Tons of energy projects at home + expansions abroad from Adnoc Drilling, Masdar, and others

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WHAT WE’RE TRACKING TODAY

THIS MORNING: AED 170 bn in roads, transport upgrades + Emirates NBD to launch open offer for RBL Bank in December

Good morning, friends. We have a packed issue for you this morning as Adipec brings about a slew of energy news — from projects here at home to acquisitions and partnerships abroad. We have a rundown of both in the news well, below, along with how the UAE’s non-oil private sector fared in October, plans from Microsoft to expand data center capacity by some 200 MW, and Sharjah Islamic Bank’s new USD 500 mn sukuk issuance — and a lot more. Let’s dive in.

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WEATHER- Yesterday’s dust has yet to settle, with dusty, hazy conditions set to continue today. Dubai will see a high of 33°C, and an overnight low of 24°C, while Abu Dhabi will see a high of 32°C and an overnight low of 22°C.

WATCH THIS SPACE-

#1- A fourth highway and AED 170 bn in roads and transport projects? The UAE is working on a package of AED 170 bn in roads and transport projects aimed at easing traffic congestion, consisting of both expansions of major roads and construction of new ones, as well as new modes of public transport, by 2030, state news agency Wam quotes Energy and Infrastructure Minister Suhail Al Mazrouei as saying at the UAE annual government meetings. The plan includes:

Studying a fourth, 120km federal highway spanning 12 lanes;
adding three lanes to Etihad Road, increasing its capacity by 60%;
and expanding Emirates Road to 10 lanes under a AED 750 mn project.

#2- Emirates NBD will launch its open offer for Mumbai-listed RBL Bank’s public shares on Friday 12, December, with the tender period closing on Friday, 26 December, according to a filing (pdf) to the NSE. The offer price remains set at INR 280 per share, as announced in October, while RBL shares last closed at INR 322.3.

Background: Emirates NBD’s board approved a plan last month to acquire 51-74% of India’s RBL Bank through a USD 3 bn preferential share issuance, marking what would be the largest foreign investment in India’s financial sector. The size of the preferential allotment will depend on how much of the open offer is taken up.

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.

#3- The holding group of the Varkey family, which is behind GEMS Education, Varkey Group, is reportedly in talks with regional lenders over a USD 400 mn debt facility, Bloomberg reports, citing people it says are familiar with the matter. The company is in negotiations with financiers including First Abu Dhabi Bank, Dubai Islamic Bank, and alternative investment manager Synergy Capital.

The financing package could be upsized if additional banks join the syndicate and is expected to be used primarily to refinance existing obligations, the sources said.

#4- Dubai-based investment firm Legatum is looking to raise USD 500 mn for its new humanitarian fund — Resilio — focused on local crisis response through front-line actors, The National reports. The fund has anchor commitments from the Vitol Foundation, UBS Optimus Foundation, Irene M. Staehelin Foundation, and Quadrature Climate Foundation, with further commitments expected.

So far, the firm has already deployed grants into Myanmar, Ethiopia, Somalia, Lebanon, India, and the Philippines, and is now evaluating Gaza and Syria as next deployment markets. Resilio is its fourth fund, with the previous three having raised over USD 1 bn, and will follow the same model of investing in local NGOs.

DATA POINT-

The UAE has invested over GBP 20 bn in the UK — double the originally earmarked GBP 10 bn, Bloomberg reports, citing sources familiar with the matter. The original 2021 pledge, made under a partnership between sovereign wealth fund Mubadala and the UK’s Investment Office, and targeting key sectors like the energy transition, tech, and infrastructure, included a plan to increase the amount pledged — and the UAE has exceeded even that, the sources said.

Behind the push? The UK has long courted UAE funding by way of state visits. Yet sticking points remain, including competition from the US and other European countries for Gulf investments, as well as recent developments regarding UK limits on foreign-state media ownership — after it initially blocked an Abu Dhabi-backed IMI bid to take over The Telegraph newspaper. The government later approved legislation to allow foreign states up to 15% in UK newspapers, though, which allows IMI to retain a minority stake.

HAPPENING TODAY-

#1- The world’s biggest oil and gas forum, Adipec, is on its fourth and final day at the Abu Dhabi National Exhibition Center. The energy mega-event brings together global oil and gas, hydrogen, clean tech, and industrial strategy players, alongside ministers and climate negotiators, to discuss building a resilient energy sector and developing intelligent solutions.

#2- Arabal International Aluminum Conference also wraps today at the Dubai Exhibition Center. The event gathers regional producers, OEMs, and technology players to discuss industrial decarbonization, supply chain competitiveness, and global metal demand cycles.

#3- Gulfood Manufacturing also wraps todayat Dubai World Trade Center. The F&B manufacturing event will bring processing, supply, logistics, packaging, and automation players together for exhibitions showcasing the latest developments in the sector.

