dhabi Finance Week — as expected — kicked off with a bang yesterday, with major plans announced for a USD 16 bn expansion of the financial hub, a USD 1.9 bn polio pledge made by global investors at the event, and a slew of companies pledging to move to the capital or expand their operations there.

Binance also made headlines for its full global license from ADGM — a first for a crypto firm — suggesting it will likely make the financial hub its new home.

Just as ADGM announced plans to double its capacity, Abu Dhabi officials also announced plans to double population capacity under a AED 240 bn infrastructure program. The program includes housing, transport, healthcare, and education initiatives, Gulf News quotes Department of Municipalities and Transport Chairman Mohamed Ali Al Shorafa as saying at Abu Dhabi Finance Week, without disclosing further details. The program will be rolled out over the next seven to 10 years.

PLUS- There’s a big real estate theme in today’s issue, with a new megaproject in Saadiyat announced by an Egyptian developer, and Dubai-based Dar Global planning an expansion into Oman.

WEATHER- Expect a mix of sun and clouds today, as the mercury rises to 31°C in Dubai and 30°C in Abu Dhabi, before cooling to a low of 18°C in the former and 19°C in the capital.

WATCH THIS SPACE-

#1- Abu Dhabi’s new government-owned firm L’imad is helping finance Paramount’s USD 108.4 bn hostile takeover bid for Warner Bros, which it launched a few days after Netflix agreed to acquire some of the company’s assets, according to a regulatory filing. Paramount’s bid aims to acquire all of Warner Bros, while Netflix’s USD 82.7 bn acquisition targets only its Hollywood studios, as well as HBO and the streaming business.

L’Imad, together with Qatar Investment Authority and Saudi Arabia’s Public Investment Fund, are providing USD 24 bn in financing to make the acquisition work, while US private equity firm RedBird Capital, Jared Kushner’s Affinity Partners, and the Ellison family are also providing funds. They will however forgo any governance rights like board representation in order to ensure the bid does not require approval from the Committee on Foreign Investment in the US.

How do the offers compare? It’s not completely clear, because Paramount’s bid includes cable networks that WB plans to spin off anyway, though Paramount claims their bid is worth around USD 18 bn more than Netflix’s, and that it’s the clearly superior offer. Both takeovers are expected to face close examination from US and European regulators, with concerns ranging from competition in streaming to the concentration of media power. Analysts said a merger with Paramount could give Warner the scale to rival Netflix and Disney, though the inclusion of CBS and CNN under one owner may spark political and industry debate.

What’s next? COO Andy Gordon reportedly said Paramount’s tender offer will be open for 20 business days and could be extended on an investor call. Warner Bros. has 10 days to respond, he said, whereas the company said it will review Paramount’s offer but has not withdrawn its support for Netflix’s offer.

L’Imad? The Abu Dhabi investment firm seems to be a new member of the complex network of sovereign wealth funds and investors in Abu Dhabi. The company recently acquired a 42.5% stake in Abu Dhabi developer Modon from International Holding Company.

#2- Sustained investments in AI could boost the UAE’s economy by 0.7%, IMF’s Regional Director Jihad Azour told The National. Azour referred to AI as a “game changer” that can play a larger role in the non-oil economy. The country has already invested some USD 148 bn domestically and overseas in AI, and it is becoming a key leader in data center capacity, AI Minister Omar Al Olama was quoted as saying previously.

REMEMBER- The IMF estimates 4.8% growth in 2025 and 5% next year, supported by higher hydrocarbon output, continued momentum in non-oil sectors along with large-scale infrastructure projects.

Labor market reforms and a focus on innovation rather than just investment will be key for the Gulf to benefit from the AI wave, Azour said.

#3- FAB partners with Europe’s biggest money manager: First Abu Dhabi Bank partnered with French asset manager Amundi SA to broaden its access to investment offerings and expand the investment management solutions it provides to clients, according to a press release. Amundi, which established its Dubai financial district operations in 2017, manages about EUR 2.3 tn in assets, Bloomberg reports.

Up next: The partnership will deliver a range of investment solutions across client segments, formats, and asset classes.

#4- Plenary sets up infrastructure investment platform in ADGM: Australian infrastructure developer and investor Plenary Group received in-principle approval for a Category 3C fund manager license from the ADGM’s Financial Services Regulatory Authority, according to a press release. The license allows it to establish and manage its new infrastructure investment platform, Plenary Infrastructure Investments ICC, which will operate alongside Plenary and ADQ’s co-development and investment platform Plenary Middle East.

The details: The platform aims to offer local and international investors access to projects developed and managed by Plenary Middle East Limited, as well as Plenary’s wider global portfolio. The developer plans to begin formal fundraising in 2026, pending final regulatory approval.

