US approves Nvidia chip exports to G42 + Sharjah issues USD 750 mn sukuk

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WHAT WE’RE TRACKING TODAY

THIS MORNING: US approves Nvidia chip exports to G42 + UAE-Canada investment pact on the way?

Good morning, friends. It’s a mixed bag of news this morning as Dubai Airshow continues to yield aircraft orders from both Boeing and Airbus, as well as agreements for local manufacturing bases for global defense firms, while debt and capital markets activity picks up and the Cabinet approves a new national investment fund supporting FDI flows.

ALSO- The US just greenlit the export of Nvidia chips to G42 after months of scrutiny. Let’s dive in.

🌁WEATHER- Drive slowly — it’s foggy out there: Expect a bit of fog this morning, while temperatures will reach 33°C in Dubai, before cooling to an overnight low of 23°C, and 32°C in Abu Dhabi, with an overnight low of 21°C.

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WATCH THIS SPACE-

#1- The US has approved the export of some 35k Nvidia Blackwell chips — GB300 — to state AI giant G42, the US Commerce Department confirmed in a statement. The approvals come with the condition of “rigorous security and reporting requirements.” It also approved the export of the same amount of chips to Saudi AI firm Humain.

REMEMBER- The US recently gave the greenlight to export several USD bns worth of Nvidia chips to the UAE to use in US-linked data infrastructure. The agreement came on the back of bilateral AI negotiations in May, as well as definitive plans from the UAE to invest in US AI infrastructure. Early reports expected the Emirates to see up to 500k annually of the US tech giant’s most advanced chips up until 2027.

These are the first chips to go directly to G42 and not US-linked infrastructure. The company is working on a planned 5 GW UAE-US AI Campus, developed with Nvidia, OpenAI, Cisco, Oracle, and SoftBank under the USD 500 bn US Stargate initiative and a USD 200 bn US-UAE investment pact. Its first phase — Stargate UAE — is slated to launch in 2026 using Nvidia’s latest GB300 systems, with final agreements on the remaining 4 GW still under negotiation. The company had earlier divested from Huawei and severed ties with Chinese tech firms in order to secure the partnership with the US and the export of chips.

#2- UAE-Korea CEPA coming by year-end: The trade and economic partnership agreement between the UAE and South Korea is in its final stages and is expected to come into effect by the end of this year, state news agency Wam cites Foreign Trade Minister Thani bin Ahmed Al Zeyoudi as saying. The two sides signed a range of MoUs focusing on cooperation in areas like nuclear energy, oil and gas, investment, energy, finance, and artificial intelligence, during a recent official visit in Abu Dhabi.

IN CONTEXT- Non-oil bilateral trade came in at USD 6.6 bn by end-2024, and USD 3.1 bn in 1H 2025.

#3- HSBC to roll out tokenized deposits in the UAE: HSBC will begin offering tokenized deposit accounts to corporate clients in the US and UAE in 1H 2026, expanding a service already live in Hong Kong, Singapore, the UK, and Luxembourg, global head of payments solutions Manish Kohli told Bloomberg. The product enables 24/7 domestic and cross-border transfers, and will add AED as a supported currency when it launches in the Middle East.

More to come? HSBC is also developing programmable payments and autonomous-treasury use cases, and is in talks with stablecoin issuers to provide reserve-management and settlement accounts, Kohli said.

#4- Flydubai plans to restart flights from Al Maktoum International Airport (DWC) in two years, Khaleej Times quotes CEO Ghaith Al Ghaith as saying on the sidelines of Dubai Airshow. The airline is planning to “start small and grow big,” Al Ghaith said, adding it plans to operate out of both al DWC and Dubai International Airport. Flydubai had suspended its DWC operations during the pandemic.

All eyes on DWC: Dubai’s flag carrier Emirates is earmarking USD 10-12 bn in investments for DWC — with the airport also snagging an expression of interest for up to USD 3.5 bn from British export credit agency UK Export Finance to facilitate the airport’s expansion.

#5- RAK partners with Skyports to build vertiport sites: Ras Al Khaimah Transport Authority (RAKTA) has inked a framework agreement with UK-based Skyports Infrastructure to develop and operate a network of electric vertical take-off and landing (eVTOL) vertiports in the emirate, according to a statement. The pair will collaborate on identifying four potential sites across Ras Al Khaimah as well as designing and operating the vertiport locations. Construction is scheduled to begin from early 2026 — with the sites set to launch operations in 2027.