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

#5- The UAE Government Annual Meetings wrap today in Abu Dhabi. The series of meetings brings together more than 500 senior officials and government leaders for three days of policy coordination, national briefings, and strategic priority alignment. On the agenda: the economy, investment, AI, healthcare, and traffic congestion.

HAPPENING THIS WEEK-

#1- US Treasury Department's top sanctions official John Hurley arrives in the region on Friday, with a plan to visit Israel, the UAE, Turkey, and Lebanon, Reuters reports, citing a statement they’ve seen. The visit marks his first to the region since taking office, and will discuss pressure against Iran, with his UAE leg also focusing on combating money laundering and the financing of terrorism.

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

THE BIG STORY ABROAD-

A battle in the courts over Trump tariffs is making the headlines this morning. Arguments in front of the US Supreme Court yesterday indicated a ruling that could be represent a huge blow to Trump’s economic and foreign policy. A number of conservative judges joined liberals in questioning the legality of blanket tariffs — announced by Trump back in April at his “Liberation Day” event — as an overreach of executive power. (Washignton Post | Reuters | Associated Press)

The challenges come at a fraught time for Republicans: Trump lashed out at Senate Republicans asking them to use a maneuver to end the longest-ever government shutdown. The 36-day spill is weighing down on the economy., forcing the government to cut flights at airports, and harming the party at high-profile elections, evident in local victories in New York, Virginia, New Jersey and elsewhere that set the stage for huge Republican losses at midterm elections a year from now.

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MARKET WATCH-

Opec’s crude output rose in October to some 28.43 mn bbl / d, around 30k bbl / d above September’s figures, according to a Reuters survey. The increase was driven mainly by Saudi Arabia and Iraq and comes even as Opec+ started implementing additional curbs on select members to offset previous overproduction.

Mixed signals: Five Opec producers — Algeria, Iraq, Kuwait, Saudi Arabia, and the UAE — were expected to collectively boost supply by 86k bbl / d in October before accounting for 140k bbl / d in compensation cuts from Iraq and the UAE. The survey found their actual combined increase hit 114k bbl / d, with production estimates for Iraq and the UAE remaining disputed.

Some fluctuation: Opec secondary-source data suggests adherence to quotas, while other trackers, including the International Energy Agency, see materially higher flows.

REMEMBER- Opec+ had agreed on a 137k bbl / d increase for October, unwinding the 1.65 mn bbl / d voluntary cuts layer, after they initially unwound the full 2.2 mn bbl / d layer by end-September. It is set to pause hikes in 1Q 2026 after following through with a supply increase in November and December.

Non-oil private sector expands at softer pace in October

The UAE’s non-oil private sector grew at a softer pace in October, though remained above mid-year lows, supported by stronger business activity and a rise in new orders. The country’s seasonally adjusted S&P Global PMI (pdf) dipped to 53.8 in October, from 54.2 a month earlier.

New orders soared in October, signalling the second consecutive month of demand recovery. This trend followed a low point for new business recorded in August, which was the weakest in four years. Firms attributed the expansion to an uptick in client numbers on the back of favorable economic conditions and expanded marketing efforts, as well as business intakes from foreign clients.

Growth remained above the survey’s historical trend for the third consecutive month in October, lifted by strong sales and the launch of new projects.

Purchasing activity inched up, with firms reporting the biggest increase in input buying since June, which contributed to stabilized inventory levels, following a downward trend throughout 3Q.

Input costs saw a modest increase during October as inflation cooled for the second month in a row, with only 4% of the surveyed firms reporting cost hikes. In turn, output inflation remained stable for the second consecutive month despite a marked increase in supplier prices, wages, and transport costs.

Backlog accumulation accelerated in October, reversing a three-month trend. This was mainly driven by capacity constraints due to elevated new business and the administrative delays.

Job creation grew at its slowest rate since March, which “partly reflected a relatively subdued level of business confidence,” S&P Global Senior Economist David Owen wrote in the report. “In fact, the latest survey revealed that firms were the least optimistic in nearly three years.” he adds.

Why the drag? The main reason can be linked to a slowdown in hiring overseas labor, as well as a dip in construction projects across the GCC, which means less jobs are being created, TS Lombard analyst Hamzeh Al Gaood told EnterpriseAM, explaining that while absolute numbers are still growing, annual growth rates are slowing down. The UAE — outside of Dubai — is also still affected by oil prices and expectations of a supply glut, which could explain the more bearish sentiment, he added.

