Salary growth expected to cool in 2026 amid heightened competition

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Driverless taxis are now on Uber in Abu Dhabi + ENBD CEO breaks down plans post-acquisition of RBL

Good morning, wonderful people. This is your reminder that the long weekend is only one sleep away, in case you (like us) are struggling to keep your eyes open this morning.

There’s some good news and bad news in this morning’s issue. The good news? Hiring has been on the rise in 3Q 2025, according to Cooper Fitch.

The bad news? Don’t expect salaries to rise significantly next year, with just a 1.6% average increase expected across the board. We spoke with Cooper Fitch CEO Trefor Murphy to break down why that is, and what that means for businesses’ hiring plans in 2026.

Plus: We have a new tokenized litigation fund coming to Dubai, and Global South Utilities has committed USD 1 bn to energy projects in Yemen.

PSA- Whether you want to watch yourself or you’re forced to by your spawn: It’s Stranger Things day. We haven’t seen them yet, but the first four episodes of what its producers are calling Volume 1 of the final season dropped on Netflix last night. Three more (Volume 2) drop on 25 December, and the finale will stream on 31 December. Each episode will be well north of an hour long.

WEATHER- The mercury peaks at 29°C today in Dubai before cooling to 19°C, and 29°C in Abu Dhabi before reaching a low of 20°C.

MORNING MUST-READ- Emirates NBD’s CEO Shayne Nelson spoke with the Economic Times ahead of the launch of the open offer to acquire a controlling stake in private-sector Indian lender RBL BAnk on 12 December, outlining the strategic rationale for the bank’s USD 3 bn push into India. He cited the country’s need for substantial capital expansion as it is projected to become a USD 7 tn economy by 2030, and also discussed areas of focus post-acquisition, and explained why the bank chose RBL as its target for expansion.

The choice came as the bank looked to secure meaningful control, with other potential candidates like Yes Bank and IDBI Bank unlikely to support majority ownership under their existing shareholder frameworks, he’s quoted as saying. The regulatory openness to a majority stake acquisition combined with the compelling India growth narrative and institutional strength, was the decisive factor enabling ENBD to make a long-term commitment, Nelson told the daily.

As for future expansion plans? The bank is focusing on the five markets in which it already operates — Turkey, India, the UAE, Egypt, and Saudi Arabia — with an eye to grow its market share in Saudi.

Key takeaways:

Nelson sees the RBI’s openness to a foreign bank taking a majority stake as a reflection of India's confidence in its financial sector and crucial for attracting this strategic investment despite a 26% voting cap on foreign investors;
Nelson suggests that removing that voting cap would further boost confidence and capital inflows to the sector;
ENBD sees a universal banking model for RBL focusing on wealth management, expanding corporate banking using global relationships, and leveraging the strong NRI corridor between India and the GCC, which accounts for 50% of NRI flows to India. ENBD already has a significant Indian customer base globally, he added;
The bank will also prioritize SMEs, agriculture, and investment banking, leveraging ENBD’s existing client base and a strong India-GCC remittance corridor, which Nelson said accounts for around half of remittance flows to India. The lender has applied for a merchant banking licence and plans to leverage RBL’s presence in Gujarat’s GIFT City;
ENBD’s USD 3 bn investment will significantly boost RBL’s capital from the current USD 1.8 bn to support a lending book of up USD 25 bn. Leveraging that capital is the top priority, he added.

REMEMBER- ENBD agreed to acquire between 51-74% of Mumbai-listed RBL Bank through a USD 3 bn preferential share issuance.

WATCH THIS SPACE-

#1- Robotaxis land in Abu Dhabi: Uber and Chinese autonomous mobility firm WeRide have rolled out the first driverless robotaxi services in Abu Dhabi in Yas Island, according to a statement. They plan to cover nearly half of Abu Dhabi's core areas, including Al Reem and Al Maryah and will expand operations beyond Yas Island before the end of the year.

The move makes Abu Dhabi the first non-US city to launch fully driverless robotaxi operations on the Uber platform — and marks the first city-wide Level 4 autonomous driving license outside the US.

It’s been cooking for a while: WeRide received federal approval to operate its robotaxi services in Abu Dhabi on 31 October, after conducting tests in 2Q 2025, as Abu Dhabi looks to lead the charge on autonomous transport. Meanwhile, Dubai is also aiming to make 25% of all journeys autonomous by the end of the decade.

