{"id":111556,"date":"2026-01-16T00:00:00","date_gmt":"2026-01-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=111556"},"modified":"2026-01-16T02:55:19","modified_gmt":"2026-01-16T02:55:19","slug":"this-morning-adnoc-eyes-venezuelan-oil-national-bank-of-canada-sets-up-shop-in-dubai","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/01\/16\/this-morning-adnoc-eyes-venezuelan-oil-national-bank-of-canada-sets-up-shop-in-dubai\/","title":{"rendered":"THIS MORNING: Adnoc eyes Venezuelan oil + National Bank of Canada sets up shop in Dubai"},"content":{"rendered":"

Good morning, wonderful people, and happy FRIDAY. <\/strong>We close out the week with an energy-heavy issue, as Abu Dhabi Sustainability Week brings plenty of agreements, investments, and partnerships. <\/p>\n

The UAE\u2019s climate investment fund Alterra has pledged to set up a USD 1.2 bn climate investment vehicle<\/strong> with an anchor investment BBVA, while Beeah<\/strong> is making moves at home to push deeper into renewables and battery recycling, and Masdar<\/strong> finalized financial agreements for two projects abroad. <\/p>\n

PLUS: Adnoc is reportedly eyeing Venezuela\u2019s oil and gas industry<\/strong> as US President Donald Trump lobbies firms to invest there, while interim president Delcy Rodriguez plans reforms to facilitate investments. <\/p>\n

WEATHER- Temperatures are set to cool down today<\/strong>, with strong winds and a high of just 23\u00b0C in Dubai and Abu Dhabi, according to the National Center of Meteorology. Expect an overnight low of 20\u00b0C in Dubai, and 18\u00b0C in the capital. <\/p>\n

Watch this space <\/p>\n

<\/a> OIL AND GAS \u2014 Adnoc is considering a potential entry into Venezuela\u2019s oil market<\/strong> through a partnership with another international energy firm, though any move would depend on clear legal and financial structures for investments in the country and coordination with the US, Bloomberg<\/a> reports, citing sources with knowledge of the matter. US President Donald Trump, after capturing former Venezuelan President Nicolas Maduro, has been lobbying US oil firms to invest in Venezuela, though several have been skeptical due to the hefty costs that would come with rebuilding its gas industry. <\/p>\n

Adnoc would make the push through its international investment arm XRG<\/strong>, which is currently also mulling participation<\/a> in a liquefied natural gas project in Argentina, as it looks to secure a top-five global position in gas and petrochemicals. <\/p>\n

This comes as Venezuela\u2019s Interim President Delcy Rodriguez looks to submit a proposal to reform the country\u2019s hydrocarbon law<\/strong> to allow investment flows into new fields, Reuters<\/a> reports.<\/p>\n

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<\/a> CAPITAL MARKETS \u2014 <\/strong>Lunate<\/strong>\u2019s ETFs take Europe: <\/strong>Chimera Investment-backed Lunate became the first Abu Dhabi-based asset manager to launch UCITS ETFs in Europe, listing its debut AI and power-focused fund on the Deutsche B\u00f6rse Xetra yesterday, it said in a press release (pdf)<\/a>. The new Boreas fund tracks AI, data, and power infrastructure \u2014 a clear play on the energy-transition-meets-tech theme currently dominating global capex cycles. <\/p>\n

Why this matters:<\/strong> Lunate \u2014 which manages some USD 115 bn in AUM \u2014 is positioning itself to compete directly with global asset managers on their home turf, rather than just acting as a conduit for GCC capital flowing outward.<\/p>\n

What\u2019s next<\/strong>: A luxury-focused ETF is set to cross-list on Xetra and the ADX on 27 January. The dual listing creates a regulated instrument for UAE investors to access European luxury names (Herm\u00e8s, Ferrari, LVMH) while simultaneously marketing the same basket to European traders. Subscriptions for UAE investors are open through 21 January. It also plans to list its quantum computing ETF<\/a> in Europe later this year.<\/p>\n

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<\/a> I<\/strong>NVESTMENT <\/strong>\u2014 National Bank of Canada opens its first Dubai office:<\/strong> The National Bank of Canada is expanding into the UAE as Ottawa steps up efforts to deepen trade and investment ties with the country, according to a press release<\/a>. The move coincides with an economic mission to the UAE led by Canadian International Trade Minister Maninder Sidhu. <\/p>\n

Why Dubai + why now? <\/strong>Client demand accelerated the decision, with Canadian companies increasingly traveling to and expanding in the UAE, particularly across mining, infrastructure, energy, and AI, Managing Director and head of the Middle East and North Africa Ali Fares told The Globe and Mail<\/a>. <\/p>\n

ICYMI- <\/strong>The UAE and Canada are set to begin negotiations on a trade agreement next month, Sidhu announced this week<\/a>. The talks come after a bilateral visit last year saw the UAE commit USD 50<\/a>bn in investments<\/a> into Canada. Ottawa is keen to attract capital into liquified natural gas in particular, and Adnoc has been assessing Canadian natural gas projects. <\/p>\n