The GCC at large: “Non-oil activity in the Gulf region remained robust, but it is expected that it will not last any longer, particularly for Saudi Arabia,” Capital Economics’ James Swanston wrote in a research note seen by EnterpriseAM. “Weaker oil export receipts will reinforce the need for fiscal consolidation and will more than offset any boost from looser monetary policy, resulting in softer non-oil GDP growth,” he added.

OVER IN DUBAI-

The non-oil private sector in Dubai recorded its highest PMI figure since January. The headline PMI rose to 54.5, up from 54.2 last month, with an upturn in operating conditions. New orders accelerated again in October, supporting a stronger rise in output.

Input prices accelerated at six-month high, reversing the decline witnessed in September. The increase was driven by heightened costs of raw materials, wages, and technology. In turn, firms raised their selling prices, reversing September's first drop in 10 months.

Employment rates increase for the seventh consecutive month, but at a slower pace. Meanwhile, businesses were less optimistic about the year ahead outlook.

ELSEWHERE IN THE REGION-

Saudi Arabia’s non-oil private sector continued its expansion in October, hitting its fastest level since January and the second-fastest level since September 2014, with the PMI rising to 60.2;
Non-oil activity in Kuwait expanded at a quicker pace in October, boosted by higher growth in output and new orders and rising to 52.8;
Egypt’s non-oil private sector contracted at a slower pace last month, with the headline figure improving to 49.2 amid a slight improvement in new orders, especially from the manufacturing sector;

Adipec day three: Movement on petrochems, oil and gas, and SAF projects in the UAE

Day three of Adipec brought a slew of new project announcements here at home, alongside projects abroad. Here is a breakdown of the projects in the UAE:

PETROCHEMICALS-

#1- Ta’ziz locks in another EPC contract for its industrial ecosystem: Ta’ziz — a JV between ADQ and Adnoc — has awarded a AED 7.3 bn (c.USD 2 bn) EPC contract to China National Chemical Engineering & Construction Corporation Seven to build the UAE’s first polyvinyl chloride (PVC) plant in Ta’ziz industrial ecosystem in Ruwais, according to a statement.

Details: The facility will produce 1.9 mn tonnes annually of PVC, ethylene dichloride (EDC), vinyl chloride monomer (VCM), and caustic soda. These are feedstocks for pipes, construction materials, infrastructure components, packaging, and medical applications. This is intended to substitute imports, serve the domestic industry and support export-linked value chains. Ta’ziz expects the plant to come online by 4Q 2028.

The contract follows some USD 4.7 bn EPC contracts awarded for ammonia and methanol plants within Phase 1 of the company’s industrial ecosystem in Ruwais — which is expected to contribute some AED 183 bn to the economy — targeting 4.7 mn tonnes annually of capacity across chemicals and transition-fuel products. T’aziz has also already awarded three USD 2 bn (AED 7.34 bn) contracts for infrastructure development at its chemicals and transition fuels site in Al Ruwais Industrial City.

#2- Borouge launches first UAE-made low-density polyethylene for healthcare use: ADX-listed petrochemicals firm Borouge will be producing the first locally manufactured low-density polyethylene designed for healthcare and pharma packaging, according to a press release. The product will be produced at Borouge’s Ruwais facility, and will help strengthen the UAE’s medical supply chains by enabling the domestic manufacturing of sterile packaging like IV bottles, blow-fill-seal bottles, and ampoules.

The company has been deepening its locally produced, value-added medical products portfolio, with the manufacturing of Bormed RG868MO — used in syringes, inhalers, and pharma packaging — already underway. It also signed an MoU with Mubadala’s new pharma arm, Mubadala Bio, to supply polyolefin materials for the local manufacturing of medical products.

OIL AND GAS-

#1- Fujairah gets a gasoline refinery: Nasdaq-listed Brooge Petroleum and Gas Investment Company (BPGIC) signed an agreement with Honeywell to secure a license to develop what it says will be Fujairah’s first refinery dedicated to producing high-quality gasoline, state news agency Wam reports. The project will roll out in phases, starting with an initial phase targeting output of some 15k barrels per day.

Under the agreement, Honeywell will provide the engineering design for the facility, which is expected to incorporate modern refining and processing technologies.

#3- Al Masaood Energy is moving into tyre-to-oil recycling with the GCC’s first plant to convert end-of-life tyres into export-grade crude, Wam reports. The facility will refine used tyres into oil that qualifies under EU standards for import without local tax, regional manager for the renewable energy division Ibrahim Al Hashidi said.

Demand looks locked in before the plant even starts up, with the company saying all output has already been committed ahead of completion.

SOUND SMART- Tyre-to-oil conversion relies on industrial pyrolysis, where shredded end-of-life tyres are heated in oxygen-free reactors to break rubber down into a condensable hydrocarbon vapor that becomes synthetic crude after cooling and refining. This meets EU import standards, which treats compliant waste-derived hydrocarbons as feedstock rather than taxed waste fuel. The economics pencil out at scale when operators secure a cheap tyre supply, lock in offtake, and navigate the certification framework.

