{"id":109768,"date":"2025-11-25T00:00:00","date_gmt":"2025-11-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-adnoc-eyes-usd-150-bn-in-capex-until-2030-lunate-to-invest-usd-1-bn-in-mgx\/"},"modified":"2025-11-25T00:00:00","modified_gmt":"2025-11-25T00:00:00","slug":"this-morning-adnoc-eyes-usd-150-bn-in-capex-until-2030-lunate-to-invest-usd-1-bn-in-mgx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/11\/25\/this-morning-adnoc-eyes-usd-150-bn-in-capex-until-2030-lunate-to-invest-usd-1-bn-in-mgx\/","title":{"rendered":"THIS MORNING: Adnoc eyes USD 150 bn in capex until 2030 + Lunate to invest USD 1 bn in MGX?"},"content":{"rendered":"

Good morning, lovely people. <\/strong>We have a very macro-heavy issue for you this morning, as ICAEW upgrades the UAE\u2019s growth forecast<\/strong> for next year and Knight Frank<\/strong> and JLL<\/strong> both give their take on the UAE\u2019s booming property markets<\/strong> \u2014 and the figures are all pointing to the same thing: Price growth is finally stabilizing in Dubai<\/strong>, and the five-year boom looks to be nearing its peak. <\/p>\n

ALSO- Trading in <\/strong>Dubai <\/strong>opened nearly three hours late yesterday<\/strong> due to connectivity issues, with the opening session starting at 12:45pm, the Dubai Financial Market confirmed in a statement<\/a>. The exchange kept its closing time unchanged despite the delayed start.<\/p>\n

WEATHER- <\/strong>Dubai is in for a high of 30\u00b0C today and a low of 20\u00b0C, while Abu Dhabi is expected to see a 31\u00b0C high and a 21\u00b0C low.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1-<\/strong> Adnoc<\/strong> plans USD 150 bn capex through 2030: <\/strong>Adnoc\u2019s board has signed off on a five-year spending plan holding capital expenditure at USD 150 bn, as the company pushes ahead with capacity growth at home and expands its international footprint, according to a statement<\/a>. <\/p>\n

XRG doubles in size as global expansion accelerates:<\/strong> Adnoc said its international investment arm, XRG \u2014 created about a year ago \u2014 has lifted its enterprise value to USD 151 bn from USD 80 bn. The unit now holds stakes in listed Adnoc companies worth more than USD 100 bn and is targeting a top-five global position in gas and petrochemicals while supplying energy to meet AI-era demand, Bloomberg<\/a> reports.<\/p>\n

Upstream growth remains the priority: <\/strong>Adnoc has set up a dedicated operating company for the Hail and Ghasha offshore concession and raised the project\u2019s target to 1.8 bcf\/d by 2030, up from 1.5 bcf\/d. Oil capacity is on track to rise to 5 mn b\/d from 4.85 mn b\/d currently. <\/p>\n

The caveat?<\/strong> With the UAE\u2019s OPEC+ quota at just over 3.4 mn b\/d for December, further increases will leave more spare capacity idle in the near term.<\/p>\n

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<\/a> #2- <\/strong>Abu D<\/strong>h<\/strong>abi-b<\/strong>ased asset manager Lunate is in discussions to invest USD 1 bn in the<\/strong> state\u2019s AI firm MGX<\/strong>, Bloomberg<\/a> quotes sources familiar with the matter as saying. The state AI giant is looking to raise USD 25 bn<\/a> in funding to boost its AI investments. Meanwhile, the alternative investor is reportedly targeting a bigger haul for its 2026 fund launches, well above the USD 17 bn it raised for its flagship funds in 2024, Bloomberg<\/a> reported in another story. It deployed USD 13.5 bn so far and sealed over 100 transactions, pushing its assets to around USD 115 bn.<\/p>\n

