Multiply acquires 2PointZero, Ghitha to create AED 120 bn entity. PLUS: MGX takes over Aligned Data Centers alongside BlackRock

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Dubai Investments taps banks to list its Dubai Investments Park unit + Masdar eyes USD 1 bn investment in Turkey?

Good morning, friends. We have another packed issue for you this morning, with big M&A headlines from MGX and Multiply Group. MGX just acquired the US’ Aligned Data Centers alongside BlackRock’s Global Infrastructure Partners and others in a USD 40 bn transaction, while Multiply Group is acquiring IHC’s 2PointZero and Ghitha Holding through a share swap agreement, creating a AED 120 bn listed entity.

Plus: Alec Holding’s shares debuted on the DFM yesterday, rising on their first day of trading.

ALSO- UAE startup investments were up 188% in 9M amid a surge in foreign capital, bucking the global trend and leading venture capital in the region.

WEATHER- The reprieve in temperatures continues, with Dubai reaching a high of 35°C and a low of 28°C, according to our favorite weather app. It’s more or less the same in Abu Dhabi, with a high of 36°C and a low of 27°C.

WATCH THIS SPACE-

#1- Dubai Investments tapped banks to list the company behind Dubai Investments Park, marking the latest in a series of real-estate-related IPOs in Dubai this year, Bloomberg reports. The company tapped Citigroup, Emirates NBD Capital, and our friends at HSBC for the listing. It has been preparing to list up to 25% of its Dubai Investments Park Development company unit by February next year, with the firm set to be valued between AED 8-10 bn, the business news information service said.

REMEMBER- Dubai’s three IPOs this year are linked to the property market as the emirate’s property boom fuels growth of companies across real estate verticals, from construction to (like Alec Holdings) and online platforms (like Dubizzle). Dubai Residential REIT was the emirate’s first IPO this year.

#2- Adnoc’s Covestro play nears EU clearance: Adnoc is reportedly on track to secure European Commission approval for its EUR 14.7 bn (USD 17 bn) takeover of German’s Covestro, after the commission sought feedback from market participants after receiving Adnoc’s revised proposal earlier this month, Reuters reports, citing people it says are familiar with the matter. EU regulators are said to be reviewing minor tweaks to Adnoc’s remedy package, which includes changes to its articles of association to remove an unlimited state guarantee and a pledge to keep Covestro’s intellectual property within Europe.

What’s next? The commission’s anti-subsidies probe, which was temporarily paused last month pending data requests, is set to resume after Adnoc reportedly fulfilled all outstanding information requirements.

REFRESHER- Adnoc’s acquisition of Covestro marks its largest-ever M&A transaction and one of the biggest Gulf takeovers of an EU-listed company, as the state-backed energy major continues to diversify downstream and expand its global chemicals footprint.

#3- UAE’s Masdar is about to close a USD 1 bn investment in a 1.1 GW pumped-storage solar power plant in Turkey’s Nigde Bor, Turkish Anadolu Agency reports. The project is currently in its final stages of development. Other ventures including offshore wind, high-voltage direct current (HVDC) transmission systems, and new pumped-storage hydroelectric sites were also on the table.

Reignited interest? Masdar had previously been linked to potential expansions in Turkey, though an agreement that would have seen Masdar acquire a stake in Turkey’s Fiba Yenilenebilir Enerji collapsed over a price dispute in 2023.

#4- Khazna earmarks 400 MW of 1 GW goal for key markets: Dubai-based Khazna Data Centers plans to add 400 MW of new data center capacity to its key markets in Saudi Arabia and Italy, among others, according to a press release (pdf). In Italy it is set to develop a 500 MW data center with Eni, while in Saudi Arabia it is aiming to capture more than 25% of the Kingdom’s data center market. It is also making forays into Egypt and Turkey. The target is part of a wider plan to expand its overall operational capacity by more than 1 GW by 2030.

#5- Oracle, Nvidia to work on Abu Dhabi’s AI program: US tech giants Oracle and Nvidia are working on Abu Dhabi’s government AI infrastructure, with plans to bring160 AI tools to the emirate as it looks to become an AI-native government, according to a press release. The two are working with Abu Dhabi’s Core42 and UK consultancy Deloitte on the initiative.

ICYMI- Abu Dhabi’s AED 13 bn-backed AI-native initiative aims to have all government processes completely automated and digitized by 2027. The Department of Government Enablement is carrying out the scheme, which has been rolled out across 25 government institutions so far.

The two firms are already active in the Emirates, with Oracle reportedly involved in developing the first phase of the Stargate UAE campus — which currently operates two cloud regions in Abu Dhabi and Dubai. It also supports du’s sovereign cloud offering for UAE government clients. Nvidia, meanwhile, is also involved in developing Stargate UAE and is set to provide it with its Grace Blackwell GB300 systems. The US recently greenlit the exports of several USD bns worth of Nvidia chips to the UAE.

