The accidental M&A issue

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Mubadala Capital could acquire US billboard operator + Manchester United in UAE consortium’s sight

Good morning, friends. It’s a relatively busy start to the week, with M&A emerging as the theme of the day. Leading our newswell this morning is a twofer of east-facing banking acquisitions, as Emirates NBD acquires a majority stake in India’s RBL Bank and IHC snaps up a majority stake in Pakistan’s First Women Bank.

PLUS- We also have a few more potential (albeit unconfirmed) acquisitions in the pipeline, as reports emerge that Mubadala is looking at acquiring a US billboard operator and an unknown UAE consortium is looking at bidding for a controlling stake of Manchester United.

AND- Happy Diwali to all those who observe the occasion. We hope that you’re celebrating the festival of lights with your loved ones.

WATCH THIS SPACE-

#1- Mubadala Capital is weighing a move to acquire US billboard operator Clear Channel Outdoor Holdings, with discussions remaining preliminary, Bloomberg reports citing people familiar with the matter. Activist investor Anson Funds Management has been pressing Clear Channel’s board to explore a sale, following earlier campaigns by other investors that prompted the company to shed its international operations and focus on the US market, Bloomberg previously reported.

The move would build on a string of recent US investments by the Abu Dhabi-based sovereign wealth fund. In 2025, the Mubadala reinvested in PCI Pharma Services, joined a USD 150 mn funding round for AI software developer Anaconda, and acquired a 24.1% stake in US-based, Kimmeridge-owned Caturus. Mubadala also committed USD 1 bn to a new partnership with Fortress Investment Group, with the funds to be deployed across Fortress’s credit and special situations strategies.

#2- Dubai Airports IPO could draw strong global interest: A potential listing of Dubai Airports — operator of DXB, the world’s busiest international hub for a decade — would likely attract strong institutional demand, given solid airport valuations and steady returns, Dubai Airports CEO Paul Griffiths told The National. Any decision on a listing would be made by the government as the majority stakeholder, he added.

The draw: Airports trade at price-to-earnings ratios in the twenties and are seen as “blue chip utilities,” he said, citing sovereign investments in London Heathrow by Qatar and Saudi Arabia as precedent.

Aviation remains a key growth driver for Dubai, with the sector projected to contribute AED 196 bn to GDP and support 816k jobs by 2030, up from AED 137 bn and 631k jobs in 2023, according to Oxford Economics. Construction of the new USD 35 bn Al Maktoum International (DWC) terminal will add AED 6.1 bn and 132k jobs.

REMEMBER- DXB, nearing full capacity, is expected to reach about 115 mn passengers by 2031 before operations shift to DWC in 2032 — a move Griffiths described as a top priority, as the new airport ramps up to handle 260 mn passengers by 2050.

#3- UAE consortium eyes Manchester United bid: An unidentified UAE-based consortium of investors is reportedly preparing an offer to acquire the Glazer family’s controlling stake in English football club Manchester United, The Independent reports. The consortium approached former United winger David Beckham to act as an ambassador and potentially an investor for the bid, The Sun reports separately.

BACKGROUND- The Glazers remain under fire: Beckham, who co-owns Inter Miami and Salford City, has been a vocal critic of the Glazers and previously urged them to sell the club. The American family, long under pressure from fans to step aside, sold a 27.7% stake to Sir Jim Ratcliffe’s Ineos Group in early 2024, giving the British b’naire control over football operations — though this has done little to ease supporter unrest.

Any takeover wouldn’t be the first of its kind, as rival club Manchester City is owned by City Football Group, whose majority shareholder is Sheikh Mansour bin Zayed Al Nahyan’s Abu Dhabi United Group. The club recently reached a settlement with the UK’s Premier League over its arbitration challenge but is still facing 115 alleged financial fair-play breaches.

#4- Dubai limits AI contracts to certified firms: The Dubai Finance Department instructed government entities to award AI-related service and consultancy contracts only to companies certified with the Dubai AI Seal, according to a Dubai Media Office statement. The move supports the Trusted AI Companies Classification Initiative, which aims to ensure transparency, governance, and quality standards in AI solutions used across Dubai’s public sector.