REMEMBER- ADQ previously acquired 49% of Plenary last year, and the two later rolled out Plenary Middle East, targeting public and social infrastructure prospects in the Middle East and Central Asia. Plenary partnered with Abu Dhabi Projects and Infrastructure Center in July to plan, develop, and implement private-sector engagement for infrastructure projects within the emirate.

#5- Abu Dhabi is getting a fintech, ins., digital and alternative assets cluster. The cluster — which will be known as FIDA — will be spearheaded by the Abu Dhabi Department of Economic Development (ADDED) and the Abu Dhabi Investment Office, state news agency Wam reports. It is expected to contribute some AED 56 bn to Abu Dhabi’s GDP by 2045, as well as generate 8k jobs and attract AED 17 bn in investments.

The cluster is the latest in a series of clusters in the emirate including AgriFood Growth and Water Abundance (AGWA), Smart and Autonomous Vehicle Industries (SAVI), and Health, Endurance, Longevity and Medicine (HELM), which aim to attract global firms and facilitate access to financing and infrastructure. Khalifa Fund for Enterprise Development and sovereign wealth funds and family offices will be among the financing partners for the new cluster, Wam said.

DATA POINTS-

#1- UAE businesses remain among the world’s most confident amid trade uncertainty, with some 68% of UAE firms reporting positive revenue impacts over the past six months from recent trade policies, versus 56% globally, according to HSBC’s Global Trade Pulse survey (pdf). Only 15% said they experienced negative effects compared to 26% internationally. Trade-policy certainty is rising too, with 70% of UAE businesses now more certain about the impacts of trade policies compared to six months ago, above the 66% global average.

This comes as the UAE continues to double down on trade partnerships, especially with South Asia. Nearly 31% of UAE firms are boosting production in India — well above the 18% global average — while 11% are expanding production in Sri Lanka, six percentage points higher than international peers.

#2- Gross bank assets rose to AED 5.2 tn at the end of October, up 0.2% m-o-m, according to the Central Bank of the UAE’s (CBUAE) latest monetary and banking developments report (pdf). Gross credit increased 1.5% to AED 2.5 tn, supported by an AED 16.5 bn increase in domestic credit and AED 19.9 bn in foreign credit. Within domestic credit, lending to government-related entities (+3.3%), the private sector (+0.5%), and non-banking financial services (+1.0%) rose, offsetting a 0.4% decline in credit to the government sector.

Total bank deposits rose 0.6% m-o-m to AED 3.2 tn, driven by a 1.4% increase in resident deposits to AED 2.9 tn, and offsetting a 7.7% dip in non-resident deposits to AED 272 bn. Among resident deposits, private sector deposits increased by 2.5%, while government-related entities’ deposits fell by 2.1% and non-banking financial institutions’ deposits decreased by 10.4%.

Total central bank assets reached AED 1.03 tn at the end of October, up from AED 1.01 tn the month before, according to its data (pdf). Foreign assets stood at AED 991.6 bn, up from AED 977.0 bn in September and rising 21.7% y-o-y, according to a separate statement (pdf). Foreign investments made up AED 617.8 bn of the total, with balances and deposits from banks abroad accounting for AED 314.8 bn and other foreign assets bringing in AED 59 bn.

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HAPPENING TODAY-

#1- Abu Dhabi Finance Week runs until Thursday, 11 December at the ADGM in Al Maryah Island. The largest finance event in the UAE promises a star-studded lineup, with the likes of Microsoft founder Bill Gates, BlackRock CEO Larry Fink, and JPMorgan CEO Jamie Dimon among the speakers on the schedule. Day one will host the Abu Dhabi Economic Forum, which will feature government officials, heads of sovereign wealth funds, and economists to discuss the future of sustainable economic development.

#2- The BTC MENA Conference is on its second and final day at the Adnec Center in Abu Dhabi. The two-day event brings together leaders, investors, and key stakeholders to discuss the evolving BTC landscape and key challenges facing the ecosystem. The conference will examine the convergence of regional capital, energy planning, and infrastructure development.

#3- The Global AI Show is also on its second and final day in Abu Dhabi, connecting AI experts, tech leaders, policymakers, investors, and startups to explore how AI can shape business and government functions across key sectors including finance, healthcare, and cybersecurity.

#4- The Bridge Summit runs until Wednesday, 10 December at the Adnec Center in Abu Dhabi. The three day multimedia conference convenes C-suite executives, policymakers, media professionals, and content creators featuring panel discussions, talks and keynotes to discuss the future of media, entertainment and the creative landscape.

