{"id":108019,"date":"2025-10-01T00:00:00","date_gmt":"2025-10-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-fuel-prices-rise-in-october-spinneys-ventures-outside-of-the-gulf-with-first-stores-in-philippines\/"},"modified":"2025-10-01T00:00:00","modified_gmt":"2025-10-01T00:00:00","slug":"this-morning-fuel-prices-rise-in-october-spinneys-ventures-outside-of-the-gulf-with-first-stores-in-philippines","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/10\/01\/this-morning-fuel-prices-rise-in-october-spinneys-ventures-outside-of-the-gulf-with-first-stores-in-philippines\/","title":{"rendered":"THIS MORNING: Fuel prices rise in October + Spinneys ventures outside of the Gulf with first stores in Philippines"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>It\u2019s the first day of a new month, which brings with it a slew of events and news. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have a bit of everything in today\u2019s issue<\/strong>, starting with the <strong>IPO<\/strong> of the education arm of <strong>Amanat<\/strong> on Tadawul; updates on the pricing of<strong> Abu Dhabi\u2019s USD 3 bn debt issuance<\/strong>, which saw the tightest spread among emerging markets on record; and a retreat in <strong>Abu Dhabi inflation<\/strong> in August. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s also a busy day for investment and infrastructure news:<\/strong> There\u2019s news of three new funds, two from Beco Capital to back startups in the GCC, and another industrial fund courtesy of SC Capital. On the infrastructure side of things, Etihad Rail tapped French firm Keolis to operate passenger services, and Fujairah Port will be linked up with Abu Dhabi ports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plus: In regulatory news<\/strong>, ADGM is proposing new crypto staking rules, up for consultation until the end of the month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong><strong>Dubai<\/strong> and <strong>Abu Dhabi<\/strong> will each see highs of 38\u00b0C and lows of 30\u00b0C, with sticky nighttime conditions expected. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/mailchi.mp\/enterpriseam.com\/2025egyptforum\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/9\/1432.jpg?ssl=1\"\/><\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN MEMORIAM- <\/strong>Josh Pack, co-chief executive and managing partner of US-based, Mubadala-backed Fortress Investment Group, has passed away at 51, according to a <a target=\"_blank\" href=\"https:\/\/www.fortress.com\/\" style=\"\" rel=\"noopener\">statement<\/a>. Pack had been with Fortress, which is majority owned by Abu Dhabi\u2019s Mubadala Investment Company, for more than two decades. The firm described Pack as \u201ca gifted investor, a thoughtful strategist, a compassionate leader \u2014 and a deeply cherished friend.\u201d <\/p>\n<p class=\"tag-border-left\">PSAs- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- New month, new fuel prices<\/strong><strong>: <\/strong>The Fuel Price Committee raised petrol and diesel prices for the month by up to 3%, according to a <a target=\"_blank\" href=\"https:\/\/x.com\/WAMNEWS_ENG\/status\/1972903716878512242\" style=\"\" rel=\"noopener\">post on X<\/a>. The move comes after <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/029314e3-7223-4fb5-97eb-ecbc32ec8e97\/this-morning:-new-trade-bloc-on-the-horizon%3F-%2B%253cmark%253e-fuel%253c%2Fmark%253e-prices-up-in-september\" style=\"\" rel=\"noopener\">September<\/a> saw petrol inch higher and diesel ease, following a dip in petrol prices and a hike in diesel <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/4ef9fa18-6aa3-4a21-bf78-50d46b50dcf3\/this-morning:-adnoc-drilling-eyes-another-acquisition-in-kuwait-and-oman-%2B%253cmark%253e-fuel%253c%2Fmark%253e-prices-are-down-marginally-in-august\" style=\"\" rel=\"noopener\">in August<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Here\u2019s the new breakdown per liter:<\/strong><\/p>\n<ul>\n<li><strong>Super 98 <\/strong>is now AED 2.77, up from AED 2.70 in September (+2.6%);<\/li>\n<li><strong>Special 95 <\/strong>is AED 2.66, up from AED 2.58 (+3.1%);<\/li>\n<li><strong>E-Plus 91 <\/strong>is AED 2.58, up from AED 2.51 (+2.8%);<\/li>\n<li><strong>Diesel <\/strong>is AED 2.71, up from AED 2.66 (+1.9%).<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- No more power banks aboard <\/strong><strong>Emirates<\/strong><strong> flights:<\/strong> Dubai-based airline Emirates will prohibit passengers from using portable power banks on flights starting today, according to a <a target=\"_blank\" href=\"https:\/\/www.emirates.com\/media-centre\/emirates-safety-rules-for-customer-usage-of-power-banks-onboard---now-in-full-effect\/\" style=\"\" rel=\"noopener\">press release<\/a>. Passengers are still allowed to store one power bank inside hand baggage, provided it does not exceed 100 Wh.