REMEMBER- RAKTA, Skyports, and Joby Aviation signed a long-term collaboration MoU in September to launch a passenger air taxi service network in the emirate by 2027.

Skyports has taken over the UAE’s vertiport scene: US-based Joby Aviation and Skyports Infrastructure will develop vertiport sites across Dubai — including the American University in Dubai, Atlantis the Royal, and Dubai Mall. The sites are set for launch in 2026.

#6- Agentic payments are now a thing in the UAE, after Mastercard launched its Agent Pay pilot, marking the first transaction made outside the US, according to a statement. The tool allows cardholders to use AI agents to search, book, and complete transactions, and is currently being tested in collaboration with Emirati conglomerate Majid Al Futtaim and UK-based fintech Dataiera.

REMEMBER- Agentic payments are gaining momentum: Visa is also banking big on AI-driven commerce, unveiling Visa Intelligent Commerce and AI-ready payments tools earlier this year, while PayPal released its own agentic AI toolkit.

DATA POINTS-

#1- A record 24.2 mn passengers passed through DXB in 3Q 2025, up 1.9% y-o-y and marking its highest quarterly figure, state news agency Wam reports. For 9M, the airport saw 70.1 mn passengers pass through, up 2.1% y-o-y, bringing its YTD figure to 93.8 mn. DXB recorded 115k flights in 3Q and 336k for 9M — up 2% y-o-y.

Where are they all coming from? The lion’s share of passengers came from India, which saw 8.8 mn arrivals, followed by Saudi Arabia with 5.5 mn, and the UK with 4.6 mn. Pakistan (3.2 mn) and the US (2.4 mn) rounded out the top five. London, Riyadh, Mumbai, Jeddah, and New Delhi were the top destinations.

#2-Abu Dhabi ramps up BTC exposure ahead of market correction: The Abu Dhabi Investment Council (ADIC) more than tripled its stake in Blackrock’s iShares BTC Trust (IBTI) in 3Q 2025, lifting its holding to almost 8 mn shares worth USD 518 mn as of 30 September, Bloomberg reports, citing a regulatory filling. The subsidiary of Mubadala Investment is building a long-term BTC allocation as part of its diversification strategy, describing the token as “store of value similar to gold,” Bloomberg quoted an ADIC spokesperson as saying.

Mubadala also maintained a sizable position. The wealth fund held 8.7 mn IBIT shares valued at USD 567 mn at the end of 3Q — unchanged from the previous quarter — even as the ETF has since lost roughly 20% of its value following BTC’s fall from its early-October peak of USD 126k. The quarter saw several large institutions, including Harvard Management, increase exposure to BTC ETFs despite mounting volatility.

HAPPENING TODAY-

#1- A UAE delegation is on a visit to Singapore and India until tomorrow to boost bilateral trade and explore new sustainable development investments, Abu Dhabi Media Office reports. The delegation will meet with policymakers, investors, and business leaders in both countries to strengthen partnerships across sectors like AI, agritech, healthcare and life sciences, renewable energy, advanced technology, financial services, manufacturing, and logistics.

#2- Canadian Prime Minister Mark Carney is in Abu Dhabi for a working visit focusing on attracting new investments and trade partnerships, and expanding the trade and economic partnership in areas like energy, agriculture, infrastructure, and AI, according to a statement. The PM will meet with business execs and the heads of UAE sovereign wealth funds to attract investments to build out Canada’s export infrastructure and boost access for Canadian exporters.

Investment pact on the table: Carney is aiming to sign a formal foreign investment promotion and protection agreement with the UAE during the trip, with a senior Canadian official telling CBC that an agreement is “ready to go.”

#3- Dubai Airshow is on its fourth day and runs until tomorrow at Al Maktoum International Airport in Dubai. The event features over 1.4k exhibitors and 192 aircraft on display, and looks to develop new solutions for sustainable aviation. Expect plenty of agreements as well as discussions around key issues facing the aviation industry, from MRO and airport and airline management to cybersecurity, workforce development, airport tech, and women’s leadership in aerospace.

#4- The Investment and Business Summit is on its second day today and runs till Thursday, 20 November at Al Hamra International Exhibition and Convention Center in Ras Al Khaimah, gathering investors, industry leaders, and government representatives to discuss investment prospects in Ras al Khaimah, with a focus on manufacturing, tourism and hospitality, real estate and infrastructure, and investment and finance.