#2- Petrofac has moved to place its international operations, under Petrofac International Limited (PIL), into administration, folding it into its insolvency processes for the UK-based unit, according to a statement. The move is expected to support its restructuring and M&A plans.

What’s next: PIL, which once managed much of the group’s engineering and construction work in the Middle East and North Africa, now holds no active contracts and will seek court approval in Jersey, the statement says. Existing staff will be redeployed to other company units when possible, the company said.

ICYMI- The company recently said its UAE operations remained unaffected, even after it laid off 180 employees following the loss of a major contract in Europe. The company is working on several projects in the UAE including a USD 1.2 bn Adnoc gas expansion on Das Island, a USD 330 mn compressor plant at Habshan, and a USD 615 mn carbon capture facility.

#3- Mubadala-backed global fintech and neobank Revolut has reached a USD 75 bn valuation in its latest share sale, up from USD 45 bn last year, according to a statement. Bloomberg reports. The round included Coatue, Greenoaks, Dragoneer, Mubadala-backed Fidelity, Nvidia’s NVentures, Andreessen Horowitz, and others. It’s not clear whether Mubadala directly invested in the round. Following the sale, the firm said it is planning to expand into 30 new markets

And in the UAE? The neobank is currently focusing on building out and completing final regulatory and compliance checks, and is working with the Central Bank of the UAE (CBUAE) to secure full approval, the firm’s GCC CEO Ambareen Musa told Arabian Business. It is focusing on hiring and establishing local partnerships, and will designate a GCC HQ later on, she added.

REFRESHER- The company secured in-principle approval from the CBUAE earlier this year to roll out its services in the Emirates. Revolut CEO Nik Storonsky was also reported last month to have moved his residency from the UK to the UAE, with a filing showing his residency may have been in effect for up to a year. Abu Dhabi’s Mubadala first invested in Revolut last September as part of a USD 500 mn share sale that valued the company at USD 45 bn. Over the summer, the sovereign wealth fund was reported to be looking to expand its stake in the neobank through possibly taking over a USD 100 mn stake from existing shareholders.

#4- S&P Global expects GCC banks to maintain a stable credit outlook well into 2026, with an average long term rating of A- as of November 15, 2025, an upgrade from last year’s thanks to improving banks’ ratings in Saudi Arabia and the UAE, according to a note. The stable outlook is “underpinned by broadly stable profitability, supportive asset quality, and solid capitalization,” S&P states.

Growth across UAE banks will come from retail lending – constituting 27% of total credit – boosted by population growth, consumer confidence, and digitalization efforts, while corporate lending will drive the growth among Saudi banks.

GCC banks also hold sufficient liquid assets to withstand large outflows from private sector deposits should geopolitical tensions arise, a risk factor that S&P's forecasts have not incorporated. UAE banks show the highest capital surplus — the ratio of liquid assets to capital outflows — of more than USD 200 bn, according to S&P calculations.

Despite showing stable financial performance in 2025 with an average return on asset (RoA) of 1.7%, S&P sees a slight decline in profitability among GCC banks due to expected interest rate cuts in 2026 with an average cost of risk of 50-60 bps.

#5- State-owned defense firm Edge said its top priority is developing an air-defense system to counter small drone attacks, Bloomberg reports. The project, SkyKnight, will be its flagship product, and is set to be operational next year, CEO Hamad Al Marar said at the Dubai Airshow, the news outlet reported.

The details: SkyKnight’s radar-guided missiles’ 10 km range make it ideal for intercepting swarms of small threats. The project development comes “with drone threats in mind,” the CEO said, as the UAE looks to bolster domestic defense capabilities amid recent regional events, including Houthi attacks and Israel’s tensions with Iran.

ICYMI- Edge signed three agreements last July with 4iG’s Space and Defense Technologies unit, with the agreements including plans to localize production of the SkyKnight missile system. The company has annual revenues of USD 5 bn.

HAPPENING TODAY-

#1- A Dubai Chambers of Commerce delegation is in Malaysia and Cambodia until Friday, 28 November to explore investment and potential partnerships for Dubai companies, state news agency Wam reports. The mission includes meetings with government bodies, major companies, and one-on-one business sessions to build long-term trade and investment ties. Delegates will study local investment environments and prospects to potentially expand to those markets to support export and re-export growth.

