Good morning, lovely people. It’s another busy newsday, dominated by IPO news as LuLu Group lays out its plans to tap the ADX in November and Dubizzle updates its syndicate for an IPO in 2025.

🌫️WEATHER– We could be getting more rain and fog across the UAE today, according to the National Center of Meteorology’s forecast (here, pdf, and here). Cumulus clouds in the eastern and southern regions could see scattered showers, and a fog is setting in over Abu Dhabi and Al Ain.

Temperatures will hit 37°C in Dubai today, before cooling to an overnight low of 31°C. Meanwhile in Abu Dhabi, the mercury will peak at 32°C, with an overnight low of 30°C.

WATCH THIS SPACE-

#1- State-owned Masdar plans to focus its renewables efforts across the Middle East, Europe, Asia, and the US with a fairly equal split as it looks to increase its wind and solar capacity to 100 GW by 2030, the company’s CEO Mohamed Jameel Al Ramahi told the Financial Times in an interview. The move would place Masdar above rivals like Spanish Iberdrola, French Engie, and German RWE.

The breakdown: The company sees 30-35% of its power generation coming from the Middle East, 20% from Europe, and 20-25% from the US, in addition to Asia, Al Ramahi said, adding that the company seeks an equal split between solar and wind projects.

REMEMBER- The Abu Dhabi-based company has been doubling down on global expansion. Earlier this year, it agreed to acquire a 50% stake in Spanish power firm Endesa’s solar power installations subsidiary EPGE Solar for AED 3.3 bn. It also agreed to acquire Greek renewables giant Terna Energy. In the US, Masdar acquired a 50% stake in Terra-Gen, a significant player in the renewable sector. It also owns a 49% stake in the UK’s Dogger Bank South project, set to be the world’s largest offshore wind farm upon completion.

#2- Mubadala is close to acquiring a minority stake in healthtech firm Zelis that would value it at some USD 17 bn, Bloomberg reports, citing sources it says are familiar with the matter. The sovereign wealth fund is finalizing the details of a transaction that would see it invest a mix of equity and debt for a minority stake in the firm from its owners, Bain and Parthenon Capital, with other co-investors set to join in the coming weeks. The two owners were reportedly looking to sell a 20-25% stake in the company.

#3- The Abu Dhabi Film Commission is raising its rebate on TV and film productions to 35%, up from 30%, as of 1 January 2025, Variety reports, citing statements from Abu Dhabi Film Commission chief Sameer Al Jaberi. The details of the rebate and whether it will be capped will be announced closer to the date of its implementation, Al Jaberi said.

The rationale: “From an economic perspective the money we’ve spent on the rebate [over the past decade] has had an economic multiplier effect of roughly three times the investment,” Al Jaber told Variety. The goal is to also encourage filmmaking year-round in the emirate, relying less on seasonal weather, Al Jaberi told the National separately.

Background: Abu Dhabi has been making a push into the filmmaking industry, with more than 150 international productions filmed there since the incentive program was launched in 2013. The move to hike the rebate also comes as competitors in the region — like Saudi Arabia — offer their own rebates, with KSA offering 40% rebates since 2022. The emirate is also building production facilities — dubbed twofour54 Studios — which it plans to open this time next year, the National reports.

#4- Ras Al Khaimah Digital Assets Oasis is set to roll out a legal framework for decentralized autonomous organizations (DAOs), with details to be unveiled at the DAO Legal Clinic on 25 October, CoinTelegraph reports. The framework aims to clarify the legal and governance requirements for DAOs establishing operations in the emirate, specifically addressing tax obligations and benefits. It will also facilitate property ownership for both on-chain and off-chain assets and provide legal protection against personal liability for DAO founders, members, and contributors.

SOUND SMART- A decentralized autonomous organization is an organizational structure where decision-making lies with token holders rather than a central authority, operating on a bottom-up management approach. DAOs use blockchain tech to record all votes and activities transparently.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- It’s a wrap for Al Khail Road upgrades: Dubai’s Roads and Transport Authority (RTA) completed developments on Al Khail Road, including the construction of five bridges and road widening at seven different locations, according to a statement from RTA. The project claims to cut travel time by 30% and increases accommodation capacity to 19.6k vehicles per hour.

#2- More Indian passport holders are now eligible for visas on arrival to the UAE, after the Federal Authority for Identity, Citizenship, Customs, and Port Security expanded the policy to include holders of valid tourist visas from the EU, US, or UK, state news agency Wam reports. To qualify, travelers must ensure their visa and passport are valid for at least six months.