#6- In similar news, AI is speeding up trade license approvals in Dubai, CEO of Dubai Business Registration and Licensing Corporation Ahmad Al Falasi told Khaleej Times. A new AI-powered service will be added to the Invest in Dubai platform by the end of 2026, shortening the time for investors to secure a trade license from five minutes to 17 seconds with AI verification replacing manual processes.

The entities involved: The upgrade will manage the complete license issuance process, unifying approvals from the Human Resources and Emiratzsation Ministry, Foreign Affairs Ministry, Community Development Authority, and Dubai Civil Aviation Authority. Other entities are set to join later as the service continues its expansion and rollout.

#7- Etihad Airways is restoring single-aisle aircraft from the secondary market in a bid to manage its plane delivery backlog and persistent supply chain snags, CEO Antonoaldo Neves told Bloomberg. The Abu Dhabi-based carrier has added four Airbus 320-family jets to suit its operational needs —- although some 14 planes were available — with two coming from lease expiries and the remaining lease terminations, Neves said, without disclosing the prior operators.

Small but mighty? The smaller, single-aisle planes have proved easier to source, while wide-body planes are a bit harder to uptake, Neves added. The company plans to add two additional newbuild A380 aircraft into its fleet by mid-2026 — avoiding the secondary market due to issues with interior refurbishment.

Tough times to come: Analysts estimate that supply chain delays will cost airlines over USD 11 bn this year alone, according to data from the IATA. Airlines faced a global commercial aircraft backlog of 17k units last year.

REMEMBER- Etihad Airways is also weighing bulk buying aircraft parts and storing them in local warehouses for on-demand access in a bid to sidestep supply chain gridlocks from planemarkers. The Abu Dhabi-based carrier is also rolling out a USD 1 bn retrofit program for its existing fleet. The airline is aiming to add 22 aircraft to its fleet this year, part of its push to reach 170 jets by 2030, CEO Antonoaldo Neves said earlier this year.

HAPPENING TODAY-

#1- GITEX Global kicked off earlier this week and is running until tomorrow at the Dubai World Trade Center. The tech expo gathers major industry players including from G42 and Cerebras, as well as government officials, and innovators under one roof to showcase developments in AI, cloud computing, cybersecurity, quantum technologies, and digital infrastructure.

#2- The Global Future Councils annual meet wraps today in Dubai. Hosted by the UAE government in collaboration with the World Economic Forum, the annual summit convenes leaders, ministers, and industry experts to shape policy frameworks on global issues, including energy transition, future cities, and the governance of emerging technologies.

#5- It’s day four of the World Bank and IMF annual meetup in Washington. The IMF’s World Economic Outlook, which noted the global economy’s “unexpected resilience” despite global tariff war uncertainty weighing on growth, was out yesterday. We have

#6- The Evolve Future Mobility Show is running from today until Saturday at the Expo Center in Sharjah. The event will host 200 international exhibitors as well as industry leaders, policymakers, and entrepreneurs, to explore the use of EV technology in key sectors of sustainable mobility.

THE BIG STORY ABROAD-

The tenuous Israel-Hamas peace agreement is still dominating headlines, as Hamas returns more bodies of hostages and says it has now returned all the bodies it is able to reach, and needs more time and specialized equipment to recover others. Meanwhile, Israel has threatened to return to war and “defeat Hamas” if it does not uphold its side of the agreement, which also includes Hamas’’ total disarmament. Some 19 bodies have yet to be returned. (Bloomberg | BBC | Financial Times)

Meanwhile, sources said work has already begun on an international stabilization force that would go to Gaza and stabilize security amid tensions between Hamas and Israeli militants in the strip. The US is in talks with officials from Indonesia, the UAE, Egypt, Qatar and Azerbaijan, on their involvement as part of the force. (Reuters)

ALSO GETTING ATTENTION- US President Donald Trump is threatening to launch military strikes in Venezuela, after authorizing the Central Intelligence Agency to conduct covert strikes there as part of a campaign against drug trafficking. (Wall Street Journal | Guardian | New York Times)

PLUS- Levels of carbon dioxide surged at record levels in 2024, as record additions of renewable energy capacity failed to put the world on track to meet its climate targets for 2030, a report by the International Renewable Energy Agency said. The ongoing burning of fossil fuels, along with a surge in wildfires, are to blame, IRENA said. (Reuters | Guardian)

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MGX, BlackRock take over Aligned Data Centers for USD 40 bn

MGX, BlackRock seal record Texas data center takeover: Abu Dhabi state AI investor MGX and BlackRock’s Global Infrastructure Partners (GIP) agreed to fully acquire Texas-based Aligned Data Centers from Macquarie Asset Management and its partners in a transaction valuing the company at around USD 40 bn, according to a joint statement, confirming reports from Bloomberg earlier last week. The move, which is said to be the largest global data center buyout yet, is expected to close in 1H 2026, pending regulatory approvals.