#5- The US Federal Reserve is holding its final meeting of the year today and tomorrow to decide whether to cut interest rates further or hold them steady at the current three-year low of 3.75-4%. It is widely expected to opt for another quarter-point reduction to boost a weakened labor market, though any move would signal a “hawkish cut” as inflation stays sticky and policymakers remain divided.

The Central Bank of the UAE will likely mirror the Fed’s decision, given the AED’s peg to the USD.

HAPPENING THIS WEEK-

The UAE is among eight countries attending the Pax Silica summit hosted by the US on Friday, 12 December at the White House. The meeting will gather close US allies including Japan, South Korea, Singapore, the Netherlands, the UK, Israel, and Australia as the US looks to reduce dependence on China and counter its dominance in AI technology. Washington aims to secure agreements with the attending countries — all of whom either possess critical mineral resources or host major semiconductor firms.

DATA POINT- China accounts for over 90% of the world’s rare earths and permanent magnet refining capacity — essential for the development of computer chips and other AI technology — followed by Malaysia with just 4%.

THE BIG STORY ABROAD-

The battle for Warner Bros is dominating the conversation in the global business press. EnterprisePM dove into the potential industry impacts of the Netflix bid here: Part 1 | Part 2.

Meanwhile, US President Donald Trump is threatening to impose a 5% tariff on Mexico if it fails to release more water to the US, accusing the country of violating a 1944 water-sharing treaty that requires Mexico to send 1.75 mn acre-feet of Rio Grande water every five years. (Reuters | Wall Street Journal | New York Times | CNBC)

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CIRCLE YOUR CALENDAR-

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Mubadala, Aldar plan AED 60+ bn expansion of Al Maryah Island

Mubadala, Aldar to expand Al Maryah Island space in AED 60+ bn buildout: Abu Dhabi’s Al Maryah Island will double its Grade A office capacity under a new joint venture between Mubadala Investment Company and Abu Dhabi-based developer Aldar, according to a press release (pdf). The move will add 1.5 mn sqm of mixed-use space to the financial district. Construction is set to begin in 2026.

The plan: The more than AED 60 bn expansion will target Al Maryah’s last undeveloped land bank of nearly 500k sqm on the north side of the island. The JV will develop 450k sqm of grade A office space — nearly doubling current supply — as well as 3k waterfront residences and 40k sqm of retail, marina, and hospitality space. Other features will include 2.5 km of air-conditioned pedestrian corridors, hotels, green spaces, 12k parking spaces, and three bridges linking Al Maryah to Reem Island and the mainland.

Ownership breakdown: Aldar holds 60% of the JV, while Mubadala holds 40%. A Mubadala unit is also a major shareholder in Aldar Properties. The two recently partnered to launch a real estate investment platform based in ADGM, targeting USD 1 bn from its first fund. They earlier entered into a tie-up with Ares on a USD 1 bn real estate fund targeting the UK and Europe.

The push comes as space in ADGM is tighter than ever, with record demand for financial-grade office space. The number of operational entities in the zone reached 3.2k in 3Q 2025, up 43% y-o-y, with nearly 11.9k active licenses and a workforce nearing 40k. Citywide, office vacancy in Abu Dhabi stood at 1.5% in 3Q, while prime space saw 0.1% availability and grade A plots saw 1%, keeping rents high. On the demand side, office space requirements rose 110% y-o-y during 1H.

Occupancy earlier this year touched 97%, leaving firms struggling to secure adequate space despite the expansion of ADGM’s jurisdiction to neighboring Al Reem Island. Major managers including KKR and Man Group recently announced Abu Dhabi office launches.

The demand’s been visible on the ground: Brevan Howard told attendees at Abu Dhabi Finance Week that “we’ve run out and we have a wait-list of people that want to come here, so we’re going to need to take more space,” Reuters reports. The hedge fund, which opened locally in 2023 with five staff, is expanding through a platform with Lunate backed by an initial USD 2 bn commitment.

And a few more are joining the party-

US-based hedge fund Balyasny Asset Management is preparing to open an ADGM office, roughly two years after launching in Dubai, Bloomberg reports citing a source with knowledge of the matter. The USD 29 bn fund applied for permission and is looking to start operations in 1H 2026.

The move would count Balyasny among those opting for a setup in both Abu Dhabi and Dubai, with Hudson Bay Capital Management and Brevan Howard Asset Management also having chosen a dual-emirate presence to tap into sovereign wealth in Abu Dhabi and private capital pools in Dubai.

