S&P Global affirms Ras Al Khaimah’s rating + Amanat’s education arm wraps Tadawul IPO

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Airtel Money looks set for a UAE IPO in 2026 + New mall coming?

Good morning, lovely people, and happy hump day. It’s one of those days that we like to call a Goldilocks day — not super busy for a Wednesday morning, but nowhere near quiet.

The two big stories of the day are S&P Global’s affirmation of Ras Al Khaimah’s A/A-1 rating on strong fiscal fundamentals and forecast growth, along with Amanat’s Saudi education arm wrapping the retail portion of its IPO, with 1.2x oversubscription. Also: Morocco’s hospital giant Akdital Holding is planning to raise funds for its expansion into the UAE and Saudi Arabia.

PLUS- We have a run-down of how Dubai and Abu Dhabi-listed firms’ earnings growth fared compared to the rest of the GCC — and the good news is: growth trumped that of firms on other indices across the region.

WEATHER- Expect a partly cloudy day with slightly cooler temperatures in both Dubai and Abu Dhabi, with the mercury peaking at 29°C in Dubai before cooling to 21°C, and 29°C in Abu Dhabi before reaching a low of 19°C.

WATCH THIS SPACE-

#1- Foreign listing incoming? London and Lagos-listed telecom player Airtel Africa ’s mobile unit Airtel Money secured a regulatory waiver from the Securities and Commodities Authority (SCA) to pursue a UAE listing, IFR reports. The fintech, which is owned by Indian telecom operator Bharti Airtel and has virtually no operational or revenue footprint here at home, had also been weighing London and other European exchanges as potential venues for a listing.

The IPO, planned for 1H 2026, could fetch around USD 1 bn in proceeds and a USD 4 bn valuation. It would also mark the UAE’s first African equity listing, which would be a boost for the Emirates’ push to attract foreign issuers.

Bankers say the IPO will likely hinge on landing a heavyweight Emirati cornerstone investor, which would determine whether the stock lands on the DFM or ADX. Domestic demand for the offer is expected to be thin given Airtel’s lack of UAE ties, despite some minority shareholders being based out of Abu Dhabi.

About the IPO-hopeful: Airtel Money reported USD 623 mn in mobile money operations revenue in 1H 2025, a 33.7% y-o-y increase, while EBITDA rose 30.7% to USD 323 mn, IFR wrote. The business now serves 49.8 mn users, up 20% y-o-y.

ADVISORS- The company held bank pitch meetings in September to start filling out the syndicate, but Citi remains the only mandated global coordinator for now, with other banks still awaiting confirmation.

#2- UK energy services company Petrofac’s UAE operations are “continuing as normal,” despite the layoff of 180 employees after the company was hit a major loss of a USD 15 bn offshore wind contract in the Netherlands and as it continues to face mounting debt, The National reports, citing a company source. The company’s local arm Petrofac Emirates is delivering on schedule, the outlet says, citing an Adnoc Gas representative.

Current projects include 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.

Petrofac has a debt of roughly USD 4 bn following years of losses and reputational fallout from a bribery case that resulted in a EUR 77 mn penalty in 2021, the news outlet says. Although a restructuring plan was cleared earlier this year, the wind contract’s cancellation cast doubt over the company’s ability to sustain long-term operations.

#3- Animoca receives green light to operate as fund manager: Hong Kong-based Web3 venture capital and software firm Animoca Brands received in-principle approval (IPA) from ADGM’s Financial Services Regulatory Authority to operate as a regulated fund manager, according to a press release. The company will be authorized to manage a collective investment fund in or from the ADGM, subject to securing final regulatory approval.

REMEMBER- The company is planning to open its first regional office in Dubai, and is also planning to set up funds for startups, although the amount of investments allocated to the region has not been disclosed. The Dubai office will focus on financing, market access, and mentorship for local startups and more established crypto companies.

#4- Emaar is building a new mall: Emaar and Eagle Hills chairman Mohamed Alabbar said the firm will develop a AED 180 bn Dubai Square Mall in Dubai Creek Harbour, set to be three times the size of the Burj Khalifa area in Downtown Dubai, according to a post on X. The mall, which is scheduled to open in three years’ time, will allow electric vehicles access to its interior, and will integrate AI-driven retail systems, Gulf News reports.