THE BIG STORY ABROAD-

The international press is dominated by Nvidia’s stronger-than-expected earnings, which helped lift the S&P 500 after four straight days of losses. In Washington, US President Trump ended months of resistance by signing a bill requiring the release of the Epstein files.

Nvidia reported stronger-than-expected earnings, reporting 3Q revenue up 62% to USD 57 bn and net income of USD 31.9 bn, and lifting its outlook for 4Q to about USD 65 bn — comfortably above analyst estimates. CEO Jensen Huang pushed back on talk of an AI bubble, saying “There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different.” (Reuters | CNBC | The Financial Times | The New York Times | Bloomberg)

Nvidia’s earnings offered a temporary reprieve to investors after days of mounting anxiety over whether AI trade had overheated, with the S&P 500 breaking a four-day run of declines, though down more than 1% for the week. (CNBC | Reuters)

Across the Atlantic, the EU moved to dial back its long-running crackdown on Big Tech, unveiling a “digital package of simplification” aimed at easing rules on AI and privacy and potentially eliminating cookie-consent pop-ups (Semafor)

AND- US President Donald Trump signed a bill to release the files related to Jeffrey Epstein — a sharp reversal after months of a fight that exposed deep rifts within his own party. (The Associated Press | CNBC | Reuters | CNN | The New York Times | Bloomberg)

Closer to home, Israel intensified airstrikes across southern Lebanon, killing at least one person as it continues near-daily operations to prevent Hezbollah from rearming. This coincides with escalating violence in Gaza, where Israeli bombardments killed at least 25 Palestinians, threatening the fragile truce could unravel. (Reuters | CNN | The New York Times | Bloomberg)

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Sharjah’s sukuk oversubscribed, pricing tightens to 110 bps

Sharjah taps sukuk market with a USD 750 mn, 10.5-year issuance: Sharjah’s government raised USD 750 mn from a 10.5-year 144A Reg S sukuk, according to a press release. The issuance saw strong demand, with the order book coming in at USD 1.7 bn excluding joint lead managers after peaking at USD 2 bn earlier, according to a separate press release.

Pricing tightened sharply: Initial guidance at 145 bps over US Treasuries narrowed to a final spread of 110 bps on the back of solid appetite from international investors. The sukuk, which is part of Sharjah’s Trust Certificate Issuance Program, will settle on 25 November.

ADVISORS- Bank of Sharjah served as joint lead manager and HSBC was the dealer and bookrunner for the issuance.

REMEMBER- Last year, the Sharjah government also issued a USD 750 mn, 10.5-year sukuk priced at 140 bps over US Treasuries, tightening 35 bps from initial guidance on strong demand. The order book reached USD 2.6 bn. It also issued EUR 500 mn in 6.5-year sustainability bonds earlier in 2024, and more recently issued a EUR 500 mn, seven-year bond in February. The wave of issuances comes as the government approved its largest-ever budget of AED 42 bn for this year.

Cabinet approves AED 36.7 bn national investment fund

The UAE Cabinet has approved the National Investment Fund with an initial capital of AED 36.7 bn, in a bid to support and attract foreign direct investment and raise annual overseas inflows, Vice President and Prime Minister Mohammed bin Rashid Al Maktoum announced during a cabinet meeting at Dubai Airshow, according to a post on X and Dubai Media Office. The initial capital commitment could be increased further, he added.

The target: The fund aims to increase FDI inflows to AED 240 bn annually by 2031, up from AED 115 bn currently. The strategy is also looking to bring the total value of foreign investment in the UAE to AED 2.2 tn by the same year — from AED 800 bn currently.

How the fund will work: The government will offer development packages to firms that are likely to contribute significantly to the Emirates’ economy. The fund will coordinate with other government bodies and departments, and operate primarily through a direct financing strategy.

ALSO FROM THE MEETING- The Cabinet approved a mutual investment protection agreement with Sri Lanka, two mutual visa exemption agreements with Trinidad and Tobago and Antigua and Barbuda, and also ratified an agreement for electrical interconnectivity between GCC countries.

Adia wraps Ooreedoo stake sale

The Abu Dhabi Investment Authority (ADIA) completed its secondaryofferingof 160.5 mn Ooredoo shares, equivalent to 5.01% of the Qatari telecom operator, according to a press release (pdf). The shares were offered at a final price of QAR 12.5 apiece — 5.7% less than their value at the end of trading yesterday.

