{"id":109596,"date":"2025-11-19T00:00:00","date_gmt":"2025-11-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-adnoc-eyes-lukoils-natural-gas-assets-south-korea-joins-stargate-uae\/"},"modified":"2025-11-19T00:00:00","modified_gmt":"2025-11-19T00:00:00","slug":"this-morning-adnoc-eyes-lukoils-natural-gas-assets-south-korea-joins-stargate-uae","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/11\/19\/this-morning-adnoc-eyes-lukoils-natural-gas-assets-south-korea-joins-stargate-uae\/","title":{"rendered":"THIS MORNING: Adnoc eyes Lukoil\u2019s natural gas assets + South Korea joins Stargate UAE"},"content":{"rendered":"

Good morning, friends, and happy hump day to you all. <\/strong>There\u2019s no end in sight to the slew of agreements and orders from Emirati airlines and defense firms as the Dubai Airshow enters its third day, while on the macro front, Dubai inflation came in at its highest in nearly a year in October.<\/p>\n

PLUS- Curious about the state of the union of AI in the GCC? <\/strong>Mckinsey\u2019s State of the AI report tells us that adoption is on the rise, but true value realization is still slow. We have everything you need to know in the news well, below. <\/p>\n

\u2600\ufe0fWEATHER- It\u2019s a warm and sunny morning<\/strong>, with Dubai set to see a high of 31\u00b0C and a low of 23\u00b0C, while Abu Dhabi will see a high of 30\u00b0C and a low of 22\u00b0C. <\/p>\n

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\u26bdOur wait for the World Cup is getting a little longer<\/strong>, after a last-minute penalty for Iraq saw the team beat the UAE 3-2 in aggregate, ending our chances at qualifying for next year\u2019s football tournament. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>South <\/strong>Korea signs onto UAE\u2019s Stargate AI megaproject: <\/strong>Seoul will partner with the UAE on its US-backed Stargate UAE initiative to build one of the world\u2019s largest AI data campuses, Reuters<\/a> reports, citing a government announcement from South Korea made during President Lee Jae Myung\u2019s visit to Abu Dhabi. <\/p>\n

The two countries also inked a framework agreement to incr<\/strong>ease bilateral AI investment<\/strong>, including in infrastructure, supply chains, and R&D. They will also explore projects ranging from co-operating hyperscale AI data centers to global AI smart port projects. <\/p>\n

REFRESHER- <\/strong>Stargate UAE<\/a>, announced during US President Donald Trump\u2019s visit to the UAE in May<\/a>, is set to be the first deployment of the US\u2019 wider USD 500 bn Stargate infrastructure program<\/a> and will form part of a 5 GW US-UAE AI data center cluster<\/a>. US players OpenAI, Nvidia, Cisco, Oracle, and Japan\u2019s SoftBank are partnering on the project, which is set to open in 2026.<\/p>\n

ALSO FROM THE VISIT- <\/strong>The two countries agreed to expand cooperation in <\/strong>space, biohealth, economic cooperation, defense, intellectual property, and nuclear energy. <\/strong>This includes, in the field of defense, working on joint development of weapons, technology cooperation, and local production. <\/p>\n

South Korea could gain some USD 15 bn in de<\/strong>fense projects on the back of this cooperation framework<\/strong>, Korean news outlet Kyunghyang Shinmun<\/a> reports. <\/p>\n

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<\/a> #2- Adnoc is among several companies interested in the assets of Russian energy firm <\/strong>Lukoil<\/strong>, especially its natural gas operations in Uzbekistan, Bloomberg<\/a> reports, citing people in the know. This comes as firms including US private equity firm Carlyle Group, as well as oil and gas firms Chevron and Exxon also eye some of its assets \u2014 though the caveat is the firm is looking to sell its entire international portfolio in one shot ahead of US sanctions set to take effect on 13 December. This could mean that a financial firm could step in to buy the assets and sell them piecemeal over time, the business news information service reports. <\/p>\n

