US greenlights Nvidia chip exports to the UAE, on a tit-for-tat basis

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WHAT WE’RE TRACKING TODAY

THIS MORNING: ADQ could be vying for Sicily’s Catania Airport + Etihad Airways plans USD 15 bn investment over seven years; but no firm IPO timeline

Good morning, friends, and happy FRIDAY. It’s feeling more and more like the calm before the storm, as the newsflow quiets down before everyone descends on Dubai next week for Gitex Global — the largest tech, AI, and startup event in the world.

Of several exciting speakers, OpenAI CEO Sam Altman is set to make a virtual appearance to speak at the event, while G42 CEO Peng Xiao, AI Minister Omar Al Olama, and Economy Minister Abdulla bin Touq Al Marri will also be speaking.

We have a big tech story to set the stage this morning, with the US greenlighting bns of USD worth of Nvidia chip exports to the UAE — reportedly on a USD-for-USD basis with every investment the UAE pours into the US.

Plus: The latest debt update comes from Mubadala, which tightened pricing on its USD 750 mn bond issuance.

ALSO- Projects took a slump in 3Q 2025, falling 65.8% y-o-y on the back of weaker activity in the transport and oil sectors.

^^We have everything on all of this and more in the news well, below.

WEATHER- Temperatures in Dubai are set to peak at 38°C, before cooling to an overnight low of 24°C, while Abu Dhabi will see a high of 39°C, and a low of 27°C.

WATCH THIS SPACE-

#1- Abu Dhabi sovereign wealth fund ADQ could be vying for Sicily’s Catania Airport, with two sources familiar with the matter quoted as telling Reuters that it has shown interest in the airport ahead of the launch of the sale. Something between a 51% and a 66% stake in the airport, which is operated by SAC, a company owned by local authorities and chambers of commerce, under a concession agreement, could be sold. The airport could be valued between EUR 500-600 mn, the sources added.

Where we’re at: Italy's civil aviation authority ENAC is currently reviewing the draft tender for the sale, with an eye to greenlight it by the end of this month.

#2- Etihad Airways plans USD 15 bn investment, with no firm IPO timeline: Etihad Airways plans to invest USD 15 bn over the next seven years, CEO Antonaldo Neves told CNBC Arabia. The funds for the investment will come from the firm’s own coffers, with the CEO noting robust cash flow and reduced leverage levels.

As for its IPO plans? Neves said the firm has no specific timeline for an initial public offering, describing the IPO as a liquidity tool for shareholders, rather than a corporate necessity. The airline is already distributing dividends and making fleet purchases using its own equity, he said.

ICYMI- Earlier this year, the airline was reported to be delaying its USD 1 bn IPO to the ADX until early next year. It is also aiming to expand its current fleet of 100 to 200 by 2030, up from an earlier target of 170. Etihad will see 28 new aircraft this year thanks to a USD 14.5 bn agreement with the US, and around 20 aircraft will join its fleet each year until 2030, he added.

#3- Al Habtoor hotel IPO decision by the end of year: Al Habtoor Group will make a final decision about an IPO for its hospitality division, Habtoor Hospitality, on the Dubai Financial Market before the end of this year, the group’s chairman and founder Khalaf Al Habtoor told Emarat Al Youm. The firm received strong interest from European and Chinese investors, he said, though it hasn’t made any formal moves like appointing advisors for a listing, he added.

Hotel arm for now, more to follow? Currently, only its hotel management arm would be up for grabs, but it could be followed by public offerings for other divisions. Expansion into other sectors like artificial intelligence and tech is also being weighed up, Al Habtoor said.

BACKGROUND - The group said it was considering an IPO in February, a move that comes after years of on and off considerations dating back to 2012. Al Habtoor confirmed in June that more details on the size of the offering would come later and that a dual listing was in the cards. The group chairman also visited Syria in the summer to scout for investment windows.

#4- Space42 ships first domestically assembled SAR satellites to US: Abu Dhabi-based Space42 dispatched three Synthetic Aperture Radar (SAR) satellites to the US, state news agency Wam reports. The satellites, Foresight-3, Foresight-4, and Foresight-5, were developed in partnership with Polish-Finish satellite manufacturer and operator ICEYE, and mark the UAE’s first deployment of advanced SAR satellites.

