Good morning, friends, and happy FRIDAY. It’s the end of a long, busy week here at home, with Abu Dhabi Finance Week — which wrapped yesterday — along with the debut Bridge Summit, and the myriad crypto events taking place in parallel bringing us plenty of news to sift through.

Today’s issue is somewhat of a mixed bag. From the Bridge Summit, we have a USD 200 mn commitment to Abu Dhabi’s media industry, which will see three firms establish a media and tech innovation center in the emirate and work on the production of two motion picture films next year. And in M&A news, India’s Cyient acquired an Abu Dhabi digital consulting firm to expand in the region.

Meanwhile, in energy news, Holcim launched the world’s first project to mineralize CO2 underground from its Fujairah plant.

We also have a rundown of banks’ earnings in 3Q 2025 and how their performance compared to previous quarters.

**A QUICK PROGRAMMING NOTE: EnterpriseAM UAE will be taking a break from your inbox on Monday and Tuesday next week, but we will be back in your inbox at the usual time on Wednesday.

Speaking of holidays, Thursday, 1 January 2026 will be a paid New Year’s holiday for public-sector employees, with work shifting online on Friday, 2 January for all roles not requiring on-site presence, state news agency Wam reports, citing a circular from the Federal Authority for Government Human Resources. We’ll be keeping an eye out for similar confirmation for the private sector.

⛅WEATHER- Expect a mostly cloudy day today, with the mercury peaking at 30°C in Dubai and 29°C in Abu Dhabi, before cooling to a low of 21°C in the former and 19°C in the capital.

HAPPENING TODAY-

The UAE is among eight countries attending the Pax Silica summit hosted by the US today at the White House. The meeting will gather close US allies including the UAE, Japan, South Korea, Singapore, the Netherlands, the UK, Israel, and Australia as the US looks to reduce dependence on China and counter its dominance in AI technology.

US President Donald Trump plans to sign a declaration to form a coalition to counter China’s control of the critical minerals supply chain and its emerging importance in AI and tech during the summit, which will involve Singapore, Australia, Japan, South Korea and Israel, according to a statement. The Trump administration will enlist other countries to join the coalition, though it’s not clear if that includes the countries in attendance at the summit.

“This grouping of countries will be to the AI age what the G7 was to the industrial age,” Politico quotes Jacob Helberg, the State Department’s top economic policy and trade official, as saying. “It commits us to a process by which we’re going to cooperate on aligning our export controls, screening of foreign investments, addressing anti-dumping but with a very proactive agenda on securing choke points in the global supply chain system.”

The grouping is, first and foremost, about competing with China and keeping it from gaining any more advantage in the AI sector. Helberg added: “By aligning our economic security approaches, we can start to have cohesion to basically block China’s Belt and Road Initiative — which is really designed to magnify its export-led model — by denying China the ability to buy ports, major highways, transportation and logistics corridors.”

DATA POINT- China accounts for over 90% of the world’s rare earths and permanent magnet refining capacity — essential for the development of computer chips and other AI technology — followed by Malaysia with just 4%. US and China recently hashed out a framework for a trade agreement to pause steeper Chinese export controls on rare-earths in return for lower US tariffs, though concerns over China’s monopoly over the sector remain.

The summit will also feature discussions around cooperation in logistics, advanced manufacturing, mineral refining, energy, and compute and data infrastructure, the statement said.

HAPPENING THIS WEEK-

The UAE and EU are holding their fourth round of trade negotiations in the UAE, with a fifth round planned for early next year, Reuters cites UAE state minister Lana Nusseibeh as saying. Launched in April, the talks cover goods and services trade, investment, and cooperation in sectors such as renewable energy, green hydrogen, and critical raw materials. The EU is the UAE’s second-largest trading partner, accounting for 8.3% of its non-oil trade, with some USD 67.6 bn in trade in 2024.