SUSTAINABLE AVIATION FUELS-

Mercantile & Maritime Group's subsidiary MENA Biofuels has begun construction of the UAE’s first commercial Sustainable Aviation Fuel (SAF) plant in the Fujairah Oil Industry Zone, state news agency Wam reports. The facility, which will convert used cooking oil and other waste-based feedstocks into certified SAF, will be constructed in two phases; the first costing some USD 200 mn for 125 mn liters of SAF annually, while the second is estimated at USD 100 mn and will up capacity to 250 mn liters annually.

The first phase will cover 18% of national demand for SAF, while the second will cover 36%.

REMEMBER- We knew that M&M is working on a AED 2.2 bn biofuel processing facility in the Fujairah Oil Industry Zone, though at the time the facility was expected to produce 150 mn liters of SAF annually, with the facility scheduled for completion next year. Mercantile & Maritime did not respond to EnterprisAM UAE ahead of dispatch.

The company launched the first of two Engineering, Procurement, and Construction and Commissioning tenders covering the receiving, storage, and distribution facilities for feedstock, SAF, and by-products, establishing the project’s logistical backbone. The second tender will be launched in 1Q next year for the SAF refinery process units and associated infrastructure.

Masdar buys into OMV’s Austria hydrogen project

Masdar is acquiring a 49% stake in Austrian energy company OMV’s planned hydrogen plant in Bruck an der Leitha, with OMV retaining 51% and operational control, Austrian Press Agency reports. The facility is slated to come online by end-2027 with 140 MW of electrolysis capacity, targeting annual output of up to 23k tons of green hydrogen for industrial users. Long-term green power contracts are already secured, the state agency said, citing OMV’s CEO Alfred Stern.

Total capex is expected to land in the “high three-figure EUR mn” range, with Masdar covering 49% of costs. Earlier media estimates pegged the investment near EUR 700 mn, the state news agency added. The JV structure will see one managing director from each side.

About time: Masdar and OMV inked a letter of intent to partner in producing green hydrogen, sustainable synthetic fuels, and chemicals in the UAE, Austria, and Central and Northern Europe back in April. Both companies previously signed a Heads of Terms agreement to develop a large-scale green hydrogen plant back in 2023.

OTHER RENEWABLES NEWS-

EPointZero — the decarbonization arm of 2PointZero, an IHC-linked firm — and Egypt’s Elsewedy Electric signed a head of terms agreement to develop up to 300 MW of solar power in Zambia, according to a statement. No further details were disclosed for the project.

Expanding the footprint: EPointZero acquired a 1 GWh electrostatic energy storage system in May from renewables outfit Enercap to be deployed across UAE electrical grids. It also signed a framework for action with Masdar and TotalEnergies in July to accelerate clean energy access across Africa and Asia.

Adnoc Drilling is set to acquire 80% of Oman’s MB Petroleum Services

Adnoc Drilling moves to take majority of Oman’s MBPS: Adnoc Drilling agreed to snap up 80% of Muscat-based drilling and oilfield services provider MB Petroleum Services (MBPS) from Oman’s Mohammed Al Barwani for a cash consideration of USD 163 mn, implying an enterprise value of USD 204 mn, it said in a press release (pdf). The drilling arm of state-owned energy giant Adnoc will also have the option to buy up the remaining 20% currently held by Al Barwani under an agreed mechanism following an undisclosed lockup period.

The transaction is due to wrap up in the first half of 2026, once standard regulatory approvals are in place.

Adnoc drilling will tap its current debt coffers to fund the acquisition, which it says is “value accretive” and expected to generate solid returns with a free cash flow yield above 10% and an internal rate of return exceeding 15%, CFO Yousef Salem told Reuters, adding that the move is a “blueprint” for growth.

MBPS operates across Oman, Kuwait and Saudi Arabia and Bahrain, with a portfolio of 21 drilling and workover rigs (13 in Oman, and four in each of Kuwait and Bahrain) backed by production service units, prequalifications and subsidiaries along with an established presence spanning four key GCC markets through secured long-term contracts with national oil companies and other “blue-chip clients,” the release read. It generated USD 187 mn in revenue and USD 56 mn in EBITDA in 2024, implying a roughly 30% margin and an entry multiple below 4x, with a USD 0.9 bn contract backlog.

The rigs are fully operational under multi-year contracts worth about USD 270 mn extending through to 2033, Salem told Reuters separately.