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#3-<\/strong> Joby<\/strong> Aviation<\/strong> picks sites for Dubai vertiports: <\/strong>US-based Joby Aviation has selected the American University in Dubai, Atlantis the Royal, and Dubai Mall for its next electric vertical take-off and landing (eVTOL) vertiports, according to a press release<\/a>. The sites \u2014 set for launch in 2026 \u2014 will be developed by UK-based Skyports Infrastructure<\/a>, and are part of Joby\u2019s six-year exclusive agreement with Dubai\u2019s Road and Transport Authority to set up air taxi services.<\/p>\n

REMEMBER- <\/strong>The air taxi operator completed<\/a> its first crewed eVTOL aerial taxi flight between Margham\u2019s Dubai Jetman Helipad and Al Maktoum International Airport this week. Its first eVTOL aerial taxi vertiport in Dubai \u2014 located in Dubai International Airport \u2014 is 60% complete, with the firm on track<\/a> to launch it in 1Q 2026, ahead of commercial rollout. <\/p>\n

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#4-<\/strong> AD<\/strong> Po<\/strong>rts, CM<\/strong>A CGM to expand joint terminal at Khalifa Port: <\/strong>Port operator AD Ports Group has inked an agreement with French shipping giant CMA CGM to expand their joint terminal at Khalifa Port, boosting its capacity by 50% to 2.7 mn TEUs by 2028, according to a statement<\/a>. The move comes less than a year<\/a> after the terminal launched operations. <\/p>\n

The agreement aims to raise the port\u2019s <\/strong>overall container handling capacity by 9%<\/strong> to 10.5 mn TEUs per year, as well as expand the quay wall\u2019s length to 1.2 km and yard area by over 40% to 667k sqm. The project will also upgrade utilities and systems, including reefer racks to monitor refrigerated container storage.<\/p>\n

BACKGROUND- <\/strong>AD Ports and CMA CGM operate the terminal under a joint venture \u2014 with CMA Terminals holding a 70% stake and AD Ports holding 30%. The pair first announced the AED 3.1 bn terminal project in 2021, initially committing some AED 570 mn, and inking a 35-year concession agreement for the terminal. <\/p>\n

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#5- Emirati b\u2019naire and Emaar chairman Mohamed Alabbar is investing USD 145 mn in a <\/strong>resort in Italy<\/strong>, after buying the Castello di Antognolla in Umbria for USD 55 mn, the businessman told Bloomberg<\/a>. He aims to create \u201cone of the most prestigious resorts in the world,\u201d complete with fashion events and culinary competitions. The investment is personal and not through Emaar or Eagle Hills.<\/p>\n

The details: <\/strong>The Antognolla project will see the 12th-century castle redeveloped into a hotel, wellness resort and 3k-sqm longevity centre, alongside 80+ luxury homes, a polo club and other amenities. The site already includes an 18-hole golf course.<\/p>\n

As for his other overseas ventures: <\/strong>A luxury tourism project Alabbar is pursuing in Madagascar faces a setback after lawmakers impeached the country\u2019s former president and the army took over, though it is currently in wait-and-see mode. Meanwhile, his firm Eagle Hills is pushing ahead with a USD 6 bn project in Georgia<\/a>, as well as additional projects in Albania, Serbia, Croatia, Latvia, Bahrain, Ethiopia and Morocco. However, its plan to redevelop land in Budapest into a \u201cmini-Dubai\u201d was blocked by the Hungarian government<\/a> earlier this year.<\/p>\n

PSAs- <\/p>\n

#1- <\/strong>National<\/strong> holiday extended to private sector:<\/strong> Monday, 1 December and Tuesday, 2 December have been confirmed as a national holiday for private sector employees to celebrate Eid Al Etihad, marking a four-day weekend across the UAE, according to the Human Resources and Emiratization Ministry<\/a>. For residents following the Saturday-Sunday weekend, their holiday will run from Saturday, 29 November to Tuesday, 2 December, while Sharjah residents will enjoy a five-day weekend, including Friday, Khaleej Times<\/a> reports. <\/p>\n