The latest launches: The new satellites will join Foresight-1, launched in 2024, and Foresight-2, deployed earlier this year, as part of Space42’s growing Earth observation constellation set to be finalized by 2027. The systems provide high resolution imaging of Earth’s surface regardless of weather or lighting conditions, enabling real-time tracking of small objects and surface changes.

#5- Abu Dhabi Airports, Al Hail Holding to pilot digital wallets for travellers: Abu Dhabi Airports signed an MoU with Abu Dhabi-based investment firm Al Hail Holding and fintech Xare to launch a regulated digital wallet for incoming travellers, to be piloted at Zayed International Airport, according to a press release. The platform will enable cashless transactions using stablecoin and digital-asset payment solutions, developed in partnership with Index Exchange and Zand Bank — both part of the Al Hail Group — and Xare as the technology provider.

More to come: The three companies will also explore AI-enabled smart mobility and sustainability projects, including intelligent transport systems and infrastructure upgrades across Abu Dhabi’s airport network.

PSA-

UAE space agency launches digital platform to streamline licensing: The UAE Space Agency rolled out a new digital services platform enabling investors, entrepreneurs, and companies to apply for, manage, and track space-related licenses entirely online, Gulf News reports. Firms will be able to receive a digital license and UAE space tech firm Space42 was the first company to receive a license during the system’s testing phase. The move comes as the Emirates looks to position itself as a hub for space activity.

DATA POINT-

Ajman real estate transactions jump 47% in 3Q 2025: Ajman’s Land and Real Estate Regulation Department logged 5k property transactions that brought in over AED 8.1 bn in 3Q 2025, up 47% y-o-y, Wam reports. Trading volume hit AED 5.2 bn across 4.1k transactions, led by Al Rumaila 3 with AED 300 mn in sales. Emirates City recorded the highest activity among major projects, while Al Helio 2, Al Helio 1, and Al Yasmeen were the busiest neighborhoods.

Mortgage transactions totaled 633 and AED 1.2 bn in value, with Industrial Area 2 registering the largest share at AED 110 mn.

HAPPENING TODAY-

#1- The International Conference on Climate Action and Sustainability is on its final day at the UAEU campus in Al Ain. The event, which started on Tuesday and will run until Friday, gathers over 200 international experts, policymakers, researchers, and students to collaborate on solutions addressing key issues like clean energy, green materials, AI for sustainability, and climate-resilient infrastructure.

#2- The European Arab Medical Congress is running until Saturday at the Abu Dhabi Energy Center. The congress convenes clinicians, researchers, and policymakers from around the world to discuss neurohabilitation, mental health, and patient-centered care. The event aims to develop real world solutions and strategies to strengthen rehabilitation med. and patient-centered approaches.

#3- The IUCN World Conservation Congress kicked off yesterday and is on until Wednesday, 15 October in Abu Dhabi. The congress gathers government officials, academics, and members of the civil society to discuss the challenges facing sustainability and nature conservation, as well as the policy decisions influencing the conservation agenda. The event will be divided into three components — a forum, exhibition, and a members’ assembly to address how businesses should integrate sustainability into their strategies.

THE BIG STORY ABROAD-

Israel’s government ratified the ceasefire agreement with Hamas early this morning, setting the stage for the cessation of hostilities in Gaza within 24 hours and the exchange of prisoners and hostages in the following 72 hours. Humanitarian aid will also begin to flow into Gaza. Gazans, Israelis, and Arab countries, including the UAE, cheered news of an agreement, while US President Donald Trump, who brokered the agreement, plans to travel to Israel for the hostage exchange early next week.