AI Seal? Launched in January by the Dubai Center for AI under the Dubai Future Foundation, the six-tier AI Seal certifies companies from S to E based on their AI activities and project portfolio, allowing approved firms to display the seal on their platforms to boost credibility.

PSAs-

#1- You can now buy and sell vehicles through a new app, after Abu Dhabi’s Integrated Transport Centre rolled out the Shary platform, which allows transactions through an escrow account to be made, according to a press release. The new platform, developed in partnership with Tamm, Abu Dhabi’s one-stop government services platform, allows for cashless auto transactions along with real-time tracking and updates.

ICYMI- The government recently integrated marriage certificates and automatic license renewals to the Tamm app, as it looks to become the first AI-native government by 2027.

#2- The government is rolling out a golden visa for endowment donors, with the General Directorate of Identity and Foreign Affairs (GDRFA) and the Endowments and Minors Affairs Foundation launching the new category for “financial supporters of humanitarian work,” Khaleej Times reports.

The process: The foundation will nominate eligible donors — both residents and non-residents — and head up regulatory supervision, with the GDRFA issuing residency permits. A joint committee will also be formed to oversee the initiative’s implementation and ensure it meets its social objectives.

#3- Abu Dhabi sets eligibility rules for private sector maternity support: Emirati women working in the private sector can apply for Abu Dhabi’s Maternity Leave Support Service, which would provide them with an additional 30 days of leave, increased financial support, and paid pension contributions, Gulf News reports. To qualify, the applicant needs to hold an Abu Dhabi family book, work in the private sector, and have a newborn with an Emirates ID. The program is optional for private sector firms, and applications must be submitted via Tamm within 30 days of the child’s birth.

HAPPENING THIS WEEK-

Global Food Week will take place from tomorrow to Thursday at the Adnec Center in Abu Dhabi. Experts and industry leaders from the agriculture, food manufacturing, food security, and hospitality sectors will meet for discussions, exhibitions, and networking sessions focusing on showcasing solutions to improve global food security and sustainability. Last year’s event saw AED 6.2 bn worth of agreements signed.

The Healthcare Future Summit will run from tomorrow until Thursday at the Dubai World Trade Center. The summit will bring together healthcare professionals, industry leaders, and researchers to discuss the landscape of vaccine development and global disease control. Discussions will cover vaccine formulations, cancer research and therapeutic vaccines, antimicrobial resistance, measles, and the role of AI in vaccine innovation.

TheReuters NEXT Gulf Summit is taking place on Wednesday at The St. Regis Saadiyat Island Resort in Abu Dhabi. The summit will bring together regional and global leaders and firms to discuss challenges and prospects facing Gulf economies in areas including geopolitics, banking and financing, and AI and technology.

TheAlternative Investment Summit is running on Wednesday and Thursday at the Jumeirah Emirates Towers in Dubai, gathering asset managers, private equity firms, and institutional investors to discuss developments, market trends, and evolving regulatory frameworks in investment.

TheWorld Investment Conference and Sharjah Investment Forum are running from Wednesday to Friday at the Jawaher Reception and Convention Center in Sharjah, bringing together policymakers, investors, and multilateral institutions for over 60 workshops and conference sessions to discuss investment solutions, with this year focusing on SMEs, AI, and youth entrepreneurship.

S&P Global’s annual Islamic Finance Conference is happening on Thursday at the DIFC Atrium in Dubai.The conference brings together industry leaders, regulators, and investors to discuss the future of Islamic finance. The event will focus on the global outlook for the sector with sessions exploring growth investments, structural challenges, and the GCC’s changing capital markets.

THE BIG STORY ABROAD-

Israel has reinstated a ceasefire in Gaza after airstrikes killed 26 people in Gaza yesterday, prompted by an attack in Rafah that killed two Israeli soldiers. Israel had briefly halted the truce and stopped aid entry into Gaza, accusing Hamas of a “blatant” violation. Following US pressure, the Israeli side announced that aid will once again start entering Gaza. (Reuters | BBC | AP | The Guardian)

ELSEWHERE IN THE WORLD- Eight crown jewels were stolen from the Louvre Museum in Paris after four thieves broke into the museum during opening hours and robbed it. The thieves had targeted nine objects but dropped the ninth one during their escape. A specialized French police unit is currently investigating the robbery. (Reuters | AP | NYT | CNN | BBC)

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MARKET WATCH-

Oil prices could fall toward USD 50 / bbl if the Russia-Ukraine war de-escalates, senior commodities strategist Eric Lee at Citigroup told Bloomberg on Friday. A ceasefire — which the US eyes in the upcoming high-level talks next week — could halt Ukrainian drone strikes on Russia’s refineries and lead to eased restrictions on its crude, increasing global supply.

