Mubadala-backed Aquarian acquires BrightHouse + More energy updates as Adipec wraps

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WHAT WE’RE TRACKING TODAY

THIS MORNING: IHC is not looking to sell a stake in Aldar + Adnoc eyes expansion abroad through Adnoc Distribution, AIQ

Good morning, friends, and a very happy FRIDAY. It’s been a busy week of news as Adipec brought about a slew of energy agreements, contracts, and acquisitions, but today brings a slightly calmer stream of energy updates and a mixed bag of capital markets updates.

Mubadala-backed Aquarian’s acquisition of BrightHouse Ins. is the big story of the day, while Lunate has launched another thematic ETF tracking AI infrastructure bellwethers. Plus: Adnoc Logistics and Services joined MSCI’s Emerging Markets Index after its follow-on offering earlier this year.

We also have earnings from several major UAE firms, including Emirates Group, Emaar, Empower, and more. Let’s dive in.

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?WEATHER- We should be back to sunny days as the dust lifts across Dubai and most of Abu Dhabi, with the weather also cooling down in both emirates. The mercury peaks at 32°C in Dubai, with an overnight low of 22°C, while Abu Dhabi will see a high of 30°C, with an overnight low of 23°C.

SETTING THE RECORD STRAIGHT-

Abu Dhabi’s International Holding Company (IHC) said it is not pursuing a sale of shares in Aldar properties, following a Bloomberg report earlier this week that said its subsidiary, Alpha Dhabi, was exploring a 2% stake sale in the company, according to a press release (pdf). The company confirmed its shareholding in Aldar remains strategic to the group and forms part of its long-term outlook on Abu Dhabi’s real estate sector. The stake sale, Bloomberg said, could have raised around USD 400 mn.

REMEMBER- IHC, the largest ADX-listed company, reduced its exposure to real estate assets in Abu Dhabi with Alpha Dhabi and IHC Real Estate’s sale of the parent company’s entire 42.5% stake in Modon last week to Abu Dhabi government-owned L’imad Holding for AED 26.3 bn, as part of a broader portfolio review aimed at capping sector exposure at 20%. The conglomerate said it will recycle proceeds from the sale into healthcare, tech, energy, food, and financial services.

WATCH THIS SPACE-

#1- Adnoc’s EUR 14.7 bn planned takeover of German chemicals maker Covestro is nearing regulatory approval, with the European Commission likely to grant clearance “in the coming weeks,” Reuters reports, citing people it says are familiar with the matter. The commission has set 2 March 2026 as the formal deadline for its review but a decision could come much sooner after it resumed the assessment on 24 October, following a September pause to request additional information. Covestro had previously guided for the acquisition to close before 2 December, during its 3Q earnings call.

REFRESHER- The transaction would mark Adnoc’s largest-ever acquisition and one of the biggest Gulf-led takeovers of a European-listed company. Earlier last month, Adnoc submitted a package of concessions to the European Commission aimed at clearing antitrust hurdles including a pledge to retain Covestro’s intellectual property within Europe, which was later refined, and proposed changes to Adnoc’s articles of association to address concerns over a state-backed unlimited guarantee.

#2- Adnoc is leaning on US-style hydraulic fracturing to accelerate development of its unconventional gas resources, Bloomberg reports, citing upstream chief Musabbeh Al Kaabi. Early results from Abu Dhabi’s unconventional fields are “very promising,” he said, noting that output in some areas is already outperforming benchmarks from US shale fields.

SOUND SMART- Unconventional gas is the type locked in tight rock formations that won’t flow with normal drilling, so companies use horizontal wells and high-pressure fracking to crack the rocks and release the gas — or oil. The upside is access to larger volumes of gas that were previously uneconomic; the tradeoff is higher cost and more complex drilling.

REMEMBER- Adnoc Drilling’s unconventional segment contributed more to revenues in 3Q 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 last year to recover unconventional energy resources across 144 wells in the UAE.

SPEAKING OF ADNOC- The firm’s distribution unit is setting aside USD 250-300 mn a year to fund organic expansion in the UAE, KSA, and Egypt, Wam reports, citing CEO Bader Al Lamki. The company is also assessing non-organic options, including acquisitions and potential new-market entries, as it looks to lift long-term returns.

The fuel retailer plans to set up some 100 new stations this year, with more than 70 of them in Saudi Arabia under a low-cost operating model. The network is projected to reach 1.15k stations by 2028. On the mobility side, the company expects to scale its EV charging footprint to 500-750 points by 2028, up from 368 today.

ALSO- AIQ, Adnoc’s JV with G42, is working to bring its AI solutions to overseas markets, CEO Dennis Jol told The National. The firm is currently running pilot programs in six countries including Colombia, Kazakhstan, and Indonesia, where it plans to deploy its Advanced Reservoir 360 platform through a partnership with Indonesian state-owned firm SKK Migas. AIQ is eyeing expansion in both the Global North and South, Jol said, and will focus on renewable and hydrocarbon energy integration.

#3- The UAE’s islamic banks’ revenues are expected to get a boost from the Finance Ministry’s recently launched retail T-sukuk initiative as it introduces a new fee-based revenue stream and boosts short-term liquidity, Moody’s said in a note seen by EnterpriseAM.

