{"id":108216,"date":"2025-10-07T00:00:00","date_gmt":"2025-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-adnoc-submits-concessions-to-secure-covestro-acquisition-adia-locks-in-shares-in-lg-indias-ipo\/"},"modified":"2025-10-07T00:00:00","modified_gmt":"2025-10-07T00:00:00","slug":"this-morning-adnoc-submits-concessions-to-secure-covestro-acquisition-adia-locks-in-shares-in-lg-indias-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/10\/07\/this-morning-adnoc-submits-concessions-to-secure-covestro-acquisition-adia-locks-in-shares-in-lg-indias-ipo\/","title":{"rendered":"THIS MORNING: Adnoc submits concessions to secure Covestro acquisition + Adia locks in shares in LG India\u2019s IPO"},"content":{"rendered":"

Good morning, friends, and welcome to a very real estate-heavy issue. <\/strong>The big story of the day is a tie-up between Abu Dhabi asset manager Lunate and alternative asset manager Blackstone for a USD 5 bn GCC-focused logistics platform, as they look to address the supply gap in the market. <\/p>\n

Meanwhile, more institutional investors from the region<\/strong> \u2014 including Bahrain\u2019s Arcapita and Kuwait\u2019s Arzan Investment Management \u2014 are deploying funds <\/strong>in the GCC\u2019s real estate market. <\/p>\n

ALSO- AD Ports just sold a piece of land to Mira Developments for a USD 2.5 bn mixed-use development<\/strong> between Dubai and Abu Dhabi \u2014 a corridor that is rapidly filling up. <\/p>\n

PLUS- We spoke with MSCI\u2019s global head of index R&D, Raman Subramanian, about what it means for UAE and GCC stocks to be included in MSCI indices<\/strong>, and what\u2019s attracting investors worldwide to regional equities. <\/p>\n

WEATHER- <\/strong>It\u2019s a warm day in Dubai<\/strong> and Abu Dhabi<\/strong>, with the mercury peaking at 38\u00b0C, before cooling to an overnight low of 28\u00b0C. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Adnoc submits concessions to secure Covestro acquisition: <\/strong>Adnoc confirmed it has submitted a package of concessions to the European Commission aimed at clearing antitrust hurdles for its EUR 14.7 bn planned takeover<\/a> of German chemicals provider Covestro, Reuters<\/a> reports, citing a statement made by an XRG spokesperson. The remedies<\/a> are said to include a pledge to retain Covestro\u2019s intellectual property within Europe and proposed changes to Adnoc\u2019s articles of association to address EU concerns over a state-backed unlimited guarantee. <\/p>\n

The European Commission confirmed it received the filing<\/strong>, but hasn\u2019t restarted its review after pausing the process earlier last month, Bloomberg<\/a> reported separately, citing people it says are familiar with the matter. <\/p>\n

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<\/a> #2- Abu <\/strong>Dhabi\u2019s Adia buys<\/strong> stake in LG India via IPO:<\/strong> Abu Dhabi Investment Authority (Adia) was among several sovereign wealth funds taking anchor allocations in LG Electronics\u2019s planned USD 1.3 bn initial public offering of its India unit, according to a filing (pdf)<\/a> by LG India to Bombay Stock Exchange. The fund acquired 897.1k shares (good for 2.9% of the anchor investor portion) for USD 11.5 mn, according to the filing. This is out of a total of 30.5 mn shares, which were sold to anchors at the upper end of its price range atINR 1.14k, raising some INR 34.7 bn (USD 391 mn) in total. <\/p>\n

Who else is involved?<\/strong> Norway\u2019s Norges Bank Investment Management, Singapore\u2019s GIC, BlackRock, and Fidelity International all participated in the share sale. Indian fund houses including SBI Mutual Fund, ICICI Prudential Asset Management and Nippon Life India Asset Management also participated.<\/p>\n