The focus is now on what’s next. The costly reconstruction of Gaza, as well as an agreement on governance and the disarmament of Hamas, or the return of Israel’s attacks, could derail any further agreements to US President Donald Trump’s 20-point plan. It wouldn’t be the first time — with earlier ceasefires ending after initial phases of agreement. (Reuters | Bloomberg | BBC | New York Times | Wall Street Journal)

IN BUSINESS NEWS- HSBC wants to take its Hong Kong unit Hang Seng Bank private in what could be a USD 13.6 bn transaction. The bank already owns 63% of Hang Seng, which has been struggling with a pile of bad commercial real estate debt, though CEO Georges Elhedery says the take-private transaction has “nothing to do with” the debt situation, and is rather an investment for growth. (Bloomberg | Reuters | CNBC | FT)

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US greenlights some Nvidia AI chip sales to UAE

Washington clears some Nvidia chip exports to UAE under new AI pact: The US has given the greenlight to export several USD bns worth of Nvidia chips to the UAE, Bloomberg reports, citing people with knowledge of the matter. The export agreement is the first of its kind to a Gulf nation since President Donald Trump returned to the White House.

Why now? The sources said 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. The Emirates had previously committed to invest USD 1.4 tn into US AI infrastructure over ten years.

How many? The exact number and value of the chips earmarked for export haven’t been disclosed yet, however earlier reports expected the Emirates to see up to 500k annually of the US tech giant’s most advanced chips up until 2027. State AI firm G42 was initially reported to secure one-fifth of these.

HOWEVER- Initial shipments will not include any chips for G42, despite the fact that it is a core part of the US-UAE AI partnership, which will see the two countries develop the Stargate UAE initiative, set to be the first deployment of the US’ wider USD 500 bn Stargate infrastructure platform, and which will be part of a wider 5 GW US-UAE AI data center cluster in Abu Dhabi and host US tenants including OpenAI.

The approved export batch instead covers other US-linked data infrastructure in the Emirates. The value of chips the UAE will receive will reportedly match the UAE’s investments in US AI infrastructure on a USD-for-USD basis.

Background: The US had initially restricted the export of US AI chips and GPUs to 120 countries, including the UAE, citing security concerns that the technology could end up being used by China. Trump, however, recently introduced a diversion from this policy with an AI chip export program. Emirati players like G42 divested from China in an attempt to secure exports and National Security Advisor and G42 Chair Sheikh Tahnoon Bin Zayed Al Nahyan led negotiations at the start of the year to advocate for eased access to advanced chips — crucial to the Emirates’ efforts to position itself as an AI and data center hub.

Nvidia has since announced plans to open up its first Nvidia AI Technology Center in the region in the UAE in partnership with Abu Dhabi’s Technology Innovation Institute. The center is set to access Nvidia’s Thor chip, which is designed to enable advanced robotic systems development

Mubadala tightens price on USD 750 mn issuance + FAB issues a blue bond

Mubadala tightens pricing on USD 750 mn bond: Mubadala’s debt issuing arm Mamoura Diversified Global Holding (MDGH) tightened pricing on its USD 750 mn 10-year senior unsecured bond to 55 basis points over US Treasuries, from initial price thoughts of 90 bps over US Treasuries, Zawya reports. This came on the back of strong demand, with orders of more than USD 5.6 bn.

The returns breakdown: The fixed-rate notes have a semi-annual coupon of 4.625% and carry a 99.699 price to yield 4.663%.

ICYMI- MDGH launched the 10-year benchmark senior unsecured issuance earlier this week under its Global Medium Term Note Program. The notes are set to mature on 16 October 2035 and will be listed on the London Stock Exchange. MDGH has an Aa2 rating from Moody’s AA from S&P, and AA by Fitch — all with stable outlooks. This latest move follows on from a USD 1 bn issuance in May, while 2024 saw an AED 1 bn five-year sukuk and a USD 1 bn 10-year sukuk.

It’s not the only SWF to tap debt markets recently: Abu Dhabi’s ADQ upsized its loan from USD 4 bn to a USD 5 bn senior unsecured dual-tranche term loan, following strong demand. The three-year tranche was priced at at an interest margin of 70 basis points (bp) over the Secured Overnight Financing Rate (SOFR), leading to an all-in pricing of 85 bps, while the five-year tranche carried a margin of 85 bps over SOFR, resulting in an all-in pricing of 100 bps.

ADVISORS- Abu Dhabi Commercial Bank, Citi, First Abu Dhabi Bank, and Standard Chartered Bank acted as joint global coordinators. Bank of China, Deutsche Bank, Goldman Sachs International, Mizuho, and Santander joined as joint lead managers and bookrunners. Standard Chartered also handled billing and delivery.