The transaction is set to have brought in roughly QAR 2 bn (USD 584 mn) and saw strong demand from domestic, regional, and international investors, with books multiple times oversubscribed.

The state of play now: ADIA retains roughly half of its original 10% stake in Ooredo, with its remaining shares on lock-up for 180 days. The sold shares will start trading today on the QSE’s special trade segment. Ooredoo’s freefloat on the Qatar Stock Exchange has now increased to 27%, up from 22%.

ADVISORS- Our friends at HSBC were joint bookrunners alongside Citigroup and QNB Capital.

ICYMI- Adia formally kicked off the offering earlier this week, and the news was first announced days before.

Dubai Airshow day 3 wrap-up: flydubai locks in Boeing order, Emirates makes USD 3.4 bn Airbus order

Airbus and Boeing both locked in more orders from Emirati carriers on the third day of Dubai Airshow, while Tawazun Council and defense firm Edge continue their localization push with JVs with global manufacturers to produce defense systems and more in the UAE.

AIRCRAFT ORDERS-

#1- Emirates has locked in an order for eight additional Airbus A350-9 jets for USD 3.4 bn, according to a statement. The jets are scheduled for delivery in 2031. Once delivered, the new order will expand the carrier’s A350-9 fleet to a total of 73 units, while its total orderbook now stands at 375 widebody jets — adding to the airline’s 269 planes in operation.

This is Emirates’ second aircraft order during the Airshow, though it’s much smaller than its previous order with Boeing. Dubai’s flag carrier placed a USD 38 bn order for 65 Boeing 777-9 jets earlier this week, with the jets set for delivery starting 2Q 2027.

REMEMBER- Emirates President Tim Clark has been vocal with his criticism of Airbus’ Rolls Royce engines, calling them “defective.” The aircraft manufacturer has reportedly invested big in improving the durability of the engines.

#2- Boeing snaps up remaining flydubai order: Dubai-based airline flydubai placed an order with US manufacturer Boeing for 75 737 Max jets — with an option to add another 75 planes, according to a statement. The value of the order was not disclosed, though it raises flydubai’s orderbook at this year’s Dubai Airshow to 300 aircraft. The airline already operates some 96 Boeing 737 aircraft.

ICYMI- Flydubai tapped Boeing’s rival Airbus for a massive order of 150 A321 aircraft earlier this week, marking the budget airline’s first Airbus purchase. The transaction is valued at USD 24 bn, sources told Reuters.

Airbus bagged the big slice: The European manufacturer [Airbus] snagged the bulk of the order due to their jet range and size, flydubai CEO Ghaith Al Gaith told Reuters. “Whenever you make an order of that magnitude, you have to scale or you have to evaluate it on the basis of its merits,” he explained.

Speaking of Airbus: The aircraft manufacturer inked an agreement with Abu Dhabi-based manufacturer Calidus Holding Group to look into the development of a localized Airbus A400M-dedicated maintenance, repair, and overhaul (MRO) hub in the UAE, state news agency Wam reports.

DEFENSE-

Tawazun, MBDA roll out new localization projects: UAE defense authority Tawazun Council and European missile maker MBDA will establish MBDA UAE, a fully owned entity focused on local R&D, production, and technical support, according to a statement. The two sides also agreed to co-develop an AI-enabled system for loitering munitions with Fly-R, a drone manufacturing start-up.

New manufacturing push: MBDA will build an Emirati thermal batteries plant at Tawazun Industrial Park as part of the Council’s Project Bank portfolio. The facility — set to be a new branch of global battery manufacturer ASB Group — will produce thermal batteries used in missile systems to boost local defense manufacturing capacity.

Tawazun Council also signed a framework agreement with Edge Group’s engineering arm EPI and General Atomics Aeronautical Systems to manufacture and repair electronic brake control units (eBCUs) in the UAE, Wam reports. The agreement — enabled through the Tawazun Economic Program — will localize eBCUs that replace hydraulic braking systems in civilian and defense aircraft.

Tawazun has now inked agreements worth AED 18 bn at the Airshow, state news agency Wam reports, spanning aircraft-maintenance contracts, Black Hawk upgrade work, and multiple technical-support agreements.

Meanwhile, Edge and Italian defense firm Leonardo are launching a JV in Abu Dhabi next year with plans to potentially develop, design, and produce defense systems, according to a statement. The portfolio could include sensors, integration systems, and platforms, and will be marketed both to UAE and international clients. Edge will own 51% of the JV, while Leonardo will own 49%.