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<\/a> #2- <\/strong>The <\/strong>Central Bank of the UAE (CBUAE) has reportedly scrapped the AED 5k minimum<\/strong> salary requirement for accessing bank financing<\/strong>, allowing low-salaried residents better access to financial services, Emarat Al Youm<\/a> reports. Minimum salary requirements will now be at each bank\u2019s internal discretion. <\/p>\n

Bank accounts for all?<\/strong> The move came as the CBUAE launched the UAE\u2019s National Financial Inclusion Strategy 2026-30 at the two-day MENA Financial Inclusion Leaders' Summit, Wam<\/a> reports. The strategy includes 12 initiatives focused on providing inclusive bank accounts for all residents, improving financial literacy, offering products tailored to women, youth, and people of determination, and enabling access to financial services for entrepreneurs and MSMEs.<\/p>\n

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#3-<\/strong>Dubai Ports rolls out AI system for instant approvals: <\/strong>The Dubai Ports Authority introduced an AI- and RPA-powered system that automatically issues operational approvals and safe-work permits for activities such as accepting dangerous goods, vessel bunkering, ship-waste discharge, and port-facility work, according to a press release<\/a>. The platform will instantly process eligible requests \u2014 estimated at around 44k transactions a year \u2014 while routing exceptional cases to human review to maintain compliance.<\/p>\n

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<\/a> <\/p>\n

HAPPENING TODAY- <\/p>\n

#1- A UAE delegation is visiting Singapore and India until Friday, 21 November<\/strong> to boost bilateral trade and explore new sustainable development investments, Abu Dhabi Media Office<\/a> reports. The delegation will meet with policymakers, investors, and business leaders in both countries to strengthen partnerships across sectors like AI, agritech, healthcare and life sciences, renewable energy, advanced technology, financial services, manufacturing, and logistics.<\/p>\n

#2- South Korea\u2019s President Lee Jae Myung is on the third and final day of a state visit to the UAE<\/strong>, holding talks with President Mohamed bin Zayed Al Nahyan to strengthen cooperation in investment, defense, energy, advanced technologies, and healthcare, Asharq Business<\/a> reports. The visit builds on existing relationships spanning politics, economy, nuclear cooperation, climate change, cybersecurity, food security, defense, healthcare, culture, government administration, and space.<\/p>\n

#3- Canadian Prime Minister Mark Carney is in Abu Dhabi today for a <\/strong>working visit<\/strong> focusing on attracting new investments and trade partnerships, and expanding the trade and economic partnership in areas like energy, agriculture, infrastructure, and AI, according to a statement<\/a>. The PM will meet with business execs to attract investments to build out Canada\u2019s export infrastructure and boost access for Canadian exporters. <\/p>\n

#4-<\/strong>Dubai Airshow<\/a><\/strong> is on its third day and runs until Friday<\/strong> at Al Maktoum International Airport in Dubai. The event features over 1.4k exhibitors and 192 aircraft on display, and looks to develop new solutions for sustainable aviation. Expect plenty of agreements as well as discussions around key issues facing the aviation industry, from MRO and airport and airline management to cybersecurity, workforce development, airport tech, and women\u2019s leadership in aerospace.<\/p>\n

#5- <\/strong>Middle East Iron & Steel<\/a><\/strong> is on its third and final day <\/strong>at Madinat Jumeirah Conference Center. The event brings together over 1.3k international senior executives to discuss the latest trends in the steel and iron industry. <\/p>\n

#6- <\/strong>Dubai Future Forum<\/a><\/strong> wraps today at the Museum <\/strong>of the Future<\/strong>, bringing together policymakers, technologists, and futurists to explore long-term trends shaping the region, from AI to proactive med, and urban resilience. Some 100 innovative projects from students, graduates, and professors from global universities will be showcased, with five projects set to be chosen for support to prepare them for real-world application. <\/p>\n