The hypothetical c. USD 10 decline in benchmark Brent crude — which now stands at USD 61 / bbl — would weigh heavily on oil producers, especially the US’ shale industry. Attention now turns to Opec leader Saudi Arabia as markets watch closely to see whether the Kingdom will defend prices by cutting production or line up with the US’ strategy favoring lower oil prices.

CIRCLE YOUR CALENDAR-

TheEmiratiMedia Forum will take place on Tuesday, 28 October at the Museum of the Future in Dubai. The event will bring together UAE media organisations, editors-in-chief, and professionals from the media sector to discuss the role of regional and international affairs in the UAE’s media landscape, as well as the media sector’s role in addressing misinformation. The forum aims to strengthen the media sector’s use of digital technology to ensure impactful content.

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

ENBD moves to acquire majority stake in India’s RBL Bank

Emirates NBD agreed to acquire 51-74% of Mumbai-listed RBL Bank through a USD 3 bn preferential share issuance, the DFM-listed lender said in a bourse filing (pdf). The move, which is still pending regulatory and shareholder approval, would mark the largest foreign investment in India’s financial sector and its biggest bank equity raise on record, according to a joint statement (pdf).

Following the transaction, Emirates NBD will fold its India operations into RBL by 1 April 2026, the filing read. The move would expand ENBD’s India footprint beyond its existing three-branch operation in Mumbai, Gurugram, and Chennai, while providing RBL with fresh capital to boost its balance sheet and Tier-1 ratios.

IN CONTEXT- The Reserve Bank of India signaled last week it may approve the buyout, which would override the current 15% ownership cap and mark a first for a foreign bank taking control of a solvent Indian lender. The announced acquisition is valued at almost twice the USD 1.7 bn estimated in earlier reports.

The nuts and bolts: RBL will issue 959 mn new shares to Emirates NBD at INR 280 (USD 3.15) apiece through a preferential allotment of up to 60%, increasing its authorized capital to INR 18 bn, up from INR 10 bn. The transaction will be followed by a mandatory open offer for as much as 26% of RBL’s public shares, valued at about USD 1.3 bn, in line with Indian takeover rules. RBL will issue roughly 87 mn new shares, representing 5.2% of its expanded equity base, to Emirates NBD in exchange for the transfer of the Dubai lender’s India branches.

RBL has also moved to temporarily cap total foreign ownership at 24% until the transaction is completed, a step meant to comply with Indian foreign investment regulations before raising the limit to 74% post-closing to accommodate Emirates NBD’s controlling stake. If the transaction falls through, the limit would revert to 49%.

Post-transaction: Depending on open offer completion, Emirates NBD’s final stake is expected to fall between 51% and 74%, giving it majority control and promoter status, with RBL reclassified as its subsidiary. The Dubai lender would also gain the right to nominate all of RBL Bank’s non-independent directors.

What’s next: RBL will hold an extraordinary general meeting on Wednesday, 12 November, to vote on the share issue, foreign-ownership cap, and the merger of Emirates NBD’s India operations, the filing read.

By the numbers: The Mumbai-based lender’s total assets stood at around USD 17.5 bn, as of 30 September, with advances of roughly USD 11.4 bn and deposits of USD 13.3 bn. The lender serves about 15 mn customers through more than 560 branches, 1.3k business correspondent outlets, and 415 ATMs across India. Meanwhile, Emirates NBD saw its net income decline 9.1% y-o-y to AED 12.5 bn in 1H 2025, while operating income rose 12% y-o-y to AED 23.9 bn during the period.

ADVISORS- ENBD tapped EY, JP Morgan, and NeoStrat Advisors as financial advisors and Shardul Amarchand Mangaldas & Co as counsel. AZB & Partners is providing counsel to RBL.