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>Etihad <\/strong><strong>Water and Electricity (EtihadWE) is installing smart water meters across <\/strong><strong>homes in the northern emirates<\/strong> to reduce leakages and boost efficiency, <a target=\"_blank\" href=\"https:\/\/www.khaleejtimes.com\/uae\/environment\/smart-water-metres-northern-emirates-homes\" style=\"\" rel=\"noopener\">Khaleej Times<\/a> reports. The company has already equipped half of the households with smart meters, with the rest set to be fitted within the next 18 months, CFO Thomas Spannring told the outlet, adding it will also be replacing old pipelines. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Demand is surging: <\/strong>This comes as water demand has surged, with consumption up 10% in the northern emirates for the second consecutive year, requiring an extra 20 gallons a day to keep up, Spannring added. EtihadWE is looking to expand its desalination capacities to cater to consumption trends.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CLARIFICATION-<\/strong> The Federal Authority for Identity, Citizenship, Customs, and Port Security introduced only <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/fefa33a9-29f3-44a3-bffa-2f82e868f333\/this-morning:-gems-education-eyes-saudi-school-operator-%2B-air-taxis-to-hit-ras-al-khaimah%25e2%2580%2599s-skies-in-2027\" style=\"\" rel=\"noopener\">four new visit visas<\/a> \u2014 for specialists in AI, entertainment, events, and cruise ships\/leisure boats.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And the other changes?<\/strong> The business exploration and truck driver visas, along with residence permits for widows\/divorcees and humanitarian cases, were amendments to existing permits with updated eligibility and renewal conditions \u2014 not new categories as reported in yesterday\u2019s issue, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/ar\/article\/blyawkt-%D8%A7%D9%84%D9%87%D9%88%D9%8A%D8%A9-%D9%88%D8%A7%D9%84%D8%AC%D9%86%D8%B3%D9%8A%D8%A9-%D8%AA%D8%B6%D9%8A%D9%81-%D8%A3%D8%BA%D8%B1%D8%A7%D8%B6-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%84%D8%AA%D8%A3%D8%B4%D9%8A%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%AF%D8%AE%D9%88%D9%84\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Per the updates:<\/p>\n<ul>\n<li>The<strong> business exploration visa<\/strong> now requires proof of financial solvency, ownership in a company outside the UAE, or evidence of professional practice;<\/li>\n<li>The <strong>truck driver visa<\/strong> now applies only to drivers sponsored by freight or shipping firms, and mandates health ins. and financial statements;<\/li>\n<li>The <strong>humanitarian <\/strong>and <strong>widow\/divorcee residence permits<\/strong> are now limited to one year and have clarified eligibility rules, including specific conditions for widows or divorcees with or without children,<\/li>\n<li>The <strong>friend\/relative visit visa<\/strong> was also amended to include new minimum income benchmarks for sponsorship based on degrees of kinship.<\/li>\n<\/ul>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#1- <\/strong><strong>Spinneys <\/strong><strong>is heading to Southeast Asia<\/strong>, after the UAE-based premium grocer signed a joint venture with the Philippines' <a target=\"_blank\" href=\"https:\/\/ayala.com\/\" style=\"\" rel=\"noopener\">Ayala Corporation<\/a> to launch its first stores in the country, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/1832.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The partnership gives Ayala a 60% stake in the joint venture, with Spinneys holding the remaining 40%, and marks the firm\u2019s first expansion outside of the GCC.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rollout timeline: <\/strong>The first store is slated to open in 4Q 2026 under a phased rollout. Spinneys will support initial setup and operations before management fully transitions to the JV. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why Philippines? <\/strong>The country offers \u201csignificant long-term growth potential,\" driven by a growing affluent population and shifting consumer expectations, according to Spinneys CEO Sunil Kumar.