#7- The Turkey leg of the <\/strong>Abu Dhabi Infrastructure Summit roadshow<\/a><\/strong> kicked off<\/strong> yesterday<\/strong> in Ankara <\/strong>and continues today in Istanbul<\/strong>, with some USD 55 bn worth of Abu Dhabi projects featuring sustainable and smart urban infrastructure on the line for Turkish investment, state news agency Wam<\/a> reports. Senior officials from both countries are exploring and strengthening public-private partnerships in housing, infrastructure, and urban development, while highlighting investments for Turkish engineering and contracting firms in modular construction, transport, and complex engineering developments.<\/p>\n

#8- <\/strong>The <\/strong>Investment and Business Summit<\/a><\/strong> is on its second day today and runs till Thursday, 20 <\/strong>November<\/strong> at Al Hamra International Exhibition and Convention Center in Ras Al Khaimah, gathering investors, industry leaders, and government representatives to discuss investment prospects in Ras al Khaimah, with a focus on manufacturing, tourism and hospitality, real estate and infrastructure, and investment and finance. <\/p>\n

#9- <\/strong>The <\/strong>Sharjah International Travel and Tourism Forum<\/a><\/strong> takes place today <\/strong>at Al Jawaher Reception and Convention Center. The forum will gather senior government officials, international experts, and tourism, travel, and tech industry players to explore future trends in the tourism sector. <\/p>\n

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

A US tech market slump and the Epstein files are dominating headlines in the international <\/strong>press this morning.<\/strong> Claude-maker Anthropic received a push from Microsoft and Nvidia, but US tech stocks still took quite a hit.<\/p>\n

Anthropic will receive up to USD 15 bn in new funding from Microsoft and Nvidia<\/strong>, the latest wager on the fast-growing Claude developer. Microsoft will invest up to USD 5 bn while Nvidia will invest up to USD 10 bn, part of a broader funding round expected to value Anthropic at more than USD 300\u2013350 bn. The AI startup has agreed in return to purchase USD 30 bn in Azure computing capacity, which will run on Nvidia\u2019s newest AI chips. (Reuters<\/a> | The Financial Times<\/a> | Semafor<\/a> | CNBC<\/a>)<\/p>\n

Markets are not buying it: <\/strong>US tech stocks fell sharply on Tuesday as mounting concerns over \u201cfrothy\u201d AI valuations triggered a broad sell-off across global markets. The tech-heavy Nasdaq Composite closed 1.2% lower, with major AI-linked names leading the declines as Nvidia slid 2.8%, while Microsoft shed 2.7% and Amazon declined 4.4%. The pullback comes ahead of Nvidia\u2019s earnings on Wednesday, a report investors see as a critical gauge of whether the AI boom can justify the sector\u2019s soaring valuations. (The Financial Times<\/a> | Semafor<\/a> | CNBC<\/a> | Reuters<\/a>)<\/p>\n

ALSO- President Donald Trump met with Crown Prince Mohammed Bin Salman in the <\/strong>White House<\/strong>, where they signed agreements on defense, nuclear negotiations, AI and more. The president cleared future F-35 deliveries to Saudi and designated the Kingdom as a major non-Nato ally, while the Crown Prince pledged to increase Saudi\u2019s investment package in the US to a whopping USD 1 tn.<\/p>\n

AND- <\/strong>The US Congress voted overwhelmingly on Tuesday to release the Justice Department\u2019s files on the disgraced financier Jeffrey Epstein, a move enabled by Trump\u2019s abrupt reversal after months of resisting the measure. The legislation is now awaiting Trump\u2019s signature. (Reuters<\/a> | CNN<\/a> | The Financial Times<\/a> | New York Times<\/a> | Bloomberg<\/a>)<\/p>\n

ALSO WORTH READING-<\/strong><\/p>\n