HAPPENING NEXT WEEK-

Investopia is taking its dialogue series to Dublin on Monday, 15 December, where the UAE’s global investment platform intends to deepen economic and investment ties with Ireland, Wam reports. Some 250 officials, as well as executives and investors from both countries, are set to attend the one-day event.

Sessions will center on new-economy sectors, with a particular focus on AI, infrastructure, and cross-border investment. Economy and Tourism Minister and Chairman of Investopia Abdulla bin Touq Al Marri is scheduled to hold meetings with Irish ministers and business leaders to explore potential cooperation.

MORNING MUST-READ-

GCC investors’ exposure to the Warner Bros acquisition may be higher than reported, given their close ties to the transaction’s private equity financiers, Bloomberg reports. Abu Dhabi’s L’imad, Qatar Investment Authority, and Saudi Arabia’s Public Investment Fund (PIF) are providing USD 24 bn to support Paramount’s hostile takeover bid for Warner Bros, however, many of the other firms involved in financing the bid are themselves backed by GCC players.

Apollo Global Management, which is among the firms providing up to USD 54 bn in financing for the Paramount offer, has long-standing ties with Mubadala Investment, while PIF’s venture arm has invested in several Apollo-run funds. Oracle’s co-founder, Larry Ellison, is also involved in the acquisition, and he is a close ally of several regional investors.

Abu Dhabi-based alternative asset manager Lunate and QIA recently invested an additional USD 1.5 bn in Affinity Partners, Jared Kushner’s investment firm, which is also set to provide funding for the transaction. Kushner also played a key role linking the parties in the PIF-Affinity consortium that mounted a USD 55 bn bid for Electronic Arts earlier this year.

REMEMBER- Paramount CEO David Ellison made a compelling regulatory and valuation case for his company’s USD 180 bn hostile bid during meetings with Warner Bros shareholders in New York this week, where he also assuaged concerns over reliance on Gulf funds for the bid. Warner Bros’ shareholders have until 8 January to make a decision.

WATCH THIS SPACE-

#1- Mubadala eyes transport infrastructure, but regulatory obstacles and few windows stand in its way: Mubadala is keen to expand investments into global transport infrastructure, but a lack of predictable regulatory frameworks and a shortage of suitable prospects are slowing its investment plans, Mubadala’s chief executive of real assets Khaled Al Marri told The National.

The fund is “ready to deploy a large amount of capital” into these assets once clear regulatory frameworks are in place and long-term demand is proved, he said. Al Marri cited the airport sector as promising given continued stable traffic volumes over the past two decades.

The sovereign entity is also pivoting toward digital and energy transition infrastructure. Digital assets, including data centers, fiber networks, and connectivity platforms, account for more than 20% of the fund’s infrastructure capital investments in 2025, Al Marri said.

REMEMBER- The fund’s investments into transport and infrastructure so far this year include the acquisition of 60.3% of Brazilian infrastructure firm Invepar’s subsidiary Linha Amarela, and a partnership with Tawazun Council through its aerospace maintenance arm Sanad Group to develop an aircraft engine maintenance, repair, and overhaul facility in Al Ain.

#2- Abu Dhabi-based digital lender Wio will launch a new payments company in 2026 as it enters its next growth phase, CEO Jayesh Patel told Reuters. The bank is also expanding wealth products for affluent clients and expects its retail customer base to grow by at least one-third next year. Patel said Wio is prioritizing domestic scale for now, with no immediate plans to expand into other Gulf markets, and noted that while M&A prospects are under review, the bank has sufficient liquidity to fund upcoming projects.

REMEMBER- Backed by ADQ, Alpha Dhabi, Etisalat (now e&), and First Abu Dhabi Bank, Wio now serves more than 250k retail customers and 120k business clients.

#3- UAE-Russia trade could double to more than USD 20 bn by 2030 as the two countries expand collaboration across food processing, tourism, financial services and fintech, data, and space, The National cites officials as saying at the UAE-Russia Business Forum in Dubai. Trade is expected to exceed USD 10 bn this year, and more than 13.5k Russian companies are now registered in the UAE, including 2k added in 2025.

