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Dubai-based Emirates NBD PJSC is poised to acquire a 60 per cent stake in India’s RBL Bank via a $3 billion investment, marking the largest foreign direct investment ever recorded in India’s banking sector. The move, announced on 18 October 2025, is structured through a preferential share issuance of up to 959.04 million shares at ₹280 each and is subject to regulatory approvals.

RBL Bank’s management expects the deal to close within five to eight months, positioning the infusion within the current financial year, according to statements made by the lender’s leadership. Emirates NBD will assume promoter status at RBL, gaining board-nomination rights and solidifying its long-term presence in the Indian market.

The deal comes as India’s financial sector registers a surge in cross-border deals, with total deal-value reaching approximately $8 billion from January to September 2025—a 127 per cent increase over the same period last year. For its part, RBL Bank, a private lender headquartered in Mumbai with assets estimated at ₹1.46 trillion and a customer base of over 15 million, will benefit from the capital uplift and expanded ecosystem access.

Emirates NBD’s group chief executive, Shayne Nelson, said the investment underscores the bank’s confidence in India’s financial services growth trajectory and reflects its ambition to leverage RBL’s domestic franchise alongside Emirates NBD’s regional reach. RBL’s managing director & CEO, R Subramaniakumar, described the alliance as providing “an enormous opportunity” to move from mid-sized to large-bank status in India, reinforcing its ambitions to enter wealth management and strengthen corporate and retail lending.

Under the terms of the agreement, Emirates NBD will first subscribe to a preferential issue up to 60 per cent of RBL Bank, and then launch a mandatory open offer to public shareholders of up to 26 per cent at the same ₹280 per share price. The final stake will depend on maximum permissible foreign-investment limits and minimum public shareholding norms. The Indian regulatory framework allows up to 74 per cent foreign investment in private banks, but typically limits individual foreign investors to a maximum of 15 per cent unless an exemption is granted by the Reserve Bank of India, which is reported to have given informal backing to the deal.

Analysts say the deal is transformative for both parties: RBL stands to enhance its capital adequacy ratio—projected around 40 per cent post-transaction—and may scale up its corporate banking, digital payments and branch network expansion, tapping into ties between India and the Middle East. For Emirates NBD, the acquisition consolidates its Indian market access and complements its existing footprint in the Middle East, North Africa and Turkey.

Challenges remain. The transaction is subject to regulatory approvals in India and requires compliance with public-shareholding rules, which could complicate the open-offer structure. In addition, RBL has grappled with governance concerns in the past—its former CEO stepped down abruptly in 2021 following regulatory scrutiny—which means integrating under a foreign majority owner will require careful management of culture, controls and strategic alignment.

Observers suggest the deal may set a precedent for greater foreign involvement in India’s mid-sized banking sector, with implications for capital flows, market consolidation and competition. Brokers in Mumbai noted that the infusion of “confidence capital” into RBL could unlock higher credit growth and improve investor perception of the Indian private-banking sector. Meanwhile, the broader wave of cross-border activity, including Japanese and UAE groups entering Indian banks, highlights the shifting dynamics of the India-Middle East-Europe economic corridor.

The world’s largest cryptocurrency, Bitcoin, vaulted above $111,000 after a steep dip earlier this week, triggering sharp gains across major tokens including Ethereum, XRP and Solana. On-chain metrics signalled accumulating momentum while traditional equity markets in Asia registered fresh highs, boosting risk-assets overall.

Bitcoin climbed to around $111,223, representing a gain of approximately 3.7% within 24 hours, after briefly touching a low near $103,602. Other digital assets followed: Ethereum reached roughly $4,062, XRP $2.47 and Solana approximately $193.33, with 24-hour gains of between 3% and 5%.

Analysts highlight several factors underpinning this recovery. On-chain data show the realised value-to-transaction ratio for Bitcoin has declined — a historical marker of heightened accumulation rather than passive holding. A crypto-analytics firm noted that “strong declines in the RVTS have preceded major bull phases, as they indicate that Bitcoin is being used, accumulated, and transferred — not just held.”

Broader market dynamics provided further tailwinds. In Japan, the Nikkei 225 index soared past 49,000 for the first time, advancing the year-to-date gain to 25%. The move followed media reports indicating that the country’s leading opposition party plans to join coalitions which position its fiscal-dove leader for the prime ministership — one with a policy inclination towards low interest rates and expansionary fiscal measures.

Meanwhile, China’s third-quarter gross domestic product growth of 4.8% year-on-year narrowly exceeded forecasts of 4.7%, providing support for risk assets globally.

Beyond macro-signals, institutional behaviours also deserve attention. A leading publicly listed company with large Bitcoin holdings, Strategy, has signalled fresh crypto purchases — adding a layer of institutional demand to the structural thesis.

Within the crypto space, major platforms tied to tokenisation and stable-coin activity are also part of the narrative. Analysts at Galaxy Digital emphasise three structural drivers: increased AI-capex from tokenised assets, accelerating stable-coin infrastructure, and the migration of real-world assets onto blockchain networks. These are seen as propositions that may sustain momentum beyond short-term price moves.