IN OTHER DEBT NEWS-

FAB issues second blue bond, raising USD 20 mn: First Abu Dhabi Bank (FAB) has issued a USD 20 mn three-year blue bond, according to a press release. The move brings FAB’s total blue bond issuance to USD 70 mn, with its first blue bond issuance in August — also a first in the region — raising USD 50 mn.

Where will the funds go? Proceeds will go towards its wastewater treatment plants in Abu Dhabi and Al Ain which have a capacity of 430k cubic meters a day, as well as towards a renewable energy-powered desalination facility producing 37 mn liters per day with 700 MWh of battery storage.

UAE slips to third in GCC projects ranking after 65.8% y-o-y drop in 3Q awards

The UAE’s projects market took a steep hit in 3Q 2025, with contract awards plunging 65.8% y-o-y to USD 6.7 bn, according to Kamco Invest’s latest GCC Projects Market Update (pdf). The country slipped from first place in 1Q and 2Q to third in 3Q as construction, transport, and power activity cooled. Saudi Arabia ranked first this quarter, followed by Qatar.

REFRESHER- The UAE led the GCC in terms of project awards in 1H 2025, booking USD 26.1 bn contracts in 1Q (+11.7% y-o-y) and USD 14.0 bn in 2Q. Growth was driven by large power and industrial awards, along with diversification-led investments in tourism and real estate.

Construction remained the UAE’s largest segment in 3Q, recording USD 5.4 bn in contract awards, despite seeing a 56.2% dip y-o-y. Transport contracts halved to USD 579 mn, and power projects totaled USD 434 mn, while there were no new oil, gas, or chemical awards during the quarter.

Notable agreements included the USD 593 mn Madar Mall in Sharjah’s Aljada development — featuring 400 retail outlets, 80 dining options, and an observation tower — and a USD 300 mn agreement to build the Erisha Smart Manufacturing Hub in Ras Al Khaimah, a mixed-use complex combining industrial, residential, and commercial facilities.

Over the first nine months of the year, total contracts fell 18% y-o-y to USD 59.7 bn. Kamco expects the market to stabilize by year-end on the back of stronger GDP growth — the International Monetary Fund (IMF) projects the UAE economy to expand by 4.8% in 2025 and 5% in 2026 — and resumed Opec+ output increases.

The outlook is positive for the UAE, though, with Kamco Invest expecting projects to stabilize in the final months of 2025 and into 2026 on the back of strong economic growth. The UAE currently has the second most projects in its pipeline in the region, with USD 434 bn, or 24.4% of the regional total, trailing only Saudi Arabia, which leads with USD 887 bn in upcoming projects,

Regionally, GCC project awards dropped 27% y-o-y to USD 54.8 bn — the second-lowest level in ten quarters — on the back of declines in Saudi Arabia and the UAE and as geopolitical tensions, softer oil prices, and cost inflation weighed on investor appetite. Construction led the pullback, plunging 62.4% y-o-y to USD 11.1 bn, while power awards slipped 13.3% to USD 17.1 bn. Only oil and gas saw gains.

Saudi Arabia’s awards fell 34.8% y-o-y to USD 28.1 bn in 3Q, hit by slower giga-project execution and weaker foreign inflows. The Kingdom’s 9M total nearly halved to USD 61.5 bn from USD 116.6 bn a year earlier, though the IMF recently upgraded its 2025 growth forecast to 3.6% on expectations of stronger government-led spending.

Elsewhere, Qatar bucked the regional trend with contracts surging 115.9% y-o-y to USD 13.6 bn on the back of Asian Games-related infrastructure and industrial projects, while Kuwait rose 33.8% to USD 4.3 bn, supported by the USD 4 bn Al Zour North IWPP power and desalination project.

Kamco sees GCC project activity regaining momentum in 4Q, supported by a USD 1.8 tn pipeline of pre-execution projects — around USD 624 bn of which are in construction.