#2- Meanwhile, a mission led by Malaysia’s Entrepreneur Development and Cooperatives Ministry is in Dubai this week, with meetings scheduled across major business hubs through Friday, Trade Arabia reports. The delegation — which includes representatives from Malaysian franchisors, SMEs, and investors — is courting UAE investors, buyers, and prospective master-franchise partners as it looks to expand Malaysian brands in the GCC and deepen bilateral trade and investment ties.

Dubai Chamber of Commerce has held 166 business meetings in Kuala Lumpur as part of the trade mission, Wam reports. The meetings connected 20 Dubai-based companies across a range of sectors, with investment prospects flagged in the transport and warehousing, real estate, hotels and tourism, plastics, business services and healthcare sectors. An MoU was also signed between Dubai Chambers and Malaysia’s National Chamber of Commerce and Industry of Malaysia to strengthen bilateral trade relations and boost business ties.

#3- The Big 5 Global Exhibition is on its final day at Dubai World Trade Center. The four-day event convenes construction leaders and policymakers in the urban development ecosystem. Over 2.8k industry suppliers will be at the event, which will focus on advanced technologies and collaboration on infrastructure innovation.

#4-LiveableCities X is also on its final day at Dubai World Trade Center. The event brings together international city planners, policymakers, and urban planners to discuss the latest technologies and solutions for sustainable and smart urban environments.

#5- The Doers Summit is on its second and final day at Dubai Digital Park in Silicon Oasis, bringing together founders, operators, investors, and technology players for panels, workshops, and startup showcases focused on AI, fintech, engineering, and venture building, with hands-on sessions for early-stage founders.

#6- Date with Tech is on its final day in Dubai’s Madinat Jumeirah. The event — a new summit covering AI, digital assets, cybersecurity, immersive tech, and smart infrastructure — spotlights the region’s fast-growing tech sector, from a projected USD 166 bn AI market by 2030 to rising data-center and digital-transformation investment, and serves as a platform for next-gen technology partnerships.

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THE BIG STORY ABROAD-

Two tragedies are dominating front pages this morning, a residential mega-fire in Hong Kong and a shooting near the White House.

Hong Kong’s worst residential fire in decades killed 44 and left hundreds more missing. Efforts are ongoing to stop the blaze, and the police arrested three people from a construction company that was carrying out maintenance work on the building. (Reuters | CNN | Financial Times)

MEANWHILE- Washington, DC is on high alert, after a gunman shot and critically wounded two National Guard members, a few blocks from the White House. The shooting — a day before Thanksgiving — sent shockwaves through the US, with more National Guard units deployed to the capital. The suspect is said to be an Afghan man who came in the country fleeing Taliban rule in 2021. (NYTimes | Washington Post)

ALSO WORTH READING-

Apple’s iPhone shipments could beat Samsung this year for the first time in 14 years. (CNBC)
Army officers announced a coup in Guinea-Bissau, a day before presidential election results were due out. (Reuters)

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UAE salary growth set to slow to 1.6% in 2026 amid heightened competition, 3Q hiring up -Cooper Fitch

Salary growth in the UAE is projected to ease to 1.6% in 2026 as heightened competition and population inflows outpace job creation, according to Cooper Fitch’s Salary Guide UAE 2026 report. The projection is based on responses from more than 1k organizations representing nearly 1 mn employees.

This marks a “long-term normalization” of the UAE’s salary cycle, CEO Trefor Murphy told EnterpriseAM UAE, noting that the country already sits “at the high end of global salary payments, in the top 75th percentile, even before adjusting for taxes.”

This has been happening for a while: Earlier this year, recruiters said that Dubai’s popularity was driving salary stagnation, with job postings drawing over 2k applicants and employers finding less of a need to offer generous perks to draw talent.

Recalibrating starting salaries: As the labor pool expands, firms are increasingly differentiating between UAE-experienced and new-to-market talent. The guide finds 15% of employers expect to offer lower salary ranges for new joiners in 2026, while most plan modest 0-5% increases. “The starting salary for a non-GCC or non-UAE-experienced person is going to be a little lower than someone with experience locally,” Murphy said.

Could actual increases come in higher? This year offers a precedent: Employers projected 0% weighted-average growth for 2025 but ultimately delivered 2.6%. Murphy said the same dynamic could play out in 2026, with actual increases landing “closer to 4%” if firms adjust mid-year to retain key performers.

Bonuses are also picking up the slack: Companies remained conservative on fixed pay this year and leaned more on performance-driven bonuses — a trend Murphy expects to continue through 2026. With base-salary growth muted, bonuses have become a key lever to retain high performers.