The transaction marks the first investment under a vehicle launched by MGX, BlackRock, GIP, Microsoft, and Nvidia last year, named the Artificial Intelligence Infrastructure Partnership (AIP), to deploy capital into AI infrastructure. The platform aims to mobilize some USD 30 bn in equity, potentially reaching USD 100 bn including debt.

Aligned? Aligned operates 50 data campuses across the US and Latin America, offering over 5 GW of operational and planned capacity to hyperscale and enterprise clients. The company will continue to be led by CEO Andrew Schaap from its Dallas headquarters. It currently has roughly 600 MW of live capacity and 700 MW under construction, according to Bloomberg data provider DC Byte, positioning it to benefit from surging demand for hyperscale computing power.

“To me, this is a perfect marriage of Abu Dhabi’s ecosystem and its commitment to AI, combined with the strength of BlackRock and GIP,” BlackRock CEO Larry Fink told the Financial Times. The agreement follows Aligned’s USD 12 bn equity and debt raise earlier this year, led by Macquarie-managed funds, and comes as investors worldwide race to claim exposure to the AI infrastructure boom, Bloomberg reports.

Some 20 GW of both cloud and AI capacity a year are expected to come online, about half of which is in the US, MGX CEO Ahmed Yahia Al Idrissi told FT.

Plans post-acquisition? Fink said the partnership allows large tech companies to lease purpose-built, high-density data centers rather than build and finance them directly, effectively keeping such infrastructure off their balance sheets and preserving higher valuations. The partnership combines capital, energy expertise, and semiconductor supply chains to address bottlenecks in “land, energy, and materials” needed to support the AI boom, GIP chief Adebayo Ogunlesi said.

REFRESHER- MGX is stepping up its AI investment drive this year: The firm is eyeing up the launch of a USD 25 bn fund for AI infrastructure investments, committing USD 100 bn to the first phase of the Stargate AI infrastructure fund, pledging USD 30-50 bn of initial investments in data centers in France, and backing GIP’s USD 30 bn AI infrastructure fund. It also recently invested in OpenAI as part of its latest secondary share sale, and in San Francisco-based software company Databricks.

More to come? The state AI investor was also reportedly in early talks with AI firm Anthropic when Anthropic CEO Dario Amodei was on a tour in the Middle East this month, Bloomberg reports, citing people familiar with the matter. The firm is eyeing a USD 170 bn valuation with a USD 5 bn new funding round set to be led by Iconiq Capital, with potential investments from the the Qatar Investment Authority and Singapore’s sovereign fund GIC. This comes shortly after a note to staff from Anthropic CEO Dario Amodei said he’s looking towards the region for funding despite still holding it in contempt

Multiply to acquire 2PointZero and Ghitha in share swap, creating AED 120 bn entity

Multiply plots 2PointZero-Ghitha merger: Abu Dhabi-listed Multiply Group’s board approved plans to take full ownership of its IHC-linked peers 2PointZero and Ghitha Holding through a share swap, it said in a statement (pdf). The transaction, which is currently under review, would consolidate the three under a single listed entity creating one of the emirate’s most diversified investment conglomerates. Further details are set to be announced following shareholder and regulatory clearance.

The pitch: Multiply described the merger as a “strategic acquisition via reorganization” aimed at improving operational efficiency and deepening exposure to high-growth, sustainability-linked sectors. The company said 2PointZero brings exposure to energy transition and AI-driven investments, while Ghitha contributes a vertically integrated food-and-agri platform key to the UAE’s food-security agenda.

What’s in the making: The combined entity would have around AED 120 bn in assets across 85 countries, spanning energy, food, logistics, packaging, mining, apparel, media, mobility and beauty, with the aim of serving 1 bn people globally.

All staying within the family: All three firms sit within the IHC ecosystem, which remains the common shareholder driving the consolidation. IHC owns about 87% of 2PointZero, its dedicated energy, mining, and financial services arm, while it is a majority shareholder in Multiply. Ghitha, meanwhile, sits within IHC’s food and agriculture cluster, where IHC holds a majority indirect stake through Alpha Dhabi Holding and other subsidiaries.

The details: Multiply will issue 23.36 bn new shares to 2PointZero and Ghitha Holding’s shareholders in exchange for their shares. The move would bring the merged entity’s capital base to AED 8.64 bn up from AED 2.8 bn, increasing its total outstanding shares to 34.56 bn.

The move comes amid a broader reorganization of Multiply’s portfolio. Earlier this week, the group exited district cooling through the AED 3.9 bn sale of Pal Cooling Holding to Tabreed and CVC DIF, freeing up capital for new verticals. It has also acquired Italy’s ISEM Packaging Group and Tandem in Spain.

REMEMBER- 2PointZero was preparing a float on the ADX this year, which IHC executives said would unlock fresh capital for growth.

Market reax: Multiply’s stock shed 1.6% on the ADX yesterday to close at AED 3.1.

Alec’s shares gain 0.7% on debut

Alec shares rise on debut: Shares of Alec Holdings inched up 0.7% to close at AED 1.41 apiece on their first day of trading on the DFM, according to market data. The stock earlier touched a high of AED 1.50, with around 128.4 mn shares changing hands across 4.2k transactions, generating AED 186.4 mn in turnover.