IHC buys a majority stake in Pakistan’s First Women Bank

ADX-listed International Holding Company (IHC) acquired a majority stake in Karachi-based First Women Bank Limited (FWBL) as part of a government-run privatization process, it said in a bourse filing (pdf). The size of the transaction wasn’t disclosed.

FWBL will adopt a new name and identity, broadening its mandate beyond women-focused banking to promote financial inclusion across Pakistan. Founded in 1989, FWBL is a commercial lender with 42 branches nationwide, offering retail, SME, and corporate banking services.

What’s next: IHC will recapitalize the lender to meet the minimum capital requirement and strengthen its balance sheet for expansion post-transaction. The company plans to modernize FWBL’s core banking infrastructure, automate processes, and introduce AI-enabled analytics and digital channels to improve efficiency. The plan also includes investing in talent and capacity building.

SEPARATELY- IHC plans to deploy USD 36 bn every 18 months as part of a strategy to double its current USD 119 bn asset base over five years, the Financial Times reports.

IHC plans to get there by selling off 6-7% of its asset base every 18 months, freeing up around USD 10 bn, CEO Syed Basar Shueb said. The generated cashflow, coupled with debt, would make the USD 36 bn target possible, he added.

The moment is already there, as IHC has seen its asset base grow from USD 1 bn six years ago to USD 119 bn as of 1H 2025. The group is one of the largest firms globally in terms of total assets and has a market capitalization of USD 239 bn. Its portfolio of 1.5k subsidiaries spans sectors from mining, asset management, investment, construction, and food.

ICYMI- The plan follows news of a subsidiary restructuring, with IHC subsidiary Multiply Group securing approval to take full ownership of other IHC-linked firms, 2PointZero and Ghitha Holding. The three firms are set to be consolidated under Multiply to form a single entity and one of the emirate’s largest conglomerates, with AED 120 bn in assets across 85 countries.

du, NextGenAI to develop supercluster

du, NextGenAI launch AI supercluster: Telecom du and NextGenAI are partnering to develop an AI supercluster featuring a liquid-cooled GPU facility with over 13 MW capacity, according to a press release.

The details: The new supercluster will be developed at du’s Dubai Silicon Oasis data center, and is set to be powered by the latest NVIDIA B300 GPUs and will include direct-to-chip liquid cooling to allow for higher performance and energy efficiency.

ICYMI- du re cently unveiled plans to develop a 500k sqm AI Park in Dubai’s Warsan district to host hyperscale data centers with 1GW in capacity. The telco is also building an AED 2 bn hyperscale data center in the Emirates for Microsoft, which will be its main tenant.

On the chip front, the US recently greenlit the export of several USD bns worth of Nvidia chips to the UAE, however exports are limited to US-linked data center infrastructure. du deployed its first supercluster using Nvidia chips last year in Dubai Silicon Oasis.

IN OTHER DU NEWS-

du also partnered with cyber resilience and data protection solutions firm Commvault to offer digital infrastructure providers, government institutions, and businesses with cybersecurity solutions, according to a press release. The tie-up looks to provide entities in the UAE and GCC with data security, resilience, and recovery solutions.

Crescent Enterprises allocates AED 250 mn to scale venture studio CE-Creates

Sharjah-based Crescent Enterprises allocated AED 250 mn to expand its venture studio CE-Creates, with plans to back early-stage regional founders and help them scale internationally, according to a press release. Rakhil Fernando (LinkedIn) was appointed as head of CE-Creates.

About the company: CE-Creates is a venture-building platform that invests in and supports early-stage startups across multiple sectors. It provides phased funding and hands-on operational guidance as companies move idea validation to product development, market entry, and scale-up phases. Its portfolio includes ventures such as Kava & Chai, ION, and BreakBread.

What they said: “Our model blends disciplined capital deployment with on-the-ground operating support in ways traditional venture funding often does not — creating the conditions for sustainable growth and international scale,” Tushar Singhvi, deputy CEO and head of investments said.