Alabbar first hinted at the project in February last year at the Sharjah Entrepreneurship Festival, Khaleej Times previously reported. “This will be the first time cars can enter a mall so it will be very unique,” he said at the time.

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PSAs-

#1- Dubai has set new rules for reporting and managing lost and abandoned property, replacing the 2015 framework, Wam reports. Anyone who finds lost property — excluding public employees on duty — must register it in Dubai Police’s electronic system within 24 hours and hand it over within 48 hours. Police will oversee the logging, storage, and public announcement of items through a new digital system, and will give owners a chance to reclaim items before disposal or claim their value within three years if sold. Finders may receive 10% of the item’s value (capped at AED 50k) and can request to keep unclaimed items after one year, subject to police approval.

Violations of the new rules carry fines of AED 500-100k, doubled for repeat offenses. The new law takes effect upon its publication in the Official Gazette.

#2- Speaking of fines… you can now pay off your fines and government service fees in installments with Dubai-based BNPL and shopping platform Tabby after the Finance Ministry partnered with the platform, Wam reports.

#3- OpenAI enables UAE-based data storage: OpenAI has activated local data residency in the UAE for organizations using ChatGPT Enterprise, ChatGPT Edu, and its API platform, giving businesses, government entities, and universities the option to store data inside the country to meet compliance and governance requirements, according to a statement.

The move comes as adoption continues to climb: OpenAI says its UAE user base has tripled over the past year, with around 60% of 18 to 24-year-olds and 50% of 25 to 34-year-olds using ChatGPT weekly. Enterprise users now include G42, Mubadala, Abu Dhabi Investment Council, Aldar, MBZUAI, Khalifa University, NYU Abu Dhabi, and Tabby.

REMEMBER- Public-service rollout underway: As part of the Stargate UAE initiative, OpenAI and G42 are integrating ChatGPT Plus into public services such as education and healthcare, though personal ChatGPT Plus subscriptions remain USD 20/month.

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.

#3- The Big 5 Global Exhibition is on its third day and runs until tomorrow 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 taking place until tomorrow 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 kicks off today and runs through to tomorrow 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 underway today and tomorrow 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.

#7- The DFSA-HKMA Joint Climate Finance Conference is happening today at the DIFC Conference Center. Co-hosted by the Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA), the event brings together regulators, global investors, and financial institutions to explore sustainable finance solutions and deepen bilateral collaboration. Key topics include scaling climate finance through tokenization and technology.

THE BIG STORY ABROAD-

Markets extended their rally yesterday, after new US economic data — including soft retail sales and lower consumer confidence in September — strengthened the case for a third rate cut next month. The Dow closed up 1.43%, while the S&P 500 was up 0.91%. Meanwhile, Nasdaq’s gains were limited to 0.67% on a 2.6% decline in Nvidia over Google competition fears. (Reuters | Financial Times | CNN | Semafor)

OVER IN GEOPOLITICS- A-US backed peace framework won Ukraine’s backing after a few days of intense negotiations, with "only a few remaining points of disagreement," according to US President Trump. The amended proposal is unlikely to appeal to Moscow, which seems uncompromising on its goals to solidify territorial gains and slash Ukraine’s military within an inch of its life. (CNN | Reuters | CNBC)

ALSO WORTH NOTING-

Trump’s Genesis Mission will build a digital platform to concentrate scientific data and pave the way for using AI in engineering, energy and national security. (Associated Press)
An Ethiopian volcano eruption sent ashes all the way to Delhi. (BBC)

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MARKET WATCH-

More Murban is heading to India: Mangalore Refinery and Petrochemicals (MRPL) has purchased 2 mn bbl of Abu Dhabi’s Murban crude for January loading through a tender awarded to BP, as Indian refineries continue to avoid Russian barrels, Reuters reports.

REMEMBER- Middle East producers are finding a lifeline in China and India — which have been absorbing surplus from the region — as the world’s biggest importers shift away from Russian grades. Chinese state-owned refiner Yanchang Petroleum secured 2 mn bbl of Abu Dhabi Murban from Swiss trader Mercuria last week, while MRPL purchased 2 mn bbl of Abu Dhabi’s Murban for December loading from Glencore to replace the Russian supply. India’s Hindustan Petroleum Corp also booked 2 mn bbl of Abu Dhabi’s Murban crude for January.