Refresher: Alec floated 20% of its total capital in an AED 1.4 bn offering priced at the top of its range at AED 1.40 a share, giving the company a market cap of around AED 7 bn at listing.

Part of Dubai’s privatization lineup: The construction and engineering firm, part of the Investment Corporation of Dubai’s (ICD) portfolio, is the seventh company to IPO under the emirate’s privatization drive following in the footsteps of Parkin, Dewa, Dubai Taxi, Salik, Tecom, and Empower.

IN CONTEXT- IPO activity has been somewhat subdued this year, with only one other listing on the DFM, namely Dubai Residential REIT in May. Still, the real estate angle proves promising for Alec. Its pipeline spans large-scale residential, hospitality, and mixed-use projects across Dubai and Saudi Arabia, placing it among the key contractors poised to gain from the UAE’s ongoing construction and property upswing. The company’s listing gives investors direct exposure to the region’s infrastructure and real estate growth cycle at a time when project activity remains healthy.

ADVISORS- Our friends at EFG Hermes acted as joint bookrunners on the transaction alongside Abu Dhabi Commercial Bank. They were joined by Emirates NBD Capital and JP Morgan as joint global coordinators and bookrunners, while Moelis served as independent financial adviser. Gibson, Dunn & Crutcher, and Ibrahim & Partners provided counsel.

ALSO IN THE PIPELINE:

Dubai-based property and classifieds platform Dubizzle Group Holding will open subscriptions for its hybrid offering of a 30% stake next week;
Dubai Investments plans to list 25% of Dubai Investments Park;
Amanat Holding secured regulatory approval to list 30% of its education unit in Saudi Arabia’s Tadawul; with potential plans to also float its healthcare arm ;
Binghatti was the latest to join the UAE real estate IPO frenzy earlier this month as it tapped banks for a potential IPO, joining Arabian Construction ;
Emirates Global Aluminium could be reviving plans for a potential IPO that could rank among the region’s largest;
ADQ-backed Etihad Airways highly-anticipated IPO was expected to kick off after Eid Al Fitr but could be delayed to 2026 ;
Dubai Holding plans to float two of its property portfolio units;
Abu Dhabi Investment Group is eyeing listings for its financial unit and energy subsidiary this year;
Hospitality group Five Holdings also tapped advisors for a potential listing;
Shisha producer Advanced Inhalation Ritual is also rumored to potentially IPO.

No sign of a slowdown on day four of Gitex

Day four of Gitex closed out on a high, with the event seeing a raft of agreements inked on autonomous transport, energy, and of course — AI.

TRANSPORT-

#1- Abu Dhabi’s Department of Municipalities and Transport (DMT) inked 10 AI-focused MoUs to accelerate AI-powered urban management, mobility, and digital transformation across Abu Dhabi, according to a press release. DMT’s Integrated Transport Center (ITC) signed agreements with UAE-based mobility technology company K2 and regional transport engineering and innovation firm Tatweer Middle East & Africa to develop autonomous transport systems — including robotaxis, robodelivery units, automated parking, and connected-vehicle technologies — alongside studies on regulatory frameworks and fleet management.

On the smart city front, DMT and UAE-based tech Origen Technology will establish a smart city platform, an AI-powered video management system to support public safety and traffic oversight, and a platform for citizens to access government services. The department will also work with Abu Dhabi-based technology and innovation company Analog Studios on digital twins, robotics, and command-and-control platforms, and with Chinese video surveillance and IOT solutions provider HIKVISION on AI analytics, cloud systems, and proof of concept projects in smart city applications.

Other AI and cloud partnerships DMT signed include:

An agreement with e& to deploy AI-powered drones that conduct infrastructure inspections and coastal analysis, and collect data on traffic and crowds, and 3D mapping;
An agreement with France’s technology and consultation firm Capgemini on AI adoption to improve municipal and transport operations, covering infrastructure management, public services delivery, and smart mobility.

#2- Space42, Korea’s Autonomous A2Z partner on self-driving: AI-powered space tech firm Space42 and South Korea’s Autonomous A2Z are forming a JV focused on autonomous driving solutions across MENA, according to a press release. The JV will be based in Abu Dhabi and aims to deploy and commercialize the systems to create a wider self-driving ecosystem in the emirate. The tie-up targets level 4 autonomous driving, which sees vehicles operate without any human involvement within a designated area.

#3- Edge, e& to roll out first drone traffic system in Abu Dhabi: UAE defense group Edge signed an MoU with telco e& to deploy and operate the region’s first unmanned traffic management system in Abu Dhabi, according to a press release. The system will provide real-time monitoring and coordination among drone operators to improve airspace safety and efficiency, supporting applications such as emergency response, logistics, and environmental monitoring.