Specialists see the strongest gains: Although headline growth is moderate, specialist roles stand out. The guide shows that 14% of individual contributors are set to receive 6-9% increases, nearly triple the size of leadership-level increases. Murphy said these senior engineers, architects, and finance specialists are “catching up” after being overlooked for raises in recent years. “They don’t manage a team, but they’re instrumental to an organization working well,” he added.

More increases for Emiratis? Firms are increasingly competing for UAE national talent, and in some cases will need to flex salaries upward to attract or retain nationals in specialist and mid-senior roles, he added.

Will any of this weaken the UAE’s appeal for global talent? Murphy doesn’t think so. Comparable global cities — London, Paris, Frankfurt — face higher taxes and similar cost bases, allowing Dubai to remain competitive even with modest pay adjustments, Murphy explained. The challenge, he said, is more pronounced for movers from markets where costs of living are lower as opposed to global peers.

Softening salaries has not affected hiring growth so far, with the UAE maintaining its regional lead in 3Q 2025, posting 3% q-o-q employment growth — the fastest in the GCC — supported by real estate, aviation, and tourism, according to the Cooper Fitch Gulf Employment Index (pdf). Recruitment centered on operational and leadership roles.

The salary guide reinforces this picture: Real estate and construction are set to remain the UAE’s biggest non-oil growth drivers into 2026, supported by multi-year pipelines and strong investor demand. Public-sector hiring is also accelerating, with nearly half of entities expecting double-digit headcount growth next year. Aviation, defense, and aerospace show similar momentum.

Murphy pointed to clear structural drivers; record government spending, new airports and metro extensions, and surging visitor numbers, with Dubai on track for 120 mn tourists. Population inflows of 200-300k people annually are adding sustained demand across housing, education, healthcare, and financial services, creating hiring needs across the ecosystem.

ICYMI- Hiring in the UAE also rose 4% in 2Q — the strongest in the region — driven by real estate, financial services, tech, and high-net-worth inflows. This followed a slower 1.25% increase in 1Q.

Talent supply is strong in the middle, tight at the top: Cooper Fitch’s guide shows 67% of employers believe the UAE has sufficient talent to meet hiring needs. That optimism drops sharply at senior levels: 40% of executives say the market cannot supply the leadership and transformation capabilities they require.

Shortages are role-specific rather than sector-wide, concentrated in digital transformation, strategy, and mega-project delivery. Skills in these areas evolve “month to month,” Murphy said, and new large-scale projects — including airport expansions — are creating demand for capabilities not yet available locally.

Across the GCC, hiring grew 1.3% in 3Q, as firms continued to prioritize revenue-generating, delivery-focused, and digital-transformation roles, while limiting non-essential headcount due to slower project pipelines and cost pressures. Employers maintained optimism in non-oil sectors but tied hiring approvals more tightly to performance and budget discipline.

Regional breakdown: Saudi Arabia posted 1.5% hiring growth as major projects advanced. Hiring growth from Qatar and Oman remained broadly flat, while Kuwait and Bahrain saw dips of 1-2%.

Across the GCC, hiring was strongest in the senior finance sector (+8%), driven by demand for FP&A and treasury talent, while investments (+4%) rose as firms strengthened governance and fund-operations capacity. Real estate (+7%) saw continued momentum as major masterplans advanced into delivery stages, and public sector hiring (+5%) was supported by ongoing digitalization and infrastructure programs.

Tech-related roles remained resilient, with software and digital/data/AI up 4%, while cloud added 3% and cybersecurity dipped 1% as firms focused on upskilling. Meanwhile, banking fell 2% as UAE lenders advanced merger integrations and internalized key functions.

Looking ahead, hiring remains polarized: Some 48% of UAE firms plan to add headcount, while nearly a third plan reductions, according to the salary guide.

This split comes as regional labor demand increasingly hinges on project delivery cycles, particularly in real estate, where developers keep lean teams and employment expands or contracts based on which projects move into active construction, Murphy explained. Delays or faster-than-expected handovers can shift hiring needs significantly from quarter to quarter.

Regionally, hiring is expected to remain steady into 2026, led by real estate, finance, aviation, and digital-led industries. Approvals will continue to be tied to project delivery, budget discipline, and measurable business value.

Pay-wise, Murphy said salary growth is unlikely to accelerate without easing labor oversupply, with employers expected to continue favoring lower-cost new entrants and adopting more selective hiring strategies throughout 2026.