S&P affirms Ras Al Khaimah’s credit rating at A/A-1 with “stable” outlook

S&P maintains Ras Al Khaimah’s credit rating on stronger growth outlook: S&P Global Ratings upheld Ras Al Khaimah’s (RAK) long- and short-term foreign and local currency sovereign credit ratings at A/A-1 with a stable outlook, state-news agency Wam reports, citing an S&P Global statement.

The rating reflects strong growth prospects and resilient fiscal performance, with the ratings agency expecting the emirate’s economic and fiscal outlook to remain “strong” for the next two years, supported by low debt and consistent budget surpluses.

The strong forecast is also underpinned by a pipeline of tourism- and infrastructure-related projects, including the Wynn Al Marjan Island integrated resort, which is expected to open in early 2027. The project — developed with state-owned enterprises RAK Hospitality Holding and Marjan — is projected to contribute 40% of RAK's GDP. The rating decision also comes on the back of robust performance in real estate, manufacturing, and mining, the report states.

Ras Al Khaimah’s real GDP is set to grow by over 4% by 2027-2028, with GDP per capita projected to rise to USD 32.6k by 2028, S&P Global forecasts.

Almasar Education wraps up Tadawul IPO, with retail portion 1.2x oversubscribed

Amanat Holding’s Riyadh-based education arm, Almasar Education, wrapped up its SAR 599 mn (USD 159.7 mn) main market Tadawul IPO, with the retail portion 1.21x oversubscribed, the company said in a statement (pdf). The retail pool accounted for 30% of the total offer, and wraps up the second leg of the IPO after the institutional tranche, priced earlier this month at SAR 19.50 per share, closed 102.9x oversubscribed, setting the company up for a SAR 2 bn market cap at listing.

Refresher: Almasar is floating a 30% stake via a secondary offering. Amanat, the sole owner, will be subject to a six-month lockup from the first day of trading. Amanat had carved out its Saudi and UAE education assets as part of a restructuring process in 2024 before formally launching the Almasar brand this March. The company has been scaling quickly in the Kingdom, doubling its special-needs daycare centers to 39 since 2022, expanding its school network to 14 campuses, and earmarking SAR 115 mn in capex for further growth.

The debut also comes against a tougher backdrop for Saudi equities: Tadawul remains the worst-performing major emerging-market exchange YTD, with only a handful of this year’s IPOs trading above their offering price, underscoring how stretched valuations have been across the 2025 pipeline. The benchmark is down 11.2% YTD despite a two-month rebound in September (+7.5%) and October (+1.3%), leaving it lagging regional peers that have spent most of the year in positive territory, including Dubai (+12.8%), and Egypt (+34.2%).

Almasar Education’s IPO ranks ninth by proceeds among main-market listings YTD, with its SAR 599 mn offering placing it just behind United Carton Industries (SAR 600 mn) and ahead of Marketing Home Group (SAR 408 mn) in a year dominated by bigger raises such as Flynas (SAR 4.1 bn), Umm Al Qura (SAR 2 bn), and Specialized Medical Company (SAR 1.9 bn). The company is listing as Tadawul comes off a cooler 3Q, with the main market seeing three IPOs — the same as previous quarters this year — signaling a consistent but selective issuance pace.

Not the only Amanat IPO in the cards: Earlier in 2023, Amanat was said to have tapped EFG Hermes and First Abu Dhabi Bank to prepare a potential listing of its healthcare arm, which could see it raise about USD 200 mn in IPO proceeds.

ADVISORS- Our friends at EFG Hermes managed bookbuilding alongside SNB Capital. SNB Capital is also quarterbacking the transaction as the financial advisor, bookrunner, and underwriter. Clifford Chance is providing counsel to the issuer, while Baker Mackenzie is advising the bookrunner. PwC is handling financial and tax due diligence, Euromonitor International is providing market research, and Deloitte is acting as the auditor.

Receiving agents include EFG Hermes, SNB Capital, Riyadh Capital, Saudi Fransi Capital, AlJazira Capital, Yaqeen Capital, AlBilad Capital, ANB Capital, Derayah Financial, AlRajhi Capital, Alistithmar Capital, Alinma Investment, Sab Invest, Alkhabeer Capital, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Al Osool Capital.