Yet, market participants remain cautious. Liquidity remains thin and residual risks — such as further macro headwinds, regulatory tightening or a reversal in risk appetite — continue to warrant vigilance. As one analyst put it: “The near-term message is caution — respect thinner liquidity, post-crash psychology and a ‘wall of worry’ mood. The medium-term message is resilience.”

Within altcoins, XRP is gaining renewed focus ahead of potential ETF-related developments, while Solana is benefitting from its association with on-chain tokenisation flows. Market-data platform CoinGecko shows that XRP trades at around $2.46, with volume flows increasing as sentiment rebuilds.

Riyadh — The inaugural edition of FIBO Arabia drew a total of 12,399 participants from regional and international markets to the three-day expo at the Riyadh Front Exhibition & Conference Center, signalling a notable step in Saudi Arabia’s push to define itself as a wellness and fitness hub in the Middle East.

The event, held under the theme “For a Strong and Healthy Society” and aligned with the kingdom’s Vision 2030 agenda, was conducted under the strategic partnership of the Ministry of Investment, the Ministry of Sport and the Ministry of Health. More than 80 exhibitors from around 18 countries participated, while attendees were presented with more than 50 industry-leading speakers across live arenas and conference forums.

One of the centre-piece announcements was the launch of the first Fitness Sector Development Report for the Kingdom, spearheaded by the Ministry of Sport in collaboration with advisory firm CAA Portas. The report projects the domestic fitness industry could expand to a value of SAR 15.5 billion by 2030, driven by policy reforms, investor interest and a growing consumer base.

International brands such as Technogym, Life Fitness, Keiser Corporation and Therabody featured in the line-up, underscoring the global interest in the kingdom’s wellness market. The conference programme included global fitness strategist Herman Rutgers and Morgan Stanley’s Alexey Naumov among its headline speakers.

Speakers and industry insiders described the event as a sign that the Gulf region is moving into a higher gear in terms of wellness infrastructure, investment and consumer engagement. “The success of FIBO Arabia’s inaugural edition reflects both the strength of Saudi Arabia’s wellness economy and the appetite for innovation, collaboration and growth across the industry,” said Vasyl Zhygalo, Managing Director of RX Middle East and Emerging Markets.

A particularly prominent feature of the expo was its emphasis on inclusivity and community participation. Female-led sessions and anecdotes of women athletes such as Nelly Attar — recognised as the first Arab woman to climb K2 — and Saudi fitness professional Rawan Al Saadi featured in discussions on access, empowerment and facility design. Meanwhile, event organisers hosted a variety of live arenas: a Performance Arena, a Strength Arena, a Tech Arena, a Calisthenics Arena, and a Group Fitness Arena powered by Les Mills.

Business-to-business networking and investment matchmaking were core to the strategy. The ecosystem included gym operators, wellness technology firms, nutrition solution providers and investors seeking access to opportunities in the region. One panel commented on how the kingdom’s younger demographic, rising female participation, and regulatory support combine to make the market appealing. The Fitness Sector Development Report cites private-sector expansion and policy reform among the key growth drivers.

Notably, the event’s timing and format reflect a regional pivot from traditional oil-led growth toward wellness, lifestyle and economy diversification. Saudi Arabia’s commitment to developing its ecosystem was underscored through both government support and the presence of global industry players. Industry experts observed that the applied technology, live experiences and cross-border brand involvement distinguish FIBO Arabia from earlier regional trade shows in the fitness sector.

Visitor figures of 12,399 set a baseline for the event’s future editions. The organisers have already announced that FIBO Arabia will return to the same venue from 29 September to 1 October 2026.

By K Raveendran     When Google announced that Visakhapatnam would be home to its $15 billion project to build the company’s first artificial intelligence hub in India, the news landed like a thunderclap across the southern states. For Andhra Pradesh, it was nothing short of a jackpot — a once-in-a-generation opportunity to rewrite the […]

The article Google’s AI Hub: Visakhapatnam’s Jackpot, South India’s Heartburn appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Apparel Group and Arabian Alesaar Group have struck a retail alliance to introduce 24 international brands across more than 9,000 sqm at the forthcoming Al Shubaily Grand Mall in Saudi Arabia. The agreement positions the partners to capture demand in one of the region’s fastest-growing markets and expands Apparel Group’s strategic footprint in the Kingdom.

Under the partnership, Apparel Group will bring a mix of fashion, lifestyle, beauty and F&B brands including Calvin Klein, Tommy Hilfiger, Birkenstock, Skechers, Crocs, Levi’s, Charles & Keith, Rituals, Tim Hortons, and Cold Stone Creamery among others. The range spans apparel, footwear, beauty and food & beverage, combining merchandise that appeals across categories. The deal is intended to dovetail with Saudi Arabia’s retail and tourism ambitions.