UAE CEOs are among the most optimistic about business, economic growth -KPMG

UAE CEOs are not deterred by concerns of competition over talent or potential headwinds. In fact, they are among the most optimistic globally when it comes to confidence in business and economic growth, according to KPMG’s Middle East CEO Outlook 2025. Their current priorities? AI adoption, upskilling talent, and cybersecurity.

Across the region, tech-focused strategies, a young population, and structural resilience are cause for optimism among CEOs, despite leaders navigating headwinds from supply chains, inflation, regulation, and cybersecurity.

Most UAE business leaders (80%) are confident in their firm’s three-year outlook, according to the report, and 84% are optimistic about their national economy, exceeding the global average of 81% and underpinned by rising domestic demand, strong fiscal stability, robust FDI inflows, and advanced digital infrastructure. Economic diversification efforts away from oil revenues are also a key optimism driver, boosting the UAE’s tourism, digital, renewables, and logistics sectors. Emirates-based leaders are similarly confident about the global economy, standing at 72% compared to the global average of 68%.

CEOs here are also at the forefront of AI adoption, with AI integration recorded as the country’s top investment priority, and over half (52%) of CEOs naming it their primary focus, significantly exceeding the global average at 34%. AI adoption has become more targeted and strategic in recent years, and now 74% of UAE CEOs expect to see returns on their AI deployment within three years. The vast majority (92%) say their organizations are ready to deploy AI responsibly.

The talent pipeline is closely linked to AI, as 80% are restructuring job models and roles to cater to AI integration, outpacing the 67% global average. Overall, 84% of UAE-based business leaders are looking to hire over the next three years, with 64% looking to recruit AI specialists and 72% deploying capital to retrain high-performing employees.

AI + ESG goals linked: The data shows that 76% of CEOs see AI as a tool in achieving ESG goals and nearly half (44%) report that sustainability is already embedded in their corporate models.

Emsteel + Adnoc Gas sign 20-year gas supply agreement

Steelmaker Emsteel signed a USD 4 bn natural gas supply agreement with Adnoc Gas, according to a disclosure (pdf). The agreement will run for 20 years, starting January 2027.

The move for low-carbon gas comes as part of a decarbonization push, which has seen it launch TrueGreen, a sustainability platform consolidating its decarbonization efforts and setting global standards for low‑carbon steel. It has also piloted what it says is the world’s first electric process gas heater at its DRI plants, cutting over 2.2k tons of CO2 annually, and delivered the region’s first hydrogen‑based rebar. It also signed an MoU with Tadweer to manufacture sustainable building materials using alternative fuels and raw materials, and kickstarted a pilot program with Masdar to produce steel using green hydrogen last year.

UAE commits USD 1 bn to Yemen energy projects via GSU

Abu Dhabi-based Global South Utilities will carry out USD 1 bn worth of energy projects in Yemen, Reuters reports citing a company statement. The plans include developing a portfolio of solar and wind energy projects and battery energy storage systems, as well as implementing distribution networks, Al Khaleej quotes UAE ambassador to Yemen Mohammed Al Zaabi as saying. No locations have been specified so far, but the projects will be rolled out across different Yemeni governorates and are aiming to power essential services like hospitals and schools, he added.

IN CONTEXT- Yemen has faced nearly three decades of electricity shortages, exacerbated by fuel scarcity and damage to power infrastructure from the ongoing civil war since 2014. Solar energy’s share of Yemen’s electricity mix stood at 10.4% in 2023, according to the International Energy Agency. Currently less than half of the country’s population has electricity access.

REMEMBER- GSU is already active in Yemen and in September the firm said it was planning on expanding its Aden Solar Power Plant — which is reported to have lessened the impact of energy shortages, according to the news outlet. The second phase of the plant is set to double capacity and will power 687k households through its 240 MW capacity upon completion in 2026.

ALSO- GSU commissioned the Shabwah Solar Power Plant Shabwah, which will supply 330k households with electricity through its 53 MW capacity and 15 MWh storage. The plant is set to generate 118.6k MWh annually.

Advancing overseas: Other recent overseas ventures GSU has launched recently include taking a 51% stake in Uzbek solar project developer Yashil Energiya, opening Chad’s first large-scale solar plant, and planning to set up a USD 220 mn solar component complex in Egypt.