ALSO- Edge’s Brazilian subsidiary secures military contract: Edge Group’s Brazilian subsidiary Siatt secured a contract to build an anti-tank solution for the Brazilian Marine Corps, according to Wam. The tech will be used on 4×4 vehicles in mission-critical environments and will be fitted with antimissile systems. It will also be integrated with drone technology allowing for intelligence, surveillance, and reconnaissance (ISR) capabilities and ground attacks. Siatt will conduct operational testing on the systems and plans to roll out the first ones next year, looking to double production thereafter.

ICYMI- Siatt, which Edge acquired a 50% stake in in 2023, also recently opened a new 6k sqm headquarters and production facility in São José dos Campo, and partnered with Brazil’s navy on anti-ship missiles at the start of the year.

The company is also eyeing US arms co-production, Anduril investment: Emirati defense conglomerate Edge is seeking co-production agreements with US weapons makers and plans to begin manufacturing in the US, CEO Hamad Al Marar told Reuters on the sidelines of Dubai Airshow. The push follows Edge’s new partnership with US drone firm Anduril to jointly build an unmanned aircraft in the UAE — a move Al Marar described as the first step toward deeper industrial ties with Washington. The firm is also mulling an equity investment in the drone manufacturer.

MANUFACTURING-

Sanad Group has partnered with France’s Safran to establish an aircraft-engine testing center in Al Ain with investments exceeding AED 500 mn, CEO Mansoor Janahi told Asharq Business (watch, runtime: 9:19) on the sidelines of Dubai Airshow. The facility will be twice the size of Sanad’s Abu Dhabi Center.

Janahi added that 2025 has been an exceptional year for new agreements, with AED 5 bn in fresh contracts, pushing the group’s total backlog to AED 38 bn.

SUSTAINABLE AVIATION FUELS-

Emirates + Enoc partner up on SAF: Emirates National Oil Company (Enoc) inked an MoU with Emirates to explore and establish joint ventures for the supply of sustainable aviation fuel (SAF) to the UAE — with Dubai serving as its hub, according to a statement. Under the agreement, the pair will study the SAF supply market — including supply chain infrastructure, production capacity, and commercial viability.

REMEMBER- Enoc signed another MoU with Mercantile & Maritime Group’s subsidiary MENA Biofuels to collaborate on the offtake, supply, and distribution of SAF on day two of the conference.

Non-oil economy will be the fastest growing in the GCC next year -NBK

The UAE’s non-oil GDP is forecast to be the fastest growing in the GCC region through 2026, National Bank of Kuwait (NBK) said in a research note seen by EnterpriseAM. The bank expects the non-oil economy to maintain robust growth of 4.5% next year — a slight decline from this year’s 4.8%.

Driving the growth: The expansion will be supported by strong consumption and credit growth rates, accelerated population growth, higher demand in the real estate sector, as well as larger investments in key sectors including energy, transport, and AI, according to the note.

How this compares: Moody’s expects the non-oil sector to grow 4-5% between 2025 and 2026, supported by projects such as the Etihad Rail network and the unified Gulf visa launching next year, which should bolster tourism and investment flows. Fitch Solutions’ research unit BMI, on the other hand, sees the non-oil sector expanding 5.8% y-o-y, boosted by easing geopolitical tensions.

NBK sees inflation softening to below 2% in 2026, driven by slower growth for rental prices in Dubai, weaker food inflation and fuel prices. This is broadly in line with the CBUAE inflation forecast of 1.8% in 2026, while the World Bank and the IMF see inflation growing at 2% for the year ahead.

The property market is expected to continue booming, but at a slower pace: While market sales surged in Dubai (+20% y-o-y) and Abu Dhabi (+40% y-o-y) in 3Q 2025, the trend is expected to slow down in 2026 — especially for Dubai, due to government initiatives to increase housing supply, the note explains.

NBK sees the fiscal surplus shrinking to 4.2% of GDP in 2025, and to 3.7% in 2026, on the back of higher government spending. This is slightly narrower than the World Bank’s forecast of a 4.4% fiscal surplus in 2025, and a 4.9% surplus in 2026. Meanwhile, the current account is expected to hold steady at 13% of GDP in 2026 due to greater oil export volumes along with higher prices for precious metals, the note explains. This once again diverges from the World Bank’s forecast, which pegs the surplus at 7.1% this year, before rebounding to 7.7% in 2026.