MGX has a busy pipeline <\/strong>ahead:<\/strong> Its upcoming commitments include contributing to the initial USD 100 bn<\/a> phase of the Stargate AI infrastructure fund, pledging USD 30-50 bn<\/a> of initial investments in data centers in France, and backing GIP\u2019s USD 30 bn<\/a> AI infrastructure fund. It also recently fully acquired Texas-based Aligned Data Centers alongside BlackRock\u2019s Global Infrastructure Partners for USD 40 bn<\/a> and invested in OpenAI as part of its latest secondary share sale<\/a>.<\/p>\n

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<\/a> #3- <\/strong>Oracle <\/strong>deploys MENA\u2019s first Blackwell-powered supercluster in Abu Dhabi: <\/strong>American cloud infrastructure firm Oracle<\/a> has launched an Oracle Cloud Infrastructure (OCI) supercluster with more than 4k of Nvidia\u2019s latest Blackwell-architecture GPUs in its Abu Dhabi cloud region, according to a press release<\/a>. The deployment, which Oracle says is the first of its kind in the MENA region, gives government entities and regulated sectors access to high-density AI compute while keeping data in-country.<\/p>\n

A closer look: <\/strong>The supercluster is designed to support sovereign AI workloads across smart government, energy, finance, healthcare, aviation, logistics, and telecoms. Oracle says the buildout will enable in-region training, inference, and R&D at scale. <\/p>\n

ICYMI<\/strong>- <\/strong>The US recently gave the greenlight<\/a> to the export of several USD bns worth of Nvidia chips to the UAE, and later to state AI firm G42<\/a> on the condition of \u201crigorous security and reporting requirements.\u201d Oracle is also involved in the 5 GW UAE-US AI Campus<\/a>, the first deployment of the USD 500 bn US Stargate initiative<\/a>.<\/p>\n

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#4- <\/strong>Adia<\/strong>, <\/strong>GIC wrap up their Vantage investment:<\/strong> A wholly owned subsidiary of Abu Dhabi Investment Authority (Adia) and an affiliate of Singaporean wealth fund GIC<\/a> finalized their participation as lead investors in the USD 1.6 bn<\/a> equity investment in data center developer Vantage Data Centers<\/a>, according to a press release<\/a>. <\/p>\n

Where will the money go?<\/strong> A portion of the capital was used to finalize the acquisition of a 300+ MW hyperscale campus in Johor, Malaysia, from Mubadala-backed<\/a> data center developer Yondr Group<\/a>. The transaction expands Vantage\u2019s regional platform to 1GW of operational and planned IT capacity across Australia, Malaysia, Japan, Taiwan, and Hong Kong.<\/p>\n

REMEMBER-<\/strong> Both Adia and GIC are existing backers of Vantage, alongside alternative asset manager DigitalBridge Group<\/a>. Adia acquired a 40% in DigitalBridge\u2019s subsidiary Landmark Dividend back in April 2024.<\/p>\n

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<\/a> #5- Mubadala, <\/strong>Uber<\/strong> seek regulatory greenlight on Getir Food sale: <\/strong>Uber has agreed on key elements of a possible acquisition of Mubadala\u2019s controlling stake in Turkish delivery firm Getir\u2019s food-delivery arm, and has jointly filed for clearance with the Turkish Competition Authority, Reuters<\/a> reports, citing two people familiar with the matter. <\/p>\n

We knew this was coming: <\/strong>Earlier this month<\/a>, Mubadala was in preliminary talks with Uber to possibly take over the Turkish firm. At the time, reports cited the value of the potential acquisition at as much as USD 1 bn. The sale would come following the recent sale of Getir Arac<\/a> to Tiktak and parallel talks to offload the remaining stake in Getir\u2019s finance unit. The Abu Dhabi fund took control of Getir\u2019s assets earlier this year after the company\u2019s pandemic-era surge and subsequent collapse in demand forced a restructuring and shutdown of its international operations, and led to a power struggle between Mubadala and Getir\u2019s founders.<\/p>\n

DATA POINT- <\/p>\n

Gross bank assets rose to AED 5.2 tn at the end of September<\/strong>, up 2.2% m-o-m, according to the Central Bank of the UAE\u2019s latest monetary and banking developments report (pdf)<\/a>. Gross credit increased 2.5% to AED 2.5 tn, supported by a AED 43.9 bn increase in domestic credit and AED 17.6 bn in foreign credit. Within domestic credit, lending grew across all segments: the government sector (+0.4%), government-related entities (+7.2%), the private sector (+1.5%), and non-banking financial institutions (+9.1%). <\/p>\n