Cantor is also setting up shop in ADGM: US investment bank Cantor, part of Cantor Fitzgerald group, is opening a new office in ADGM after securing in-principle approval for a financial services permission, according to a press release. Final approval is expected in 1Q 2026.

Our friend Ali Khalpey is leading the regional buildout. He joined the firm earlier this year as head of Middle East investment banking and capital markets — after his tenure as EFG Hermes equity capital markets head — to lead GCC expansion, focusing on capital markets and advisory.

Binance becomes first crypto exchange to secure global license under ADGM framework

Binance secures global licenses for three entities under ADGM framework: Binance, the world’s largest crypto exchange, has received full authorization from ADGM’s Financial Services Regulatory Authority to operate its global platform Binance.com under the Abu Dhabi framework, according to a press release. The approval makes it the first crypto exchange licensed globally at this level.

What does the license mean? The company will be allowed to operate spot and derivatives trading, custody, settlement, clearing, OTC, and other brokerage services within the jurisdiction.

Binance will operate through three licensed entities, a broker-dealer, an exchange, and a clearing house:

Nest Exchange will be a recognized investment exchange to run on-exchange activities like spot and derivatives trading;
Nest Clearing and Custody will act as a recognized clearing house to oversee clearing, settlement, and custody of digital assets;
Nest Trading will handle the broker-dealer side, overseeing and arranging investments, as well as handling off-exchange activities including OTC, brokerage, asset management, and money services.

An HQ in the UAE? Co-CEO Richard Teng declined to confirm if Binance would set up its HQ in Abu Dhabi, Fortune reports. He merely confirmed that the firm’s “global platform” will be governed from ADGM, though many speculate that the new license effectively means its roots will be planted in the capital.

Binance.com is expected to begin regulated operations on 5 January 2026, subject to completion of operational requirements. The exchange says it now serves 300 mn registered users and has overseen more than USD 125 tn in cumulative trade volume. It currently has a 1k-strong UAE workforce.

REMEMBER- The move comes after the company secured a USD 2 bn investment from Abu Dhabi’s AI fund MGX in March, and a Dubai crypto license in April 2024.

A “Wall Street” for crypto?

The move is a big boon for Abu Dhabi’s crypto sector. ADGM is now known for its sharp and proactive regulatory framework for the sector, which has attracted dozens of firms. It also recently proposed new crypto staking rules.

The UAE, more broadly, scored a perfect 10 on Henley’s recent Crypto Adoption Index, and a raft of Emirati players are integrating crypto payments into their services.

The UAE’s explosive growth and adoption of crypto have put it front and center of the global stage, with the potential to become “the Wall Street of cryptocurrencies,” BTC Inc chief Brandon Green told The National. An influx of crypto heavyweights, along with sector-friendly regulation and initiatives, have positioned the Emirates as a global crypto hub, he said.

Countries adopting BTC as part of their strategic reserves could unlock USD tns in capital flows, with the UAE well positioned to capitalize on such a move, according to Green, who stressed the importance of BTC adoption given it accounts for 90% of the crypto market’s value. Elsewhere, eToro CEO Yoni Assia said he sees Abu Dhabi becoming the capital of crypto assets.

Egypt’s Palm Hills to invest over USD 3.8 bn in Saadiyat Shores project

Egyptian real estate developer Palm Hills Developments will invest over USD 3.8 bn (AED 14 bn) to develop its Saadiyat Shores mega-project in Abu Dhabi — its first investment in the UAE, chairman Yassin Mansour told Sky News Arabia (watch, runtime: 16:22). The developer is targeting over USD 7 bn in project sales from European, American, Egyptian, and Asian buyers.

The details: The 1.87 mn sqm project will consist of three interconnected islands and house 620 villas and 1k apartments. The first island — Zen Island — will be inspired by Japanese architecture, the second — Reef Isle — will include a marina and buildings with curved forms, incorporating biophilic architecture, and the third will offer relaxation and wellness amenities, including a spa.

The timeline: Palm Hills is currently working with local authorities on final approvals, with construction set to begin in April or May 2026, and deliveries expected around three to three and a half years later. Meanwhile, the developer is seeking financing from UAE banks for the project and expects to sign term sheets very soon.

More in the pipeline: The developer is also exploring prospects for a second project in Abu Dhabi, as well as in Dubai, Mansour said. Further afield, Palm Hills is in discussions for potential developments in Saudi Arabia, with Riyadh and Jeddah currently under consideration. The company is also planning to launch a new project in Egypt’s 6th of October City in 1Q 2026, alongside another development in the New Administrative Capital scheduled for the same period.

REMEMBER- The company’s board approved its expansion to the UAE via the establishment of a subsidiary and wholly owned limited liability company in Abu Dhabi back in February.