SIGN OF THE TIMES-

You can soon get access to a virtual lawyer in the UAE: The Justice Ministry is planning to launch a “virtual lawyer” designed to assist legal institutions in creating pleadings for simple cases, according to a ministry X post. The virtual lawyer will use a Unified National Legislative Texts Database set to be established by the ministry, with law firms looking to use the lawyer required to contribute to the database. Key features will include interaction with human judges, voice-to-text conversion, and document submission capabilities.

When will it launch? The pilot version is scheduled to go live sometime in 2025.

DATA POINT-

#1- Dubai and Abu Dhabi tied for first place in the new ease of entry metric introduced to Kearney’s Global Cities Index. The metric gauges the ability to attract and retain foreign talent. The Global Cities Outlook saw Dubai rise by 10 ranks in innovation, mainly driven by a boost in the private investments metric.

#2- Dubai’s property market saw a record high of over 18k transactions in September, Property Monitor said in a press release. The real estate intelligence firm reports that 73% of these transactions were for off-plan properties. The figure surpasses the previous record of 17.1k transactions in May and signals a continued upward trend, with total sales year-to-date exceeding 131k.

Residential transactions accounted for over 95% of September’s total, with Emaar leading off-plan sales with 2.3k registrations, followed by Damac Properties with 1.5k and Sobha with 810.

HAPPENING TODAY-

#1- President Sheikh Mohamed bin Zayed Al Nahyan will attend the BRICS summit in Kazan, Russia, which kicks off today and runs until Thursday. This marks the UAE’s first participation in the summit since its formal admission as a member last year.

#2- The Alternative investment Summit is on its second and final day at the Jumeirah Emirates Towers. The event will bring together key decision makers and professionals interested in the alternative investment space, with Economy Minister Abdullah bin Touq Al Marri and former UK Prime Minister Boris Johnson set to attend.

#3- The UAE is participating in the International Monetary Fund and World Bank Group Annual Meetings, which kicked off yesterday in Washington, DC. The UAE Finance Ministry will host the UAE Banks Reception on the sidelines to build connections between the UAE’s public and private sectors and international financial institutions. The meetings wrap up on Saturday.

What to expect: Yesterday’s Planet Finance laid out the big themes to look out for and the global challenges structuring the conversation.

#4- The Premier Port Development Middle East & Africa Forum wraps up today at the Movenpick Grand Al Bustan, Dubai. The forum brings together industry leaders and key stakeholders to discuss the latest trends and strategies on the ports infrastructure in the region.

#5- The Roads, Bridges, Tunnels MENA Conference wraps up todayat the Movenpick Grand Al Bustan, Dubai. The conference focuses on developments in the construction sector, featuring discussions on market trends, construction technologies, sustainable building materials, and potential investments in the region.

HAPPENING THIS WEEK-

The Foreseeing Government Audit Future Conference will take place on 24 October at Madinat Jumeirah, Wam reports. Organized by the Financial Audit Authority, the event will be held under the theme “Tomorrow’s Auditor” and will gather key figures, senior officials, and experts in auditing, finance, and economics to discuss the future of government auditing.

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THE BIG STORY ABROAD-

The US elections and attempts towards a ceasefire in Gaza and Lebanon are once again pushing business news to the bottom of digital front pages.

US Secretary of State Antony Blinken’s return to the Middle East in hopes of securing a ceasefire — for the eleventh time — is getting attention, as other US officials held talks in Beirut for conditions for a ceasefire. It’s not clear where Blinken will be holding ceasefire talks in the region.

The situation on the ground: Israel continued to strike Beirut and Syria yesterday, killing at least four near one of Lebanon’s largest public hospitals and two in a missile attack on a car in Syria. Crowds of Palestinians were evacuated from the Jabaliya refugee camp, where around 400 people have been killed over the past two weeks, while over in Lebanon, Israel is setting its sights on a hospital it says houses Hezbollah money — a claim yet to be backed up by any sort of evidence. (Reuters | Bloomberg | CNN | The Guardian)

Also still getting attention: The US elections money race, in which Kamala Harris is emerging as a victor with some USD 1 bn raised in three months, surpassing the USD 894 mn Donald Trump has gathered since January 2023 for his campaign. (Financial Times)

Elon Musk’s pledge to hand out USD 1 mn checks to voters signing for his free-speech and gun rights petition is also seeing some scrutiny in the foreign press, with legal experts weighing in on whether the move could be seen as an illegal way of paying people to vote.

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