Total bank deposits rose 1.8% m-o-m to <\/strong>AED 3.1 tn<\/strong>, driven by a 0.7% increase in resident deposits to AED 2.9 tn and a 14.5% jump in non-resident deposits to AED 294.6 bn. Among resident deposits, private sector deposits grew 0.7% and non-banking financial institutions rose 13.8%, while government sector deposits fell 0.5% and deposits from government-related entities slipped 0.1%.<\/p>\n

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

HAPPENING TODAY- <\/p>\n

#1- A Dubai Chambers of Commerce delegation is in Malaysia and Cambodia <\/strong>until <\/strong>Friday, 28 November <\/strong>to explore investment and potential partnerships for Dubai companies, state news agency Wam<\/a> reports. The mission includes meetings with government bodies, major companies, and one-on-one business sessions to build long-term trade and investment ties. Delegates will study local investment environments and prospects to potentially expand to those markets to support export and re-export growth.<\/p>\n

#2- The <\/strong>Big 5 Global Exhibition<\/a><\/strong> is on its second day and runs until Thursday <\/strong>at Dubai World Trade Center. The four-day event convenes construction leaders and policymakers in the urban development ecosystem. Over 2.8k industry suppliers will be at the event, which will focus on advanced technologies and collaboration on infrastructure innovation.<\/p>\n

#3- <\/strong>LiveableCities X<\/a><\/strong> is also taking place until Thursday <\/strong>at Dubai World Trade Center. The event brings together international city planners, policymakers, and urban planners to discuss the latest technologies and solutions for sustainable and smart urban environments. <\/p>\n

HAPPENING THIS WEEK- <\/p>\n

#1- Dubai Silicon Oasis will host the <\/strong>Doers Summit<\/a><\/strong> tomorrow and on Thursday at Du<\/strong>bai Digital Park<\/strong>, bringing together founders, operators, investors, and technology players for panels, workshops, and startup showcases focused on scaling companies and building digital products. The agenda will focus on AI, fintech, engineering, and venture building, with hands-on sessions for early-stage founders.<\/p>\n

#2- <\/strong>Date with Tech<\/a><\/strong> runs from Wednesday to Thursday in Dubai\u2019s Madinat Jumeirah<\/strong>. <\/strong>The event \u2014 a new summit covering AI, digital assets, cybersecurity, immersive tech, and smart infrastructure \u2014 spotlights the region\u2019s fast-growing tech sector, from a projected USD 166 bn AI market by 2030 to rising data-center and digital-transformation investment, and serves as a platform for next-gen technology partnerships.<\/p>\n

#3- The <\/strong>DFSA-HKMA Joint Climate Finance Conference<\/a><\/strong> is happening tomorrow<\/strong> at the DIFC Conference Center. Co-hosted by the Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA), the event brings together regulators, global investors, and financial institutions to explore sustainable finance solutions and deepen bilateral collaboration. Key topics include scaling climate finance through tokenization and technology.<\/p>\n

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

US markets started the week in a sea of green<\/strong>, buoyed by increased odds of a December rate cut that took investors\u2019 minds off AI bubble fears. The Nasdaq rose 2.69% \u2014 its best day since May \u2014 on strong Alphabet and Nvidia gains, while the Dow was up 0.44% yesterday and the S&P 500 inched up 1.55%. (Reuters<\/a> | CNBC<\/a>)<\/p>\n

Not everyone is bullish: <\/strong>The \u201cBig Short\u201d investor Michael Burry used the first post in his newly launched paid-subscription newsletter Cassandra Unchained<\/a> to warn that AI\u2019s inflated valuations<\/a> could be leading to a dot-com-like bubble down the road. Burry has reportedly placed a USD 1.1 bn wager against AI\u2019s poster children Nvidia and Palantir.<\/p>\n