Potential risks? The UAE could face some headwinds forthcoming from lower oil prices, an overheating economy caused by higher inflation levels due to higher growth rates, a slowdown in the property market, as well as a global slowdown or higher geopolitical tensions.

On a positive note: Despite economic turbulence in 2025, the UAE’s economy remained agile thanks to elevated diversification efforts, stable macroeconomic management, and a lessened tariff impact, NBK said. The bank expects these developments to be carried through 2026, with easing geopolitical tensions further supporting growth. Additionally, the UAE will benefit from increased oil production and capturing market shares upon the completion of the Upper Zakum/Dalma fields in 2026.

IFFCO appoints new board in turnaround + Sharjah ruler appoints Aisha Deemas as EPAA chair

IFFCO installs new board: Food and agri-business company IFFCO Group appointed a new seven-member board led by turnaround specialist Abdul Wahab Al-Halabi (LinkedIn), Bloomberg reports. The veteran of major Gulf restructurings and advisor to Houlihan Lokey has been named executive chairman and will oversee strategy, governance, and the group’s long-term recovery. Several senior IFFCO executives have also joined the board.

REMEMBER- IFFCO is currently working with Rothschild & Co to restructure around USD 2 bn in debt owed to lenders. The Paris-based firm was tasked with shoring up liquidity, leading creditor negotiations, and exploring fresh funding options and potential sales of non-core assets.

Sharjah ruler names new EPAA chair: Sharjah ruler and Supreme Council member Sultan bin Mohammed Al Qasimi issued a decree appointing Aisha Deemas (LinkedIn) as new chairperson of the Environment and Protected Areas Authority (EPAA), effective as of yesterday, state news agency Wam reports. The decree transfers Deemas from her previous role as director-general of the Sharjah Museums Authority.

PE firm KKR expands to Abu Dhabi + Zand AED-backed stablecoin gets approval

INVESTMENT-

KKR sets up shop in ADGM: US private equity firm KKR opened a new office in ADGM in a bid to strengthen its UAE footprint and on-ground presence in the GCC region, according to a press release. The new office will target investment and capital flows across the Gulf, and will be headed by Julian Barratt-Due (LinkedIn).

ICYMI- KKR recently tapped retired US army general and former CIA director David Petraeus as chair of KKR Middle East. At the time it was reported KKR was building a team to operate out of Dubai, where the firm has an established presence since 2009. Its recent regional moves include acquiring a minority stake in Adnoc Gas Pipeline Assets, as well as an investment in Gulf Data Hub at the start of the year.

FAB launches fine art investment platform: First Abu Dhabi Bank (FAB) launched a platform allowing its clients to invest in and directly own museum-grade fine artwork, according to a press release. The platform, launched in collaboration with Opera Gallery Group, also offers concierge services and financing options within a regulated framework managed by the bank. The move looks to position art as a wealth management tool and source of liquidity, and falls within FAB’s plan to diversify client assets.

The art world is increasingly on Middle East investors’ radar, with Abu Dhabi’s sovereign wealth fund ADQ acquiring a minority stake in UK-based auction house Sotheby’s as part of a USD 1 bn investment alongside telecom b’naire Patrick Drahi.

CRYPTO-

UAE approves first regulated, AED-backed public stablecoin: The Central Bank of the UAE (CBUAE) gave digital bank Zand the green light to issue Zand AED — the country’s first regulated, multi-chain, AED-backed stablecoin available on public blockchains, according to a statement. The token is backed 1:1 with AED reserves held in segregated accounts and issued by the CBUAE-supervised Zand Trust, which is rated BBB+ by Fitch. It will run on multiple public blockchains and enable AED-denominated settlements for payments, tokenization, and institutional digital-asset transactions.

More AED stablecoins coming: Zand AED adds to a growing pipeline of AED-pegged stablecoins in the UAE. IHC, ADQ, and First Abu Dhabi Bank are all planning a CBUAE-regulated AED stablecoin on the ADI blockchain, while AE Coin became the first AED-pegged stablecoin to receive full regulatory approval in ADGM last December. Phoenix Group and Tether are also developing an AED stablecoin.