ALSO IN THE PIPELINE-

Hookah brand Al Fakher’s parent firm Advanced Inhalation Rituals is planning a US listing on Nasdaq in 1H 2026;
Dubai Investments plans to list 25% of Dubai Investments Park;
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 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.

Akdital Holding to invest USD 1.6 bn to expand into the UAE and Saudi Arabia

Morocco’s largest private healthcare provider Akdital Holding will raise USD 1.6 bn to fund expansion into the UAE and Saudi Arabia, as well as domestic expansion, likely through a mix of debt and equity, Bloomberg quotes CEO Rochdi Talib as saying in an interview. The firm plans to open eight new hospitals in the two countries by 2030, with Dubai and Mecca cited as key locations, after kickstarting its international expansion in July with a contract to lease and manage Al Mishari hospital in Riyadh.

We knew this was in the works: The company previously said it plans to invest MAD 1 bn (c. USD 104.8 mn) to expand into the two countries, as part of its 2025-2030 roadmap. The plan included opening two hospitals in the UAE — in Dubai and another unspecified emirate — and two in Riyadh and Jeddah, with operations slated to begin in 2027. At the time, the operator was aiming to have the new facilities account for 20% of its revenues by 2030. Talib is now quoted as saying he aims to generate between 40-50% of the firm’s revenues from foreign operations.

The fundraising plan: The firm will use its property unit, Tazak, to raise USD 700 mn of the total and buy property and construct hospitals in the GCC region and in Morocco. Tazak will look to family offices in the UAE, Saudi Arabia, Morocco, and other Arab countries for funds for the rest of the targeted amount, and plans to raise MAD 800 mn (USD 86 mn) from a domestic bond sale next year, and may seek further financing from private equity investors.

What’s next? Akdital plans to convert Tazak into a Real Estate Investment Trust, which will be publicly listed on the Moroccan bourse by 2027, Talib said. It also aims to use about USD 200 mn of the funding to establish Gulf diagnosis centers. “By 2030, we will generate between 40% and 50% of our revenues from foreign operations,” he added.

About Akdital: Founded in 2011, Aktidal is listed on the Casablanca Stock Exchange and has a market capitalization of MAD 18.1 bn (c. USD 1.9 bn), according to the stock exchange’s website. The firm secured MAD 1.2 bn (c. USD 130 mn) from a domestic bond issuance in 2025, and previously raised USD 112 mn in a local IPO in 2022. It currently has a portfolio of 40+ hospitals covering over half of Morocco’s provinces.

Dubai takes the lead in 3Q earnings growth, as the GCC posts its biggest quarterly gains in 12 quarters

The UAE contributed the most to 3Q earnings growth across the Gulf region, with Dubai seeing a 29.7% y-o-y jump in net income during the quarter and Abu Dhabi firms seeing a 17% y-o-y increase, according to Kamco Invest’s latest GCC Corporate Earnings report (pdf). This was followed by Kuwait, which posted the strongest quarterly increase among the smaller markets.

Dubai-listed firms’ net income hit a record USD 8.1 bn in 3Q 2025, outpacing Abu Dhabi in growth terms but still trailing ADX in absolute earnings, with Abu Dhabi-listed firms netting USD 11.1 bn in earnings.

Dubai’s earnings expansion was led by the banking sector, which saw net income rise 28.7% y-o-y to USD 3.7 bn, while real estate earnings also rose 43.7% y-o-y to USD 2.3 bn, powered by a 37.4% bottom line increase at Emaar Properties to USD 1.2 bn and a 57.1% rise at Emaar Development to USD 885 mn. Meanwhile, Dubai’s utilities sector posted a 23.3% y-o-y jump in net income to USD 1.1 bn.

Abu Dhabi earnings driven by banks + energy firms: Abu Dhabi-listed companies' 3Q net income was supported by a 21.2% rise in banking sector earnings to USD 3.3 bn. First Abu Dhabi Bank led the pack, posting USD 1.5 bn, up 20.8%, followed by Abu Dhabi Commercial Bank at USD 841 mn, up 29.2%. Energy earnings in Abu Dhabi climbed 10.9% y-o-y to USD 2.5 bn. Adnoc Gas (+7.6%), Adnoc Drilling (+9.9%) and Taqa (+26.6%) all reported stronger earnings, offsetting weakness elsewhere in the index. The F&B/tobacco and capital goods segments also saw gains.