It\u2019s been a long time coming: <\/strong>The IPO, which follows LG\u2019s December filing and a period of delays tied to market volatility and global trade uncertainty, would value the India unit at roughly USD 8.7 bn if priced at the top of its range \u2014 a marked step down from the roughly USD 15 bn target the company had targeted earlier. The South Korean electronics giant plans to list the shares on 14 October.<\/p>\n

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<\/a> #3-<\/strong> DAE<\/strong> tests the waters for sukuk: <\/strong>ICD-owned aviation services provider Dubai Aerospace Enterprise (DAE) is sounding out international and regional investors for a potential benchmark-sized, fixed-rate USD sukuk, Zawya<\/a> reports. The five-year senior unsecured notes are structured as a wakalah\/murabaha, and will be issued under its trust certificate program, with the use of proceeds still under wraps. The sukuk is expected to be rated Baa2 by Moody\u2019s and BBB by Fitch. <\/p>\n

REFRESHER- DAE has been steadily boosting liquidity and reshaping its fleet ahead of the <\/strong>planned sukuk. <\/strong>In June, the company secured a USD 300 mn<\/a> three-year unsecured loan from Bank of China for general corporate purposes. It has also been rebalancing its portfolio, offloading 75 aircraft while purchasing 17 for about USD 1 bn, and recently committed to acquiring 100 new aircraft from Airbus, Boeing, and ATR. It also recently onboarded 10 new Boeing 737-9 aircraft from United Airlines under a purchase-lease back agreement. <\/p>\n

Meet the banks:<\/strong> Our friends at HSBC will act as active bookrunners, alongside Emirates NBD Capital, First Abu Dhabi Bank, and Goldman Sachs International. Meanwhile, Abu Dhabi Commercial Bank, Ajman Bank, Bank ABC, BNP Paribas, Cr\u00e9dit Agricole CIB, Dubai Islamic Bank, Fifth Third Securities, JP Morgan Securities, Mizuho, Natixis, and Truist Securities are set to serve as passive bookrunners or managers.<\/p>\n

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#4- Aldar shifts focus to affordable homes and schools: <\/strong>Abu Dhabi developer Aldar Properties is expanding into lower-cost housing, schools, and retail as part of a broader diversification push, CEO Talal Al Dhiyebi told Bloomberg<\/a>. There is significant demand for affordable housing and education, Dhiyebi said, adding, \u201c[it\u2019s a] big area of focus for us in both the development and the investment segments, which we think is still significantly underserved.\u201d<\/p>\n

The game plan:<\/strong> Aldar plans to add homes priced between AED 500k and AED 3 mn, and build rental units for residents earning AED 5k-20k a month, alongside affordable schools. One of its schools turned profitable significantly ahead of schedule, in part due to its annual fees of around AED 30k \u2014 well below typical market rates of AED 50k.<\/p>\n

ALSO- The developer is setting up a Gulf-focused private credit fund within 12-18 months to support regional builders struggling to <\/strong>access financing.<\/strong> The credit initiative follows a similar 2023 partnership between Aldar, Mubadala, and Ares Management on a USD 1 bn London-based credit vehicle<\/a>.<\/p>\n

MEANWHILE- Other developers are all in on luxury launches: <\/strong>Dubai-based Liv Developers plans to launch over AED 1.5 bn (c. USD 408 mn) in new ultra-prime projects in 4Q 2025, while delivering AED 2.3 bn worth of homes \u2014 around 640 units \u2014 over the next 12 months, according to a press release<\/a>. <\/p>\n

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#5-<\/strong> Stand<\/strong>ard Chartered rolled out its first two Signature Islamic Investment Funds (SIIF<\/strong>s) <\/strong>in the UAE<\/strong>, with four more funds in the pipeline, as it looks to tap rising demand for Islamic financial products, it said in a press release<\/a>. The initial suite includes the Islamic Growth Fund and Islamic Income Fund, giving investors exposure to global equities, sukuk, gold, and liquidity instruments. This marks the first time the bank has used the UAE as a global launch hub before rolling out the products internationally.<\/p>\n

