{"id":109005,"date":"2025-10-31T00:00:00","date_gmt":"2025-10-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-adnoc-could-close-covestro-acquisition-before-early-december-dmcc-to-develop-new-financial-center\/"},"modified":"2025-10-31T00:00:00","modified_gmt":"2025-10-31T00:00:00","slug":"this-morning-adnoc-could-close-covestro-acquisition-before-early-december-dmcc-to-develop-new-financial-center","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/10\/31\/this-morning-adnoc-could-close-covestro-acquisition-before-early-december-dmcc-to-develop-new-financial-center\/","title":{"rendered":"THIS MORNING: Adnoc could close Covestro acquisition before early December + DMCC to develop new financial center"},"content":{"rendered":"

Good morning, lovely people, and happy FRIDAY. <\/strong>Today\u2019s issue is all about Abu Dhabi\u2019s biggest firms reviewing their portfolio and rebalancing their investments \u2014 with IHC selling its entire stake in Modon as it looks to reduce exposure to the property sector and scale investments in other, high-growth sectors. Meanwhile<\/strong>, Taqa is divesting its stake in a power plant in India as its shifts its focus to cleaner energy. <\/p>\n

Plus: It\u2019s another investment-heavy day<\/strong>, with Lunate anchoring a new platform by Blackrock-owned HPS with USD 1 bn in investments, DP World pledging USD 5 bn in investments in India, and more. <\/p>\n

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WEATHER- More of the same: <\/strong>Temperatures in Dubai and Abu Dhabi will peak at 33\u00b0C, with an overnight low of 25\u00b0C, according to our favorite weather app. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1-<\/strong> Abu Dhabi National Oil Company (Adnoc) could close its EUR 14.7 bn <\/strong>acquisition of<\/a><\/strong><\/a><\/strong>Germa<\/a><\/strong>n chemicals maker Covestro<\/a><\/strong> in 4Q 2025<\/strong>, before 2 December, Covestro said in an earnings call (pdf)<\/a>. The company narrowed its full-year forecast for net income due to weak demand, with lower prices caused by oversupply from Asia due to US tariffs. It said the acquisition will secure it financially. <\/p>\n

REFRESHER- <\/strong>Adnoc\u2019s acquisition of Covestro marks its largest-ever M&A transaction and one of the biggest Gulf takeovers of an EU-listed company, as the state-backed energy major continues to diversify downstream and expand its global chemicals footprint. The acquisition is pending clearance<\/a> from the European Commission after Adnoc submitted a package of concessions to ease EU concerns over a state-backed unlimited guarantee. <\/p>\n

ALSO ON TRACK- UAE-based Sidara\u2019s acquisition of the UK\u2019s Wood Group is set t<\/strong>o close soon after the company published its 1H 2025 earnings and 2024 accounts<\/strong>, which had been delayed due to an independent review of its accounting. The company said the move \u201crepresents an important step towards delivery of the Sidara offer which, if approved by shareholders, will lead to a significant injection of capital to the group,\u201d in a statement<\/a> yesterday. <\/p>\n

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<\/a> #2- UAE to hand over<\/strong> 60% of revenues from <\/strong>Islamabad Airport in takeover? <\/strong>Abu Dhabi Investment is currently in negotiations with Pakistan after it agreed to takeover operations of Islamabad International Airport, with current talks floating the idea of the UAE earmarking a 60% revenue share for Pakistan, Bloomberg<\/a> reports, citing Pakistan\u2019s joint Aviation Secretary Wasim Tariq at a briefing.<\/p>\n

REFRESHER- <\/strong>In September<\/a> Pakistan\u2019s cabinet greenlit the transfer of operations of Islamabad Airport to the UAE under a government-to-government model, though at the time no investment ticket or timeline was given. Talks ironing out the fine print were set to follow on the transfer, which was agreed upon as a condition of the International Monetary Fund\u2019s USD 7 bn bailout reform agenda.<\/p>\n

Who was pipped at the post? <\/strong>Pakistan\u2019s government rejected a bid from a consortium made up of Turkey's Yapi and ERG UK who had offered to keep 40% of revenues for Pakistan, Tariq said.<\/p>\n

More to come: <\/strong>The Pakistani government is now in the process of appointing financial advisers to facilitate the transfer of its remaining two airports, and national carrier Pakistan International Airlines is also set to be sold by the end of the year.<\/p>\n

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<\/a> #3- <\/strong>DIFC <\/strong>proposes amendments to real property law: <\/strong>Dubai International Financial Center (DIFC) has released a consultation paper (pdf)<\/a> proposing amendments to the Real Property Law and Regulations. The changes focus on fees and deadlines related to property leases, as well as liabilities for construction defects. The deadline for providing feedback is 28 November.<\/p>\n

Proposed amendments include:<\/strong><\/p>\n