Sharjah real estate transactions surge 58.3% to record AED 44.3 bn in 9M 2025

Real estate transactions in Sharjah jumped 58.3% y-o-y to AED 44.3 bn in 9M 2025, surpassing the FY 2024 total of AED 40 bn, state news agency Wam reports, citing data from the Sharjah Real Estate Registration Department.

Sales and mortgages accelerate: Total transactions climbed 16.3% y-o-y to 80.3k, including 24.2k sales across 239 areas. Around 42k properties changed hands across residential, commercial, and industrial zones, while mortgage activity rose to AED 10.7 bn on stronger investor demand and improved financing access.

Global investors pile in: Buyers from over 121 different nations have snapped up real estate in the emirate so far this year. Emiratis led with AED 21.1 bn in trades across 28.6k properties, while foreign investors accounted for AED 13.1 bn across 6.1k transactions. Arab nationals brought in AED 7.5 bn through 5.9k agreements, and AED 2.6 bn came from 1.5k transactions carried out by GCC investors.

Project pipeline expands: 14 new developments were registered across 11 key areas, spanning residential, commercial, and industrial sites, indicating ongoing urban expansion and market diversification.

REFRESHER- Sharjah’s real estate market logged AED 13.2 bn in 1Q and AED 27 bn in 1H 2025, maintaining rapid growth supported by reforms allowing foreign ownership. The Northern Emirates are also seeing steady inflows as residents relocate from Dubai for affordability, better infrastructure, and expanding supply.

Dubai International Chamber enters eastern Europe

TRADE-

Dubai International Chamber opens first Eastern Europe office in Warsaw:

Dubai International Chamber opened a representative office in Warsaw, Poland — its first in Eastern Europe — state news agency Wam reports. The new office looks to work with key public and private sector entities in Poland and provide networking and business support to encourage them to set up shop in Dubai. It is part of the Dubai Global initiative targeting 50 international representative offices by 2030.

ENERGY-

Dubai-based Superior Technology Systems and GE Vernova secured a contract for a 3 GW gas-fired power plant and LNG import terminal at Iraq’s Grand Faw Port, Mees reported. The project is set to be finished by 2030. The contract’s value wasn’t disclosed.

About the project: The plant operators will be responsible for securing gas, with Iraq paying only for delivered electricity under Take and Pay terms. Excess output will feed into Iraq’s national grid.

PAYMENT SERVICES-

Global payment services giant Visa plans to relocate its regional digital sales center from Dubai to Cairo on the back of the country’s competitive advantages in operational costs, efficiency, and technical infrastructure, company representatives said during a meeting with Egyptian Investment Minister Hassan El Khatib. The company has already quadrupled its workforce at its Cairo office to around 120 employees and views Egypt as one of its “core markets” for its global strategy, alongside Japan, Germany, Brazil, Mexico, Saudi Arabia, and South Africa.

FINANCE-

NBF, India’s Yubi launch supply chain financing solution for SMEs: The National Bank of Fujairah (NBF) partnered with India-based corporate debt solution firm Yubi to develop a platform that provides supply chain financing for Emirati SMEs, according to a press release. The platform will be fully digital and aims to speed up firms’ access to financing solutions.

UTILITIES-

InfraX, Itron partner to advance UAE smart utility and IoT infrastructure: Dubai Electricity and Water Authority’s digital arm InfraX signed an MoU with US-based smart utilities firm Itron to co-develop smart utility and IoT solutions, according to a press release.

Under the agreement, the two companies will collaborate to boost the energy management, smart meter, and smart city sectors in the UAE.

ALSO- InfraX expands IoT partnerships: InfraX also signed an MoU with UAE-based system integrator MEA-Comm to accelerate industrial IoT and smart infrastructure development, according to a press release. The partnership will carry out assessments on edge technology — across IoT devices — and digital twins infrastructure to use in monitoring and predictive maintenance activity in the UAE’s utilities and critical industries sectors.

AI-

Dubai approves new AI and startup initiatives to boost digital economy: Dubai Crown Prince and Executive Council Chairman Hamdan bin Mohammed bin Rashid Al Maktoum approved a set of AI-focused initiatives to boost Dubai’s digital economy, state news agency Wam reports.