IN CONTEXT- The move marks Adnoc’s second M&A play in the region. The drilling giant inked a USD 112 mn agreement back in May to acquire a 70% stake in the land drilling business of US oil and gas wells drilling company Schlumberger Middle East (SLB) in Kuwait and Oman with a mechanism in place to acquire SLB’s remaining 30% stake over time. The transaction, which marked its first inorganic expansion outside the UAE, is also expected to close in 1Q 2026.

The company aims to run more than 151 rigs by 2028 and had earmarked USD 150 mn for overseas rigs in Kuwait and Oman and USD 500 mn for assets inside the UAE, CFO Youssef Salem told us previously. It has also earmarked USD 350 mn for acquisitions through its JV with Alpha Dhabi’s Enersol in 2H 2025 as part of USD 1 bn in planned capex for inorganic growth.

Market reax: Adnoc Drilling’s shares were down 1.2% to AED 5.54 at yesterday’s close on the ADX.

Arcius takes over Egypt’s Harmattan gas field

Arcius Energy finalized the agreement to acquire the Harmattan gas and condensate field in Egypt’s Eastern Mediterranean, securing full rights in the El Burg offshore concession from Shell and BP, according to a press release (pdf). The company will take over all obligations and development rights for the field. The transaction value was not disclosed.

The development plan includes drilling up to three wells, installing a fixed offshore platform, and building a 50 km pipeline to onshore processing facilities near Port Said. First gas from Harmattan is expected in 2028.

BACKGROUND- Arcius was in advanced negotiations to acquire Shell’s 50% stake in Egypt's Harmattan back in March. In December, BP and Shell signed an agreement with the Egyptian Natural Gas Holding Company (EGAS) to begin production at Harmattan by 1Q 2026, with initial investments estimated at USD 370 mn. It’s expected to produce 125 mn cubic feet of gas and 3.3k barrels of condensate daily.

Arcius is a JV establishedin December between BP, with a 51% stake, and Adnoc’s investment arm XRG, which owns 49%. Its concessions in Egypt include a 10% stake in the Shorouk offshore concession and full ownership of the North Damietta concession. The company also holds exploration rights in North Tabya, Bellatrix City East, and North Fayrouz.

!_ SubHed_! OTHER OIL AND GAS NEWS-

Mubadala eyes next year for FID on Indonesia's gas: Mubadala Energy is targeting a June 2026 final investment decision for Indonesia’s Tangkulo-1 gas development in the Andaman Sea, with a plan of development slated for 4Q 2025 and first gas forecast for 4Q 2028, Wam reports. The project is moving ahead of schedule as front-end engineering design and long-lead item contracting advance.

Offtake already secured: Mubadala signed an initial agreement to provide 200 mn standard cubic feet per day (mcf/d) of gas to Indonesian state fertilizer producer Pupuk Indonesia in May. Supply will reach Pupuk’s projects once production at Mubadala’s South Andaman Block kicks off.

SOME CONTEXT- Mubadala reported a gas discovery from its Tangkulo-1 exploration well in South Andaman in May last year. The site has 47 mn cubic feet in prospective gas resources, and 1.3k barrels of condensate, with its estimated capacity expected to sit between 80-100 mn cubic meters. This marks the company’s second deepwater find in South Andaman, following one at the Layaran-1 well in December of last year. Mubadala Energy holds the largest net acreage in South Andaman, with an 80% working interest.

Microsoft to add 200 MW of data center capacity through Khazna

State-owned AI firm G42 partnered with Microsoft to add 200 MW of data center capacity through its subsidiary Khazna Data Centers, as part of the US tech giant’s plan to invest USD 15.2 bn in the UAE between 2023-2029, according to a press release. The upgrade, which will help support Microsoft Azure’s cloud services, is expected to come online before end-2026.

REMEMBER- Microsoft and its partners previously said they plan to invest USD 5.1 bn in the UAE’s data center regions over the next four years — building on an earlier USD 1.5 bn investment in G42. The company already has two cloud regions, one in Dubai and the other in Abu Dhabi, with the one in Dubai including three availability zones. It also has a AED 2 bn hyperscale data center on the way courtesy of Du. The exact capacity of its data center infrastructure is not public.

It’s all part of a bigger plan: Microsoft plans to spend more than USD 7.9 bn in the UAE between 2026-2029. This includes over USD 5.5 bn in capital expenses for the ongoing and planned expansion of its AI and cloud infrastructure. The firm has invested over USD 7.3 bn in the country so far, with over USD 4.6 bn dedicated to advanced AI and cloud data centers.

What they said: “Our partnership with Microsoft advances our mission to build the Intelligence Grid, the interconnected infrastructure for intelligence designed to empower people, industries, and nations in the AI era,” G42’s CEO Peng Xiao said.