#4- du to modernize DTC’s core systems: du inked an MoU with Dubai Taxi Company (DTC) to migrate and modernize the company’s core operational system on the du National Hypercloud, according to a press release. The tie-up will see du automate DTC’s databases and speed up compute processing capabilities for its core operations to boost efficiency.

ICYMI- du launched its National Hypercloud initiative in the summer — an initiative developed in collaboration with US-based IT firm Oracle, targeting government entities and large enterprises requiring data sovereignty. Data is stored within UAE borders using Oracle’s infrastructure and du’s data centers.

ENERGY-

#1- A unified emissions MRV system: The Climate Change and Environment Ministry rolled out the country’s first integrated Measurement, Reporting, and Verification (MRV) system, consolidating the monitoring and reporting of greenhouse gas emissions and air pollutants under one system, state news agency Wam reports.

Cutting red tape: The platform shortens the emissions inventory reporting progress, cutting preparation time from 15 months to just three months by simplifying procedures from 11 manual steps to four automated ones.

The Ministry also rolled out a platform that uses smart analytics to identify high-impact projects for emissions reduction and resource optimization, named the Global Energy Efficiency Alliance, state news agency Wam reports. It also launched a national green certificates program, which uses AI to assess and certify sustainable buildings based on energy, water efficiency, and urban design quality.

#2- And portable clean power batteries rolled out: Al Masaood Power, part of Al Masaood Group, inked an MoU with Germany’s Instagrid to roll out professional-grade portable, no-emission battery systems, according to a statement. The partnership will introduce high-capacity mobile power units to professional and industrial users, replacing conventional fuel-powered generators. The batteries — designed to deliver reliable, flexible, and zero-emission power — can fully charge in under three hours.

HEALTH-

Abu Dhabi launches AI-powered health platform: Abu Dhabi’s Department of Health, in partnership with Microsoft, launched the Population Health Intelligence (PHI) platform, described as the world’s first AI-based population health system of its size, Wam reports. The platform uses AI and analytics to build a digital version of Abu Dhabi’s healthcare system, combining clinical, lifestyle, and environmental data to track health risks across the emirate’s population and model interventions.

Focus areas: The PHI platform will initially target obesity and cancer, using predictive insights to guide early detection and prevention efforts aimed at reducing disease rates and improving public health outcomes.

UAE venture funding up 188% in 9M amid foreign capital surge

The UAE has led the Middle East’s surge in venture capital activity so far this year, posting a record USD 1.4 bn in funding, up 188% y-o-y in 9M 2025, according to MAGNiTT’s latest Emerging Venture Markets (EVM) report and a separate press release (pdf). The number of transactions also rose, increasing 5% to 164 in total and putting it in third place among emerging markets.

Behind the figures: The UAE saw a rebound in mega transactions — totaling USD 653 mn after none were recorded in 2024 — alongside strong non-mega activity, which rose 57% y-o-y to USD 775 mn during the period. Interest from international investors, robust sovereign wealth support, and large transactions helped the UAE’s venture capital scene defy a general downturn in funding in emerging markets as transaction activity dropped 18% y-o-y.

Megarounds drove growth: The UAE accounted for more than half of the total USD 3 bn in capital deployed across the MENA region, driven by large rounds for XPANCEO, raising USD 250 mn in a Series A round, and Airalo ’s USD 220 mn in a Series C round.

Early-stage funding was also strong, with capital allocations for pre-seed and seed funding rounds up 11% y-o-y across 81 transactions in 9M 2025, pointing to a robust venture capital pipeline. They accounted for the bulk (87%) of investments. Series A and B rounds reached record high of USD 819 mn during the period.

In 3Q 2025, non-mega funding grew 51% y-o-y, supported by a maturing mid-stage pipeline, with Series A up 75% — accounting for 7% of all transactions — and Series B up more than tenfold, accounting for 5%.

Broad-based growth: “While the record-breaking 3Q performance was amplified by large rounds, the sustained quarterly growth in non-MEGA activity since 3Q 2024 shows a deepening pipeline rather than short-term concentration,” MAGNiTT CEO Philip Bahoshy told EnterpriseAM.

Foreign investors are dominating the landscape and fueling investment: The majority of capital deployed in UAE startups in 9M 2025 — around 82% — came from non-UAE investors, while four of the top five investors by deployed capital were foreign, Bahoshy said. US-based funds were among the most active, accounting for 30% of unique investors, while UAE-based investors made up just 19%, he added.

A regional FDI magnet: “This shift shows the government’s role has become catalytic creating the regulatory and infrastructure base while global investors increasingly power late-stage growth, positioning the UAE as a regional magnet for international capital rather than a state-driven market,” Bahoshy said.

This is in-keeping with the regional trend: International investors for the first time in years deployed more capital than local investors in 3Q 2025, accounting for 59% of funding, according to the report. A lot of that was concentrated in late-stage funding rounds, with 64% of capital in USD 20 mn+ transactions coming from international players, and 85% of Series A capital coming from foreign players, highlighting their booming role as anchors for the region’s scaling startups.

The UAE also led the pack in terms of exits from fintech startups with 15 transactions, up from last year’s 11.