Other Egyptian developers are pivoting towards the Emirates, including Ora Developers, which launched a coastal 4.8 mn sqm development between Dubai and Abu Dhabi, named Bayn, with an estimated cost of USD 10 bn. The developer opened its UAE headquarters in Dubai, with plans to triple its workforce by the end of the year. Besides Bayn, the firm is building a family luxury community with Discovery Land Company.

Dar Global, Art District launch USD 4.2 bn development in Oman

Dar Global expands in Oman with USD 4.2 bn development: Saudi developer Dar al Arkan’s Dubai-headquartered international arm Dar Global partnered with Art District Real Estate Development to launch an USD 4.2 bn mixed-use coastal development in Oman, according to a press release.

The details: The Muscat Marine, Art & Digital District (MAD) will cover 1.5 mn sqm and is set to be completed over several phases spanning 12 years. The project will include oceanfront residential communities, luxury hotels, retail, finance and business hubs. It is targeting global investors, art collectors, entrepreneurs, and tech founders.

The USP? A digital ecosystem: The development will also see the two set up a development ecosystem covering the whole district. The system will handle digital licensing, asset exchange, and investment initiatives across MAD to streamline business operations and attract investors.

Dar Global has been busy recently: Last month, the developer partnered with the Trump Organization to build the world’s first tokenized hotel development project in the Maldives, building on its existing tieup’s with the organization including the Trump Towers in Dubai and in Jeddah. Earlier in the year, Dar Global also increased a financing facility by USD 165 mn to USD 440 mn to boost its project pipeline across the Middle East, Europe, and North America.

On the home front, it awarded an AED 201.5 mn main works contract in July for its AED 900 mn development on Ras Al Khaimah’s Al Marjan Island, and also launched an AED 1.4 bn residential project in Dubai earlier in the year.

ENBD to bid for USD 7.1 bn stake sale of state-owned IDBI bank

ENBD eyeing another bank acquisition in India? India is preparing to invite bids as early as this month for an INR 595 bn (USD 7.1 bn) majority stake sale in Mumbai-based and state-owned IDBI Bank, Bloomberg reports. Emirates NBD has received “fit-and-proper clearance” from the central bank for its bid. Mumbai-based Kotak Mahindra Bank and Toronto’s Fairfax Financial Holdings are also bidding.

The 60.72% stake — 30.48% held by the government and 30.24% by state-owned Life Ins. Corporation of India (LIC) — includes management control of the bank. Talks with the three bidders are in advanced stage and the formal bidding process could open before the end of the year, the news outlet added.

Timeline: The government aims to finalize a strategic buyer by March 2026, although delays linked to clearance processes could shift timelines. The shortlisted bidders are currently conducting due diligence.

Why it matters: If completed, the stake sale would mark one of India’s largest privatizations in the banking sector in decades. Bloomberg seems to think Kotak Mahindra Bank is the stronger contender but is unlikely to proceed if valuation expectations rise significantly.

Our take: Emirates NBD is continuing to evaluate avenues in Indian banking following its announcement that it would seek a majority stake in RBL Bank. ENBD is looking for a strategic foothold in India’s capital market as the country’s credit needs are likely to grow exponentially in the coming years.

Other Gulf investors are keen for a piece of India’s financial sector. Earlier this year, Abu Dhabi-based International Holding Company picked up a controlling stake in Sammaan Capital for USD 1 bn.

IN OTHER M&A NEWS-

Adia offloads more of its stake in Galderma: The Abu Dhabi Investment Authority (Adia), Swedish private equity firm EQT, and Singapore’s Auba Investment sold an additional 10% stake in Swiss skincare firm Galderma to cosmetics company L’Oréal through an off-market block trade, according to a press release. The transaction was sealed for an undisclosed sum, and is set to close in 1Q 2026, remaining subject to regulatory approvals.

The details: The transaction brings L’Oréal’s stake in the Swiss firm to 20%, with no plans to further increase it in the near future. The French company will fund the transaction through its available liquidity and credit lines. Galderma’s board will also weigh up nominating two directors from L’Oréal to replace the EQT-led consortium’s representatives.

REMEMBER- Adia and its partners offloaded an 8.4% stake in Galderma in October through a block trade worth CHF 2.6 bn (USD 3.3 bn), while Galderma repurchased 2.38 mn of its shares from the same consortium in May for a total amount of CHF 232.5 mn (USD 281.2 mn) as part of an accelerated bookbuild. The consortium had previously divested a 6.3% stake in the Swiss firm in March, by which time their stake was reduced to 50%, preceded by a USD 1.2 bn stake back in September 2024 and an initial 10% offload in August that same year.