Will sanctions slow momentum? Russia said no: Moscow insists Western sanctions won’t affect its UAE trade, even as the measures force Russian-linked firms to unwind assets abroad.

#4- BYD eyes UAE push into autonomous driving + local R&D: Chinese automaker BYD is in early talks with UAE authorities to roll out driverless vehicles and establish a domestic R&D center in the country, Executive Vice President Stella Li told The National. A related announcement is expected in January, Li said. BYD also plans to build hundreds of 1 MW fast chargers in the UAE.

REMEMBER- The UAE is fast-tracking smart mobility: Abu Dhabi has already licensed Level-4 robotaxis, with Uber and WeRide launching the first fully driverless services outside the US on Yas Island and preparing to expand across core districts. Mercedes-Benz and Momenta will supply autonomous S-Class vehicles to Lumo Mobility starting January, while Dubai is piloting autonomous deliveries through Yango and noon.

PSAs-

#1- Adnoc Distribution will enable AE coin payments across its nationwide retail network under a new agreement signed at Abu Dhabi Finance Week, according to a press release. Customers will be able to use the AED-pegged, Central Bank-licensed stablecoin across payment channels like fuel stations, car washes, and convenience stores.

ICYMI- Rolled out in collaboration with Al Maryah Community Bank, AE Coin is already being adopted as a payment method by Emirati players, with the likes of e&, 7X, Air Arabia, Tawasul Taxis, and the Abu Dhabi Judicial Department among those getting onboard.

#2- The Finance Ministry laid out the details of the newly introduced tiered excise tax model on sweetened beverages, set to come into effect on 1 January, state news agency Wam reports. The new tax rate — which aims to curb high sugar consumption — will be determined based on the sugar content per 100 ml, with the tiered structure set as follows:

• Beverages containing between 5 and 8 grams of sugar per 100 ml will incur a tax of AED 0.79 per liter;
• Beverages with 8 grams of sugar or more will be taxed at AED 1.09 per liter;
• Beverages with less than 5 grams of sugar per 100 ml will be exempted from taxation.

REMEMBER- The Finance Ministry is allowing companies that have imported or produced goods and paid the old 50% excise tax on sweetened beverages to deduct part of the tax they paid if the products haven’t been sold once the new tax takes effect.

THE BIG STORY ABROAD-

OpenAI has received investments from giants like Nvidia, Microsoft, and SoftBank in recent years — its latest investor? Disney. The Walt Disney Company is investing USD 1 bn in the AI startup, in an agreement that will give the ChatGPT maker access to characters from Pixar, Marvel, and Star Wars available on Sora, OpenAI’s video-generation tool. In return, Disney will also be granted warrants to purchase additional equity in the AI startup at a nominal price throughout the duration of the contract.

Disney earlier on Wednesday sent Google a cease and desist letter accusing it of infringing its copyrights, using its works to train models, and distributing protected content without authorization. (Financial Times | Wall Street Journal | Reuters | CNBC)

A selloff of Oracle’s shares yesterday following disappointing earnings and news that it will hike spending is also making the rounds. The company shed 10.8% of its value in trading yesterday, as investors — wary of the amount of funds Oracle will have to borrow to fund its push into AI, as well as concerns that OpenAI, which has major contracts with Oracle, won’t be able to hold up its end of the bargain.

