{"id":103811,"date":"2025-05-20T00:00:00","date_gmt":"2025-05-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-emirates-nbd-to-set-up-unit-in-india-ex-magellan-trader-files-complaints-over-alleged-regulatory-breaches\/"},"modified":"2025-05-20T00:00:00","modified_gmt":"2025-05-20T00:00:00","slug":"this-morning-emirates-nbd-to-set-up-unit-in-india-ex-magellan-trader-files-complaints-over-alleged-regulatory-breaches","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/05\/20\/this-morning-emirates-nbd-to-set-up-unit-in-india-ex-magellan-trader-files-complaints-over-alleged-regulatory-breaches\/","title":{"rendered":"THIS MORNING: Emirates NBD to set up unit in India + Ex-Magellan trader files complaints over alleged regulatory breaches"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s only the second day of the week and we already have an avalanche of news coming out of Make It in the Emirates, which kicked off yesterday in Abu Dhabi, and elsewhere. <\/p>\n

Besides the slew of manufacturing agreements and programs launched on the first day of the forum<\/strong>, we also have news of Dubai Holding upsizing its residential REIT IPO on strong demand, MGX backing what is set to be Europe\u2019s biggest AI hub in France, and Taqa inking agreements for projects worth some AED 52 bn in Morocco. Let\u2019s dive in. <\/p>\n

?\ufe0fWEATHER<\/strong>- Temperatures in Dubai will hit 38\u00b0C today <\/strong>before cooling to 29\u00b0C overnight, though it will likely feel much warmer around 70% humidity, according to our favorite weather app. In Abu Dhabi<\/strong>, temperatures will peak at 35\u00b0C, with an overnight low of 28\u00b0C.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- The breakeven oil price for the UAE is USD 53, meaning that the UAE is in a \u201cvery <\/strong>comfortable position\u201d <\/strong>amid oil market volatility caused by the introduction of US tariffs, Fitch Ratings\u2019 Paul Gamble said during a keynote speech at Arqaam Capital MENA Investor Conference. \u201cThere\u2019s no need for the government to adjust spending, and we think there are some real growth dynamics here, and strong growth momentum will still continue to form across the country,\u201d he added. <\/p>\n

Real estate could see a \u201cmodest correction\u201d in prices owing to the amount of supply coming to the market<\/strong>, but the government is expected to be able to manage the supply effectively, Gamble said. <\/p>\n

REMEMBER- There is a wide consensus that real estate prices will cool down at some point in the next year or two: <\/strong>Knight Frank forecasts an 8%<\/a> price increase in properties in 2025, down from double-digit growth in 2024, while Moody\u2019s sees<\/a> a dip or stabilization over the next 12-18 months. S&P Global<\/a> also warns that construction bottlenecks could delay completions and prolong tight conditions. Just 58%<\/a> of projected units were delivered last year \u2014 the lowest rate in six years \u2014 and historical trends suggest a 30% lag<\/a> between scheduled and actual handovers.<\/p>\n

\n

<\/a> #2- Emirates NBD gets preliminary approval for India expansion:<\/strong> India\u2019s central bank granted Emirates NBD \u201cin-principle\u201d to convert its three Indian branches \u2014 in Chennai, Gurugram, and Mumbai \u2014 into a wholly owned subsidiary, according to a statement (pdf)<\/a>. A full license will be issued once Emirates NBD meets the regulator\u2019s conditions.<\/p>\n

\n

#3-<\/strong> Ex<\/strong>-Magellan trader files complaints over alleged regulatory breaches: <\/strong>Former Magellan Capital portfolio manager Britney Lam (LinkedIn<\/a>) has filed complaints with the Dubai Financial Services Authority and the UK\u2019s Financial Conduct Authority (FCA) against the firm\u2019s Senior Executive Officer Ahmed Omar (LinkedIn<\/a>), alleging he concealed losses and blocked staff from escalating risk concerns to an external compliance officer, Bloomberg<\/a> reports, citing copies of the complaints it reviewed. Lam says she initially raised the issues in a whistle-blower letter to the board.<\/p>\n

The development follows Lam\u2019s early exit <\/strong>last October<\/a><\/strong>, after having joined the Dubai-based hedge fund just five months earlier in May. Her departure came ahead of the fund\u2019s planned USD 700 mn<\/a> launch.<\/p>\n

Magellan\u2019s response:<\/strong> The firm says it has not been contacted by regulators and does not currently hold or manage client assets. It also denied being regulated by the UK\u2019s FCA.<\/p>\n

\n

#4- NMC administrators sue EY: <\/strong>UAE-based NMC Health\u2019s administrators Alvarez and Marsal are suing consultancy firm EY for failing to detect fraudulent activity during audits between 2012 and 2018, Reuters<\/a> reports. Bns in unreported borrowing was detected, the administrators say, though EY denies the allegations and points the finger at internal NMC failings and account manipulation instead.<\/p>\n

The case: <\/strong>Alvarez and Marsal are seeking GBP 2.7 bn in damages from the auditor from the 12-week trial, which began yesterday in London.<\/p>\n

REMEMBER- <\/strong>NMC has been looking to sell the business, after it orchestrated a strategic turnaround this year, reaching an out-of-court settlement on all of its disputes with Dubai Islamic Bank in March. It also tapped Rothschild & Co<\/a> to advise on its strategic restructuring plans, including a potential sale of the business. The company was forced into administration<\/a> by a London Court in 2020 after a Muddy Waters report claimed that it inflated its assets and owed over USD 4 bn in hidden debt. PureHealth was reportedly exploring<\/a> an acquisition of the healthcare network operator, but has since scrapped those plans. <\/p>\n

DATA POINTS- <\/p>\n

#1- <\/strong>Adnoc <\/strong>awards AED 65.7 bn to homegrown suppliers in 1H 2025:<\/strong> Adnoc allocated AED 65.7 bn in contracts to nearly 400 local suppliers, contractors, and service providers during the first half of 2025 through its In-Country Value (ICV) program, Wam<\/a> reports. Contracts span drilling, logistics, operational support, and engineering sectors, with beneficiaries including NMDC Energy<\/a>, Target Engineering<\/a>, and GISCO<\/a>.<\/p>\n

Adnoc plans to channel AED 200 bn into the UAE economy through its ICV program by 2030<\/strong>, and the company also raised its local manufacturing target to AED 90<\/a> bn by 2030.<\/p>\n

#2- <\/strong>Abu <\/strong>Dhabi\u2019s industrial sector recorded a 4.7% y-o-y uptick in new industrial licenses<\/strong> during 1Q 2025<\/strong>, reaching 89 licenses, state news agency Wam<\/a> reports. The number of licenses transitioning from the under-construction to the production stage grew 65% to 33, up from 20 in the same period last year.<\/p>\n

PSAs- <\/p>\n

<\/a> You can now subscribe to monthly parking packages in Dubai:<\/strong> Dubai\u2019s public parking operator Parkin has launched monthly parking subscriptions across all areas under its management to eliminate daily payments, parking duration limits, and overstaying fines, according to a social media post on X<\/a>. <\/p>\n

The prices are:<\/strong><\/p>\n