Adnoc L&S to build, own, and operate T’aziz’s chemicals export port at Al Ruwais

INDUSTRIALS-

Adnoc L&S, Ta’ziz ink 50-year agreement for UAE’s first chemical export port: Adnoc Logistics & Services (Adnoc L&S) and Ta’ziz — a joint venture (JV) between Adnoc and ADQ — signed a 50-year agreement for the chemicals export port at the Ta’ziz Industrial Chemicals Zone in Al Ruwais, according to an ADX disclosure (pdf). The port, currently being developed by NMDC Group under a USD 300 mn EPC contract awarded in 2024, is slated for completion in 4Q 2026 and set to be the UAE’s first chemicals export port.

The details: Adnoc L&S will build, own, and operate the port. The project is expected to bring in revenues upwards of USD 1.3 bn for Adnoc L&S over 27 years and is aiming to improve export routes to markets in Africa and Asia.

About the site: The port will include three berths: two liquid berths for ammonia, methanol, ethylene dichloride (EDC), vinyl chloride monomer (VCM), and caustic soda and one dry berth. This comes as T’aziz’s total chemicals production is set to rise to 4.7 mn tons per year by 2028 from its 17 sq km Al Ruwais 17 sq km facility.

CRYPTO-

Bybit secures first virtual asset platform operator license: Dubai-based crypto exchange Bybit obtained a full virtual asset license from the Securities and Commodities Authority (SCA), becoming the first platform to do so, according to a statement. The license allows Bybit to offer regulated trading, brokerage, custody, and fiat conversion services to both retail and institutional clients in the UAE.

Next move: The exchange is now moving ahead with plans to establish a regional operations center in Abu Dhabi, employing over 500 staff.

REFRESHER- Earlier this year, Bybit received in-principle approval from the SCA to set up a UAE-based platform.

FINANCE-

Leos Development secures AED 209 mn facility from Emirates Islamic for expansion: Dubai-based Leos Development has secured an AED 209 mn (c. USD 56.9 mn) escrow monetization facility from Emirates Islamic, the Islamic finance arm of Emirates NBD, to fund new development projects and support capital expansion and acquisitions, according to a press release. Leos’ portfolio includes developments in the UK, as well as the UAE.

Escrow facility? The facility allows the company to access liquidity, likely backed by its own escrowed assets.

INVESTMENT-

Bahrain’s Esterad launches DIFC-based asset management arm: Bahrain-listed Esterad Investment Company established Esterad Capital, a Category 3A asset management firm licensed by the Dubai Financial Services Authority, in the Dubai International Financial Center (DIFC), according to a press release. The new unit will serve as a regional investment platform focused on private equity, real estate, and alternative assets across the GCC and global markets.

ICYMI- Bahrain firms are deepening their UAE footprint: Earlier this week, Arcapita Group launched Lintara Properties, a regional platform managing USD 1 bn in GCC industrial and logistics assets, including developments in Saudi Arabia and the UAE.

JOBS-

Emirati heavyweights to create 3k jobs for local talent: Leading Emirati firms will create more than 3k windows for UAE talent in sectors like finance, emerging technology, and education, in Al Ain, after signing 17 MoUs with the Government Enablement Department on the sidelines of the Al Ain forum, according to an Abu Dhabi Media Office statement.

Who’s in? Industry leaders like Adnoc, Mubadala, G42, e&, Abu Dhabi Aviation Group, and the Industry and Advanced Technology Ministry were among those inking agreements on hiring and training programs for Emiratis.

M&A-

Dubai’s Aria Commodities unit in USD 135 mn reverse takeover agreement with Kibo Energy: Dubai-based Aria Commodities’ institutional asset management arm Carbon Resilience entered a reverse takeover agreement with London-listed Kibo Energy for USD 135 mn reverse takeover, according to a statement. The acquisition gives Kibo a 14 GW renewable energy portfolio in Queensland, Australia, spanning onshore wind, solar PV, and battery storage.

What’s next: The agreement will be completed through the issuance of about 966 mn new Kibo shares, pending shareholder and regulatory approval. The combined group plans to pursue projects in green steel, sustainable fuels, and industrial decarbonization.

Global sukuk issuance hit a record USD 80 bn in 3Q 2025

Global sukuk issuance hit a record in 3Q 2025, defying market volatility and the usual seasonal slump, according to a note by Fitch Ratings’ seen by EnterpriseAM UAE. Core markets — the GCC, Malaysia, Indonesia, Turkey, and Pakistan — issued about USD 80 bn in the quarter, up 22% q-o-q and 89% y-o-y.