The spread on Oracle’s credit default swaps, representing the cost to buy protection against Oracle’s bonds, hit a record high of 139 basis points, signaling more demand for protection as investors fear a potential default. (Financial Times | Bloomberg | Reuters)

OVER IN CRYPTO LAND- South Korean crypto entrepreneur and TerraUSD creator Do Kwon was sentenced to 15 years in prison after pleading guilty to charges of fraud, in a case that accused him of misleading investors about the stability of his crypto coin in times of volatility. TerraUSD and Luna coin, another cryptocurrency he created, both lost USD 40 bn in 2022. (Reuters | WSJ | FT)

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OIL WATCH-

#1- UAE intermediaries are helping route Moscow oil to India: Indian state-run and private refiners have continued to receive Russian crude after the 21 November US sanctions cutoff as a new slate of mostly UAE-clustered intermediaries stepped in to supply barrels at a reduced price, Business Standard reports, citing anonymous sources as well as Kpler and Vortexa data. The US imposed sanctions on Rosneft and Lukoil to pressure Russia over the war in Ukraine.

New traders, old volumes: Little known firms like Alghaf Marine, Redwood Global Supply, RusExport, Grewale Hub, and East Implex Stream appeared in bills of lading as sellers, allowing Indian buyers to circumvent restrictions on producers like Rosneft and Lukoil. The intermediaries, which lie outside the ambit of US sanctions, are now critical conduits for the Indo-Russian crude trade as refiners chase markdowns of up to USD 7 per barrel.

By the numbers: Rosneft accounted for 16 of 25 tracked cargoes landing after 21 November, with Reliance’s Jamnagar refinery receiving six parcels and Nayara five, according to the business outlet. State-run buyers including Indian Oil, Bharat Petroleum, and ONGC took the rest via non-sanctioned intermediaries.

Reliance says the Rosneft cargoes were booked before the US announced sanctions on 22 October, and the final cargo was loaded on 12 November to honor pre-sanction commitments, the outlet adds, quoting a Reliance spokesperson.

#2- Dana hits gas in Egypt: Sharjah’s Dana Gas confirmed a new onshore Nile Delta gas find after drilling the North El-Basant 1 exploratory well in Egypt, with initial results pointing to 15-25 bcf of recoverable reserves and expected output of more than 8 mn cubic feet per day (mmcf/d) once tied to the Egyptian grid, according to a press release (pdf). The firm is set to secure approval to start drilling next month, head of investor relations Mohammed Al Mubaideen told CNBC Arabia (watch, runtime: 14:40).

The well is the fourth in a series of 11 appraisal and exploration wells planned under a two-year USD 100 mn investment program — aiming to add 80 bcf in recoverable reserves — which earlier delivered three completed wells, adding 10 mmcf/d. Dana plans to spud the program’s fifth well, the Daffodil exploration well, in the first week of January, the company said.

The company recompleted three additional wells outside the current program, bringing another 9 mmcf/d online. Combined drilling and recompletion work is adding some 30 mmcf/d of new production, Dana Gas added.

#3- The International Energy Agency (IEA) revised its global oil demand growth estimates marginally upwards to 860k bbl / d in 2026 and 830k bbl / d in 2025 — 90k bbl / d and 40k bbl / d higher than last month’s — citing a better macro environment and easing concerns over trade barriers, Reuters reports, citing the agency’s latest monthly report.

On the supply side, the IEA trimmed its growth forecast, projecting global output to rise by 2.4 mn bbl / d next year instead of the 2.5 mn bbl / d previously expected — reverting back to its October estimates. Global supply slipped by 610k bbl / d in November, driven by lower output from Russia and Venezuela as sanctions continued to weigh on both producers.

Also closer to October’s estimates: The agency now sees global supply outpacing demand by 3.84 mn bbl / d, narrowing the expected surplus from last month’s 4.1 mn bbl / d estimate and moving closer to October’s 3.97 mn bbl / d, according to the newswire.

Meanwhile, Opec+ still sees global oil demand growth forecast coming in at 1.3 mn bbl / d for 2025 and 1.4 mn bbl / d for 2026, both unchanged from last month, according to its monthly report (pdf). Opec pumped some 43 mn bbl / d in November, perfectly matching demand for Opec crude — steady at 43 mn bbl / d next year. The outlook diverges from trader Trafigura Group’s expectations of “super glut,” Bloomberg reports.