9M snapshot: Dubai-listed companies posted an 11.1% y-o-y rise in net income to USD 20.6 bn, while Abu Dhabi firms recorded 14.9% growth to USD 30.5 bn during the nine-month period. Banking and energy remained the biggest contributors in both markets.

THE REGIONAL PICTURE-

Both Dubai and Abu Dhabi saw growth average higher than the wider GCC trend, as the GCC collectively netted USD 65.6 bn in aggregate 3Q net income, up 7.9% y-o-y, and marking the strongest reading in 12 quarters. Banking remained the main driver of growth, with sector earnings rising 15.2% y-o-y to a record USD 17.4 bn on higher net interest income (+7.8%) and a 20.4% jump in non-interest income, offsetting an uptick in impairments. Real estate also delivered broad-based gains, up by nearly two-thirds, while telecoms and utilities saw sector-wide contractions.

Saudi-listed companies recorded a 1.3% y-o-y rise to USD 38.2 bn, as gains in banking (+15.2%), real estate, and capital goods offset declines in telecoms and utilities. Kuwait’s earnings jumped 23.1% y-o-y, while Qatar (+2.7%), Oman (+11.2%), and Bahrain (+31.3%) also reported y-o-y growth.

For 9M 2025, GCC-listed companies posted mixed results for net income, with Dubai (up 2.7%) and Abu Dhabi (up 5.6%) remaining the largest positive contributor. More modest growth was recorded in Qatar, Oman, and Bahrain, partially offsetting declines in Saudi Arabia (-5.3%) and Kuwait (-1.6%). Saudi’s contraction was driven by weaker energy and materials earnings.

Revibe raises USD 17 mn in a new funding round

Dubai-based refurbished electronics marketplace Revibe secured USD 17 mn in a new funding round, according to a press release. The round was led by global investment firm Partech, with participation from E& Capital, Burda Principal Investments, and EQNX, alongside existing investors. The funds will be used to improve the marketplace’s service quality and device performance, as well as accelerate its expansion across the GCC and emerging markets.

ICYMI- The B2C e-commerce startup secured USD 7 mn in a series A funding round last year, as well as USD 2.3 mn back in 2023.

About Revibe: Founded by Abdessamad Ben Zakour (LinkedIn) and Hamza Iraqui (LinkedIn) in 2022, the platform offers tested refurbished electronics with a one-year warranty at a 30-70% clip below retail prices. The company operates across the UAE, Saudi Arabia, Kuwait, and South Africa.

The proactive playbook: navigating market dynamics with precision

In today’s business landscape, the word “volatility” gets thrown around with little thought, and while it may denote random and uncontrollable events, it often describes a movement in what are essentially interlinked economic factors collectively referred to as “market dynamics.” A brief disruption in regional airspace, a sharp movement in oil prices, or the announcement of new trade tariffs should be carefully analyzed to clearly understand the impact of such events in order to put in place a clear strategy to mitigate such impact.

This nuanced understanding is at the core of our approach at Mashreq. We don’t wait for a crisis to strike. We believe in a proactive playbook, one that begins with a deep, ongoing dialogue with our public sector clients and government-related entities. This constant communication allows us to analyze how specific market movements impact their operational models and profitability.

For an airline, for example, a spike in fuel prices is a direct threat to the bottom line. Our role is to provide customized financial solutions that offer a protective buffer. We help them hedge against price movements using a blend of financial instruments like swaps and options. Swaps provide a fixed, predictable cost solution, while options act as an ins. policy, offering them the right to buy oil at a specific price without the obligation.

Furthermore, our analysis is not limited to sector-specific factors. We also apply the proactive playbook on a macro level, like assessing the impact of new trade tariffs. In the case of the UAE, a closer look reveals that the impact is minimal due to the nature of our trade relationship with the US, not to mention the exemption of hydrocarbons all together. This is a testament to the value of careful analysis over a broad-brush reaction.

