{"id":109950,"date":"2025-12-03T00:00:00","date_gmt":"2025-12-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-november-was-a-bad-month-for-stocks-youll-pay-more-at-the-pump-this-month\/"},"modified":"2025-12-03T00:00:00","modified_gmt":"2025-12-03T00:00:00","slug":"this-morning-november-was-a-bad-month-for-stocks-youll-pay-more-at-the-pump-this-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/12\/03\/this-morning-november-was-a-bad-month-for-stocks-youll-pay-more-at-the-pump-this-month\/","title":{"rendered":"THIS MORNING: November was a bad month for stocks + You\u2019ll pay more at the pump this month"},"content":{"rendered":"

Good morning, lovely people, and welcome to the final month of the year. <\/strong>We hope you enjoyed the long weekend, whether you spent it at home with your family or overseas. <\/p>\n

We have a busy issue for you to kickstart this short workweek<\/strong>, with plenty of macro updates, fresh tax law amendments, and a healthy dose of capital markets news, as per usual. <\/p>\n

The Economy Ministry rang in the National Day with GDP growth figures for 1H 2025<\/strong>, showing 4.2% growth across the UAE during the period, driven mostly by a booming non-oil sector. Meanwhile<\/strong>, Abu Dhabi\u2019s inflation<\/strong> rose<\/strong> to its highest since 2023 in October, and the Finance Ministry introduced a fresh batch of tax procedures law amendments. <\/p>\n

ALSO- Amanat\u2019s education arm Almasar Education<\/strong> rang the bell on Tadawul, gaining 18.4%, while BlueFive Capital submitted a non-binding offer to acquire a stake in Saudi-listed Gulf General Cooperative Ins. Without further ado, let\u2019s dive in. <\/p>\n

?WEATHER- Some fog ahead?<\/strong> The National Center of Meteorology expects foggy conditions throughout this morning, as the mercury peaks at 29\u00b0C in Dubai and 28\u00b0C in Abu Dhabi, before cooling to a low of 20\u00b0C in the former and 19\u00b0C in the capital. <\/p>\n

DATA POINT-<\/p>\n

<\/a> UAE equities closed out November down, reversing <\/strong>gains made in October<\/a><\/strong> amid a sharp pullback across GCC markets<\/strong>, which saw equities across the bloc fall the most in three years, according to a Kamco Invest report (pdf)<\/a>. This came amid broader pressure on emerging market indices amid fears of an AI bubble, and as oil prices staged a decline, the report noted. <\/p>\n

The MSCI GCC index fell 6.9% during the month<\/strong>, its biggest drop in more than three years. Only Muscat ended the month up (1.7%), with total trading turnover across Gulf exchanges sliding 35% m-o-m to USD 45.3 bn, down from USD 69.5 bn in October, according to calculations by CNBC Arabia (watch: runtime 3.03<\/a>).<\/p>\n

ADX\u2019s benchmark index lost USD 33 bn in market cap (-3.5%) during the month<\/strong>, with most of the sectors registering losses, led by real estate (-8.8%), telecoms (-7.5%), and financials (-2.2%). Phoenix Group and Presight were among the biggest drags. <\/p>\n

Meanwhile, DFM registered the second biggest dip among GCC marke<\/strong>ts<\/strong>, down 3.7%, with financials also dragging the index (-5.9%) and real estate (-3.8%) registering a slump. <\/p>\n

Tadawul\u2019s TASI was the biggest drag<\/strong>, shedding USD 178 bn in market cap (-9%) in a single month as the index reeled from pressure on heavyweights \u2014 including an USD 88 bn drop in Aramco\u2019s valuation. Kuwait also posted its worst monthly performance in 18 months. <\/p>\n

Abu Dhabi captured 16% of regional liquidity, while Dubai accounted for 8%<\/strong>, well below the 51% of Saudi Arabia. Still, the Gulf-wide contraction wiped roughly USD 250 bn in market value in November, taking the region\u2019s combined market cap down to about USD 3.89 tn, a 6% m-o-m drop.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- <\/strong>UAE <\/strong>joins US-led AI supply chain push:<\/strong> The UAE will be among several countries attending a meeting hosted by the US at the White House on 12 December to discuss boosting critical mineral and semiconductor supply chains, Bloomberg<\/a> reports, citing US economic affairs state undersecretary Jacob Helberg.<\/p>\n

On the agenda: <\/strong>The US is looking to secure agreements in sectors like advanced semiconductor manufacturing, critical minerals, AI infrastructure, energy, and logistics. Other countries attending include Japan, South Korea, Singapore, the Netherlands, the UK, Israel, and Australia \u2014 all of whom either possess critical mineral resources or hosting big semiconductor firms. <\/p>\n

The summit comes as the US looks to reduce allied nations\u2019 reliance on China in these key areas<\/strong>, especially in AI, Helberg said. The initiative builds on similar efforts from previous administrations to counter Chinese dominance in the sector \u2014 with limited success given that over 90% of rare earth resources are located in China.<\/p>\n