Liquid assets represented 23% of tangible banking assets for UAE Islamic lenders as of June, almost half the rate observed in conventional lenders, Moody’s said. The ratings agency now anticipates a gradual improvement in access to those instruments on the back of the initiative.

ICYMI- The Finance Ministry tapped Abu Dhabi Islamic Bank (ADIB) as its first partner for its retail sukuk initiative, which will allow retail investors to invest in T-sukuk for the first time, through fractionalized digital platforms operated by national banks.

PSAs-

#1- You can now hail a taxi through the Careem app in Fujairah, after Careem and Dubai’s Roads and Transport Authority’s JV Hala launched in the emirate, according to a press release. The Hala service is already available in Dubai and Ras Al Khaimah.

ALSO- Prepare to pay a little more for the taxis you book through Careem and S’hail, after the base fare was hiked to AED 13, from AED 12 earlier, and peak-hour rates and booking fees were introduced, according to a post on X from the RTA. New peak hours on both weekdays and weekends — from 8am to 9:59am and 4pm to 9:59pm — will see an AED 5 flagfall charge plus an AED 7.5 surcharge, while weekends and Fridays will see the flagfall charge rise to AED 5.5 between 12am and 5:59am with a standard booking fee of AED 4.5.

HAPPENING TODAY-

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

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

THE BIG STORY ABROAD-

Musk is getting his USD 1 tn package: Tesla shareholders approved CEO Elon Musk’s USD 1 tn pay package — the largest ever for a CEO and a figure larger than the size of most economies. This sets Musk up to become the world’s first t’naire, and to expand his stake in the EV maker to 25% or more over the next 10 years. The package is tied to targets including a significant expansion of Tesla’s market value, getting its robotaxis off the ground, and improving its car business as it continues to lose market share to Chinese competitors. (Bloomberg | Financial Times | Reuters | Wall Street Journal | New York Times)

ALSO- Swiss commodity trader Guvnor has withdrawn its USD 22 bn bid to take over Russian energy firm Lukoil’s international assets after the US blocked the transaction, criticizing the firm for being “the Kremlin’s puppet.” (FT | Reuters)

CLOSER TO HOME- Sudan’s Rapid Support Forces agreed to a ceasefire proposal put forward by the US, the UAE, Saudi Arabia, and Egypt, which would last three months and be followed potentially by an end to hostilities. The caveat? This is not the first ceasefire it has agreed to, with several previously failing to end the war against the Sudanese army which has now been ongoing for 30 months. The news comes following an escalation of violence after the RSF took over the city of El Fashir, with reports of mass killings and kidnappings. (Reuters | Guardian)

AND- Kazakhstan is set to join the Abraham Accords, US President Donald Trump said yesterday, formalizing its already normalized ties with Israel. (Reuters)

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Mubadala-backed Aquarian seals USD 4.1 bn transaction to acquire Brighthouse Financial

Mubadala- and Redbird-backed Aquarian Capital is acquiring US life insurer Brighthouse Financial private for USD 4.1 bn, with the allcash transaction valuing the stock at USD 70 per share, it said in a press release. The offer represents a 37% premium to its 27 January close — the day before media reports surfaced that Brighthouse was exploring a sale, Reuters reports. The sale is expected to be completed in 2026, the statement said.

Post-transaction: The takeover is still pending regulatory, antitrust, and stockholder clearance, but is slated to be completed next year. Brighthouse Financial will keep its same leadership and keep its brand, operating within Aquarian’s portfolio as a separate entity.

The target? Brighthouse, whose almost USD 120 bn in assets are 9x the size of Aquarian’s, was founded in 2017 and saw its cost-heavy variable annuity offerings scare off some possible buyers, Bloomberg reports. Names like Blackstone and Apollo had all pulled out.

Where does Mubdala come in? In 2024 Aquarian raised nearly USD 1.5 bn in equity from Mubdala, along with other investors, to expand into sectors like ins., private credit, and real estate. At the time, Mubdala called the investment “the beginning of a long-term, strategic alliance.” It later invested USD 700 mn in Aquarian Holdings, and in in September Aquarian was in late-stage talks with Mubadala Capital, the Qatar Investment Authority and other investors to secure more than USD 3 bn in equity to back the Brighthouse takeover. At the time, Aquarian had reportedly lined up debt financing from RBC, Nomura, and Société Générale, but was facing delays amid a lengthy diligence process.

A trendy takeover: The sale, the process for which took almost an entire year, follows a trend of Gulf firms eyeing takeovers of US financial services players, particularly in the ins. sector, as they diversify away from oil revenues.

ADVISORS- Aquarian tapped RBC Capital Markets as financial advisor, Skadden, Arps, Slate, Meagher & Flom as counsel, and Milliman, Inc. and Oliver Wyman as actuarial advisors. Brighton Financial appointed Wells Fargo and Goldman Sachs & Co. for financial advice, Milliman, Inc. for actuarial advice, and Debevoise & Plimpton for counsel.

IN OTHER MUBADALA NEWS-

Uber is in talks with Mubadala to take over Getir’s delivery business: Uber is holding preliminary talks with Mubadala Investment Company — the main backer of Istanbul-based delivery platform Getir — over a possible takeover of the Turkish firm, Bloomberg reports, citing sources familiar with the matter. An acquisition could be valued at up to USD 1 bn and would likely involve Getir’s delivery operations, while its financial services unit could also be sold separately. No final agreement is guaranteed and other bidders may still come in.