THE REGIONAL PICTURE-

A record 9M for the region: MENA startups raised over USD 3 bn across 469 transactions by September’s end — that’s more than double last year’s total and, for the first time, surpasses the longtime emerging market leader Southeast Asia, which trailed with USD 2.5 bn, according to Magnitt’s press release. Southeast Asia was hit hard with a 48% decline in startup funding, logging its weakest quarter in seven years, while emerging venture markets saw a 6% y-o-y decline in funding to USD 6.56 bn.

The third quarter was MENA’s strongest on record, with USD 1.2 bn raised (up 121% y-o-y). This suggests a “potential shift in global capital allocation,” though a longer period is needed to confirm a permanent trend, Bahoshi told us.

Mid-stage funding — Series A and B — led activity, surging 205% y-o-y to USD 1.4 bn in 9M 2025. The early-stage pipeline also remains robust, with pre-seed rounds rising 30% y-o-y, signaling a healthy influx of new founders.

Fintech startups are still taking the lead, attracting USD 965 mn (up 97% y-o-y) and representing over a quarter of all transactions. Growth was supported by open banking frameworks, major regional events, and large Saudi tickets. Enterprise software also gained momentum, rising to USD 320 mn across 52 transactions, up from USD 70 mn across 44 in the same period last year.

Rising exits and liquidity: Merger and acquisition activity doubled to 40 transactions in the first nine months of 2025 — a three-year high and a sign of a “healthier, more liquid ecosystem,” Bahoshy said. Exits were concentrated in the UAE (15) and Egypt (13), due to their mature buyer bases and ecosystems. However, “the exit challenge is more acute in the UAE and Egypt than it is in Saudi Arabia,” as the more mature startups in both countries are on the search for liquidity to survive the global extension of the average 7-year path to an exit, according to Bahoshi.

4Q to keep the momentum going: Magnitt expects the remaining months of 2025 to see “sustained momentum and measured optimism,” bolstered by continued public-private collaboration and institutional capital flowing into emerging markets.

Wood CEO to step down after Sidara takeover vote + New names at the top at Talabat, Shuaa, and Adia Labs

#1- UK-listed John Wood Group CEO and board director Ken Gilmartin (LinkedIn) will step down following the upcoming shareholder vote on the company’s takeover by Dubai-based Sidara, which will take place on 12 November, the company said in a statement. Interim CFO Iain Torrens (LinkedIn) will assume the top role upon Gilmartin’s departure, while the search for a new CFO is underway.

REFRESHER- Sidara agreed last month to acquire Wood Group in a GBP 216 mn transaction, including a USD 450 mn capital injection to stabilize the debt-laden firm. The transaction — expected to close in 1H 2026 — will see Wood become Sidara’s energy and materials division while retaining its brand. The takeover was a long time in the making, with talks and various bids being offered for over a year.

The story got ink in Reuters and Bloomberg.

#2- Talabat taps new CEO following resignation: Tomaso Rodriguez (LinkedIn), Talabat Holding’s chief executive officer (CEO), has resigned from his position after six years in the role, effective from 20 November, according to a DFM disclosure (pdf). The executive will continue to serve the company as a member of the board, as part of a planned leadership transition. Rodriguez will be succeeded by Toon Gyssels (LinkedIn), who will be returning to the company as CEO, as of 21 November.

The returning CEO: Gyssel’s previous four-year tenure at the firm included serving as chief operating officer (COO) and later as interim CEO. He most recently served as COO at cloud kitchen unicorn Kitopi and also headed up its OnDemand unit, and previously worked at McKinsey & Company prior to joining Talabt.

#3- Shuaa Capital CRO exec resigns: Dominik Piotr, Shuaa Capital’s chief risk officer (CRO), has resigned after just one month in the position, citing personal reasons, according to a DFM disclosure (pdf). Piotr will continue in his role until his notice period finishes at the end of this month. The Dubai-based investment platform had also recently tapped new heads of marketing and investor relations, as well as asset management.

#4- Dubai appoints new assistant secretary general to Executive Council: Dubai Crown Prince and Executive Council Chairman Hamdan bin Mohammed bin Rashid Al Maktoum appointed Sabah Salem Al Shamsi (LinkedIn) as Assistant Secretary General for Government Communication and General Secretariat Affairs, state news agency Wam reports. The appointment took effect on 1 October 2025.

#5- Adia Lab adds two Nobel laureates to advisory board: Abu Dhabi-based computational science research institution Adia Lab has appointed Robert F. Engle, the 2003 Nobel laureate in economics, and Sir Konstantin Novoselov, the 2010 Nobel laureate in physics, to its advisory board, according to a statement. The additions bring the board’s total membership to 12 global experts.

Who they are: Engle, a professor at NYU Stern, developed the ARCH model that transformed modern financial econometrics, while Novoselov, director of the Institute for Functional Intelligent Materials at the National University of Singapore, is best known for co-discovering graphene.