What’s driving the boom: Lower funding costs and ample GCC liquidity offset tighter shariah compliance rules and regional tensions. The Fed’s September rate cut to 4.25% added momentum, while conventional bond issuance in the same markets fell 17.6% q-o-q.

Sukuk now account for 35% of total debt issuance in core markets, up from 27.5% a year earlier. Outstanding sukuk rose 15.5% y-o-y to USD 1 tn by end-3Q, with 28% denominated in USD. ESG-linked sukuk represented 13% of USD-denominated issues, alongside a rising share of subordinated instruments.

Regional leaders: Malaysia accounts for the largest share of outstanding sukuk issuances with 34%, closely followed by Saudi Arabia with 30%. Outside of the GCC, Indonesia, Malaysia, and Turkey together accounted for 64% of global issuance during the quarter. In the GCC, sukuk now make up 40% of outstanding debt instruments compared to 16% in emerging markets.

Sukuk issuance is on track to surpass 2024 levels, with 2026 prospects described as “promising.” Growth will be supported by refinancing needs, diversification goals, and Islamic-finance reforms. The agency’s base case assumes oil at USD 70 per barrel this year and USD 65 in 2026, though it added that price shocks and new shariah requirements could pose downside risks.

REMEMBER- Proposed reforms to sukuk aim to make them less like conventional interest-bearing debt and more like an asset-backed structure, where sukuk holders would gain full ownership of the underlying assets and expose them to additional risks like defaults. It could also increase costs and red tape for issuers through additional asset transfer and legal documentation.

Credit quality stays strong: The market remains resilient, with no defaults or downgrades among Fitch-rated sukuk in 3Q. About 80% of issues are investment grade, and 88% of issuers carry a stable outlook.

Structural shifts: Qatar Central Bank expanded its Primary Dealer Framework to include ijara sukuk, while Saudi Arabia’s potential inclusion in JPMorgan’s EM bond index could boost SAR-denominated demand. The UAE’s Higher Shariah Authority also issued new guidance on asset-sale rights, prompting issuers to revise documentation. Fitch said the change does not make unsecured sukuk equivalent to secured debt but could affect future rating treatment.

MARKETS THIS MORNING-

Asian markets are mixed once again this morning, South Korea’s Kospi is up 1.4%, as shares in South Korean chipmakers SK Hynix and Samsung Electronics hit record highs. The rally came following news of possible positive impact on both companies from OpenAI and AMD’s chips agreement. Over on Wall Street, futures are little changed after the S&P 500 and Nasdaq closed in the red yesterday.

ADX	10,144	+0.1% (YTD: +7.7%)
DFM	5,958	-0.0% (YTD: +15.5%)
Nasdaq Dubai UAE20	4,873	-0.1% (YTD: +17.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	3.8% 1 yr
TASI	11,583	+0.2% (YTD: -3.8%)
EGX30	37,377	+0.8% (YTD: +25.7%)
S&P 500	6,735	-0.3% (YTD: +14.5%)
FTSE 100	9,509	-0.4% (YTD: +16.4%)
Euro Stoxx 50	5,626	-0.4% (YTD: +14.9%)
Brent crude	USD 65.27	+0.1%
Natural gas (Nymex)	USD 3.24	-0.8%
Gold	USD 4,006.40	+0.9%
BTC	USD 121,278	-1.5% (YTD: +28.4%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.77	0.0% (YTD: +8.2%)
S&P MENA Bond & Sukuk	150.77	+0.1% (YTD: +7.8%)
VIX (Volatility Index)	16.43	+0.8% (YTD: -5.3%)

THE CLOSING BELL-

The DFM inched down 0.04% yesterday on turnover of AED 234.4 mn. The index is up 15.5% YTD.

In the green: Chimera S&P UAE Shariah ETF — Share Class B — Income (+5.9%), Chimera S&P UAE UCITS ETF — Share Class A — Accumulating (+4.5%) and Emirates REIT (CEIC) (+4.0%).

In the red: Al Mal Capital REIT (-5.7%), National International Holding Company (-4.5%) and Emirates Reem Investments Company (-3.4%).