FINANCE-

DIFC launches new family wealth initiatives: Dubai International Financial Center (DIFC) inked several partnerships and initiatives to advance family wealth management, according to a press release. These include:

A NextGen Leadership Program starting in early 2026 offering training and mentorship to future family business leaders;
a digital platform with access and information on modules, events, and other integrated services;
partnering with Dubai Land Department to streamline access to real estate ownership, as well as with banks including our friends at Mashreq, as well as Standard Chartered and Emirates NBD, to provide personalized financial solutions for family offices;
partnering with the General Directorate of Residency and Foreigners Affairs to facilitate golden visas;
and setting up an Advisory Council to provide strategic advice and consultancy services.

BACKGROUND- The move comes as the number of regional and international family wealth offices setting up in DIFC continues to rise — up 73% y-o-y to 1k in 1H 2025— as the UAE positions itself as an alternative for HNWIs seeking to skirt high-tax environments. The Center launched a dedicated directory of family business advisors over the summer, aiming to make consulting services more accessible for family offices.

DEBT-

Emirates NBD joints MoF’s retail sukuk initiative: The Finance Ministry signed its second agreement under the Retail Sukuk initiative with Emirates NBD, allowing UAE citizens and residents to invest in fractional UAE Treasury Bonds and Islamic Treasury Sukuk starting from AED 4k via the bank’s digital platform, according to a press release. The app will handle onboarding, KYC, primary subscriptions, secondary-market trades, and provide basic investor education tools.

BACKGROUND- The program launched in October, opening up T-Sukuk to retail investors for the first time, with Abu Dhabi Islamic Bank named as the first participating bank. It aims to widen the investor base, giving individuals access to government-backed sukuk.

SPACE-

#1- Madari + South Korea’s Innospace will launch AI space data centers by 2026: UAE-based Madari Space and South Korea’s Innospace inked an MoU to explore joint development of space-based data infrastructure, including space data centers in the UAE, Space and Defense reports. It is aiming to launch its first orbital data center by 2026 in partnership with Mohammed bin Rashid Space Center and the United Nations for Outer Space Affairs, as demand for secure, AI-powered data processing and storage in low-Earth orbit rises.

We knew this was coming: The Abu Dhabi-based startup’s CEO Shareef Al Romaithi recently announced plans to launch data centers in low-Earth orbit, anticipating rollout by 3Q 2026. Al Romaithi also said Madari has been targeting governments and businesses with space operations for backup data storage alternatives.

#2- MBRSC, DIFC partner on SpaceTech platform: Mohammed Bin Rashid Space Center (MBRSC) and DIFC’s Innovation Hub will set up a joint platform to boost the commercialization of space technologies, according to Dubai Media Office. The two entities will launch a platform called Space for Earth Labs to connect space-focused startups with government bodies and financial institutions, with a focus on the Global South, and also help with licensing and accelerator programs.

First up: The two have opened submissions for the Geospatial Accelerator, which offers startups licensing, mentorship, soft-landing support, and access to their network of partners, as well as sector-specific resources like satellite imagery and data resources.

AVIATION-

Tim Aerospace opens MRO hangar in MBRAH: Dubai-based aircraft maintenance provider Tim Aerospace has launched an MRO hangar at the Mohammed bin Rashid Aerospace Hub (MBRAH) in Dubai South, according to Dubai Media Office. The hangar is designed to accommodate up to 12 narrow-body or five wide-body jets — excluding the Airbus A380 — and will provide aircraft base maintenance for commercial passenger and cargo aircraft.

A long time coming: MBRAH and Tim Aerospace inked the initial agreement back in 2023 and broke ground on the hangar’s construction last year.

LOGISTICS-

Talabat taps K2 for drone delivery trials: DFM-listed Talabat inked an MoU with Abu Dhabi-based autonomous tech firm K2 to test commercial drone deliveries for food and groceries, according to a press release. The pilot will explore a drone-to-station delivery model, aiming to improve efficiency in high-demand areas, reduce carbon emissions, and scale smart last-mile delivery solutions. The two previously inked an agreement to collaborate on the pilot scheme earlier this month.

AAOIFI delays Standard 62 rollout amid growing concerns over its appeal to markets

The planned overhaul to sukuk Standard 62 has been put on ice after investors warned the move could disrupt a USD 1 tn market, Bloomberg reports, citing Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Secretary General Omar Mustafa Ansari. “A strict implementation would materially change the nature of sukuk from being bond-like to becoming more akin to asset-backed securities,” Amol Shitole, head of fixed income at Mashreq Capital, told Bloomberg.