Assets under management (AUM) at Standard Chartered\u2019s Signature CIO Funds reache<\/strong>d USD 3 bn<\/strong>, three years after their 2022 debut, Reuters<\/a> reports. The multi-asset portfolios, managed by Amundi Asset Management, give retail and wealth clients exposure to the bank\u2019s Chief Investment Office strategies, including global equities, bonds, commodities, and alternatives.<\/p>\n

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#6- <\/strong>GCC<\/strong> banks gear up for tighter margins and digital shift: <\/strong>EY expects regional lenders to sustain profitability through non-interest income growth, robust asset quality, cost control, and accelerated digital and AI adoption, despite rate cuts hampering yields, according to a statement<\/a>. <\/p>\n

By the numbers: <\/strong>GCC banks remained resilient in 1H 2025, with return on equity rising to 13.2% and non-performing loans declining to 2.4%. Tier 1 capital ratios averaged 17.5%, reflecting healthy buffers, while net interest margins narrowed to 2.6% from 2.8% as interest rates were cut, funding costs rose, and liquidity tightened.<\/p>\n

DATA POINTS- <\/p>\n

#1- <\/strong>Gross<\/strong> bank assets rose 1.3% m-o-m to AED 5.1 tn in August<\/strong>, according to the Central Bank of the UAE\u2019s latest monetary and banking developments report (pdf)<\/a>. Gross credit rose 2.2% to AED 2.4 tn, driven by an AED 36.4 bn increase in domestic credit and AED 14.7 bn in foreign credit. Within domestic credit, lending to the government sector was up by 9.5%, while it increased by 1.2% to the private sector and 7.3% to non-banking financial institutions \u2014 offsetting a 0.5% decrease in credit to government-related entities.<\/p>\n

Total bank deposits increased 1.6% to AED 3.1 tn<\/strong>, supported by a 1.8% rise in resident deposits to AED 2.9 tn, which offset a 0.9% dip in non-resident deposits to AED 257.3 bn. Among resident deposits, government sector deposits rose 7.7%, followed by non-banking financial institutions deposits (+6.5%), private sector deposits (+0.7%), and government-related entities (+0.5%).<\/p>\n

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PSAs- <\/p>\n

#1- <\/strong>Mall <\/strong>of the Emirates to cut travel times with new bridge: <\/strong>Dubai\u2019s Roads and Transport Authority \u2014 in collaboration with Majid Al Futtaim Properties \u2014 has inaugurated a 300-meter, single-lane bridge on Sheikh Zayed Road, providing direct access for motorists arriving to Mall of the Emirates from Abu Dhabi and Jebel Ali, according to a press release<\/a>. The new bridge, which can accommodate up to 900 vehicles per hour, reduces travel time to the mall from 10 minutes to just one minute.<\/p>\n

#2-<\/strong> Power banks also grounded on flydubai flights: <\/strong>Emirates\u2019 budget carrier flydubai now allows only one power bank under 100 Wh in hand luggage and has banned their in-flight use, according to its website<\/a>. Devices exceeding that limit and all power banks in checked baggage are prohibited. Parent airline Emirates imposed similar restrictions last week<\/a>.<\/p>\n

#3- Updates on sweetened beverage excise tax: <\/strong>The Finance Ministry introduced amendments to allow companies to deduct a portion of the 50% excise tax they have paid on sweetened beverages if new amendments<\/a> linking tax per liter to the sugar content per 100 ml, taking effect in 2026, offer a reduced tax, state news agency Wam<\/a> reports. This applies only to stocks that they still hold by the time the new tax takes effect. <\/p>\n

REMEMBER- <\/strong>The ministry issued the new rules back in July, with the goal of curbing high sugar consumption and promoting healthier products, in line with national public health goals. The authorities said earlier in July that businesses will have \u201csufficient time to prepare\u201d ahead of the policy shift, with awareness campaigns and further details to be rolled out before implementation.<\/p>\n