FinMin to slap entities that do not comply with the new e-invoicing rollout plan with fines

The Finance Ministry will slap entities violating the new e-invoicing system roll-out plan with administrative fines, state news agency Wam reports. The new system applies to all business-to-business (B2B) and business-to-government (B2G) transactions.

REMEMBER- A pilot e-invoicing pr ogram will begin on 1 July, 2026, with a select group of taxpayers, after which mandatory implementation will be introduced in phases based on businesses’ annual topline. Large businesses with annual revenues above AED 50 mn will be the first expected to adopt the system by the start of 2027, followed by small businesses in July, and government entities by October.

Key fines include:

AED 5k per month for failing to implement the system or appoint an approved service provider within the specified timeframe
AED 100 per electronic invoice or credit note — for refunds, errors, or changes and cancellations — not issued or sent on time, limited at AED 5k per month
AED 1k per day for delays in notifying the Federal Tax Authority of system malfunctions or reporting changes to registered data to the appointed service provider

Bank of China lists another USD 500 mn on Nasdaq Dubai

DEBT-

Bank of China’s Dubai branch listed its USD 500 mn three-year floating-rate bond on Nasdaq Dubai, it said in a press release (pdf). The fresh paper, maturing in November 2028, was priced at the tightest spread achieved by any Chinese bank on a three-year USD bond, lifting the lender’s total outstanding listings on the exchange to about USD 1.9 bn and adding to the c. USD 145 bn now listed in debt securities on Nasdaq Dubai. The bonds were issued under its USD 40 bn medium-term note program.

Chinese issuers have raised more than USD 27 bn on Nasdaq Dubai to date, including debt from Bank of China, China Development Bank, ICBC, and China’s Ministry of Finance — reinforcing the Emirate’s role as a key listing venue for Asian borrowers tapping international fixed-income markets.

M&A-

Investcorp acquires US-based Guardian Fire Services: Abu Dhabi-based private equity firm Investcorp Capital acquired US fire and life safety services provider Guardian Fire Services, according to an ADX disclosure (pdf). While the transaction size wasn’t disclosed, the takeover brings Investcorp’s total investment activity over the past six months to USD 1.1 bn.

It’s been a busy run for Investcorp: Last week, the firm acquired a 2.6 mn sq ft portfolio of industrial assets across coastal markets in the US for roughly USD 400 mn. The takeover came on the heels of another US acquisition, this time of US industrial services firm Kanawha Scales & Systems last month. Other recent US exits include Resa Power in April and a USD 360 mn industrial portfolio sale. On the flip side, it invested in Italian payments firm Epipoli and acquired a USD 200 mn portfolio of European and North American assets.

REAL ESTATE-

Arada acquires urban regeneration site in South London: Sharjah-based real estate developer Arada acquired a prime regeneration site in the South London borough of Southwark, according to a press release. The group is seeking approval to develop the two vacant buildings into a hotel and its first co-living building in the capital. Its subsidiary, Arada London, will head up the project. The transaction value wasn’t disclosed.

The takeover marks Arada’s third major acquisition in the UK residential market. It acquired two plots earlier this year and is developing them into affordable housing and student accommodation units.

ICYMI- Arada entered the UK scene by acquiring a 75% stake in British developer Regal, now Arada London, in September. Later in November, it secured an 80% stake in London’s AED 12.3 bn Thameside West development.

CRYPTO-

Ruya launches shariah-compliant BTC investments: Homegrown digital Islamic community bank Ruya is now offering BTC investments and trading to customers directly through its mobile app, according to a press release. Working with Fuze, a licensed digital assets infrastructure provider, the bank will enable customers to buy and sell BTC in keeping with Islamic financial principles, as the bank looks to expand its shariah-compliant investment offerings.

Under the service, customers will gain access to competitive fees for digital asset trading as well as resources for informed investing, including in-app guidance, webinars, and customer service.

FINANCE-

#1- Fintech group Rostro Group secures SCA license: Global fintech and financial services group Rostro Group secured a Category 5 license from the UAE Securities and Commodities Authority (SCA), according to a press release.

Rostro Group? Founded in 2021, the group offers financial services to diversified trading and investment clients, and currently offers access to over 60 regional contract for difference equities. The firm is also authorized in Cyprus, Kenya, South Africa, the Seychelles, Mauritius, and Belize. The group’s CEO Michael Ayres (LinkedIn) is based in Dubai.

#2- Global online broker Pepperstone also obtained a Category 5 license from the SCA, expanding into the UAE with a new Dubai office, according to a press release. The broker is regulated in the UK, Australia, Cyprus, Kenya, the Bahamas, and Germany.