Back to the drawing board: “We have put it on hold,” Ansari said, adding that at least one more consultation round with central banks, major issuers, rating firms, and lawyers will take place before a final decision on Standard 62 is made.

SOUND SMART- Standard 62 would require sukuk issuers to formally transfer ownership of underlying assets to investors — a shift AAOIFI scholars say is needed to ensure structures reflect true Shariah-compliant asset ownership, rather than the bond-like cash flows common in today’s market. “Sukuk can never be a conventional bond,” Ansari said, adding that “anybody who wants a pure bond should go to the conventional market.”

The possible update would safeguard against default: AAOIFI argues that in a truly asset-backed structure, investors would be able to take over or liquidate assets more swiftly in the event of default — a central question in the ongoing debate. Discussions are now focused on structuring sukuk so that regular cashflows resemble debt-like instruments, while default situations trigger equity-like characteristics.

Industry concerns remain significant. “This shift could have significant consequences,” Shitole said, citing variable income, greater complexity, and reduced liquidity that could weigh on demand. Rating agencies and investors also warn that such a move would complicate risk assessment and could mean that sukuk may no longer qualify for fixed-income portfolios.

Not likely to sit well with sovereign issuers: Mehdi Popotte, senior sukuk portfolio manager at Arqaam Capital, pointed to three challenges. First, that some issuers — particularly sovereigns — may be unwilling to transfer assets. Second, that investors might shift toward non-AAOIFI-compliant sukuk, creating a fragmented market. Third, that AAOIFI does not maintain official records of which sukuk meet its standards.

MARKETS THIS MORNING-

Asian markets are trading higher this morning after Nvidia’s earnings eased concerns about the AI bubble bursting. The Nikkei is up 3.2%, with tha Kospi trailing behind, up 2.7%. The Shanghai Composite is looking at more moderate gains, while the Hang Seng is flat.

ADX	9,858	-0.2% (YTD: +4.7%)
DFM	5,862	-0.6% (YTD: +13.6%)
Nasdaq Dubai UAE20	4,684	-0.7% (YTD: +12.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.8% o/n	3.7% 1 yr
Tadawul	10,999	-0.9% (YTD: -8.6%)
EGX30	40,509	+0.0% (YTD: +36.2%)
S&P 500	6,642	+0.4% (YTD: +12.9%)
FTSE 100	9,507	-0.5% (YTD: +16.3%)
Euro Stoxx 50	5,542	+0.1% (YTD: +13.2%)
Brent crude	USD 63.72	+0.3%
Natural gas (Nymex)	USD 4.54	-0.2%
Gold	USD 4,096	+0.3%
BTC	USD 91,327	-1.2% (YTD: -2.3%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.78	-0.5% (YTD: +8.5%)
S&P MENA Bond & Sukuk	152.03	+0.1% (YTD: +8.6%)
VIX (Volatility Index)	23.66	-4.2% (YTD: +36.4%)

THE CLOSING BELL-

The ADX fell 0.2% yesterday on turnover of AED 1.9 bn. The index is up 4.7% YTD.

In the green: Hayah Ins. (+7.4%), 2Point Zero Group (+4.4%) and Investcorp Capital (+4.1%).

In the red: Union Ins. (-9.6%), ADCB Rights Issue 2025 (-7.1%) and Phoenix Group (-6.8%).

Over on the DFM, the index fell 0.6% on turnover of AED 865.3 mn. Meanwhile, Nasdaq Dubai was down 0.7%.

CORPORATE ACTIONS-

ADNH Catering outlines dividend plan for 2026-27: ADNH Catering will distribute 8-8.5 fils per share in dividends for both 2026 and 2027, according to an ADX disclosure (pdf). It will make payments in two equal installments each year — one in October and one in April of the following year.

CALENDAR

NOVEMBER

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

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.

12 December (Friday): Emirates NBD to launch an open offer for Mumbai-listed RBL Bank’s public shares.

13-15 December (Saturday-Monday): Mobile Developers Week, Abu Dhabi.

18-23 December (Thursday-Tuesday): Games of the Future, Adnec, Abu Dhabi.

26 December (Friday): Tender period for Emirates NBD’s offer for RBL Bank’s public shares ends.

29-30 December (Monday-Tuesday): World Sports Summit, Dubai.

Signposted to happen sometime in 2025:

e& will complete Adnoc’s private 5G network;
Executive Committee Meeting (EXCOM) conference of the World Smart Sustainable Cities 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 in 2029:

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

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