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<\/a> <\/strong>INVESTMENT \u2014 Abu Dhabi\u2019s Mubadala <\/strong>Investment Company is among several backers <\/strong>taking a minority stake<\/strong> in Reliance Consumer Products<\/strong> (RCPL), after Reliance Industries carved its FMCG business<\/a> into a standalone entity. <\/p>\n

About Reliance: <\/strong>India\u2019s largest listed conglomerate by market value, Reliance operates across energy, petrochemicals, telecoms, retail, and consumer brands. RCPL houses its FMCG portfolio \u2014 food, beverages, and daily essentials \u2014 plugged directly into Reliance Retail\u2019s nationwide distribution network that reaches hundreds of mns of consumers.<\/p>\n

The structure: <\/strong>Thirteen financial investors, including Mubadala, now collectively own 16.45% of RCPL, with Reliance retaining majority control. TPG, Silverlake, KKR, GIC, and Qatar Investment Authority were among other backers taking stakes, however neither individual stake sizes nor investment values were disclosed.<\/p>\n

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INVESTMENT \u2014<\/strong> UAE inves<\/strong>tors continue to tap Asia\u2019s digital infrastructure plans:<\/strong> State AI firm G42 is considering investing USD 300-500 mn to establish a data center in the Philippines over the next three to five years, Philippine Information and Communications Technology Secretary Henry Aguda said during a press briefing<\/a>. <\/p>\n

They\u2019re not the only ones: <\/strong>Dubai-based digital infrastructure developer Damac Digital is mulling investing at least USD 1 bn to establish another data center project in the country. <\/p>\n

REMEMBER-<\/strong> The two UAE entities have been expanding their presence across several developing Asian countries. G42 is reportedly in talks to establish a USD 2 bn<\/a> hyperscale data center in Vietnam\u2019s Ho Chi Minh City and is partnering with the Thailand International Digital Business and Finance Center to upgrade<\/a> the country\u2019s digital infrastructure. Meanwhile, Damac\u2019s data center arm Edgnex is set to invest USD 2.3 bn<\/a> to develop an AI-powered data center in Indonesia and committed USD 1<\/a>bn for data centers<\/a> in Thailand.<\/p>\n

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OPEN FINANCE \u2014 <\/strong>UAE finte<\/strong>chs Lean Technologies and Ziina have debuted the country\u2019s<\/strong> Open Finance payments network through the first customer-initiated transaction <\/strong>under the Central Bank of the UAE\u2019s framework, according to a statement (pdf)<\/a>. Ziina users can now add funds or make payments directly from their bank accounts via secure APIs, bypassing manual transfers or third-party gateways. Lean Technologies provides the regulated technical infrastructure to facilitate the transactions. <\/p>\n

This is the first practical application of the CBUAE\u2019s Nebras and Al Tareq frameworks in the wild.<\/strong> In December<\/a>, Commercial Bank of Dubai became the first bank to adopt the Open Finance ecosystem, after several fintechs were onboarded onto the framework, followed by First Abu Dhabi Bank<\/a>. The banks now allow individual customers to link their current and savings accounts with third-party applications to share financial information and initiate payments.<\/p>\n

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DISRU<\/strong>PTION WATCH \u2014 Air carriers were forced to reroute and cancel flights after <\/strong>Iran<\/a><\/strong>temporarily closed its airspace<\/a><\/strong> yesterday amid domestic unrest<\/a> and threats from Washington. Iran reopened its airspace after some five hours on Wednesday<\/a>, but many airlines are still opting to continue using alternative routes. <\/p>\n

An Emirates A325 flight departing from Seoul was forced to reroute to Islamabad<\/strong>, landing there after not being granted permission into Iranian airspace, before making its way to Dubai, according to data from FlightAware<\/a>. European airlines including Wizz Air, Lufthansa, and British Airways were also impacted, with a Wizz Air spokesperson saying that to avoid Iranian and Iraqi airspace, westbound flights from Dubai and Abu Dhabi will be making crew change and and refuelling stops in Cyprus or Greece instead.<\/p>\n

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Data point<\/p>\n

#5 \u2014 the UAE passport\u2019s ranking on the <\/strong>2026 Henley Passport Index (pdf)<\/a><\/strong>, up from 10th<\/a>last year<\/a>. Emirati passport holders enjoy similar levels of no-visa and visa-on-arrival access this year, with no-visa entry dropping just one point to 184 while other countries saw bigger dips. The index \u2014 which puts us on par with Hungary, Portugal, Slovakia, and Slovenia \u2014 measures passport strength solely by quantitative no-visa and visa-on-arrival access, using data from the International Air Transport Association.<\/p>\n