Khazna has also been working on expanding data center infrastructure at home: Khazna Data Centers is working on two new 30 MW data centers — AUH4 in Mafraq and AUH8 in Masdar City — set to come online by 2H 2026. Its 100 MW QAJ1 Ajman facility is also expected to be completed in December 2026, and it has two other facilities under construction which should take its capacity up to 210 MW. It also recently secured a USD 2.62 bn financing facility from local lenders to support its expansion at home and abroad.

SIB tightens pricing on its USD 500 mn sukuk

Sharjah Islamic Bank (SIB) tightened pricing by about 30 bps from initial guidance for its USD 500 mn five-year sukuk, landing at 95 bps over US Treasuries after drawing more than USD 1.3 bn in orders excluding lead manager interest, Zawya reports. SIB flagged plans to go through with the issuance earlier this week when it tapped banks, including our friends at Mashreq and HSBC, to manage the offering.

The fixed-rate Wakala sukuk carries a 4.60% coupon and a 4.651% yield, and will be issued under the bank’s USD 3 bn trust certificate program. The senior unsecured notes will list on Euronext Dublin and Nasdaq Dubai.

A busy year for SIB: SIB, rated A- by S&P and BBB+ by Fitch, tapped the market twice this year with a USD 500 mn sukuk in February followed by a USD 500 mn perpetual AT1 note in May which were listed on Euronext Dublin and Nasdaq Dubai.

ADVISORS- Emirates NBD Capital and Standard Chartered Bank were joint global coordinators. Ajman Bank, Bank ABC, Dubai Islamic Bank, First Abu Dhabi Bank, HSBC, Mashreq, and The Islamic Corporation for the Development of the Private Sector acted as joint lead managers and bookrunners.

IHC, Deyaar, Alpha Data, and Waha post 3Q earnings

INTERNATIONAL HOLDING COMPANY-

International Holding Company (IHC) saw its net income reach AED 8.7 bn in 3Q 2025, up 53% y-o-y, according to its financials (pdf). The group’s revenue climbed 34.6% y-o-y, reaching AED 29.9 bn. For 9M 2025, net income reached AED 19.5 bn, up 8.3% y-o-y, and revenues rose 23.3% y-o-y to AED 84.6 bn. Growth was driven by strong performances across its portfolio, according to an earnings release (pdf) and a management discussion and analysis report (pdf).

Breaking down the results: Real estate and construction delivered AED 34.1 bn, up 50.4% y-o-y, driven by projects from Modon and Aldar. Marine and dredging generated AED 21.6 bn as sustained offshore activity boosted results by 11.1% y-o-y. Hospitality and leisure saw a 65.4% y-o-y surge to AED 7.3 bn as the UAE’s tourist industry continued to recover, and services and other segments reached 12.5 bn, up 37.9%, supported by healthcare, industrials, mining, logistics, education and other diversified verticals.

DEYAAR-

DFM-listed real estate developer Deyaar’s net income saw a 12.9% y-o-y increase to AED 157.8 mn in 3Q 2025, according to its financials (pdf). Revenues came in at AED 521.5 mn, a 38.6% increase. In 9M 2025, its net income grew 23.7% y-o-y to AED 406.4 mn, while revenues rose 39.1% y-o-y to AED 1.4 bn, underpinned by strong sales across its property development portfolio.

Behind the results: The property development segment contributed the majority of total revenue, generating AED 1.2 bn, up 46.4% y-o-y, according to a separate earnings release (pdf). The company reported a strong balance sheet with total assets reaching AED 7.6 bn during the period, up 12.3% y-o-y, driven by ongoing investments in landbanks and asset quality. Bottom line growth and strong revenue are attributed to its recent developments, including ultra-luxury residential project Downtown Residences, AYA Beachfront Residences, and the final phase of its AED 1.5 bn residential Park Five community in Dubai.

ALPHA DATA-

IT services firm Alpha Data’s net income rose 16% y-o-y to AED 20.8 mn in 3Q 2025, according to its financials (pdf) and a separate management discussion and analysis report (pdf). Revenues increased 14.1% y-o-y to AED 537.9 mn in the quarter.

On a nine-month basis, net income reached AED 97.7 mn, up 12.4% y-o-y. Revenues rose 12.2% y-o-y to AED 1.8 bn. The firm’s three segments all saw robust growth as demand for digital transformation solutions picked up — with revenues from services up 28% y-o-y, talent up 25% y-o-y, and solutions up 10% y-o-y. The firm continued to expand into KSA, where revenues reached AED 48 mn in 9M 2025 — a 220% increase y-o-y.

WAHA CAPITAL-

Waha Capital’s net income fell 3.8% y-o-y to AED 240.1 mn in 3Q 2025, with quarterly total income dipping to AED 373.2 mn, down from AED 422 mn in 3Q 2024, according to its financials (pdf) and management discussion and analysis report (pdf).