The plan: The online broker will be regulated by the Dubai Financial Services Authority and authorized to conduct arrangement and advice activities, as well as regulated marketing services for clients. The new office will serve as an institutional base for the wider MENA region, as it looks to roll out relationship management, education resources, and commercial support to regional partners and traders.

TECH-

BigBear.ai enters UAE market with Abu Dhabi office: US-based, AI-driven defense services provider BigBear.ai is opening a new office at the World Trade Center in Abu Dhabi, according to a press release. The office is its first in the Middle East as it eyes long-term investments in the region.

Not its first regional move: In June, the firm partnered with IHC’s mobility solutions subsidiary EasyLease and UAE-based firm Vigilix to develop AI-driven solutions for mobility, asset management, logistics, and smart infrastructure. More recently, it teamed up with EasyLease again, with the two looking to use AI to boost Malaysia’s infrastructure, security, and logistics sectors.

AVIATION-

UAE + Iran expand air connectivity: Sharjah Airport Authority gave Iran’s Caspian Airlines approval to launch passenger flights between the emirate and five Iranian cities, with the decision effective since yesterday, according to a press release. The airline will roll out seven weekly flights from Tehran, three weekly flights from Lamerd, two from Qeshm, one from Shiraz, and one from Bandar Abbas.

Fitch Ratings sees “neutral” outlook for MENA sovereigns in 2026

Fitch Ratings has a mixed outlook for MENA sovereigns in 2026, with the ratings agency expecting steady oil prices, solid growth, and ongoing fiscal reforms, while taking into account persistent political and geopolitical risks, according to its Middle East and North Africa Sovereigns Outlook 2026 report, seen by EnterpriseAM. Fitch also predicts that economic diversification efforts backed by governments and government-related entities will support stronger GDP growth. This combination of factors led Fitch Ratings to pencil in a “neutral” outlook for sovereigns in the region.

Eleven of the 14 MENA sovereigns rated by Fitch carry stable outlooks. The outlook for Israel and Bahrain remain negative, Oman holds its positive outlook, and Tunisia is the only sovereign in the region to see a rating action so far this year, with the country receiving a ratings upgrade.

Overall risks remain contained despite the uncertainty of the Gaza ceasefire and Israel’s escalating aggression in Lebanon, as well as the potential of renewed conflict between Iran and Israel. Jordan and Egypt are expected to benefit from increased regional stability, boosting sentiment and tourism inflows. For Egypt, the Houthis scaling down their attacks on shipping vessels in the Red Sea is expected to have a positive effect on the country’s fiscal and external position, Fitch notes.

Improved fiscal and external position is expected for some non-oil exporting countries, including Egypt, whose current account deficit is seen narrowing while maintaining a flexible exchange rate. Morocco will also see its current account deficit slightly narrowing on the back of tax reforms and lower capex spending. Jordan’s fiscal deficit is projected to remain “broadly stable,” with reforms expected to support the country’s external position. However, for Tunisia, Fitch projects a narrowed deficit, but does not see “meaningful fiscal reform.”

For non-oil exporters, reforms are expected to support economic and fiscal positions, though weak growth and social pressures will limit progress on reducing high debt burdens.

THE GCC VIEW-

Saudi Arabia and the UAE’s economies are expected to register the highest levels of growth in 2026, largely on the back of higher oil output production. For the UAE, some emirates are expected to outpace the country’s average growth in 2026, including Abu Dhabi (6.8%), which is expected to grow on the back of higher oil output, and Ras Al Khaimah (7.7%) thanks to increased investments.

Inflation levels are expected to remain contained in the GCC, with low single digits readings despite some pressures stemming from increased rental prices, except for Saudi Arabia due to its rental freeze policy.

As for the oil story, the agency sees Brent crude at an average of USD 63-65 / bbl in 2026, slightly below 2025 levels but still above the fiscal breakeven price for most GCC producers except Bahrain, Saudi Arabia, and — marginally — Oman.

Fiscal conditions for most Opec members will remain unchanged — except for Saudi Arabia: Increased oil production will offset the impact of lower oil prices on Saudi Arabia and the UAE’s revenues, Fitch said in the report. Meanwhile, non-oil activity and fiscal policy measures are anticipated to boost non-oil fiscal revenues. However, Saudi Arabia is set to exercise greater fiscal discipline, as central government debt is set to rise to 33% of GDP in 2026, up from 30.5% in 2025.