Not the first Getir unit out for Mubadala: The sovereign wealth fund sold Getir’s car rental subsidiary Getir Arac last month amid an ongoing power struggle between Mubadala and Getir’s founders on restructuring plans after the Turkish firm struggled with a plummeting valuation and cashburn. Mubadala had previously sought full ownership of its core delivery unit, which co-founder Nazim Salur opposed.

AD Ports Group to acquire a 20% stake in Syria’s Latakia Container Terminal

AD Ports Group is acquiring a 20% stake in Syria’s Latakia International Container Terminal (LICT) for AED 81 mn, according to a statement. The transaction will take place through a joint venture (JV) arrangement with the terminal’s operator France-based logistics giant CMA CGM.

Background: CMA CGM agreed to invest EUR 230 mn to upgrade the Syrian port earlier this year as part of a 30-year concession, committing EUR 30 mn for the first year. The agreement will see CMA CGM build a new 1.5-km long, 17-meter-deep berth. It fast-tracked the launch of the EUR 200 mn second phase of its Latakia Port concession in August. The funds are going towards expanding the container terminal’s capacity to handle over 1 mn TEUs per year, digitizing port functions, and revamping infrastructure.

DATA POINT- LICT stands out as Syria’s major maritime gateway, handling over 95% of the country’s container volumes – specifically for agricultural products and industrial goods. The terminal has a capacity of 250k TEUs, with plans to boost its handling capacity to 625k TEUs by the end of next year.

This is not their first partnership: CMA CGM acquired a minority stake in AD Port’s concession of the New East Mole multipurpose terminal in Pointe Noire, Congo, back in February through a similar JV arrangement. The pair also inaugurated a new terminal at Khalifa Port in December, a USD 845 mn project set to boost the port’s capacity by 33%.

REFRESHER- UAE majors are showing a lot of love to Syria’s ports: State-owned logistics giant DP World inked a USD 800 mn 30-year concession agreement with Syria's General Authority for Land and Sea Ports (GALSP) to develop and operate Tartous Port in Syria in July.

Adipec wraps after USD 46 bn in agreements, with T’aziz securing offtakers for petrochems products

Adipec wrapped yesterday with an offtake agreement for T’aziz petrochemicals, after a bumper run that locked in some USD 46 bn in cross-sector agreements, according to state news agency Wam.

Ta’ziz secures offtake for EDC and VCM: Ta’ziz signed two term sheets with India’s Sanmar Group for long-term product sales covering more than 350k tonnes a year of ethylene dichloride (EDC) and vinyl chloride monomer (VCM), according to a statement. The products will be produced at the Ta’ziz industrial ecosystem in Ruwais Industrial City and supplied under agreements running for up to 10 years, giving Sanmar secure offtake for core inputs used in polyvinyl chloride (PVC).

ICYMI- Ta’ziz — a JV between ADQ and Adnoc — just awarded a AED 7.3 bn (c.USD 2 bn) EPC contract to China National Chemical Engineering & Construction Corporation Seven to build the UAE’s first PVC plant in Ta’ziz industrial ecosystem in Ruwais. The facility will produce 1.9 mn tonnes annually of PVC, ethylene dichloride (EDC), vinyl chloride monomer (VCM), and caustic soda. The facility is part of a wider chemicals complex and transition fuels site in Al Ruwais Industrial City, which is expected to contribute some AED 183 bn to the economy — targeting 4.7 mn tonnes annually of capacity across chemicals and transition-fuel products.

ALSO FROM ADIPEC- Adnoc to launch purchase order-backed SME financing: Adnoc signed a partnership with Comera Financial Holdings — part of Abu Dhabi’s Royal Group — to enable UAE SMEs and suppliers to unlock working capital against Adnoc purchase orders, according to a press release. The program will give suppliers faster access to liquidity to accelerate delivery timelines.

What’s coming: Both parties will develop an automated platform that connects qualifying Adnoc vendors directly with lender support and funding.

Masdar JV Infinity Power, Hassan Allam Utilities to develop 1.2 GW solar projects in Egypt

More renewable energy coming to the country’s energy mix: The Electricity Ministry and the Egyptian Electricity Transmission Company (EETC) signed complementary agreements with Masdar-Infinity JV Infinity Power and Hassan Allam Utilities Energy Platform — an investment vehicle set up by Hassan Allam Utilities and co-owned by the EBRD and Meridiam — for two solar power plants with a combined capacity of 1.2 GW and 720 MWh of battery storage, according to a press release (pdf) from the two private players and a statement from the Electricity Ministry.

The details: Under the agreements, the consortium will develop a 1 GW solar plant in Minya with 600 MWh of storage expected to go online in 3Q 2027 and a 200 MW solar plant in Benban with 120 MWh of connected battery storage, scheduled to kick off commercial operation in 3Q 2026. The cost of power will be USD 0.28 (EGP 1.3) per kWh, a government source is quoted as saying by Asharq Business.

Timeline: Environmental studies have already been completed, with the consortium set to reach financial close on the projects in 1Q 2026, the source added.