So far in <\/strong>US-UAE cooperation:<\/strong> The US recently gave the green light to export 35k Nvidia chips<\/a> to state AI giant G42, after a broader ruling allowed the UAE to use USD bns worth of Nvidia chips<\/a> in US-linked data infrastructure. The move comes alongside Emirati plans to invest in US AI infrastructure<\/a>, as well as partnerships between G42 and US tech giants, including Nvidia, to develop a 5 GW UAE-US AI campus<\/a> in Abu Dhabi \u2014 the first deployment under the US\u2019 wider USD 500 bn Stargate initiative<\/a>. <\/p>\n

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#2- <\/strong>Mub<\/strong>adala Energy signed a heads of agreement with PLN Energi Primer Indonesia<\/strong> to supply gas from its Andaman Sea fields<\/strong>, laying the groundwork to channel output toward the archipelago\u2019s North Sumatra and Aceh, Wam<\/a> reports. The agreement covers potential deliveries from the Tangkulo field, which holds an estimated 2 tcf of gas in place. <\/p>\n

IN CONTEXT-<\/strong> Mubadala reported a gas discovery at its Tangkulo-1<\/a> exploration well in South Andaman in May 2024 and is targeting a final investment decision<\/a> in June 2026, with a development plan slated for 4Q this year and first gas expected in 4Q 2028. This marks the company\u2019s second deepwater find in South Andaman, following a discovery at the Layaran-1<\/a> well in December in 2023. The company inked an agreement<\/a> with Indonesia\u2019s Perusahaan Listrik Negara (PLN) last year to explore power generation from the South Andaman blocks to address Indonesia\u2019s energy demand and for infrastructure development, and agreed to provide 200 mn standard cubic feet per day<\/a> (mcf\/d) of gas to Indonesian state fertilizer producer Pupuk Indonesia in May.<\/p>\n

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<\/a> #3- <\/strong>Top <\/strong>Ships eyes USD 200 mn Dubai portfolio:<\/strong> Greece-based international tanker operator Top Ships<\/a> is weighing a move into Dubai real estate, signing a letter of intent to potentially acquire a portfolio worth more than USD 200 mn from a company affiliated with CEO Evangelos Pistiolis, according to a press release<\/a>. The firm said Dubai\u2019s property market is \u201cone of the world\u2019s most attractive.\u201d<\/p>\n

The option terms: <\/strong>Top Ships will receive an exclusive right to buy all or part of the portfolio \u2014 which includes residential assets \u2014 at a 10% reduction to fair market value, based on two independent valuations. The company will make an advance payment of USD 23.5 mn before 31 December 2025, credited against the purchase price if it proceeds or otherwise refunded. A 90-day option window, which will begin once this payment is made, will include due diligence procedures.<\/p>\n

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#4- <\/strong>Abu <\/strong>Dhabi has approved a AED 4 bn housing benefits package<\/strong>, targeting 3.3k citizens, according to Abu Dhabi Media Office<\/a>. The package \u2014 its third this year \u2014 includes AED 2.3 bn in housing loans for 1.8k citizens; AED 1.5 bn in housing grants and ready-built homes; loan-repayment exemptions for limited-income senior citizens, retirees, and families of the deceased; and housing-loan reductions totaling AED 208 mn.<\/p>\n

Total disbursements now stand at AED 15.4 bn for 2025<\/strong>, benefiting 10.7k citizens. The tally includes AED 11.8 bn in housing loans for 7.8k beneficiaries and AED 3.1 bn in residential land and ready-home grants for 2.4k people. Repayment exemptions and reductions under the Emirati Family Growth program total AED 514.8 mn for 478 citizens.<\/p>\n

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<\/a> #5- <\/strong>Abu Dh<\/strong>abi\u2019s Department of Energy rolled out a long-term Integrated Water Sector <\/strong>Strategy<\/strong>, laying out the emirate's plans to secure and diversify water resources, preserve groundwater, and shore up supply reliability, according to Abu Dhabi Media Office<\/a>. The roadmap outlines targets to cut total water production costs, reduce network losses by 40% by 2035, and lift demand efficiency by 32% by 2030. The plan also focuses on tightening consumption, upgrading networks, and deploying AI to improve operational performance. <\/p>\n

Five core programs anchor the strategy:<\/strong> Expanding and diversifying agriculture water sources; overhauling networks in 28 agricultural areas; boosting residential and agricultural consumption efficiency; installing monitoring and control systems across distribution networks; and rolling out loss-reduction, smart-infrastructure, and consumption-management initiatives. The department will phase these projects over a 10-year period. <\/p>\n

Abu Dhabi is also targeting a more balanced mix of water sources<\/strong> through ramped-up rainwater harvesting \u2014 with a goal of capturing 100 mcm a year \u2014 and wider use of recycled water. Infrastructure upgrades will be managed through the AD.WE platform, where AI tools will support system optimization. <\/p>\n

PSAs- <\/p>\n

#1- <\/strong>You\u2019ll <\/strong>be paying more at the pump next month:<\/strong> The Fuel Price Committee has set December\u2019s fuel prices, with all categories edging up from November\u2019s rates<\/a>, according to a post on X<\/a>.<\/p>\n

The breakdown per liter:<\/strong><\/p>\n