Over on the ADX, the index rose 0.1% on turnover of AED 1.9 bn. Meanwhile, Nasdaq Dubai was down 0.1%.

CORPORATE ACTIONS-

Emirates Central Cooling Systems’ (Empower) general assembly agreed to pay shareholders AED 437.5 mn — AED 4.375 fils per share — as an interim dividend for 1H 2025, according to a DFM disclosure (pdf).

My Morning Routine: Riz Ahmed, CEO of SmartCrowd

Riz Ahmed, CEO of SmartCrowd: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Riz Ahmed (LinkedIn), CEO of SmartCrowd. Edited excerpts from our conversation:

I’m Riz Ahmed, the CEO of SmartCrowd, the Middle East's first regulated real estate crowdfunding platform. SmartCrowd started by addressing a fundamental issue that's in every major capital in the world, but especially here in Dubai. There’s high barriers to entry for real estate investing, and a lot of retail investors want to invest, but they don't have the capital.

SmartCrowd was the first to receive a regulatory license allowing fractional ownership in 2018, and letting people buy a portion of a property and benefit from its rental income or capital appreciation. You’re also relying on the expertise of someone who’s able to identify good investment prospects and manage the entire thing on your behalf.

I actually started as a customer of SmartCrowd. I had the capital, but wasn’t sure what to buy. Someone told me about it, and I thought it was great. Instead of buying one property, I ended up investing in 10 different ones. I loved it so much that I became an angel investor, then a year later, they asked me to join the board. I became an advisor to the CEO of the company, and then I took over the company as CEO about two years ago. That allows me to design products for customers that I myself had actually been looking for.

Before SmartCrowd, I was at Gems Education for nearly seven years, double hatting as both CFO and chief operating officer at the same time towards the end of the last two years. I took a bit of a break and went back to university to do my MBA and I started investing in companies, and SmartCrowd was one of them. I saw a huge opportunity there, because we had the best returns in the market — 50% better than our competitors — and the lowest fees. The co-founders felt like I had a good mix of vision and execution, given my experience at Gems and PwC before that, spanning finance, operations, and fundraising.

We’re in the process of getting our tokenization license, and we plan to launch a tokenized property by the end of this year or early next year. Tokenization is a bit of a buzzword, but all it is is just fractional ownership on chain. There’s increased efficiency and transparency, but it’s just an evolution of what we've already been doing.

The first step is making sure your compliance is fully up to scratch, and after that, you have to assess risks that come with being on chain. We have to invest in cybersecurity and establish partnerships for custody and distribution. Then we'll be moving to accept crypto payments as well, so there’s a whole bundle of new risks that we then have to assess and mitigate, and it’s really important to do that because you see a lot of compliance gaps in the crypto world.

We don’t chase volume, and that will be our approach with tokenization. Sometimes we’re funding one or two properties a month, because we’re chasing strong returns and fundamentals instead.

We’re at a different stage now where we’re moving from startup to a scale-up. We attracted a huge investor — Africa’s largest proptech Nawy — and the goal is to help them become the biggest proptech in Africa and the Middle East, ideally in the next three years, and build a global brand. We might even rebrand under Nawy in the future.

I’ve always had an interest in mergers and acquisitions, and specifically why acquisitions fail. I believe it all boils down to culture. When we were looking for a partner, we had several people approach us with offers, but with Nawy, there was a really good mesh of cultures. We understood each other, and understood that we can’t import their culture — with them being Egypt-born — into ours or vice versa.

I get up in the morning for Fajr prayer, and go boxing for 45 minutes. I’m an amateur boxer — you can see the marks on my nose — but getting punched in the face definitely wakes me up in the morning. I go home and spend a bit of time with my kids, and then I drop my daughter off at school and go to work.

As a CEO you're balancing between internal stakeholders, which is your team, and external shareholders. What I try to do as best as I can is to spend the whole day in the office working with the team and do other things like video conference, and when I have a bunch of meetings with external shareholders, I try to do them all on the same day.

In a corporate world, the day is very structured, but at a startup, it’s completely different. Anyone could come into your office and you have to firefight most of the time. You're constantly trying to solve problems and these problems can have a massive material impact on the actual business.