For government firms: The new AI Infrastructure Empowerment platform provides government firms with smart infrastructure and tech to help them deploy AI in their sectors more effectively. The Dubai AI Acceleration Taskforce will boost collaboration between government firms and look at challenges faced in integrating AI into their operations.

On the startup front, the Unicorn 30 Programme will support 30 promising startups working in emerging sectors with a view to turning them into unicorns by providing them with regulatory, financial, and governance support.

AMD, Kerno to co-develop Emirati-made AI and cloud infrastructure: American semiconductor company AMD has signed an agreement with Emirati enterprise IT infrastructure firm Kerno to boost regional AI and cloud infrastructure development, with a focus on the UAE and Saudi Arabia, according to a press release. The partnership will see the two firms co-develop enterprise solutions designed, built, and supported in the UAE under a new Made in the Emirates initiative.

ALSO- The companies plan to establish a joint testing and integration lab and explore setting up an AI competency center in the UAE to support local enterprise and government deployments.

BUSINESS-

Foresee Solutions partners with Yonyou: UAE-based technology consultancy Foresee Solutions has inked a regional distribution and integration partnership with Chinese enterprise management and cloud services provider Yonyou during GITEX Global 2025 in Dubai, according to a press release. The collaboration will enable Foresee to offer Yonyou’s enterprise resource planning and enterprise software solutions to regional clients working in the manufacturing, construction, retail, food and beverage, and distribution sectors.

First Brands’ bankruptcy signals early signs of trouble for leveraged loan market investors

The recent fallout of US-based autoparts maker First Brands Group has sent alarm bells ringing across the USD 2 tn leveraged loan market, the Financial Times reported on Friday. Investors warn that the sudden fallout is part of a broader pattern of stress, marking an early warning sign for a market where hasty dealmaking and rushed due diligence have become the norm.

The shockwaves have spread well beyond the loan market. Investment bank Jefferies saw its share drop by nearly 20% after disclosing losses tied to First Brands, while hedge fund Millennium is also said to have suffered losses of around USD 100 mn from financing the company’s inventory, The Economist reports. The fallout illustrates how risk tied to a single borrower has reached across banks, hedge funds, and trade-finance lenders alike.

Jefferies’ CEO Rich Handler told investors the bank “believes it was defrauded” by First Brands, joining a chorus of firms alleging misconduct, Reuters reports. Jefferies said its exposure — about USD 715 mn in receivables — is largely contained, with estimated losses of under USD 100 mn after recoveries, Morningstar analyst Sean Dunlop said. Handler’s remarks reflect rising friction between banks and private lenders — each blaming the other for letting risky credit swell unchecked.

The problem stems from the “almost unquenchable demand” for collateralized loan obligations (CLO) — investment vehicles that buy and bundle hundreds of risky corporate loans, according to the salmon-colored paper. These loans are sliced into tranches and sold to major investors such as ins. companies and pension funds, which bet on diversification as a safeguard against defaults in individual companies.

The strong demand seems to have eroded the incentive to conduct proper credit checks. With CLO investors eager to fill their portfolios, transactions have often been pushed through in days rather than weeks, leaving little time to assess borrowers’ financial health. “You’re not paid to do due diligence in this market,” an executive at a former lender to First Brands told the FT.

The episode also exposes how difficult it has become to track risk across modern credit markets, as lending has shifted since the 2008 crisis away from banks into a web of private credit funds, business development companies, and securitized vehicles such as CLOs and collateralized fund obligations. The US Department of Justice is now investigating First Brands’ accounts to determine whether the company misrepresented its borrowing and collateral, including potential multiple pledges against the same assets, The Economist reported.

The lack of scrutiny allowed red flags to slip through. First Brands raised more than USD 750 mn in March 2024 via a loan announced on Monday and finalized by Friday, according to the salmon-colored paper. Investors who avoided the debt said the company’s “adjusted” earnings were nearly impossible to tie back to its actual cashflow, raising doubts about the business’s true financial strength.

First Brands had issued more than USD 5 bn in loans, which are now trading at cents on the USD, implying losses of roughly USD 4 bn. Most CLOs managed by major asset firms — including PGIM, Franklin Templeton, Blackstone, CIFC, Oaktree, and Wellington — had exposure to First Brand’s debt, according to an analysis by Morgan Stanley. These losses are set to wipe out the CLO equity tranches, the high-risk cushions meant to absorb the first wave of defaults.