Our commitment to the proactive playbook extends beyond mitigating traditional financial risks; it means preparing our clients for new market realities and helping them capitalize on structural shifts. Beyond traditional concerns, a new, critical factor is now shaping the financial requirements of the utilities sector: the green mandate. Public utility entities are required to meet the ever-rising demand in a sustainable way. These government-backed, sustainable initiatives are attracting substantial funding and making the sector highly favorable for capital from both loan and debt capital markets.

The proactive playbook is about being a partner who helps clients anticipate, analyze, and strategically mitigate risks before they materialize leading to disruption in operations. It’s a shift from a defensive posture to a strategic, forward-looking one.

Mohab Nematallah, Senior Vice President & Head of Public Sector at Mashreq

Al Seer taps new CFO + Gulf Navigation’s chairman steps down

Al Seer Marine names new CFO: IHC maritime solutions subsidiary Al Seer Marine tapped Mark Hawkes (LinkedIn) as its new chief financial officer, according to an ADX disclosure (pdf). Hawkes will take up the role this month.

Hawkes brings over 25 years of international experience in financial and operational leadership, with a focus in logistics, investment, and petrochemicals. He was CFO at Petrochem Middle East before joining Al Seer, and held the same position at Emirates Worldwide Shipping and Al Hamra Group.

Gulf Navigation’s board chairman resigns: Shipping and maritime services company Gulf Navigation Holding’s board chairman Theyab bin Tahnoon bin Mohammed Al Nahyan has stepped back from the position, according to a DFM disclosure (pdf). The decision has been in effect since this Monday, 24 November, and the disclosure did not specify a successor.

GCC Interconnection Authority awards contracts for UAE-Oman electricity link expansion

ENERGY-

#1- GCCIA inks UAE-Oman connection line contracts: The GCC Interconnection Authority (GCCAIA) inked contracts to expand its 530km electricity interconnection project between the UAE and Oman, which runs from Al Sila station in the UAE to a new Ibri station in Oman, Wam reports. The authority inked contracts on new 400kV conversion equipment to be added to the Al Sila substation, expansion of the Al Sila, Gonan, and Salwa substations, constructing of a 400kV double-circuit power line between Al Sila and Ibri, and building two 400 kV transmission stations in Oman’s Ibri and the UAE’s Al Bayunah. Construction is slated to begin this quarter, with full commissioning set for end-2027.

REFRESHER- The move is part of the wider 913km Gulf Electricity Interconnection Project that looks to connect all six gulf countries. The GCCIA inked a USD 50 mn financing agreement with Oman’s Sohar International Bank for the project in September. It also secured USD 205 mn from the Abu Dhabi Fund for Development earlier in the year to expand the link to Saudi Arabia via a line between Al Sila and the Kingdom’s Salwa substation. At the time the authority said connections to Kuwait, Oman, and southern Iraq were also in the cards.

#2- Framatome delivers first lead fuel assemblies for Barakah: Emirates Nuclear Energy Company (Enec) and France’s Framatome have completed the fabrication of the first lead fuel assemblies for the Barakah Nuclear Energy Plant at Framatome’s Richland facility in Washington — the first milestone under the fuel-supply agreement the two firms signed in July 2025, state news agency Wam reports. The units will now move into Enec’s qualification program for on-site testing at Barakah.

ICYMI- The plant became fully operational last year, and aims to offset 22.4 mn tons of emissions through 40 TWh of annual generated electricity.

BANKING-

#1- Tanzania’s largest lender secures license for DIFC: Tanzania’s largest bank, CRDB Bank, secured a license from the Dubai Financial Services authority to operate a representative office in Dubai International Financial Center (DIFC), according to a press release. The new office is set to boost trade between the GCC and East and Central Africa, as well as bring in investment. Jackson Kehengu will head up the new office.

We knew this was coming: The bank set up its Dubai office in October, ahead of securing its regulatory license, as it looked to court Emirati investment. The move marked the lender’s expansion beyond neighboring countries and made it the first East African bank to establish a presence in the UAE, the release says.

#2- Wio rolls out UAE’s first family banking model: Wio Bank has launched Wio Family, billed as the UAE’s first fully shared banking experience, giving households a single connected financial space with shared accounts, spending controls, and family-wide saving tools, according to a press release. The platform allows two family leads to open and run the joint account and invite family members, with budgeting features, virtual cards, and spending limits for children.