Dana Gas, Crescent Petroleum kick off operations at Khor Mor expansion in Iraq ahead of time + CME Group, UBS expand in the UAE

ENERGY-

Dana Gas + Crescent kick off operations at Khor Mor expansion: UAE-based Dana Gas and Crescent Petroleum have begun commercial gas sales from Iraq’s Khor Mor gas field expansion project ahead of schedule, according to a press release (pdf). The project, located in the Kurdistan region of Iraq, was previously expected to come online by 1Q 2026.

The USD 1.1 bn expansion was financed through a mix of loans and bond proceeds, including backing from the Bank of Sharjah and the US International Development Finance Corporation, as well as funds raised through a USD 350 mn senior secured bond issued last year by Pearl Petroleum — a consortium led by Dana Gas and Crescent Petroleum.

A 50% boost: The project adds 250 mn standard cubic feet (scf/d) of processing capacity, bringing the field’s total output to around 750 mn scf/d. The project will also add 7k bbl / d of condensate and 460 tonnes per day (t/d) of LPG to existing output of 15.2k bbl / d and 1.1 t/d.

About Khor Mor: The gas field produced some 525 mn scf/d of natural gas in early March, up some 75% since 2017. Khor Mor supplies fuel for some 75% of the Kurdistan Region of Iraq’s electricity generation, serving some 6 mn in the region.

CAPITAL MARKETS-

CME Group expands with DIFC office: US-based derivatives marketplace CME Group is opening an office in Dubai International Financial Center (DIFC), marking its entry into the region as it looks to tap into the surge in demand from both institutional and individual clients, according to a press release. The new office, which will be led by the firm’s head of Middle East and Africa, Sharif Jaghman (LinkedIn), will be the firm’s regional hub and operate under a Dubai Financial Services Authority license.

The company has seen double-digit growth — 16% — in trading volumes out of the Middle East this year, largely on the back of the influx of hedge funds to the UAE, the Financial Times quotes CME’s chief commercial officer, Julie Winkler, as saying. The firm already also owns 33% of Dubai-based Gulf Mercantile Exchange.

FINANCE-

UBS sets up shop in ADGM: Swiss bank UBS opened an advisory office in ADGM, expanding its UAE footprint beyond Dubai, Citywire reports. The new UBS branch will provide advisory services from ADGM while booking assets in Switzerland, and comes after the appointment of Michael Baechli (LinkedIn) as head of the bank’s non-resident Indian and professional client business in the Middle East.

We knew this was coming: UBS announced plans in May to expand in Abu Dhabi to tap growing regional demand from high-net-worth individuals relocating from higher-tax markets such as the UK.

DISPUTES-

NMC Healthcare founder to pay USD 46 mn to SBI for lying under oath: The Dubai International Financial Center Court ordered NMC Healthcare founder BR Shetty to pay USD 46 mn to the State Bank of India’s DIFC branch after ruling he lied under oath about signing a personal assurance for a USD 50 mn loan to NMC, according to a statement. The court cited extensive evidence — including emails, meeting notes, and handwriting analyses — proving he personally guaranteed the loan, and imposed 9% annual post-judgment interest until full payment. NMC did not complete all the quarterly repayments and monthly interest payments.

Background: NMC, once the UAE’s largest private healthcare operator, was forced into administration by a London court in 2020 after a Muddy Waters report claimed that it inflated its assets and owed over USD 4 bn in hidden debt. It tapped Rothschild & Co to advise on its strategic restructuring plans, with the process wrapping up in 2022, The National reports. Shetty has since filed several lawsuits abroad, accusing former executives and auditors of inflating the company’s finances.

Powell signals October rate cut as US labor market concerns grow

The Federal Reserve could move ahead with another interest rate cut later this month, Fed Chair Jay Powell signaled on Tuesday at the National Association for Business Economics annual meeting. He warned that the US labor market is showing further signs of distress, and that “downside risks to employment have risen,” marking his clearest indication yet that Fed officials see enough evidence to justify another quarter-point reduction in borrowing costs, the Financial Times reports.

The remarks solidified market expectations, with investors in federal funds futures now pricing in a nearly 100% chance of a cut at the Fed’s upcoming 28-29 October meeting, according to Bloomberg. “A rate cut in October is done,” former Fed economist and MacroPolicy Perspectives founder Julia Coronado told the business information service..

The Fed is now prioritizing risks to the job market over inflation. Despite delayed official data from the US government shutdown, private indicators and Fed research show a cooling labor market, as “both lay-offs and hiring remain low,” Powell said. Powell noted few signs of broader or lasting price pressures, adding that long-term inflation expectations remain aligned with the Fed’s 2% goal. “There really isn’t a risk-free path now… but now the labor market has demonstrated pretty significant downside risks,” the Wall Street Journal quotes him as saying.

Feeling through the dark: The Fed remains divided, as 19 policymakers are seeing two more rate cuts this year, while nine others see one or fewer cuts as appropriate, Bloomberg wrote. This internal division, coupled with the lack of official economic data, increases the risk of policy mistakes. “If this goes on for a while... it could become more challenging,” Powell admitted regarding the data blackout.

