{"id":113204,"date":"2026-02-19T00:00:00","date_gmt":"2026-02-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/2026\/02\/19\/this-morning-emirates-nbd-looks-to-fold-india-branches-into-rbl-adnoc-reportedly-exits-india-refinery-project\/"},"modified":"2026-02-19T00:00:00","modified_gmt":"2026-02-19T00:00:00","slug":"this-morning-emirates-nbd-looks-to-fold-india-branches-into-rbl-adnoc-reportedly-exits-india-refinery-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/02\/19\/this-morning-emirates-nbd-looks-to-fold-india-branches-into-rbl-adnoc-reportedly-exits-india-refinery-project\/","title":{"rendered":"THIS MORNING: Emirates NBD looks to fold India branches into RBL + Adnoc reportedly exits India refinery project"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends.<\/strong> We hope you survived the first day of Ramadan and have caffeinated and hydrated enough to take on the final two workdays of the week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It seems business has already started to enter a calmer, slower stage now<\/strong> <strong>that the holy month is upon us<\/strong>, with the news slowing from earlier this week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still, we have updates for you on Ras Al Khaimah\u2019s property sector in 2025<\/strong>, which CBRE says has seen capital values surge amid rising tourism and industrial activity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plus: More investments in proptech and AI<\/strong>, this time from private equity firm BlueFive Capital and Secondary Century Ventures.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- We have a sit-down with Actis Investments\u2019 head of Middle East and Africa to discuss the data center infrastructure potential here in the region<\/strong> and supportive infrastructure that demands more attention.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>ALSO- An update: UAE President Mohamed bin Zayed Al<\/strong><strong> Nahyan has reportedly met <\/strong><strong>with US Senator <\/strong><strong>Lindsey<\/strong><strong> Graham in Abu Dhabi<\/strong>, marking his first public appearance since rumors regarding the Emirati leader\u2019s health circulated on X and in Turkish media following the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/18\/this-morning-its-the-first-day-of-ramadan-sustainable-bond-issuance-to-rise-in-mena-this-year\/\" style=\"\" rel=\"noopener\">cancellation of Turkish President Recep Tayyip Erdogan\u2019s visit<\/a>. Al Nahyan and Graham discussed bilateral ties as well as regional developments and efforts to support stability in the Middle East and further afield, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/byswxq8-uae-president-receives-senator-lindsey-graham\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Graham said in an X post that \u201cnot only is [Al Nahyan] alive, but he is also well and as sharp as I\u2019ve ever seen him.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong><strong>It\u2019s another unseasonably warm day today<\/strong>, with temperatures in Dubai rising to 31\u00b0C and Abu Dhabi seeing the mercury peak at 32\u00b0C, before cooling to an overnight low of 18\u00b0C in both emirates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Watch this space<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>ENERGY \u2014 State oil giant Adnoc is understood to have withdrawn <\/strong><strong>from a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.aramco.com\/en\/news-media\/news\/2018\/ratnagiri-mega-refinery\" style=\"\" rel=\"noopener\">USD 44 bn oil refinery project<\/a><\/strong> <strong> in <\/strong><strong>India<\/strong>, <a target=\"_blank\" href=\"https:\/\/m.economictimes.com\/industry\/energy\/oil-gas\/adnoc-may-be-out-aramco-seeks-fresh-maha-project-terms\/amp_articleshow\/128477621.cms\" style=\"\" rel=\"noopener\">The Economic Times<\/a> reports, citing unnamed industry officials who only mentioned \u201cother priorities\u201d as the reason for withdrawal. A withdrawal would come as development of the Ratnagiri refinery in India\u2019s Maharashtra region has been delayed for over a decade on the back of land acquisition issues and local protests. Fellow investor Saudi Aramco is also reportedly seeking to review its investment terms, one official said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>The refinery was conceived as a joint venture between Adnoc, Aramco, and Indian state-run refiners Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum, with a planned capacity of 60 mtpa.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>E<\/strong><strong>mirates NBD\u2019s India outposts set for life under RBL:<\/strong> Emirates NBD shareholders signed off on a plan to fold the bank\u2019s Indian branches into RBL Bank, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/113410.pdf\" style=\"\" rel=\"noopener\">DFM filing (pdf)<\/a>. The resolution allows management to proceed with the merger of Emirates NBD\u2019s existing three-branch network (Mumbai, Gurugram, and Chennai) into RBL, which is contingent on acquiring a majority stake (51-74%) in the Indian lender. This is the internal green light for the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/02\/04\/enbds-rbl-bank-bid-hit-regulatory-review-qatar-announces-10-year-residency-scheme\/\" style=\"\" rel=\"noopener\">USD 3 bn transaction<\/a>, which is facing several regulatory speed bumps.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The lender is also refreshing its funding toolkit:<\/strong> Emirates NBD shareholders approved a AED 6.32 bn dividend payout and a broad debt mandate, authorizing the bank to update its existing USD 20 bn EMTN and AUD 4 bn issuance programs and set up new funding lines of up to USD 10 bn. Within that limit, the bank has the flexibility to issue up to USD 2 bn in regulatory capital instruments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>12.7 mn shares \u2014 that\u2019s the number of shares (valued at USD 630.6 mn) Mubadala held in iShares <\/strong><strong>BTC <\/strong><strong>Trust (IBIT), BlackRock\u2019s spot ETF, by the end of last year<\/strong>, up from 8.7 mn shares at the end of 3Q 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other Abu Dhabi-linked investment vehicles have also raised their stakes recently. <\/strong>Al Warda Investments, an arm of the Abu Dhabi Investment Council, increased its position in IBIT to 8.22 mn shares, according to the <a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2075444\/000092963826000633\/xslForm13F_X02\/informationtable.xml\" style=\"\" rel=\"noopener\">filing<\/a>. By the end of 2025, Abu Dhabi-based investment entities collectively owned more than 20 mn IBIT shares, with a combined value of over USD 1.1 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> The big story abroad<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t hold your breath waiting for the Fed to continue its easing policy. <\/strong><a target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomcminutes20260128.htm\" style=\"\" rel=\"noopener\">Minutes<\/a> from the Federal Reserve's January meeting showed that policymakers anticipated \u201cslower and more uneven than generally expected\u201d progress toward its inflation target of 2%. That said, Fed members indicated that keeping rates steady would \u201clikely be appropriate [\u2026] for some time as the committee carefully assesses incoming data.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The greenback was slightly <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/dollar-perks-up-fed-appears-no-rush-cut-rates-2026-02-19\/\" style=\"\" rel=\"noopener\">elevated by the news<\/a><\/strong><strong> in early trading<\/strong>, maintaining earlier gains against the JPY and the EUR.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Social media giant Meta is in hot water<\/strong> after its CEO Mark Zuckerberg <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/0c6d8ff6-f207-431b-bfb9-1d8b42bb4b6d\" style=\"\" rel=\"noopener\">testified in<\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/0c6d8ff6-f207-431b-bfb9-1d8b42bb4b6d\" style=\"\" rel=\"noopener\">court<\/a> that the company no longer seeks to maximize the time spent by users on its platforms and bars kids under 13 from logging on. The CEO\u2019s claims ran counter to internal emails and documents indicating otherwise.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You\u2019re reading EnterpriseAM UAE<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. 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