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HAPPENING TODAY- <\/p>\n

#1- <\/strong>AgraME<\/a><\/strong> will wrap today <\/strong>at the Dubai World Center. The event brings together regional and international agribusiness players to explore innovations in sustainable agriculture, crop production, aquaculture, and food security solutions, with a focus on advancing agritech and climate-smart farming practices across the MENA region. <\/p>\n

#2- <\/strong>The Forex Expo<\/a><\/strong> is also wrapping up today <\/strong>at the Dubai World Trade Center. The two-day event gathers global forex brokers, investors, and fintech companies for panels and discussions on currency markets, AI-driven trading systems, and digital asset integration. <\/p>\n

#3- <\/strong>The <\/strong>first <\/strong>Legislative Parliamentary Forum<\/a><\/strong> will take place today in Abu Dhabi.<\/strong> Organized by the Federal National Council, the event will convene representatives from GCC legislative councils, local authorities, judicial bodies, academic institutions, and AI industry leaders to discuss advancing legislative frameworks in the era of AI. The AI Technologies Exhibition, held in collaboration with Abu Dhabi Police, will run alongside the forum.<\/p>\n

HAPPENING THIS WEEK- <\/p>\n

#1- <\/strong>Quantum Maritime Conference<\/a><\/strong> will take place tomorrow and the day after <\/strong>in Mussafah, Abu Dhabi. The conference convenes maritime executives, policymakers, and technology specialists to examine digital transformation in shipping, port automation, and sustainable fleet management, with sessions dedicated to decarbonization, cybersecurity, and AI-led operational efficiency in maritime logistics.<\/p>\n

#2- <\/strong>The <\/strong>Abu Dhabi-London<\/a><\/strong>Business Connect<\/a><\/strong> event will take place tomorrow, followe<\/strong>d by the <\/strong>Abu Dhabi Investment Forum<\/a><\/strong> on Thursday<\/strong>, in London. The Abu Dhabi Chamber of Commerce and Industry, ADGM, and Abu Dhabi Investment Office are holding twin investment forums, convening senior representatives from the government and the private sector to spotlight Abu Dhabi\u2019s investment landscape, explore partnerships with UK counterparts, and support local businesses seeking to scale in new markets.<\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

A big AI transaction is making headlines across the front pages of the international <\/strong>business press: <\/strong>OpenAI is getting hundreds of thousands of chips from Advanced Micro Devices (AMD), bringing AMD tens of bns of USD in revenue and giving the ChatGPT maker the option to buy up 10% of the chipmaker. Shares of AMD surged 34%, while Nvidia\u2019s \u2014 which invested recently in OpenAI \u2014 slipped 1% on the news, as OpenAI reduces its reliance on the chipmaker. (Bloomberg<\/a> | Reuters<\/a> | Financial Times<\/a>) <\/p>\n

Meanwhile, political turmoil in France is also getting attention.<\/strong> French Prime Minister S\u00e9bastien Lecornu resigned after only 27 days in office and only a few hours after his cabinet announced. He\u2019s the third prime minister to be elected since French President Emmanuel Macron dissolved parliament and called snap elections last summer. Tasked with passing an austerity budget amid a divided national assembly, with no party claiming majority, Lecornu \u2014 like his two predecessors \u2014 had his work cut out for him, while a cabinet that failed to provide a turning point from past politics and stoked criticism was the nail in the coffin.<\/p>\n

Market reax: <\/strong>France\u2019s CAC 40 stock index fell 2% on the news, while the EUR weakened 0.7%. The country is facing looming debt problems, with its debt-to-GDP ratio at twice the 60% permitted under EU rules. (Guardian<\/a> | Reuters<\/a> | Bloomberg<\/a>) <\/p>\n

CLOSER TO HOME- Israel-Hamas talks in Egypt seem to be progressing well<\/strong>, with Egyptian media reporting a \u201cpositive atmosphere\u201d and US President Donald Trump saying Hamas is agreeing to important issues. (Reuters<\/a> | New York Times<\/a> | Guardian<\/a>) <\/p>\n

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***<\/p>\n","protected":false},"excerpt":{"rendered":"

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