Breakeven oil prices differ across the GCC, hinting at different debt trajectories: Saudi Arabia is expected to increase its spending, thus accumulating more debt. In the UAE, government-related entities are expected to increase their contribution in the country’s development. Meanwhile, Oman is focused on reducing its debt and consolidating sovereign balances, Qatar has lowered spending levels following the World Cup, and Bahrain’s fiscal position remains uncertain, according to Fitch.

The GCC is projected to maintain its position as the largest issuer in international debt markets in 2026, due to the persistent need for investment financing and funding for the diversification projects, especially in Saudi Arabia and the UAE.

MARKETS THIS MORNING-

Most Asian markets are in the red, as they track Wall Street losses ahead of the US Federal Reserve’s interest rate decision tomorrow. The only outlier is Japan’s Nikkei, which is up nearly 0.2%. Wall Street futures, meanwhile, are a little higher, boosted by a small jump in Nvidia’s shares in afterhours trading.

ADX	9,937	-0.1% (YTD: +5.5%)
DFM	5,998	+0.3% (YTD: +16.2%)
Nasdaq Dubai UAE20	4,807	-0.4% (YTD: +15.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.8% o/n	3.6% 1 yr
Tadawul	10,626	-0.1% (YTD: -11.7%)
EGX30	41,963	+0.5% (YTD: +41.1%)
S&P 500	6,847	-0.4% (YTD: +16.4%)
FTSE 100	9,645	-0.2% (YTD: +18.0%)
Euro Stoxx 50	5,726	0.0% (YTD: +16.9%)
Brent crude	USD 62.46	-0.1%
Natural gas (Nymex)	USD 4.86	-1.2%
Gold	USD 4,224	+0.2%
BTC	USD 90,053	-1.0% (YTD: -3.7%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.82	-0.3% (YTD: +9.7%)
S&P MENA Bond & Sukuk	151.89	0.0% (YTD: +8.5%)
VIX (Volatility Index)	16.66	+8.1% (YTD: -4.0%)

THE CLOSING BELL-

The DFM rose 0.3% yesterday on turnover of AED 1.0 bn. The index is up 16.2% YTD.

In the green: Ekttitab Holding Company (+15.0%), Ithmaar Holding (+14.9%), and Al Firdous Holdings (+14.8%).

In the red: Gulf Navigation Holding (-9.9%), National International Holding Company (-7.4%), and International Financial Advisors Holding Company (-6.3%).

Over on the ADX, the index fell 0.1% on turnover of AED 1.8 bn. Meanwhile, Nasdaq Dubai was down 0.4%.

CORPORATE ACTIONS-

Alpha Dhabi proposes three-year dividend policy and AED 1 bn share buyback: Alpha Dhabi Holding proposed a three-year dividend policy providing annual payouts of AED 2 bn, with a 5% annual increase, starting FY 2025, according to a disclosure (p df). Payments will follow approval by the board of directors and shareholders at the general assembly.

The company also plans to implement a share buyback program of up to AED 1 bn for up to 10% of its issued share capital, valid until 31 December 2026, subject to shareholders’ approval. .

CALENDAR

DECEMBER

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

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

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

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

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

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

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

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

12 December (Friday): Emirates NBD to launch an open offer for Mumbai-listed RBL Bank’s public shares.

12 December (Friday): US Pax Silica Summit, White House, Washington DC.

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

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

26 December (Friday): Tender period for Emirates NBD’s offer for RBL Bank’s public shares ends.

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

Signposted to happen sometime in 2025:

e& will complete Adnoc’s private 5G network;

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.

1 January: Amendments to the Tax Procedures Law and the UAE VAT Law come into effect.

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

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

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

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

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

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

FEBRUARY 2026

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

4-6 February (Wednesday-Friday): Arab Actuarial Conference, Millennium Plaza Downtown Hotel, Dubai.

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.

10-11 February (Tuesday-Wednesday): Top Advisors and Investors Summit, Abu Dhabi

MARCH 2026

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

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

28-29 March (Saturday-Sunday): Emirates Congress on AI & Visionary leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

30 March – 2 April (Monday-Thursday): IAAPA Middle East Exhibition and Conference, Adnec Center, Abu Dhabi.

APRIL 2026

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

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

13-15 April (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.

14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai.

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

MAY 2026

11-15 May (Monday-Friday): Dubai Future Finance Week, Dubai.

11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.

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

19-22 May (Tuesday-Friday): Abu Dhabi Water and Energy Week, Adnec Abu Dhabi Center, Abu Dhabi

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.

DECEMBER 2026

2-4 December (Wednesday-Friday): UN Water Conference, UAE.

Signposted to happen in 2026:

The UAE to host the Arab Competition Forum;
Investopia Global Talks, Tashkent.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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

Signposted to happen sometime in 2029:

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

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