For 9M 2025, net income attributable to shareholders increased 21.6% y-o-y to AED 343.1 mn, the firm said in a separate earnings release (pdf). Total income reached AED 1.1 bn, up 4% y-o-y. Recurring fee income, mark-to-market gains, portfolio value realization, and industrial real estate monetization were key growth drivers, underpinned by robust cost management and efficiency.

EFG Hermes taps Christopher Laing to lead equity capital markets

Our friends at EFG Hermes have appointed HSBC and Deutsche Bank veteran Christopher Laing (LinkedIn) as head of equity capital markets, based out of Dubai, Bloomberg reports. Laing succeeds Ali Khalpey, who recently left his role to join Cantor Fitzgerald.

Laing has nearly 30 years of capital-markets experience, having held senior roles at Deutsche Bank and HSBC. At Deutsche Bank he led emerging-markets ECM before joining HSBC to head its ECM operations.

Emaar plans another big-ticket investment in Egypt

REAL ESTATE-

Emaar Properties’ Egyptian arm Emaar Misr is preparing to launch yet another big ticket development, this time with Saudi Arabia’s Dallah Albaraka under a strategic partnership, according to a disclosure (pdf) from the EGX30-listed company. The project with Dallah Albaraka’s Samla and Alam Al Roum for Urban Development will require EGP 78 bn — equivalent to around USD 1.7 bn — in investments and is expected to bring in returns totalling EGP 117 bn.

The 380-feddan project will be in New Cairo’s Kayameya district. Details are still few and far between, but they say the development will feature residential, administrative, and commercial components.

This isn’t even Emaar Misr’s biggest development in the works, with the developer working on a EGP 900 bn integrated tourism complex alongside Saudi-owned Citystars Properties called Marassi Red Sea. Earlier in the year, Emaar also partnered with Midar for Investment and Urban Development to launch New Mivida in New Cairo, an EGP 100 bn residential project that includes nearly 2.9k homes, a school, and a sports club.

DATA POINT- Emaar’s investment in Egypt now totals EGP 1.9 tn, while its land bank currently stretches some 34.6 mn square metres. The company is now in the process of doubling these figures over the coming years, according to Alabbar.

MANUFACTURING-

Ajmal Steel is working on a second factory expansion: UAE-based tube and pipe manufacturer Ajmal Steel is set to complete the second phase of its factory expansion by next February, the firm’s oil and gas department head Abdullah Al Shammari told Al Khaleej. The AED 400 mn 100k sqm expansion will increase capacity to over 1 mn tons of steel products, up from its current 750k ton capacity. The expansion will add a new API mill, as it looks to boost line pipe production for oil field operations, according to a post on LinkedIn.

BACKGROUND- Currently, the firm has two manufacturing facilities in Abu Dhabi, with production going to sectors like oil and gas, water, agriculture, infrastructure, and piling. It exports 60% of production to the US, and also caters to European and GCC markets, Al Shammari said.

TELECOMS-

Space42 makes Thuraya 4 satellite globally available: ADX-listed space tech firm Space42 rolled out its mobile communications satellite, Thuraya 4, making it commercially available in South Africa, Botswana, Namibia, Mozambique, and Zambia, according to a press release. Connection to the satellite is now available in over 100 countries.

Satellite details: Thuraya 4 is designed for use in sectors like maritime shipping, aviation, and offshore energy — providing reliable connection and data transfers for mission-critical scenarios in hard-to-reach and remote locations. The satellite can connect with terrestrial networks, smartphones, and IoT devices.

MOBILITY-

7X + Zelostech launch autonomous logistics vehicles JV: Dubai-based, logistics-focused investment firm 7X has launched AutoLogix Smarttech — a joint venture (JV) with Singapore-based autonomous vehicle specialist Zelostech, according to a press release. The JV aims to create an integrated logistics ecosystem leveraging Level 4 autonomous vehicles to transport goods between logistics hubs.

Phase one will see AutoLogix deploy driverless Level 4 vehicles to support the delivery operations of 7X’s logistics arm EMX. Expansion plans will target the GCC and wider Middle East region, with offerings including last-mile delivery, mobile smart locker networks, and air freight integration.

DEBT-

Ajman Bank to finance part of EDC’s stake in Mwasalat: Ajman Bank inked an MoU with Multiply Group’s subsidiary Emirates Driving Co. (EDC) to finance part of its acquisition of a 22.5% stake in Mwasalat Holdings, according to a press release. It will also provide liquidity and risk management, and retail banking options.

ICYMI- The acquisition was completed last month, and included an option for EDC to increase its shareholding value to 50.6%. The transaction, still pending regulatory approval and conditions, comes as EDC looks to expand its public transport services, having acquired 51% in Excellence Premier Investment last year.