So why is the UAE ranked first, or 10th, elsewhere? <\/strong>Other passport indices apply different methodologies and timelines. For example, Arton Capital\u2019s Passport Index<\/a>, which recently ranked the UAE first globally for the seventh consecutive year, assigns a greater weight to the visafree score and considers UNDP Human Development Index scores as a tie-breaker. The Nomad Passport Index<\/a>, which ranked the UAE as 10th, takes into account taxation (20%), global perception (10%), dual citizenship options (10%), personal freedom (10%), and travel freedom (50%).<\/p>\n

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PSAs<\/p>\n

Burj<\/strong> Khalifa\/Dubai Mall metro station is getting bigger: <\/strong>Dubai\u2019s Roads and Transport Authority inked an agreement with Emaar Properties to expand Burj Khalifa\/Dubai Mall metro station\u2019s total area to 8.5k sqm from 6.7k sqm, according to a press release<\/a>. The expansion will increase the station\u2019s hourly passenger capacity to 12.3k, up 65%, with a daily capacity of 220k users. The station is set to see new escalators, platform areas, fare gates, and commercial spaces.<\/p>\n

UAE homebuyers can now get a same-day view of what they can borrow<\/strong>, after our friends at Mashreq rolled out a fully digital home loan pre-approval tool that lets salaried expatriates check eligibility and borrowing capacity online before committing to a property, with pre-approval letters issued the same day, according to a press release<\/a>. <\/p>\n

The service applies only to purchases in Dubai and Abu Dhabi<\/strong> and requires a minimum monthly income of AED 15k.<\/p>\n

Abu <\/strong>Dhabi Customs launches Golden List to speed pharma trade: <\/strong>Abu Dhabi Customs, in partnership with the Emirates Drug Establishment, added 31 pharma companies<\/a> to a new list \u2014 the Golden List \u2014 that would benefit from fast-tracked customs clearance and shipment approvals at Abu Dhabi ports.<\/p>\n

How it works: <\/strong>The first phase includes 31 companies and provides a range of perks within the emirate\u2019s customs system, including accelerated release procedures and automatic accreditation by registration authorities.<\/p>\n

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The big story abroad<\/p>\n

Taiwan and the US have clinched a trade agreement that will lower tariffs for Taiwan<\/strong>ese exports<\/strong>, including semiconductors, in the exchange for a USD 250 bn commitment from Taiwanese firms to expand US energy production, the US\u2019 Commerce Department said<\/a>. This includes a USD 100 bn commitment from semiconductor powerhouse TSMC. <\/p>\n

The terms of the agreement:<\/strong> Chipmakers expanding in the US will be able to import up to 2.5 times their new capacity of semiconductors and wafers with no additional tariffs during a specified construction period, while those that have already built chip production plants in the US can import 1.5 times their new US production capacity without paying further tariffs.<\/p>\n

^^The must-read on the topic: US, Taiwan reach trade deal focused on semiconductors, US Commerce Department says<\/a> <\/p>\n

Meanwhile, Venezuelan opposition leader Maria Corina Machado said she offered US President Donald Trump her Nobel Peace Prize<\/strong>, during a meeting yesterday, as she looks to gain control over future governance in her country. Trump was publicly vying for the prize, which needless to say, cannot be transferred or revoked. (Reuters<\/a>)<\/p>\n

ALSO- Wall Street\u2019s five giant banks \u2014- Morgan Stanley, Goldman Sachs, JP Morgan, Citibank, and Bank of America \u2014 saw trading revenues reach a record USD 134 bn last year<\/strong>, as clients rushed to rebalance portfolios amid a wave of political uncertainty. (Bloomberg<\/a>) <\/p>\n

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Market watch<\/p>\n

O<\/strong>pec sticks with \u201cno surplus\u201d argument:<\/strong> Opec expects global oil demand to rise by about 1.34 mn bbl \/ d in 2027, higher than the 1.39 mn bbl \/ d it anticipates this year, according to its monthly oil report (pdf)<\/a>. Demand for Opec crude looks stable at 43 mn bbl \/ d in 2026 \u2014 about 600k bbl \/ d above last year \u2014 and edges to 43.6 mn bbl \/ d in 2027. <\/p>\n

Opec\u2019s math points to balance:<\/strong> If Opec holds December\u2019s production rate through this year, output would sit some 170k bbl \/ d below demand, according to Reuters<\/a> \u2019 calculations based on the report. <\/p>\n

Supply came in short late last year<\/strong>, with Opec+ output falling to 42.83 mn bbl \/ d, down 238k bbl \/ d from November, driven by cuts in Kazakhstan, Russia, and Venezuela. <\/p>\n

What to look for next: <\/strong>The International Energy Agency's next monthly oil market report lands next week on 21 January. The agency hasn\u2019t published its 2027 forecast yet, but this year\u2019s first edition will cross-check Opec\u2019s demand math. The oil cartel and its watchdog have lately been pushing conflicting narratives<\/a>, with the IEA forecasting a wider surplus. <\/p>\n

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Circle your calendar<\/p>\n

Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

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