REAL ESTATE-

#1- India’s Sunteck enters UAE with AED 5 bn Downtown Dubai build: Indian luxury real estate developer Sunteck Realty has launched a Dubai-headquartered UAE arm, Sunteck International, as well as its first Emirati project — a luxury Downtown Dubai development valued at AED 5 bn, according to a press release. The firm plans to launch over AED 15 bn worth of projects in the Emirates over the next three years. Sunteck will make key announcements in 1H 2026 and is currently evaluating other projects.

#2- Beyond launches AED 1.6 bn waterfront residences: Dubai-based luxury real estate developer Beyond launched a AED 1.6 bn residential development, Kanyon, in Dubai Maritime City, according to a press release. The 45-story waterfront tower is slated for handover in 2Q 2029.

#3- Meraas picks Unec for AED 1.9 bn first phase at the Acres: Dubai Holding Real Estate subsidiary Meraas has tapped United Engineering Construction Company (Unec) to build the first 642 villas at The Acres, awarding an AED 1.9 bn construction contract for the standalone community in Dubailand, according to a press release. The scope covers villas and core community facilities, with handover targeted for 4Q 2027.

MEDIA-

Sharjah establishes unified media hub in Shams: Sharjah ruler Sultan bin Mohammed Al Qasimi approved the launch of Shams Studios, part of Sharjah Media City (Shams), a media production hub in collaboration with different government entities, Wam reports.

The details: The hub will house five production studios for filming, ranging from 1.5k to 3.4k sqm, as well as post-production facilities for editing, special effects, and sound design. It will also host a media business complex to streamline production and broadcasting processes, a new building for Sharjah Broadcasting Authority, and Shams Creative Oasis — a center for artistic and educational events.

A media push: The Emirates has been on a drive to boost local film and TV production, with the Abu Dhabi Film Commission recently raising its production rebate to 50% in a bid to incentivize UAE-based filmmaking. Visual effects and post-production studio T-VFX recently opened a regional HQ on Yas Island and Abu Dhabi Creative Media Authority teamed up with UAE-based NC9 Group on film production in the emirate.

CRYPTO-

Israeli trading platform eToro has switched on crypto deposits for UAE users, supporting inbound transfers of digital assets from external exchanges, brokers, or blockchain wallets, according to a press release. The feature supports inbound transfers for BTC, ETH, XRP, USDC, LINK, AAVE, UNI, POL, and FET. Once transferred to the eToro crypto wallet, users can convert to USD and invest across any instruments available on the platform.

M&A-

GFH Partners takes majority stake in Devmark: GFH Partners — the Dubai-based global asset management arm of Bahraini GFH Financial Group — acquired a majority stake in Devmark, a UAE-based sales and marketing platform for residential development projects, according to a disclosure (pdf). The company also previously acquired a majority stake in GFH Partners Manrre REIT (CEIC) in 2023, as part of a push into the GCC residential sales and marketing ecosystem.

Devmark? Founded in 2018, Devmark has supported sales for more than 30 projects worth over AED 10 bn and works with a network of over 2k brokerage firms and over 15k brokers.

The details: Founders Sean McCauley and Richard Aybar will continue to run the business as GFH Partners pushes regional expansion, new institutional financing solutions for developers, and broader GCC market coverage. GFH said the investment is expected to support its financials and boost returns.

Global growth to hold steady in 2026, but risks are rising -Oxford Economics

Global growth proved more resilient than expected in 2025, holding steady at around 2.8% despite political and trade uncertainty following Donald Trump’s return to the White House, according to Oxford Economics’ 2026 global outlook. Looking ahead, the global economy faces a set of intertwined challenges — from shifting trade dynamics to the uncertain path of AI investment and fiscal policy.

Trade tensions are entering a new phase: After a year dominated by tariff hikes, the focus in 2026 is shifting toward their long-term ripple effects. The US economy is likely to remain relatively insulated, supported by strong household spending and looser fiscal policy. But higher tariffs are expected to weigh on imports, limiting the extent to which US demand can lift global trade. China, on the other hand, is doubling down on manufacturing-led growth and boosting exports even under heavy tariff pressure — a trend that’s driving down global prices and increasing competition in advanced economies. As Chinese exporters move further up the value chain, deflationary pressures are set to hit manufacturers in Europe and North Asia hardest.