A tokenized litigation fund is coming to Dubai

Dubai is getting yet another tokenized fund: UK-based litigation finance firm Seven Stars Legal Group is preparing to launch a tokenized litigation fund in Dubai, and has tapped fund administrator Apex Group to run the fund’s administration and digital asset infrastructure, according to a joint statement (pdf). The vehicle will invest in UK law claims and issue digital tokens to investors instead of traditional fund units, pending regulatory approvals.

SOUND SMART- A litigation fund pools investor money to finance law cases, with returns paid only if those cases succeed. The tokenized version of that issues investor units as digital tokens on a blockchain, allowing smaller minimums, automated admin, and potential secondary trading.

The fund is targeting GBP 50-250 mn in commitments, with a planned first close of GBP 50 mn by March 2026. The tokenized structure would cut minimum investment sizes to GBP 50k from GBP 1 mn, widening access to litigation-finance returns for qualified investors. Tokens are expected to be tradeable after a six-month lock-in, offering liquidity not typically available in litigation-finance funds.

Who’s who: Apex would handle the full administration stack, including valuations, reporting, and investor onboarding, while its Digital 3.0 platform would manage token issuance, custody, and lifecycle processes. Seven Stars will serve as investment manager and select the cases the fund finances.

Other tokenized funds in the pipeline: Laser Digital, Nomura’s digital-assets unit, recently secured in-principle approval from Dubai’s Vara to tokenize its flagship Laser Carry Fund. The Dubai product will sit alongside a Singapore-issued tokenized version run through KAIO, which feeds into the firm’s Cayman-based Laser Carry Fund. Earlier this year, DMZ Finance and Qatar National Bank received approval to launch the region’s first regulated tokenized money-market product, the QCD Money Market Fund.

About Seven Stars: The firm provides financing for law cases, mainly working with regulated UK law firms on large precedent-based claims, with a focus on cases against major institutions such as banks and utilities. Seven Stars deployed more than GBP 44 mn across UK litigation and backed over 56k claims since 2022.

Multiply, Modon continue their overseas push with fresh investments

M&A-

Multiply Media Group (MMG), a subsidiary of 2PointZero Group, acquired London Lites, a UK-based digital out-of-home operator, Wam reports. London Lites has a portfolio of over 65 premium signs in central London and the move comes as MMG looks to expand its UK presence through its portfolio firm, Backlite UK. The value of the acquisition wasn’t disclosed.

ICYMI- In June, Multiply Group consolidated three of its out-of-home portfolio firms — BackLite Media, Viola Media, and Media 247 — under a newly-launched group , Multiply Media Group. Based in the UAE, the firm said it was targeting expanding its footprint in the UK, as well as in Saudi Arabia, the US, and Europe. It also secured rights to another advertising portfolio in London in June through a partnership with Wildstone. For its own part, Multiply was recently merged along with fellow IHC subsidiaries Ghitha Holding and 2PointZero, to form 2PointZero Group.

INVESTMENT-

Modon enters US equestrian market with Wellington investment: ADQ-backed developer Modon Holding made an undisclosed investment in US-based real estate developer Wellington Lifestyle Partners as part of a consortium redeveloping the Wellington International equestrian showgrounds in Florida, according to an ADX disclosure (pdf). The project will feature high-end residences, a boutique hotel, a commercial marketplace, and a championship golf course.

REMEMBER- Modon is expanding its global portfolio, including up to EGP 45 bn in infrastructure commitments at Egypt’s Ras El Hekma, where it is master developer for the first 50 mn sqm phase and has tendered 2k acres of works to local contractors.

REAL ESTATE-

Property Finder, Stake team up on tokenization: Dubai-based Property Finder has partnered with Dubai-based real estate investment platform Stake to bring fractional property investment directly onto its platform, according to a press release. The integration, set to go live in 1Q 2026, will allow users to access Stake’s investment products (from as little as AED 500) through Property Finder’s app and web channels. Users will also be able to make transactions via the platform.

ICYMI-Property Finder took an undisclosed equity stake in the Mubadala-backed investment platform in October. The Emirates’ real estate sector is seeing growing interest in tokenization, after Dubai Land Department launched its real estate tokenization project in March. Dubai-based developer Mag Holding and Damac Group are among the Emirati players getting involved in the push.

TRADE-

The Economy Ministry has launched the TM Market Place, the UAE’s first digital platform for buying and trading trademarks, aiming to strengthen the country’s IP ecosystem and to widen investor access to intangible assets, according to a press release. The platform, which will be restricted to national and international trademarks registered in the UAE — targets a 20% increase in registered trademarks in its first year.