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/3c161077-beca-4df3-9bab-28c95d3b205d\/%253cmark%253espinneys%253c%2Fmark%253e-expands-footprint-to-kuwait\" style=\"\" rel=\"noopener\">In August<\/a>, Spinneys said it was entering the Kuwaiti market through a similar JV agreement \u2014 though with the chain holding a larger 51% majority stake and overseeing operations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2-<\/strong><strong> China\u2019s Keeta is investing big in the UAE: <\/strong>Keeta, the food delivery arm of Chinese consumer service tech giant Meituan, will invest hundreds of mns of USD in the UAE over the next 3-5 years as part of its regional expansion, under an MoU with the Investment Ministry, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/blyb4xk-ministry-investment-keeta-sign-mou-establish\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The agreement will see Keeta establish its UAE headquarters and roll out advanced last-mile logistics solutions, including drones and autonomous vehicles. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market impact: <\/strong>Keeta is pledging to create over 350 skilled jobs and onboard 5k UAE-based SMEs onto its digital platform.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Keeta is coming into a crowded market: <\/strong>Talabat, Deliveroo, and Noon already have a tight grip on the food delivery sector, but Keeta\u2019s entry could shake up market shares as it enters with aggressive promotions and success in markets like Saudi Arabia and Kuwait. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- More details on Taqa\u2019s Uzbekistan project: <\/strong>Taqa\u2019s water treatment project in Uzbekistan\u2019s new administrative capital is set to cover 500k cubic meters in water capacity to the tune of USD 700 mn, CEO of Taqa Water Solutions Ahmed Al Shamsi told CNBC Arabia (<a target=\"_blank\" href=\"https:\/\/www.cnbcarabia.com\/143375\/2025\/30\/09\/%D8%A7%D9%84%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%AA%D9%86%D9%81%D9%8A%D8%B0%D9%8A-%D9%84%D8%B4%D8%B1%D9%83%D8%A9-%D8%B7%D8%A7%D9%82%D8%A9-%D9%84%D8%AD%D9%84%D9%88%D9%84-%D8%A7%D9%84%D9%85%D9%8A%D8%A7%D9%87-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A%D8%A9-%D9%84%D9%80-CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9:-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A9-%D9%87%D9%8A-%D8%A7%D9%84%D9%85%D8%B2%D9%88%D8%AF-%D8%A7%D9%84%D8%B1%D8%A6%D9%8A%D8%B3%D9%8A-%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A9-%D9%88%D8%A7%D9%84%D9%85%D9%8A%D8%A7%D9%87-%D8%A8%D8%A5%D9%86%D8%AA%D8%A7%D8%AC-58-%D8%BA%D9%8A%D8%BA%D8%A7%D9%88%D8%A7%D8%AA-%D9%8859--%D9%85%D9%86%D9%87%D8%A7-%D8%B7%D8%A7%D9%82%D8%A9-%D9%86%D8%B8%D9%8A%D9%81%D8%A9\" style=\"\" rel=\"noopener\">watch, runtime: 4:34<\/a>). The firm is also looking to submit more bids in Central Asia, the GCC, Europe, and the US, with an investment pipeline of over USD 1 bn, Al Shamsi added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>The company recently inked an agreement for a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/f3a63422-e68c-48a6-b7d9-3c5c40601e3f\/taqa-agrees-aed-2-bn-water-treatment,-pipeline-project-in-uzbekistan\" style=\"\" rel=\"noopener\">AED 2 bn<\/a> project to develop a raw water pipeline and treatment plant in Uzbekistan, slated for completion by 2035. This is their second water infrastructure project in the country, after it agreed <a target=\"_blank\" rel=\"noopener\">last year<\/a> to build a USD 1 bn wastewater treatment plant.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong>Abu <\/strong><strong>Dhabi bans crypto mining on farms, warns of heavy fines:<\/strong> The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) has reiterated that cryptocurrency mining is prohibited on farmland, according to <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/economy\/abu-dhabi-agriculture-and-food-safety-authority-confirms-ban-on-cryptocurrency-mining-on-farms-promoting-responsible-agricultural-land-use\/\" style=\"\" rel=\"noopener\">Abu Dhabi Media Office<\/a>. The clarification comes after violations were detected on several farms repurposed for mining operations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tougher penalties for violators:<\/strong> ADAFSA said offenders will face fines of AED 100k, doubled in cases of repeat violations. This is up from a <a target=\"_blank\" href=\"https:\/\/www.khaleejtimes.com\/uae\/uae-authority-warns-of-dh10000-fine-for-crypto-mining-on-farms\" style=\"\" rel=\"noopener\">AED 10k fine<\/a> that was announced earlier in 2024. Farms used for mining also risk having electricity cut, services and subsidies suspended, and equipment confiscated. Both owners and tenants will be held accountable, with cases referred to relevant authorities for further action.