AI could either steady or shake global growth: AI investment has been one of the biggest drivers of growth throughout 2025, cushioning the US economy and fueling demand across Asia’s semiconductor and tech sectors. But 2026 could be more volatile, as analysts see room for another surge in AI-related capital spending that could push US GDP growth as high as 3%, compared to a baseline forecast of 2.3%. Still, the boom is entering a riskier phase as financing shifts from banknotes to debt. A sudden correction could slow the US growth to below 1%, with global spillovers to follow.

Fiscal policy takes center stage: While interest rate cuts will continue at a measured pace, they’re unlikely to have a major impact on global growth in 2026. Fiscal policy, not monetary easing, will be the key driver. Despite concerns about debt sustainability in the US, UK, and parts of Europe, governments are expected to keep spending relatively loose, with a slightly positive global fiscal impulse led by China. The bigger risk is not tightening, but rather fiscal expansion — particularly if major economies opt to support growth through higher spending.

Global GDP growth is expected to remain around 2.7% next year — steady overall but uneven across regions. The US is set to remain the outlier, supported by fiscal spending and AI investment. China’s growth is expected to stabilize, though at the cost of intensifying competition for manufacturers elsewhere. Europe and Japan will continue to lag as long-term structural challenges persist. Behind the stable headline numbers, 2026 will see deeper global imbalances and different paths for major economies.

MARKETS THIS MORNING-

Asian markets are firmly in the green this morning with indices riding the tech-driven rally on Wall Street. Japan’s Nikkei is leading gains, up 2.0%, with the Kospi trailing behind, up 1.9%. The Shanghai Composite and Hang Seng are looking at more modest gains.

ADX	9,761	-0.1% (YTD: +3.6%)
DFM	5,823	-0.1% (YTD: +12.8%)
Nasdaq Dubai UAE20	4,608	-0.3% (YTD: +10.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.8% o/n	3.6% 1 yr
Tadawul	10,687	-1.5% (YTD: -11.2%)
EGX30	39,903	+0.5% (YTD: +34.2%)
S&P 500	6,766	+0.9% (YTD: +15.0%)
FTSE 100	9,610	+0.8% (YTD: +17.6%)
Euro Stoxx 50	5,574	+0.8% (YTD: +13.9%)
Brent crude	USD 62.48	-1.4%
Natural gas (Nymex)	USD 4.48	+0.1%
Gold	USD 4,171	-0.1%
BTC	USD 87,366	-1.1% (YTD: -6.5%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.8	+0.8% (YTD: +9.1%)
S&P MENA Bond & Sukuk	152.23	0.0% (YTD: +8.8%)
VIX (Volatility Index)	18.56	-9.6% (YTD: +7.0%)

THE CLOSING BELL-

The ADX fell 0.1% yesterday on turnover of AED 1.4 bn. The index is up 3.6% YTD.

In the green: Abu Dhabi National Takaful Co. (+15.0%), Oman & Emirates Investment Holding Co. (+14.8%) and Abu Dhabi National Hotels Co. (+5.0%).

In the red: E7 Group PJSC Warrants (-9.6%), Phoenix Group (-4.7%) and Hayah Ins. Company (-3.2%).

Over on the DFM, the index fell 0.1% on turnover of AED 484.5 mn. Meanwhile, Nasdaq Dubai was down 0.3%.

CORPORATE ACTIONS-

Salama board signs off on capital-reduction and sukuk steps: Islamic Arab Ins. Company (Salama) approved the documentation it needs to submit to the Securities and Commodities Authority to execute its planned capital reduction, and gave in-principle approval to issue mandatory convertible sukuk, which will be converted into new shares, according to a DFM disclosure (pdf). The board set a fixed conversion price of AED 0.46, approved a 12-month lock-up on shares issued upon conversion, and cleared the creation of an ADGM special-purpose vehicle to issue the sukuk.

REMEMBER- A two-step solvency plan is in motion: In October, Salama scheduled its share-capital reduction to AED 483 mn, down from AED 939.6 mn, for 8 December, cancelling roughly 456.8 mn shares to offset accumulated losses. The company also approved an AED 175 mn mandatory convertible sukuk to strategic investors as the second step in restoring solvency and meeting Central Bank capital requirements.

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

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

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

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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