Breaking it down: Economy and Tourism Minister Abdulla bin Touq Al Marri said the initiative helps convert trademarks owned by UAE companies, including SMEs and family businesses, into usable financial assets by enabling fair valuation and offering exposure to a broader pool of investors. It also lowers barriers for foreign entrepreneurs seeking ready-made brands to enter the local market.

ALSO- Dubai Multi Commodities Center (DMCC) launched FinX, a platform to link DMCC’s tenants with capital market participants, trade finance professionals and fintech innovators, according to a statement. The platform, launched at the Dubai Precious Metals Forum, aims to link capital with physical supply chains and tokenized markets.

LOGISTICS-

Indu Kishore Logistics opens e-commerce facility in Dubai South: UAE-based logistics provider Indu Kishore Logistics opened its new 23k sqm e-commerce facility in Dubai South’s Logistics District, according to Dubai Media Office. The facility includes a storage capacity of 75k pallets and integrated data-driven automation to streamline shipment operations.

ICYMI-The two broke ground on the facility’s construction last year, as part of a broader investment plan to expand its operational capacity amid a surge in demand within the automotive and aerospace sectors.

EVs-

UAEV partners with Autel on next-gen EV charging tech: State-owned Emarat EV Charging Stations (UAEV) signed an MoU with Chinese EV charging solutions firm Autel Digital Power to develop smart-charging and energy-storage technologies tailored to the UAE, according to a press release. The collaboration will cover vehicle-to-grid systems, integrated battery-storage solutions, and intelligent charging platforms, with pilot projects and locally optimized deployments supporting UAEV’s nationwide network rollout.

The partnership comes as the UAE ramps up its EV charging infrastructure under the National Electric Vehicles Policy. Dewa and Parkin recently began expanding Dubai’s public network with 100 new chargers, alongside a broader rollout that includes 208 ultra-fast chargers with Dubai Taxi, 200 DC fast chargers under Parkin’s agreement with e&’s charge&go, BYD’s planned 1 MW charging units, and UAEV’s target of 10k chargers nationwide by 2030.

ENERGY-

Enersol’s DWS secures contract with Petronas: Deep Well Services (DWS), a portfolio company of Enersol — a JV between Adnoc Drilling and Alpha Dhabi — secured a contract with Petronas Abu Dhabi, the UAE arm of Malaysia’s state-owned oil and gas firm, according to a press release.

Under the agreement, DWS will deploy its Hydraulic Completion Units and BoreSite systems for a 12-well unconventional program, aiming to improve efficiency in the UAE’s unconventional gas resources. So far, DWS has completed over 5.8k unconventional wells in major US basins.

BACKGROUND- Earlier this year, Enersol acquired a 95% stake in US-based energy tech firm DWS, in a move that aimed to bring it closer to Adnoc Drilling’s goal of delivering 144 unconventional wells to Adnoc Group.

JPMorgan sees oil prices dipping as low as USD 30 per barrel in 2027

Oil prices could crash over the coming couple of years: Global oil markets are entering a phase of oversupply, particularly as production from non‑OPEC producers continues to rise, while demand growth remains sluggish, JPMorgan analyst Natasha Kaneva wrote. Brent crude could average USD 57 per barrel in 2027 and West Texas Intermediate (WTI) could average USD 53. If oversupply persists, prices face further downside risk.

Non‑OPEC+ producers, led by the US, Brazil, Canada, and Guyana, are expected to drive robust growth that outpaces demand, according to outlooks from the International Energy Agency and the Energy Information Administration. Global consumption remains sluggish due to increased efficiency, the rise of EVs, and weaker macroeconomic conditions.

If a more bearish scenario plays out, oil could fall into the USD 30s by 2027, Kaneva wrote.

Things are likely to play out somewhere in the middle: “The magnitude suggested by market imbalances is unlikely to fully materialize in practice. Adjustments are expected on both the supply and demand sides; however, the greatest burden of rebalancing will almost certainly fall on supply,” she wrote.

IN CONTEXT- Brent crude sat at around USD 63.13 per barrel yesterday, rising 1% from one-month lows following Russia-Ukraine peace talks.

For major producers like Saudi Arabia, higher oil prices are critical to fiscal stability and economic planning as a 1 mn bbl / d increase in output could improve the Kingdom’s fiscal and current-account balances by about 2.3% to 2.7% GDP, Bloomberg noted. Saudi Arabia’s fiscal break‑even oil price is estimated at USD 94 a barrel, rising to USD 111 once domestic spending by the Public Investment Fund is accounted for.