For me, nothing's more important than hiring. We went from roughly 10 employees when I first started two years ago to about 50 employees and we're probably going to go to about 100 in the next six months. A lot of time is spent finding the right candidates to grow, because if you make the wrong choice, it disrupts the team flow and culture.

One non-negotiable is spending time with the family. I will always make sure that I leave the office and get home in time to give my daughter a bath and put her to bed, and then I can log back on in the evening. That flexibility is really crucial for me, and it applies to the whole team. Family comes first, and everyone’s got a bit of leeway, but in turn, they’re also expected to cut the company some slack when times are more busy.

I’ve recently gotten into padel, which I think is a great networking opportunity in Dubai. I was playing padel with some investors last weekend, and we didn’t talk business, but there’s business to come off the back of that. It’s also a great sport to unwind a bit.

I love The Office — the American version. My team says I’m basically Michael Scott. I also follow this professor, Roy Casagranda, who’s an American political scientist and historian. He's very big in the Arab world because he talks a lot about Islamic history and current political situations in the Middle East.

My dad once told me something which I won't forget, which is “real wisdom is learning from others' mistakes, not your own.” Another piece of advice I think is important is that when some people dream of success, other people wake up and work harder. I think it’s really important, especially now as Gen Z gets on the career ladder and put a lot of emphasis on starting up businesses and making a lot of money from the get-go. There’s something to say about the importance of just doing the work. My three or four years at PwC led to the success I've had later in life, even though it wasn't glamorous and I worked really hard.

CALENDAR

OCTOBER

9-11 October (Thursday-Saturday): European Arab Medical Congress (EAMC), Abu Dhabi Energy Center, Abu Dhabi.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

12-15 October (Sunday-Wednesday): Expand North Star, Dubai Harbor.

13-17 October (Monday-Thursday): GITEX Global, Dubai World Trade Center, Dubai

14-16 October (Tuesday-Thursday): Global Future Councils, Dubai.

15 October (Wednesday): Alec Holding’s shares to begin trading on the DFM.

15-18 October (Wednesday-Saturday): Middle East Electric Vehicle Show, Expo Center Sharjah.

15-18 October (Wednesday-Saturday): The Future Mobility Expo and Conference, Expo Center Sharjah.

15-18 October (Wednesday-Saturday): Evolve Future Mobility Show, Expo Center Sharjah.

21-22 October (Tuesday-Wednesday): HR Summit and Expo, Dubai World Trade Center, Dubai

21-23 October (Tuesday-Thursday): Global Food Week, Adnec Center, Abu Dhabi

21-23 October (Tuesday-Thursday): International Family Med. Conference and Exhibition, Dubai World Trade Center.

21-23 October (Tuesday-Thursday): Annual Radiology Meeting (ARM), Dubai World Trade Center, Dubai

21-23 October (Tuesday-Thursday): Healthcare Future Summit, Dubai World Trade Center, Dubai

22 October (Wednesday): Reuters NEXT Gulf Summit, The St. Regis Saadiyat Island Resort, Abu Dhabi.

22-23 October (Wednesday-Thursday): Alternative Investment Summit, Jumeirah Emirates Towers, Dubai.

22-24 October (Wednesday-Friday): World Investment Conference, Expo Center Sharjah.

23 October (Thursday): S&P Global’s annual Islamic Finance Conference, DIFC Atrium, Dubai.

27 October (Monday): The UAE Africa Tourism Investment Summit, Dubai.

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

29 October (Wednesday): The Brand Residences Forum, Dubai.

NOVEMBER

1-2 November (Saturday-Sunday): Women's Empowerment Convention (WE Convention), Atlantis The Royal, Dubai.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

DECEMBER

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JANUARY 2026

1 January: Client asset regime changes in Dubai International Financial Center take effect.

9-11 January (Friday-Sunday): 1 Bn Followers Summit, UAE.

13-15 January (Tuesday-Thursday): FESPA Middle East, Dubai Exhibition Center, Dubai

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

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

FEBRUARY 2026

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

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

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

MARCH 2026

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

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

APRIL 2026

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

JUNE 2026

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

JULY 2026

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

Signposted to happen in 2026:

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

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

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