Project background: The projects build on a landmark agreement first signed in November 2024 between Masdar, Hassan Allam Utilities, and Infinity Power and EETC to develop the two projects, albeit with slightly different specs than those announced in the final agreements.

REMEMBER- Masdar has a lot in the pipeline for Egypt, earlier last year agreeing to build a 200 MW wind farm in Ras Ghareb after inking a trilateral purchase power agreement with Infinity Power and the Egyptian Electricity Transmission Company (EETC). Masdar, Infinity Power, and Hassan Allam Utilities are also building a USD 10 bn, 10 GW wind farm project in Sohag that is set to be one of the largest wind farms globally and the largest in Africa. The trio, along with global energy giant BP, will also set up a USD 15 bn green hydrogen project in the SCZone.

Two UAE firms added and two removed from MSCI indices in latest review

The MSCI November 2025 semi-annual index review brought four inclusions of UAE firms and two deletions, with all changes effective after market close on 24 November 2025, according to MSCI’s Global Standard (pdf) and Small Cap Indexes Review (pdf).

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Adnoc Logistics & Services was the only UAE stock added to the MSCI Emerging Markets Index, following its USD 317 mn follow-on offering in August, which lifted its freefloat to roughly 22% and quadrupled average daily trading volumes, it said in a press release (pdf). The move makes it the fourth Adnoc unit to be added to the benchmark, joining Adnoc Gas, Adnoc Drilling, and Adnoc Distribution. Broker estimates cited in the company’s statement suggest the inclusion could attract more than USD 200 mn in passive inflows.

Other additions: On the MSCI Global Small Cap Index, Tabreed, Sharjah Islamic Bank were added after meeting size and liquidity requirements under MSCI’s methodology. EGX- and ADX-listed Orascom Construction was also added to the index, after having transferred its shares from Nasdaq Dubai in September.

Exits: Abu Dhabi National Hotels and Ras Al Khaimah Ceramics were dropped from the Small Cap Index due to lower freefloat and relative liquidity.

Lunate launched its second AI-linked ADX-bound ETF

Lunate rolls out AI-focused ETF: Abu Dhabi-based investment firm Lunate just launched its second thematic ETF this year, and 20th overall, the AI Data Power ETF, according to a press release (pdf). The fund, set to trade under the ticker AIPOWR, will be listed on the ADX on Tuesday, 25 November, with subscriptions open through the ADX eIPO portal between 10-14 November and will carry a total expense ratio of 49 bps.

The ETF tracks the S&P Transatlantic AI-Related Data Center & Power Supply Infrastructure Index, which includes 35 companies expected to benefit from the build-out of data centers, digital infrastructure, and power systems driving the AI economy. This includes global heavyweights like Google, Amazon, Oracle, NextEra Energy, Siemens, ABB, and Eaton Corp.

Why AI, and why now? The new ETF gives investors exposure to “the backbone of AI, not the developers of algorithms, but the power grids, data centers, and infrastructure enabling it,” Sherif Salem, partner and head of public markets at Lunate, told EnterpriseAM. Governments and private companies are “pouring tns into expanding capacity,” positioning this theme as “the core of the AI economy rather than its fringe.” Investment into AI and power infrastructure is expected to exceed USD 1 tn annually by 2030, said Geir Espeskog, CEO of Northwind, the exclusive advisor to Lunate Capital on ETF strategy.

Background: The company earlier this year launched its first thematic ETF, Solactive Quantum Computing ETF, which hit the ADX in September, and counted as the region’s first thematic ETF tracking an index of 25 global quantum computing firms including Alphabet, Amazon, IBM, Microsoft, and Nvidia. That fund has grown to around USD 10 mn in assets under management (AUM), making it the firm’s fifth-largest ETF by size, and trades roughly AED 1 mn daily, Salem said.

Retail on the rise: While Lunate initially saw institutional investors dominate ETF flows, recent trading activity shows a clear pickup in retail participation, supported by easier access through brokerage platforms and ADX’s eIPO channel, Salem told us.

Emirates, Emaar, Space42, Agthia, ADNH Catering, and Empower report earnings

EMIRATES GROUP-

Emirates Group’s net income rose 13% y-o-y to AED 10.6 bn in 1H 2025, reporting what it says is a record-breaking half-year bottom line for the fourth consecutive year, according to an earnings release. The group’s top line rose 4% y-o-y to AED 75.4 bn for the same period, underpinned by strong travel demand. The group’s FY starts in March.

Dubai’s flagship carrier Emirates — and its core business unit — saw its bottom line rise 13% y-o-y to AED 9.9 bn, while its top line grew 6% y-o-y to AED 65.6 bn due to continuous travel demand in all markets, and traction for its premium cabins, management said. Emirates’ air freight arm, Emirates SkyCargo, saw deliveries rise 4% y-o-y to some 1.3 mn tons in 1H 2025, which coincided with the addition of three new Boeing 777 freighters. Meanwhile, cargo yields fell by 6% as demand softened in some markets, partly due to tariff concerns.

dnata sees record revenues: The group’s air services subsidiary Dnata saw its net income rose 22% y-o-y to AED 697 mn, while its revenues also increased 13% y-o-y to AED 11.7 bn, on strong ground hailing services’ performance, the earnings release said.