For the UAE, higher oil output will drive a growth in the sector to 5.8% next year, up from 4.9% this year, according to Fitch Solutions’ research unit BMI. “Against this backdrop, narrower net exports deficit and stronger fixed investment will be the main drivers of the growth acceleration in 2026,” BMI wrote. The looming oil glut, however, could drag prices down, forcing OPEC+ to halt output increases while weaker global growth could curb non‑oil activity.

Lower prices could be good for Egypt: Lower global oil prices will benefit Egypt’s external balances given its position as a net importer in recent months, EFG Hermes’ Head of Research Ahmed Shams El Din told us earlier this year.

MARKETS THIS MORNING-

Asian markets are up in early trading this morning driven by growing expectations of rate cuts in the US. Japan’s Nikkei is up 1.3% and the Kospi is up 1.2%, while the Shanghai Composite and Hang Seng are looking at more modest gains.

ADX	9,736	-0.3% (YTD: +3.4%)
DFM	5,809	-0.3% (YTD: +12.6%)
Nasdaq Dubai UAE20	4,595	-0.3% (YTD: +10.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.8% o/n	3.6% 1 yr
Tadawul	10,635	-0.5% (YTD: -11.6%)
EGX30	39,537	-0.9% (YTD: +32.9%)
S&P 500	6,813	+0.7% (YTD: +15.8%)
FTSE 100	9,692	+0.9% (YTD: +18.6%)
Euro Stoxx 50	5,656	+1.5% (YTD: +15.5%)
Brent crude	USD 63.13	+1.0%
Natural gas (Nymex)	USD 4.61	+1.2%
Gold	USD 4,184	-0.4%
BTC	USD 90,553	+3.6% (YTD: -3.4%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.75	-1.3% (YTD: +7.7%)
S&P MENA Bond & Sukuk	152.38	+0.1% (YTD: +8.9%)
VIX (Volatility Index)	17.19	-7.4% (YTD: -0.9%)

THE CLOSING BELL-

The DFM fell 0.3% yesterday on turnover of AED 550.4 mn.The index is up 12.6% YTD.

In the green: Talabat Holding (+5.2%), Ithmaar Holding (+4.2%) and Chimera S&P UAE UCITS ETF - Share Class A - Accumulating (+2.9%).

In the red: Sukoon Ins. (-10.0%), Gulf Navigation Holding (-9.9%) and Agility The Public Warehousing Company (-4.1%).

Over on the ADX, the index fell 0.3% on turnover of AED 926.4 mn. Meanwhile, Nasdaq Dubai was down 0.3%.

CORPORATE ACTIONS-

Fidelity United kicks off phase one of AED 30 mn capital raise: UAE-based insurer Fidelity United Ins. Company invited shareholders to subscribe to the first AED 30 mn tranche of its approved capital increase, following approvals from the Central Bank of the UAE and the Securities & Commodities Authority (SCA), according to a disclosure (pdf). The phased program lifts issued capital to AED 267 mn, up from AED 160 mn, across three stages running to December 2026.

Phase one covers 30 mn new shares, increasing issued capital to AED 190 mn. Shares are offered only to existing shareholders, with eligibility based on holdings as of 12 December. Shareholders are entitled to one right for every 5.3 shares held. Rights can be traded on ADX between 18-30 December.

Subscriptions open 26 December, and close 8 January 2026, with allotment expected by 15 January and listing by 19 January. Investors may apply for additional shares, which will be allocated pro rata if any remain after the primary subscription.

Phase two covers another 30 mn shares (AED 30 mn) scheduled for February 2026, while phase three will cover the remaining 47 mn shares (AED 47 mn) in December 2026. All shares among the three phases carry a nominal value of AED 1.

Proceeds will support solvency restoration, business continuity, and growth plans across the insurer’s core lines, including fire, life, medical, transport, and liability ins. First Abu Dhabi Bank acts as lead receiving bank, with Grant Thornton serving as auditor and subscription auditor, and Hadef & Partners as advisor.

CALENDAR

NOVEMBER

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.

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

26-27 November (Wednesday-Thursday): Doers Summit, Dubai Digital Park, Dubai Silicon Oasis.

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 Organization (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.

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

APRIL 2026

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

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

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

MAY 2026

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

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

JUNE 2026

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

JULY 2026

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

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 in 2029:

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

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