<\/p>\n<p class=\"tag-border-left\"> HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Alec Holdings will determine the final price for its <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/16f39d2b-87eb-4efa-baeb-060e245629e3\/%253cmark%253ealec%253c%2Fmark%253e-holding%25e2%2580%2599s-dubai-ipo-sells-out-in-hours\" style=\"\" rel=\"noopener\">IPO on the DFM<\/a><\/strong><strong> today<\/strong><strong>, after wra<\/strong><strong>pping subscriptions yesterday. <\/strong>The contractor marketed 1 bn shares, good for a 20% stake, in what is set to be Dubai\u2019s first corporate IPO of the year. At the top of the pricing range (which is set at AED 1.35-1.40), the secondary offering could see the seller raise up to AED 1.4 bn, implying a market cap of AED 7 bn at listing. Alec shares are scheduled to start trading on the DFM on Wednesday, 15 October.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- Our friends at EFG Hermes <\/strong>are acting as joint bookrunners on the transaction alongside Abu Dhabi Commercial Bank. They\u2019re joined by Emirates NBD Capital and JP Morgan as joint global coordinators and bookrunners, while Moelis is acting as independent financial adviser. Gibson, Dunn & Crutcher, and Ibrahim & Patterns are providing counsel. <strong>Emirates NBD is the lead receiving bank<\/strong>, alongside ADCB, ADIB, Al Maryah Community Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic, First Abu Dhabi Bank, Mashreq, and Wio Bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The Abu Dhabi Securities Exchange\u2019s (ADX) Global Investor Roadshow and<\/strong><strong> Conference is on its final day in New York<\/strong>, held in partnership with Morgan Stanley, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/blwitmr-adx-launch-global-investor-roadshow-and-conference\" style=\"\" rel=\"noopener\">Wam<\/a> reports. ADX Chairman Ghannam Almazrouei and CEO Abdulla Alnuaimi are leading a delegation of 15 listed companies \u2014 together worth over USD 300 bn \u2014 for meetings with global asset managers, hedge funds, and institutional investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#<\/strong><strong>3- <\/strong><strong>The <\/strong><strong>Abu Dhabi Department of Economic Development\u2019s (ADDED)<\/strong> <strong>Abu Dhabi<\/strong><strong>Investment Forum is also happening today in New York<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/blywk24-abu-dhabi-economic-delegation-visits-boost\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Held in partnership with ADGM and the Abu Dhabi Investment Office, the forum is part of a high-level US delegation visit led by ADDED. The delegation will also meet with US business leaders across the AI, life sciences, and advanced manufacturing sectors, among others. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/grtiec.com\/\" style=\"\" rel=\"noopener\">Global Rail Transport Infrastructure Exhibition and Conference<\/a><\/strong><strong> is also underway and wraps<\/strong><strong> tomorrow <\/strong>at the Adnec Center Abu Dhabi. The conference gathers industry leaders, government officials, and operators to discuss rail technologies and network expansion.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wetex.ae\/en\/about\" style=\"\" rel=\"noopener\">Water, Energy, Technology, and Environment Exhibition (Wetex)<\/a><\/strong><strong> is also on from <\/strong><strong>until tomorrow<\/strong> at the Dubai World Trade Center. The exhibition showcases innovations in clean energy, water, and sustainability, and hosts panels on the energy transition and climate action. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.menainvestmentcongress.ae\/\" style=\"\" rel=\"noopener\">MENA Investment Congress (MENA Icon)<\/a><\/strong><strong> wraps today<\/strong> at Rosewood Hotel Abu Abu Dhabi<strong>.<\/strong> The event will bring together regional and international investors, asset managers, and policymakers to discuss capital markets, portfolio strategies, and regional growth prospects. Speakers include hedge fund manager Ray Dalio, Apex Group\u2019s Chief AI and Data Science Officer Helen Wang, and early stage investor Hamza Khushaim.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/blywjzb-fujairah-host-13th-energy-markets-forum-tomorrow\" style=\"\" rel=\"noopener\">The<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/blywjzb-fujairah-host-13th-energy-markets-forum-tomorrow\" style=\"\" rel=\"noopener\">Energy Markets Forum<\/a><\/strong><strong> will take place <\/strong><strong>to<\/strong><strong>day and Thursday, 2 October in Fujairah.<\/strong> The event will bring together more than 300 participants, including senior officials, experts, and executives from local, regional, and international energy and industry entities, to discuss supply security, global economic shifts, and sector risks and potential. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#7- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wges.ae\/\" style=\"\" rel=\"noopener\">World Green Economy Summit (WGES)<\/a><\/strong><strong> is running from today to Friday thi<\/strong><strong>s <\/strong><strong>week <\/strong>at the Dubai World Trade Center. Organized by the World Green Economy Organization \u2014 in partnership with Dubai\u2019s Electricity and Water Authority and Supreme Council of Energy \u2014 the global summit focuses on green economy, sustainability, and climate action. The forum convenes policymakers, business leaders, academics, and civil society to discuss climate solutions and sustainable economic models.<\/p>\n<p class=\"tag-border-left\"> HAPPENING THIS WEEK- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/solutions.lseg.com\/ZAWYA25\" style=\"\" rel=\"noopener\">Zawya GCC Capital Markets Forum<\/a><\/strong><strong> will take place on Thursday<\/strong> at the Fairmont in Dubai. The forum will bring together GCC corporates from traditional wealth exporters to growing capital market participants to address how capital markets are evolving, as well as their surrounding macro environment. The forum will feature C-suite speakers from banks and leading financial institutions including HSBC, Standard Chartered Bank, Emirates NBD, and EFG Hermes.<\/p>\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Everyone in the foreign press has one story in mind, and that\u2019s the looming government <\/strong><strong>shutdown in the US<\/strong>, after Democrats blocked Republicans\u2019 funding plan ahead of the midnight deadline. This will mean essential workers will be furloughed \u2014 with many possibly even getting permanently laid off, US President Donald Trump has warned. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The main issue? <\/strong>Democrats are demanding the extension of expiring subsidies for Obamacare and the reversal of cuts to Medicaid that were included in Trump\u2019s big, beautiful bill. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This would be the US\u2019 first shutdown since 2019<\/strong>, when a shutdown lasted around five weeks during Trump\u2019s first term. This time around, the stakes are slightly higher: The US Federal Reserve is set to meet at the end of October to discuss and make a decision on interest rates, and with a delay in government data expected \u2014 as well as potentially worse jobless data in light of Trump\u2019s warnings \u2014 the Fed\u2019s judgment could be further clouded ahead of the crucial decision. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/government-shutdown-nears-with-no-deal-washington-2025-09-30\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-09-30\/us-set-for-wednesday-shutdown-as-democrats-reject-stopgap-bill?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/d59a507b-8514-46ef-95e0-1402128d4499\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2025\/09\/30\/us\/trump-government-shutdown-hegseth\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/policy\/government-shutdown-2026-deadline-80170a2a?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO WORTH NOTING-<\/strong> Warren Buffett\u2019s Berkshire Hathaway is reportedly closing in on a USD 10 bn deal to buy Occidental Petroleum\u2019s petrochemicals arm OxyChem \u2014 a move the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/62d316a1-d6a9-42b5-9b59-048590bf5868\" style=\"\" rel=\"noopener\">Financial Times<\/a> says would be the conglomerate\u2019s largest acquisition in three years. Occidental is offloading the unit as part of efforts to trim its USD 24 bn debt load. Berkshire, already Occidental\u2019s biggest shareholder with nearly 27% of its stock, is said to be negotiating a cash purchase. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO GETTING ATTENTION- Trump has given Hamas three to four days to respond to his proposed peace plan for Gaza<\/strong>, warning of a \u201cvery sad end\u201d if it does not accept the proposal. The 20-point plan, which calls for an immediate ceasefire and Hamas\u2019 disarmament, Israel\u2019s staged withdrawal, and a transitional foreign-led government in Gaza, has <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/global-reaction-trumps-proposal-gaza-peace-plan-2025-09-30\/\" style=\"\" rel=\"noopener\">received widespread global support<\/a>, including from the Palestinian Authority. Hamas was not involved in the negotiations that led to the proposal. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/hamas-weighs-its-response-trumps-gaza-peace-proposal-2025-09-30\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2025\/sep\/30\/hamas-mulls-options-as-countries-rush-to-welcome-trump-gaza-peace-plan\" style=\"\" rel=\"noopener\">Guardian<\/a>)<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You\u2019re reading EnterpriseAM UAE<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We\u2019re out Monday through Friday by 7am UAE time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM UAE is available without charge <\/strong>thanks to the generous support of our friends at Mashreq and Hassan Allam Properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM UAE. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? <\/strong>Reach out to us on  <a target=\"_blank\" href=\"mailto:UAE@enterpriseAM.com\" style=\"\" rel=\"noopener\">UAE@enterpriseAM.com<\/a> .<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong>, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong>, and the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics<\/a> industry?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p class=\"tag-border-left\"> OIL WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oil equities <\/strong><strong>may be set for a rebound: <\/strong>Energy stocks have been among the year\u2019s worst performers, weighed down by falling crude prices \u2014 with Brent down more than 9% YTD and WTI down over 8% \u2014 and record-low net long positions in WTI futures, Jay Pelosky, the Founder and Global Strategist at TPW Advisory wrote in <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/oil-bull-case-may-gather-momentum-pelosky-2025-09-29\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. Yet, the sector led gains last week, hinting that the deeply bearish case could be softening, even as prices started to slip again. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bearish narrative rests on oversupply forecasts:<\/strong> The IEA sees demand growth in 2026 at just 700k bbl \/ d, the lowest since 2009 outside the pandemic years. The US Energy Department expects Brent to average USD 51 \/ bbl in 2026 \u2014 down from roughly USD 70 at present \u2014 with inventories building by more than 1.7 mn bbl \/ d next year. That outlook is tied to the view that Opec+ will ramp up production after unwinding cuts, though <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/opec-is-poised-slip-further-below-oil-output-target-2025-09-26\/\" style=\"\" rel=\"noopener\">analysts argue<\/a> the group is already falling behind on quota.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Two wildcards could flip the script: <\/strong>Ukraine's drone strikes have sidelined about a quarter of Russia\u2019s refining capacity, prompting Moscow to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/ukraine-strikes-russian-oil-might-be-too-successful-trumps-liking-2025-09-25\/\" style=\"\" rel=\"noopener\">partially ban diesel exports<\/a> \u2014 sending Brent up more than 1% after the announcement. Meanwhile, China has been <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/china-keeps-building-crude-oil-stockpiles-even-processing-gains-2025-09-15\/\" style=\"\" rel=\"noopener\">importing<\/a> nearly 1 mn bbl \/ d above its domestic needs on average this year. With significant storage capacity still unused, continued stockpiling could underpin demand in the months ahead. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The traditional commodity cycle is turning<\/strong>, as precious metals have already surged, with the Gold Miners ETF doubling YTD. Industrial metals have followed, with the Copper Miners ETF up nearly 30% over the past three months, leaving energy as the next likely leg. A weaker USD \u2014 the greenback is down almost 10% this year \u2014 could add momentum, as crude is priced in USD. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Risks remain:<\/strong> A prolonged trade war under Trump could weigh on global demand. Still, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/trump-says-fed-should-lower-rates-by-one-full-point-2025-06-11\/\" style=\"\" rel=\"noopener\">a looser US monetary policy<\/a>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/oil-bull-case-may-gather-momentum-pelosky-2025-09-29\/nMT1ALTP8N3UP0CN2\" style=\"\" rel=\"noopener\">Beijing\u2019s anti-deflation push<\/a>, and surging AI-driven capex point to stronger growth. With positioning in oil so bearish, any upside surprise \u2014 whether from geopolitics, Opec+ shortfalls, or China\u2019s buying spree \u2014 could deliver sharp gains in oil-linked equities. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Keeta plans mns of USD in investments in the 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