EMAAR PROPERTIES-

Emaar Properties posted net income of AED 5.8 bn in 3Q 2025, a 37% increase from the previous year, according to its financials (pdf). It logged revenues of AED 13.3 bn, up 41.4% y-o-y. During 9M, the firm’s net income reached AED 14.6 bn, a 32.6% increase y-o-y. Revenues went up 39.1% to reach AED 33.1 bn, underpinned by a diversified portfolio and strong financial performance across property development, retail, hospitality, and international businesses.

Behind the results: The developer’s property sales rose 22% in 9M, reaching AED 61 bn, driven by strong demand across flagship projects under its UAE build-to-sell arm Emaar Development — which saw a 41% y-o-y uptick in revenues to AED 17.6 bn, according to a separate earnings release (pdf). International sales surged 331% y-o-y to AED 8.1 bn on rising demand in India and Egypt, while Emaar’s overall revenue backlog stood at AED 150.3 bn at the end of 9M.

SPACE42-

ADX-listed space tech firm Space42 reported an 84.4% y-o-y decline in net income during 3Q 2025, coming in at AED 5.9 mn, according to its financials (pdf). Its revenues fell 11.7% to AED 136.2 mn. During 9M, net income was down 49.8% y-o-y to AED 56.1 mn, while revenues dropped 15.4% y-o-y to AED 362.6 mn.

Behind the dip: The costs of revenues, staff, and operating expenses rose during the period, with 9M also seeing the firm restructure its smart solutions division to focus on its Earth Observation program, according to a separate earnings release (pdf). Despite the overall decline, the management solutions segment saw its top line double, while its space services segment’s top line grew 11% q-o-q, driven by the launch of Thuraya 4 satellite operations and a 15-year, USD 700 mn government contract that started on 1 July. The firm currently has a future revenue pipeline of USD 6.7 bn.

Looking ahead: Momentum from space services is anticipated to accelerate further in 4Q as the firm launches new defense and commercial applications, with solid y-o-y growth anticipated.

AGTHIA-

ADQ-owned F&B firm Agthia reported a net income of AED 62.3 mn during 3Q 2025, a 4% decline y-o-y, according to its management discussion and analysis report (pdf). Its revenues came in at AED 1.1 bn, up 5% from the previous year, driven by strong growth performance across all of its four segments.

During the nine-month period, the group’s net income stood at AED 158.6 mn, a 39.9% drop from 9M the previous year. Revenues also fell 1.3% y-o-y to AED 3.6 bn.

Its water and food segment saw the most growth, with revenues up 13.5% on the back of its recent acquisition of Riviere, according to a separate earnings release (pdf). On the flipside, its agri-business’ top line was down 10.5% y-o-y amid softer pricing, while protein and frozen operations dipped 4.5%.

EMPOWER-

Emirates Central Cooling Systems Corp (Empower) saw its bottom line reach AED 286.6 mn in 3Q 2025, up 8.1% y-o-y, according to its financials (pdf). Revenues went up 3% to AED 1.1 bn during the quarter.

On a nine-month basis, Empower posted a bottom line of AED 688.7 mn, up 4.8% y-o-y, while revenue reached AED 2.6 bn, up 5.5% y-o-y. Growth was driven by rising demand for cooling services in Dubai as the real estate sector continued to boom, according to a separate earnings release (pdf). Empower added 24k refrigeration tons (RT) during 3Q, bringing its total connected capacity to 1.6 mn RT. The quarter saw a further 56k RT contracted across 52 agreements, bringing total contracted capacity to 1.9 mn RT at the end of 9M.

Expansion ahead is supported by new plant developments — including the Dubai Science Park plant, with construction starting in 1Q 2026 — and multi-year phased supply to Al Habtoor Tower through end-2027.

ADNH CATERING-

ADNH Catering reported AED 50.2 mn net income in 3Q 2025, a 31.4% y-o-y increase, according to the company's financial statements (pdf). Total revenues grew 4.8% y-o-y to AED 426.8 mn. The quarterly performance was driven by strategic acquisitions, including a 100% stake in Food Nation Catering Services and an increase of its stake in Compass Arabia.

For 9M 2025: The group achieved total revenues of AED 1.3 bn, an increase of 11.6% y-o-y in 9M 2025, while cumulative net income reached AED 123.9 mn, reflecting a 15.2% rise y-o-y.

Dividends: The board proposed a banknote dividend of AED 0.04 per share, amounting to AED 90 mn for the first six months of 2025, scheduled for payment this November.

UAE targets global leadership in genomics

Abu Dhabi’s push on genomic sequencing isn’t just about healthcare — it’s about AI too, Bloomberg reports, spotlighting the Emirate Genome Program and efforts to industrialize genomics at state scale, a key pillar of its economic diversification drive away from oil, along with its AI ambitions.

While commercial payoffs remain speculative, the Emirates has a clear vision of leading the global biotech scene, and aims to use the genomic data to generate an income through developing meds — though no country has managed to do so yet.

Where it’s at: The six-year program holds more than 750k Emirati samples and is the world’s largest genomic database. The UAE is now sequencing newborn Emiratis at birth and actively expanding to include its over 9 mn non-citizen population. A new biobank — 10x larger — is also coming this year, and Abu Dhabi already holds 3.5 bn clinical records for 12.7 mn patient profiles. Meanwhile, G42 is already working with Indonesia and Uzbekistan on similar national projects, and sees developing such data banks as interlinked with AI offerings.