HEALTHCARE-

M42 launches 10XReviv, combining AI + genetics for personalized health solutions: Mubadala-backed healthtech firm M42 partnered with US-based 10X Health and UK-based Reviv Global to launch 10XReviv, a precision health venture targeting the MENA region, state news agency Wam reports.

More on the platform: The collaboration will see the rollout of a precision nutrition system which uses genetic insights and blood biomarkers to give a digital health report and recommend personalized micronutrient supplements. The system can analyze up to 20 mn genetic variations with a 99.97% accuracy rate. The two will also set up a clinic to conduct trials examining the impact of IV nutrition on type 2 diabetes.

The decentralized finance market faces mounting cyber threats

The USD 150 bn decentralized finance (DeFi) market is facing a mounting security crisis as hackers increasingly target vulnerabilities in blockchain-based platforms, Chainalysis CEO Jonathan Levin told the Financial Times. The head of the world’s largest crypto-tracing firm warned that security “hasn’t really been considered” by the startups driving DeFi’s explosive growth — leaving bns of USD in digital assets exposed to attacks.

DeFi platforms are prioritizing growth over safety, with the industry mostly made up of small, fast-moving teams without professional oversight or experienced security officers, leaving them open to exploitation, according to Levin. These platforms, which let users lend, borrow, and trade crypto without intermediaries, have become multi-bn USD ventures backed by major investors. But despite their growing scale, they remain highly exposed to attacks due to their reliance on complex smart contracts and decentralized governance.

Security breaches have intensified this year. Earlier this week, hackers drained over USD 100 mn from DeFi protocol Balancer, while another USD 200 mn was stolen from the Cetus Protocol earlier in 2025. Chainalysis data shows that crypto thefts hit a record USD 2.2 bn in the first half of the year — already exceeding all of 2024 — with North Korean-linked groups responsible for the largest-ever heist, a USD 1.5 bn theft from exchange Bybit.

The growing frequency of attacks underscores how DeFi’s expansion has created easy targets for cybercriminals. Levin warned that major decentralized protocols could face increasing threats from state-sponsored actors if security continues to be overlooked. Levin said the company’s focus remains on tackling DeFi’s structural vulnerabilities, stressing that the risks embedded in onchain systems and smart contracts must be addressed before the next major breach hits.

MARKETS THIS MORNING-

Asian markets are in the green in early trading this morning with strong earnings drawing investors back after elevated valuations left them spooked. The Hang Seng is leading gains, up 1.3%, with Japan’s Nikkei trailing behind. The Shanghai Composite and Kospi are also in the green.

ADX	10,015	-0.4% (YTD: +6.3%)
DFM	5,992	-0.3% (YTD: +16.1%)
Nasdaq Dubai UAE20	4,837	-1.1% (YTD: +16.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.7% o/n	3.8% 1 yr
Tadawul	11,257	-1.2% (YTD: -6.5%)
EGX30	39,132	+0.2% (YTD: +31.6%)
S&P 500	6,796	+0.4% (YTD: +15.6%)
FTSE 100	9,777	+0.6% (YTD: +19.6%)
Euro Stoxx 50	5,669	+0.2% (YTD: +15.8%)
Brent crude	USD 63.52	0.0%
Natural gas (Nymex)	USD 4.26	+0.7%
Gold	USD 3,987	-0.2%
BTC	USD 103,466	+2.9% (YTD: +10.6%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.8	+0.5% (YTD: +9.1%)
S&P MENA Bond & Sukuk Index	152.04	+0.1% (YTD: +8.7%)
VIX (Volatility Index)	18.01	-5.2% (YTD: +3.8%)

THE CLOSING BELL-

The ADX fell 0.4% yesterday on turnover of AED 1.0 bn. The index is up 6.3% YTD.

In the green: Hayah Ins. Company (+2.7%), Hily Holding (+2.0%) and Apex Investment (+1.8%).

In the red: Gulf Medical Projects Company (-3.4%), Abu Dhabi National Hotels Co. (-3.3%) and NMDC Group (-3.2%).

Over on the DFM, fell 0.3% on turnover of AED 631.8 mn. Meanwhile, Nasdaq Dubai was down 1.1%.

CALENDAR

NOVEMBER

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

2-6 November (Sunday-Thursday): Institutional bookbuilding period for Almasar Education’s IPO on Tadawul.

3-6 November (Monday-Thursday): Adipec, Abu Dhabi.

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

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

4-6 November (Tuesday-Thursday): Gulfood Manufacturing, Dubai World Trade Center.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

DECEMBER

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

FEBRUARY 2026

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

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

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

MARCH 2026

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

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

APRIL 2026

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

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

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

MAY 2026

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

JUNE 2026

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

JULY 2026

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

Signposted to happen in 2026:

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

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027-2029:

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

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