{"id":109816,"date":"2025-11-26T00:00:00","date_gmt":"2025-11-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-airtel-money-looks-set-for-a-uae-ipo-in-2026-new-mall-coming\/"},"modified":"2025-11-26T00:00:00","modified_gmt":"2025-11-26T00:00:00","slug":"this-morning-airtel-money-looks-set-for-a-uae-ipo-in-2026-new-mall-coming","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/11\/26\/this-morning-airtel-money-looks-set-for-a-uae-ipo-in-2026-new-mall-coming\/","title":{"rendered":"THIS MORNING: Airtel Money looks set for a UAE IPO in 2026 + New mall coming?"},"content":{"rendered":"

Good morning, lovely people, and happy hump day. <\/strong>It\u2019s one of those days that we like to call a Goldilocks day \u2014 not super busy for a Wednesday morning, but nowhere near quiet.<\/p>\n

The two big stories of the day<\/strong> are S&P Global\u2019s affirmation of Ras Al Khaimah\u2019s A\/A-1 rating<\/strong> on strong fiscal fundamentals and forecast growth, along with Amanat\u2019s Saudi education arm wrapping the retail portion of its IPO<\/strong>, with 1.2x oversubscription. Also:<\/strong> Morocco\u2019s hospital giant Akdital Holding is planning to raise funds for its expansion into the UAE and Saudi Arabia. <\/p>\n

PLUS- We have a run-down of how Dubai and Abu Dhabi-listed firms\u2019 earnings growth <\/strong>fared compared to the rest of the GCC \u2014 and the good news is: growth trumped that of firms on other indices across the region. <\/p>\n

WEATHER- Expect a partly cloudy day with slightly cooler temperatures in both Dubai <\/strong>and Abu Dhabi<\/strong>, with the mercury peaking at 29\u00b0C in Dubai before cooling to 21\u00b0C, and 29\u00b0C in Abu Dhabi before reaching a low of 19\u00b0C. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- <\/strong>Foreign li<\/strong>sting incoming? <\/strong>London and Lagos-listed telecom player Airtel Africa<\/a> \u2019s mobile unit Airtel Money<\/a> secured a regulatory waiver from the Securities and Commodities Authority (SCA) to pursue a UAE listing, IFR<\/a> reports. The fintech, which is owned by Indian telecom operator Bharti Airtel<\/a> and has virtually no operational or revenue footprint here at home, had also been weighing London and other European exchanges<\/a> as potential venues for a listing. <\/p>\n

The IPO, planned for 1H 2026, could fetch around USD 1 bn in proceeds<\/strong> and a USD 4 bn valuation. It would also mark the UAE\u2019s first African equity listing, which would be a boost for the Emirates\u2019 push to attract foreign issuers. <\/p>\n

Bankers say the IPO will likely hinge on landing a heavyweight Emirati cornerstone investor<\/strong>, which would determine whether the stock lands on the DFM or ADX. Domestic demand for the offer is expected to be thin given Airtel\u2019s lack of UAE ties, despite some minority shareholders being based out of Abu Dhabi. <\/p>\n

About the IPO-hopeful: <\/strong>Airtel Money reported USD 623 mn in mobile money operations revenue in 1H 2025, a 33.7% y-o-y increase, while EBITDA rose 30.7% to USD 323 mn, IFR wrote. The business now serves 49.8 mn users, up 20% y-o-y.<\/p>\n

ADVISORS- <\/strong>The company held bank pitch meetings in September to start filling out the syndicate, but Citi remains the only mandated global coordinator for now, with other banks still awaiting confirmation.<\/p>\n

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<\/a> #2- <\/strong>UK<\/strong> energy services company Petrofac\u2019s UAE operations are \u201ccontinuing as normal,\u201d <\/strong>despite the layoff of 180 employees<\/strong> after the company was hit a major loss of a USD 15 bn offshore wind contract in the Netherlands and as it continues to face mounting debt, The National<\/a> reports, citing a company source. The company\u2019s local arm Petrofac Emirates is delivering on schedule, the outlet says, citing an Adnoc Gas representative.<\/p>\n

Current projects include a USD 1.2 bn Adnoc gas <\/strong>expansion<\/a><\/strong> on Das Island<\/strong>, a USD 330 mn compressor plant<\/a> at Habshan, and a USD 615 mn carbon capture facility. <\/p>\n

Petrofac has a debt of roughly USD 4 bn <\/strong>following years of losses and reputational fallout from a bribery case that resulted in a EUR 77 mn penalty in 2021, the news outlet says. Although a restructuring plan was cleared earlier this year, the wind contract\u2019s cancellation cast doubt over the company\u2019s ability to sustain long-term operations.<\/p>\n

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#3- <\/strong>Animoca<\/strong> receives green light to operate as fund manager:<\/strong> Hong Kong-based Web3 venture capital and software firm Animoca Brands<\/a> received in-principle approval (IPA) from ADGM\u2019s Financial Services Regulatory Authority to operate as a regulated fund manager, according to a press release<\/a>. The company will be authorized to manage a collective investment fund in or from the ADGM, subject to securing final regulatory approval. <\/p>\n

REMEMBER-<\/strong> The company is planning to open<\/a> its first regional office in Dubai, and is also planning to set up funds for startups, although the amount of investments allocated to the region has not been disclosed. The Dubai office will focus on financing, market access, and mentorship for local startups and more established crypto companies.<\/p>\n