Sticking points remain around privacy and access to the wealth of hyper-personal health datasets, along with concerns over how it will be used. Similar worries have derailed other comparable projects in the past, but so far in the UAE, participation is voluntary except for mandatory premarital screening.

Eshraq and Agthia both take cases to court

DISPUTES-

Eshraq Investments will launch criminal proceedings against former board members who approved the acquisition of Goldilocks despite some of its shares being pledged as security to a local bank, the company said in a disclosure (pdf) to the ADX. The board members were not named, but the disclosure name-checked two non-executive board members who have resigned from the firm — Jacques Fakhouri (LinkedIn) and Maha Al Fahim (LinkedIn).

REMEMBER- Last month, Eshraq said its request to redeem its shares in Goldilocks was refused after an investment manager revealed that a “significant number” had been pledged as security — for a facility worth around AED 208 mn — to a local bank back in 2019, predating Eshraq’s 2022 acquisition. The development followed months of tension with Shuaa GMC, Goldilocks’ former manager, over asset valuation disputes that surfaced earlier this year. Both Eshraq’s chairman and CEO have stepped down recently.

Agthia has begun proceedings against a counterparty that failed to comply with its delivery targets for certain crops of dates, seeking recovery of some AED 142 mn in losses, it said in a disclosure (pdf) to the ADX. The firm has already recorded some AED 108 mn in provisions. It will reverse them if the proceedings result in the repayment of the funds, or add the remainder in provisions in the upcoming quarters.

M&A-

UAE-based omnichannel distributor and tech retailer Maxus Coral has acquired electronics retail chain E-city, according to a press release (pdf). The transaction, the value of which wasn’t disclosed, brings E-city under Maxus Coral’s omnichannel platform.

What’s next? The firm confirmed the takeover has regulatory clearance, with the final share transfer expected to be completed by December, a Maxus Coral spokesperson told EnterpriseAM UAE. E-city will retain its existing brand, and Maxus Coral is planning in-store format upgrades as well as a new leadership team to manage the transition.

INVESTMENTS-

India-based venture-capital firm Cedar-IBSi Capital has received a limited-partner (LP) commitment from Abu Dhabi’s KSH Investments for its debut fintech fund, which is expected to close by the end of the year, according to a press release. KSH Investments is the strategic global investment and wealth management arm of the Private Department of Sheikh Abu Mohamed bin Khalid Al Nahyan. The LP commitment from KSH Investment was described as sizable, with financial terms undisclosed.

Fund details: Launched in 2023, the fund targets initial investments in the USD 500k-1 mn range, and focuses on B2B and enterprise software for financial services. The fund completed its first close in 2024 and is already backed by Indian institutional investors including Muthoot Finance, IIFL Capital, and a number of family offices. It plans to invest in 10-15 early-stage fintech startups. Current portfolio companies include intelligent-document-processing firm Cogniquest, and an incentive-compensation software firm WonderLend Hubs with a third investment currently under evaluation.

ADVISORS- Finmark Capital (DIFC) and Profit Financial Advisory acted as strategic advisers to the transaction.

CRYPTO-

Phoenix launches hydropower mining plant in Ethiopia: Abu Dhabi-based Phoenix Group launched a 30 MW hydropower-backed mining facility in the Ethiopian capital Addis Ababa, according to a press release. The facility came through a partnership with state-owned producer Ethiopian Electric Power.

The details: The 6.2k sqm facility will add 1.9 EH/s (exahash per second) to Phoenix’s mining capacity and use carbon-neutral hydropower from Ethiopia’s national grid to power its mining and future compute activities. The move comes as Phoenix looks to diversify its portfolio into digital infrastructure like AI hosting.

AUTOMOTIVE-

Legend to build mobility facility in Dubai: Investment group Legend Holding inked an agreement to establish a comprehensive mobility facility in Dubai Industrial City, according to a press release. Legend will invest AED 300 mn in the 1 mn sq ft facility, which is slated for completion by 2027. It is expected to assemble 15k EV and non-EV motorcycles annually and also host Legend Autohub, a pre-owned vehicle dealership.

INFRASTRUCTURE-

Salik partners with Schneider Electric + Vcharge on EV charging rollout: Dubai’s toll gate operator Salik signed an agreement with Germany’s Schneider Electric and US-based EV charging platform Vcharge to deploy smart EV charging infrastructure across the UAE, according to a press release (pdf). The plan includes integrating Salik’s e-wallet directly into Schneider chargers — enabling plug-in charging without apps or cards — and will cover over 1.8k charging points set to be installed by Vcharge.

TRANSPORT-

UAE’s Space42 and South-Korea’s Autonomous A2Z have launched a joint venture to localize the production of level-4 autonomous vehicles, according to a press release. The two firms will retrofit existing fleets, deploy vehicle-to-everything technologies, and eventually build a local workshop and R&D program. The initiative will target public transport, logistics, industrial zones, airports, and tourism sectors.

REMEMBER-The JV was first announced in October, when the two said they wanted to create a self-driving ecosystem in Abu Dhabi.