REMEMBER- The Fed’s rate cut in September to 4%-4.25% was its first since last December, prompted by a sharp summer slowdown in hiring. However, the unemployment rate remained relatively low at 4.3% in August. The September jobs report is currently delayed due to the government shutdown, but Consumer Price Index data is still scheduled for release later this month.

AND- No more shrinking balance sheet? The Fed could also end its three-year quantitative tightening policy in the “coming months” to keep funding markets liquid, Powell said. However, the balance sheet is unlikely to return to pre-pandemic levels, with USD 1.1 bn higher liabilities and greater reserve demand, he said, adding the Fed’s pandemic-era quantitative easing “could have — and perhaps should have — stopped” earlier, though it likely wouldn’t have changed the economy’s course.

MARKETS THIS MORNING-

Asian markets are in the green this morning, with Japan’s Nikkei up 0.8%, while Hong Kong’s Hang Seng and the Shanghai Composite are hovering around the 0.3% mark. Wall Street futures are virtually unchanged amid blockbuster 2Q earnings for Bank of America and Morgan Stanley.

ADX	10,120	+0.1% (YTD: +7.5%)
DFM	6,039	+0.1% (YTD: +17.0%)
Nasdaq Dubai UAE20	4,903	+0.4% (YTD: +17.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.9% o/n	3.8% 1 yr
Tadawul	11,682	+0.7% (YTD: -2.9%)
EGX30	37,654	+0.5% (YTD: +26.6%)
S&P 500	6,671	+0.4% (YTD: +13.4%)
FTSE 100	9,425	-0.3% (YTD: +15.3%)
Euro Stoxx 50	5,605	+1.0% (YTD: +14.5%)
Brent crude	USD 62.47	+0.1%
Natural gas (Nymex)	USD 3.04	+0.2%
Gold	USD 4,223	+0.5%
BTC	USD 110,782	-2.0% (YTD: +18.3%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.76	+0.3% (YTD: +8.0%)
S&P MENA Bond & Sukuk	151.17	+0.1% (YTD: +8.0%)
VIX (Volatility Index)	20.64	-0.8% (YTD: +19.0%)

THE CLOSING BELL-

The DFM rose 0.1% yesterday on turnover of AED 935.6 mn. The index is up 17% YTD.

In the green: Al Mal Capital REIT (+13.0%), International Financial Advisors (+8.3%) and United Foods (+6.3%).

In the red: Al Mazaya Holding Company (-9.0%), Chimera S&P UAE Shariah ETF — Share Class B — Income (-5.7%) and Taaleem Holdings (-3.8%).

Over on the ADX, the index rose 0.1% on turnover of AED 1.3 bn. Meanwhile, Nasdaq Dubai was up 0.4%.

CALENDAR

OCTOBER

13-17 October (Monday-Friday): GITEX Global, Dubai World Trade Center, Dubai

14-16 October (Tuesday-Thursday): Global Future Councils, Dubai.

15-18 October (Wednesday-Saturday): The Future Mobility Expo and Conference, Expo Center Sharjah.

15-18 October (Wednesday-Saturday): Evolve Future Mobility Show, Expo Center Sharjah.

21-22 October (Tuesday-Wednesday): HR Summit and Expo, Dubai World Trade Center, Dubai

21-23 October (Tuesday-Thursday): Global Food Week, Adnec Center, Abu Dhabi

21-23 October (Tuesday-Thursday): International Family Med. Conference and Exhibition, Dubai World Trade Center.

21-23 October (Tuesday-Thursday): Annual Radiology Meeting (ARM), Dubai World Trade Center, Dubai

21-23 October (Tuesday-Thursday): Healthcare Future Summit, Dubai World Trade Center, Dubai

22 October (Wednesday): Reuters NEXT Gulf Summit, The St. Regis Saadiyat Island Resort, Abu Dhabi.

22-23 October (Wednesday-Thursday): Alternative Investment Summit, Jumeirah Emirates Towers, Dubai.

22-24 October (Wednesday-Friday): World Investment Conference, Expo Center Sharjah.

23 October (Thursday): S&P Global’s annual Islamic Finance Conference, DIFC Atrium, Dubai.

23-29 October (Thursday-Wednesday): Subscription period for Dubizzle’s IPO.

27 October (Monday): The UAE Africa Tourism Investment Summit, Dubai.

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

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

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

30 October (Thursday): Final pricing and allocation for Dubizzle’s IPO.

NOVEMBER

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

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

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

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

6 November (Thursday): Dubbizle to ring the DFM’s opening bell.

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

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.

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

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

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

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

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

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

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

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

DECEMBER

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JANUARY 2026

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

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

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

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

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

FEBRUARY 2026

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

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

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

MARCH 2026

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

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

APRIL 2026

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

JUNE 2026

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

JULY 2026

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

Signposted to happen in 2026:

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

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

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