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<\/a> #4- Emaar is building a new mall:<\/strong> Emaar and Eagle Hills chairman Mohamed Alabbar said the firm will develop a AED 180 bn Dubai Square Mall in Dubai Creek Harbour, set to be three times the size of the Burj Khalifa area in Downtown Dubai, according to a post on X<\/a>. The mall, which is scheduled to open in three years\u2019 time, will allow electric vehicles access to its interior, and will integrate AI-driven retail systems, Gulf News<\/a> reports.<\/p>\n

Alabbar first hinted at the project in February last year<\/strong> at the Sharjah Entrepreneurship Festival, Khaleej Times<\/a> previously reported. \u201cThis will be the first time cars can enter a mall so it will be very unique,\u201d he said at the time. <\/p>\n

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

PSAs- <\/p>\n

#1-<\/strong> Dubai has set new rules for reporting and managing lost and abandoned prop<\/strong>erty<\/strong>, replacing the 2015 framework, Wam<\/a> reports. Anyone who finds lost property \u2014 excluding public employees on duty \u2014 must register it in Dubai Police\u2019s electronic system within 24 hours and hand it over within 48 hours. Police will oversee the logging, storage, and public announcement of items through a new digital system, and will give owners a chance to reclaim items before disposal or claim their value within three years if sold. Finders may receive 10% of the item\u2019s value (capped at AED 50k) and can request to keep unclaimed items after one year, subject to police approval. <\/p>\n

Violations of the new rules carry fines of AED 500-100k<\/strong>, doubled for repeat offenses. The new law takes effect upon its publication in the Official Gazette. <\/p>\n

#2- Speaking of fines\u2026 you can now pay off your fines and government service fees in installments <\/strong>with Dubai-based BNPL and shopping platform Tabby after the Finance Ministry partnered with the platform, Wam<\/a> reports. <\/p>\n

#3- <\/strong>OpenAI enables UAE-based data storage: <\/strong>OpenAI has activated local data residency in the UAE for organizations using ChatGPT Enterprise, ChatGPT Edu, and its API platform, giving businesses, government entities, and universities the option to store data inside the country to meet compliance and governance requirements, according to a statement<\/a>. <\/p>\n

The move comes as adoption continues to climb:<\/strong> OpenAI says its UAE user base has tripled over the past year, with around 60% of 18 to 24-year-olds and 50% of 25 to 34-year-olds using ChatGPT weekly. Enterprise users now include G42, Mubadala, Abu Dhabi Investment Council, Aldar, MBZUAI, Khalifa University, NYU Abu Dhabi, and Tabby.<\/p>\n

REMEMBER- Public-service rollout underway:<\/strong> As part of the Stargate UAE initiative, OpenAI and G42 are integrating ChatGPT Plus into public services<\/a> such as education and healthcare, though personal ChatGPT Plus subscriptions remain USD 20\/month. <\/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- Meanwhile, a mission led by Malaysia\u2019s Entrepreneur Development and Cooperative<\/strong>s Ministry is in <\/strong>Dubai <\/strong>this week<\/strong>, with meetings scheduled across major business hubs through Friday, Trade Arabia<\/a> reports. The delegation \u2014 which includes representatives from Malaysian franchisors, SMEs, and investors \u2014 is courting UAE investors, buyers, and prospective master-franchise partners as it looks to expand Malaysian brands in the GCC and deepen bilateral trade and investment ties.<\/p>\n

#3-<\/strong> The <\/strong>Big 5 Global Exhibition<\/a><\/strong> is on its third day and runs until tomorrow <\/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

#4- <\/strong>LiveableCities X<\/a><\/strong> is also taking place until tomorrow <\/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

#5- The <\/strong>Doers Summit<\/a><\/strong> kicks off today and runs through to tomorrow at Du<\/strong>bai Digital Park <\/strong>in Silicon Oasis, bringing together founders, operators, investors, and technology players for panels, workshops, and startup showcases focused on AI, fintech, engineering, and venture building, with hands-on sessions for early-stage founders.<\/p>\n

#6- <\/strong>Date with Tech<\/a><\/strong> is underway today and tomorrow 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

#7- The <\/strong>DFSA-HKMA Joint Climate Finance Conference<\/a><\/strong> is happening today<\/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

Markets extended their rally yesterday<\/strong>, after new US economic data \u2014 including soft retail sales and lower consumer confidence in September \u2014 strengthened the case for a third rate cut next month. The Dow closed up 1.43%, while the S&P 500 was up 0.91%. Meanwhile, Nasdaq\u2019s gains were limited to 0.67% on a 2.6% decline in Nvidia over Google competition fears. (Reuters<\/a> | Financial Times<\/a> | CNN<\/a> | Semafor<\/a>)<\/p>\n

OVER IN GEOPOLITICS- <\/strong>A-US backed peace framework won Ukraine\u2019s backing after a few days of intense negotiations, with \"only a few remaining points of disagreement,\" according to US President Trump. The amended proposal is unlikely to appeal to Moscow, which seems uncompromising on its goals to solidify territorial gains and slash Ukraine\u2019s military within an inch of its life. (CNN<\/a> | Reuters<\/a> | CNBC<\/a>)<\/p>\n

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