Mashreq Capital sees upbeat 4Q for MENA bonds, selective upside in equities

The final quarter of 2025 is expected to bring a supportive backdrop for MENA fixed income and some regional equities, according to Mashreq Capital’s latest quarterly outlook (pdf). The region’s bond markets remain supported by strong fundamentals and steady demand, while equities in markets like the UAE, Saudi Arabia, and Oman are benefitting from impressive macro turnarounds, reform momentum, and improving liquidity.

MENA bonds to deliver near double-digit returns: MENA fixed income continues to outperform global peers, supported by resilient sovereign balance sheets, the US Federal Reserve’s easing cycle, and strong demand from local and Asian investors. The Bloomberg MENA USD Aggregate Index rose 8.6% in 9M 2025 and is on track for close to double-digit returns for the full year. Yields hover around 5.4%, roughly 10 bps above the five-year average and about 80-100 bps above other regional aggregates. Sovereigns and GREs remain the main performance drivers, led by Saudi Arabia (+309 bps), the UAE (+234 bps), and Qatar (+85 bps).

Default rates across MENA are projected to stay well below global EM averages. Corporate defaults have averaged just 0.4% over the past five years versus 1.5% globally, reflecting the region’s high-grade mix and limited corporate leverage.

Mashreq maintains a constructive stance on Egypt, supported by macro stabilization, fiscal reforms, and improving ratings momentum. Egypt benefits from high real interest rates, a narrowing current-account deficit, and IMF-backed reforms, with foreign reserves at USD 49 bn and inflation down to 12%, Mashreq Capital said.

It holds neutral views on Saudi Arabia and the UAE, citing solid fundamentals but limited room for further spread tightening. Saudi Arabia’s long end faces supply pressure amid rising issuance and a widening fiscal deficit, estimated at 5.3% of GDP, while the UAE remains preferred for quality duration exposure and defensive value. Mashreq favors short- to mid-duration Saudi bonds, selective infrastructure-linked corporates in Saudi Arabia and the UAE, and GCC AT1s and Tier 2s for attractive carry backed by well-capitalized banks.

Supply outlook stays elevated: Regional issuance has already reached USD 128 bn YTD, surpassing 2024’s total, and is forecast to hit USD 147 bn by year-end. Sovereigns and GREs dominate supply, with Saudi Arabia accounting for around 45%. Sukuk issuance remains robust at USD 74 bn, or 58% of the total.

On the equities front: Mashreq holds a constructive bottom-up view on Saudi Arabia and the UAE, where diversification agendas and liquidity conditions continue to improve. Saudi Arabia remains supported by increased fiscal discipline and new structural reforms, including potential foreign ownership limit increases and easing of Qualified Foreign Investor rules. In the UAE, tourism, AI-linked technology, and commercial real estate remain key structural themes. Despite short-term concerns over potential oversupply in Dubai property, strong end-user demand and disciplined construction suggest limited downside, Mashreq Capital says.

Risks to watch: Mashreq identifies sustained oil price weakness as the primary macro risk, given its impact on fiscal balances. Saudi Arabia is most sensitive to oil price movements, while the UAE is relatively insulated. The report also notes that geopolitical risks have receded, shifting market focus toward oil price dynamics and policy execution.

MARKETS THIS MORNING-

Asian markets are a sea of red, as they track Wall Street losses amid waning sentiment around AI. Japan’s Nikkei fell 1.9%, while South Korea’s Kospi lost 1.5% and Hong Kong’s Hang Seng fell 0.6%. Over on Wall Street, futures are pointing to a slight rebound after the losing session for the S&P and Nasdaq.

ADX	10,024	+0.1% (YTD: +6.4%)
DFM	6,022	+0.5% (YTD: +16.7%)
Nasdaq Dubai UAE20	4,861	+0.5% (YTD: +16.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.7% o/n	3.8% 1 yr
TASI	11,302	+0.4% (YTD: -6.2%)
EGX30	39,950	+2.1% (YTD: +34.3%)
S&P 500	6,720	-1.1% (YTD: +14.3%)
FTSE 100	9,736	-0.4% (YTD: +19.1%)
Euro Stoxx 50	5,611	-1% (YTD: +14.6%)
Brent crude	USD 63.38	-0.2%
Natural gas (Nymex)	USD 4.4	+0.9%
Gold	USD 3,993.7	+0.1%
BTC	USD 101,309	-2.1% (YTD: +7.3%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.75	-1.3% (YTD: +7.7%)
S&P MENA Bond & Sukuk	151.57	-0.3% (YTD: +8.3%)
VIX (Volatility Index)	19.5	+8.3% (YTD: +13.5%)

THE CLOSING BELL-

The DFM rose 0.5% yesterday on turnover of AED 629.9 mn. The index is up 16.7% YTD.

In the green: Al Mazaya Holding Company (+9.4%), National International Holding Company (+9.4%) and Emirates REIT (+4.8%).

In the red: Ekttitab Holding Company (-4.4%), Talabat Holding (-3.4%) and Emirates Reem Investments Company (-1.8%).

Over on the ADX, the index rose 0.1% on turnover of AED 1.1 bn. Meanwhile, Nasdaq Dubai was up 0.5%.