Back-to-back bankruptcies: The bankruptcies of First Brands and subprime lender Tricolor — the latter amid fraud allegations — have triggered a sell-off in corporate debt that is now weighing on the broader leveraged loan market, which is on track for its biggest monthly loss since 2022, the FT cites data from PitchBook LCD.

MARKETS THIS MORNING-

Hong Kong’s Hang Seng is leading the gains among Asian markets this morning, rising 2.1% in early trading after China held lending rates steady. The Shanghai Composite is up 0.6%, while Japan’s Nikkei remains unchanged. Meanwhile, Wall Street futures are in the green as investors await a busy earnings week ahead.

ADX	10,124	-0.2% (YTD: +7.5%)
DFM	5,992	-0.6% (YTD: +16.1%)
Nasdaq Dubai UAE20	4,902	-0.6% (YTD: +17.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.9% o/n	3.7% 1 yr
TASI	11,690	-0.05% (YTD: -2.87%)
EGX30	37,909	+0.62% (YTD: +27.47%)
S&P 500	6,664	+0.53% (YTD: +13.30%)
FTSE 100	9,354	-0.86% (YTD: +14.46%)
Euro Stoxx 50	5,607	-0.79% (YTD: +14.53%)
Brent crude	USD 61.25	-0.08%
Natural gas (Nymex)	USD 3.16	+5.02%
Gold	USD 4,268	+1.31%
BTC	USD 108,845	+1.54%(YTD: +16.39%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.73	0.0% (YTD: +7.1%)
S&P MENA Bond & Sukuk	151.76	+0.13% (YTD: +6.47%)
VIX (Volatility Index)	20.78	-17.90% (YTD: +19.77%)

THE CLOSING BELL-

The DFM fell 0.6% on Friday on turnover of AED 576.1 mn. The index is up 16.1% YTD.

In the green: Al Mazaya Holding Company (+6.9%), Shuaa Capital (+4.9%) and Taaleem Holdings (+2.1%).

In the red: Chimera S&P UAE Shariah ETF — Share class B — Income (-9.5%), Al Mal Capital REIT (-7.7%) and BHM Capital Financial Services (-7.4%).

Over on the ADX, the index fell 0.2% on turnover of AED 934.1 mn. Meanwhile, Nasdaq Dubai was down 0.6%.

CORPORATE ACTIONS-

IslamicArab Ins. Company (Salama) has approved a capital reduction and subsequent AED 175 mn mandatory convertible sukuk issuance to strategic investors, aimed at offsetting its losses and restoring solvency to meet Central Bank of the UAE requirements, according to a disclosure (pdf). The sukuk, issued via a special purpose vehicle, will convert into new shares upon completion.

S&P affirmed the insurer’s long-term issuer credit and financial strength rating at BBB- with a developing outlook, citing progress toward a stronger capital position and improving fundamentals, according to a press release. This rating comes amid a regulatory capital deficit of AED 106 mn as of June 2024 and ongoing audit qualifications tied to AED 289 mn in disputed assets, equivalent to roughly 44% of shareholders’ equity at end-2023. S&P said governance concerns remain a negative rating factor, though it noted Salama’s capital and earnings remain “strong” even after writing off the disputed assets in its model.

UAE, Germany to deepen cooperation on energy transition, green hydrogen, and advanced manufacturing

UAE, Germany to deepen industry and energy ties: Industry and Advanced Technology Minister Sultan Al Jaber met with Chancellor Friedrich Merz and senior German ministers during a visit to Berlin, Wam reports. Discussions focused on advancing collaboration in energy transition, green hydrogen, advanced manufacturing, and sustainable transport, as well as expanding industrial and digital investments between the two countries.

Fast fact- Non-oil trade between the UAE and Germany hit AED 49.9 bn in 2024, up 3.9% y-o-y, and rose 19% in 1H 2025 to AED 27.6 bn, supported by higher exports and re-exports.

CALENDAR

OCTOBER

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.

28 October (Tuesday): EmiratiMedia Forum, Museum of the Future in Dubai.

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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