My Morning Routine: Roman Shimanskiy, CEO of Yango Play

Roman Shimanskiy, CEO of Yango Play: 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 Roman Shimanskiy (LinkedIn), CEO of Yango Play. Edited excerpts from our conversation:

My name is Roman Shimanskiy. I'm the Chief Executive of Yango Play. We’re an AI-powered superapp in the Middle East region which brings different types of entertainment into one single application, from movies and series to music and mini games. We’re part of Yango Group, which is a UAE-headquartered global tech company that covers everything from direct technology services up to robotics and all its different B2C and B2B applications.

Despite the fact that we're a global company, our key success factor is that we're extremely [localized]. We do not operate in the same way or offer the same content for all the countries in the MENA region where we operate; we tailor our content to every single country.

At Yango Play, in particular, we’re very focused on Arabic-speaking content, as the Gulf and Egypt make up our primary audience. It’s a cornerstone of the culture here, and so there was no debate over Arabic-speaking shows and content being our priority. We produce original Arabic content through Yango Originals and also bring the best shows already out there to our platform.

We still include global content, but we find that local stories are the best way to connect with viewers. We’re also investing in content production to keep bringing high quality content to our platform and further develop the industry for Arabic content.

Although the video streaming industry has lots of players, there isn’t any competition in terms of having the range of entertainment types that we have on our platform. We also have our AI-powered smart speaker Yasmina, that is fully integrated with the Yango Play app itself.

We don’t limit ourselves to a single category because the borders between different types of entertainment are being erased. We try to focus on tapping into the flow between different types of content. The amount of time that people will spend consuming content is only going up, and so for us it’s all about providing enough good quality content to make this time well spent.

The industry itself has changed a lot recently. In the first episode of a show, you need to engage people within the first five minutes and grab their attention or they will stop watching. It’s very different from traditional TV, or even movies and cinema. We’re seeing less restrictions and expectations when it comes to what customers expect from streaming, and more of a blend between content that used to be more typical of YouTube or social media.

It all boils down to the ability to engage someone in a story and now you have a very short time to capture peoples’ attention, especially as attention spans are becoming more fragmented.

I’m not naturally a morning person, but one thing I do love is numbers and I’m a bit obsessed with checking viewership and subscriber numbers for Yango Play from the day before first thing in the morning. It’s great to see how people are reacting to our work, especially when we launch something new. We have five main dashboards and I love to dive into this ocean of data straight away — it’s almost a form of meditation. I’ll look until I stumble upon something that catches my eye and then I start to brainstorm from there.

I read EnterpriseAM through its emailed newsletter as for me email is a more focused form of communication. There aren’t as many distractions like ads as in other mediums.

I’m definitely an office person as it helps keep that space and boundary between home and work. Commuting home for me is almost like when divers are coming back to the surface — it’s a gradual period of decompression that helps me make the switch into home mode.

My day is normally shaped around back to back meetings throughout the day. Sometimes it’s only by 7pm that I can finally get to focus on my own work. Organization-wise, I keep a to-do list, which gives me a certain satisfaction when I tick off the things I’ve achieved that day, and I also book everything into my calendar to try and keep control over my time.

During my time off I try to do the opposite and avoid having too much of a set schedule to really help myself switch off and avoid this sense of having an inner timer in your head.

About a year ago I started going for at least a couple of walks a day, and I even started doing walking meetings. It helps get the blood flowing to your brain — hence with creativity — a lot more than sitting inside all day. Other people are generally onboard and like the change of scenery, but convincing them to have a walking meeting in the summer in Dubai is trickier.

On a personal level, I recently got some smart devices that track your health because that’s a priority for me right now. Professionally, we really see ourselves being number one in the industry in a few years, given we’re part of a huge global tech company and how agile we are in terms of building new products and features.

Switching off my notifications helps my work-life balance since it silences those triggers, especially when your phone is like a second workplace. I actually also use Yango Play to switch off often and am very lucky as I can watch our own original series before everyone else. I would really recommend a series we’ve recently released called Roses and Chocolates, which is inspired by true stories. It’s really good — so much so that I’ve been messaging the producers asking them to send me the next episode straight away.

A piece of advice that stuck with me was from a podcast which spoke about the power of the word ‘thank you’, and the different ways to show appreciation for what someone has done. Sometimes these simpler signs of appreciation are more powerful than any numbers or scores, and can really motivate people.

CALENDAR

NOVEMBER

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

4-9 November (Tuesday-Saturday): Dubai Design Week, Dubai.

10-11 November (Monday-Tuesday): The Egypt-Gulf Cooperation Council (GCC) Trade and Investment Forum, Cairo.

10-15 November (Monday-Saturday): SASC organizes Abu Dhabi Autonomous Week, Abu Dhabi.

10-15 November (Monday-Saturday): RoboCup Asia-Pacific (RCAP), Adnec Center, Abu Dhabi.

10 November (Monday): SASC organizes The Abu Dhabi Autonomous Summit, Abu Dhabi.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

DECEMBER

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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;
Executive Committee Meeting (EXCOM) conference of the World Smart Sustainable Cities Organisation (WeGO).

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro.

JANUARY 2026

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

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

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

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

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

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

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

FEBRUARY 2026

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

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

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

MARCH 2026

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

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

APRIL 2026

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

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

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

MAY 2026

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

JUNE 2026

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

JULY 2026

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

Signposted to happen in 2026:

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

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027-2029:

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

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