Apparel Group already has a significant presence in the Kingdom. It recently opened three new R&B outlets in Dhahran, Riyadh Gallery and Nakheel Mall — bringing the total number of R&B stores to 165 across the Middle East and India. The Nakheel location covers 2,500 sqm, making it one of the largest in Riyadh. The R&B concept covers men’s, women’s and children’s wear, footwear, accessories and home products. The expansion underscores the group’s goal of penetrating deeper into the Saudi market.

Chief Executive Officer Neeraj Teckchandani commented that the tie-up with Arabian Alesaar represents a strategic milestone in the group’s Saudi journey and will enable customers to engage with brands that combine global appeal with local relevance. He reiterated that Apparel Group is prioritising experiential retail, mall partnerships and omnichannel integration in its growth plan.

Market watchers see the deal as aligned with the accelerating growth of Saudi retail infrastructure. Analysts note that more than 30 new malls are in development across the Kingdom over the next few years, creating opportunities for global retail brands and investors. Apparel Group has earlier signed MoUs with mall developers such as Point and Mall of Dhahran to secure anchoring positions in new properties.

The partnership also reflects Apparel Group’s broader regional expansion strategy. The group now operates over 2,300 stores across 14 countries, representing more than 85 brands. It has been actively signing new labels in fashion, beauty, home and F&B segments to diversify its portfolio and diminish reliance on any single category.

Astra Nova has secured USD 48.3 million in a funding round aimed at accelerating its development of no-code, AI-driven tools for creators in the Web3 entertainment space. The capital will bolster expansion into new regions and deepen integrations among its ecosystem of mini-apps, games and community tools.

The bulk of the funding, approximately USD 41.6 million, came through a strategic investment round, building on prior backing from firms including Outlier Ventures and Middle East family offices. Astra Nova intends to deploy the funds toward global scaling, regulatory readiness and product enhancements.

Astra Nova’s core proposition rests on TokenPlay AI, a platform that enables creators to launch blockchain-enabled micro-apps without writing code. Powered by Alibaba Cloud infrastructure, it is designed to let developers spin up interactive communities and gamified utilities rapidly. In addition, Astra Nova operates NovaToon, Deviants: Fight Club, and BlackPass, all of which already draw user traction.

Crucially, major brands are integrating with Astra Nova ahead of its token launch. Shiba Inu, one of the most active crypto communities, is deploying mini-apps through TokenPlay AI, and the Simon’s Cat IP is also building live integrations. These are not mere announcements: the integrations are functional and active, driving transaction volume even before the token is fully in circulation.

Astra Nova’s native token, $RVV, is scheduled for issuance on 18 October. The token is intended as the foundational utility currency within the ecosystem, underpinning in-app upgrades, advertising, subscriptions, and community incentives. Transaction fees from ecosystem activity are programmed to trigger buybacks of $RVV, creating a feedback loop to support tokenomics.

Backing for the project includes strategic support from NEOM, NVIDIA’s Inception programme, and Alibaba Cloud. NVIDIA’s involvement is particularly significant: it provides access to GPU and AI computing capabilities that are critical to Astra Nova’s adaptive storytelling and intelligent NPC infrastructure. Alibaba Cloud offers global infrastructure scale, while NEOM’s partnership underscores sovereign interest in aligning the startup with Saudi Arabia’s broader AI and tech ambitions.

Astra Nova’s metrics already indicate early scale: the company claims more than 250,000 creators on its waitlist for TokenPlay AI, cumulative user reach across its live products exceeding 500,000, and 200,000 daily active users across the ecosystem. The ARPG built on Unreal Engine 5 has surpassed 100,000 playtest downloads, reinforcing early demand and user engagement.

Analysts see the model’s strength in its orchestration of multiple components—creator tooling, community building, content, and gaming—into a unified framework supported by AI and blockchain. The pre-launch traction with IPs such as Shiba Inu and Simon’s Cat gives the ecosystem a runway of activity even from day zero of token issuance.

Citizens Bank has launched coverage of SharpLink Gaming, assigning it a “market outperform” rating and a price target of $50, implying upside in excess of 200 percent from current levels.

The bank’s analysis hinges on SharpLink’s positioning as a publicly traded entity that actively manages an Ether treasury, combining yield-bearing deployment strategies with equity-market mechanisms to enhance value. Citizens projects that ETH’s long-term price trajectory, together with SharpLink’s operational model, could underpin substantial growth.

Citizens expects SharpLink’s net asset value to rise as the company compounds returns from staking, liquid restaking, and other on-chain yield strategies. The bank cites management’s capacity to issue equity above NAV or repurchase shares when trading below NAV as a leverage point for shareholder value.

SharpLink is led by Ethereum co-founder Joseph Lubin, who serves as Chairman, and Joseph Chalom, formerly of BlackRock, as Co-CEO. The bank underscores this combination of crypto ecosystem pedigree and traditional capital markets acumen as a competitive advantage.

In its report, Citizens forecasts ETH could exceed $7,000 by 2026, potentially pushing beyond $20,000 by 2030, and argues that SharpLink offers one of the few pure-play equity vehicles tied to Ether exposure. The bank describes SharpLink’s operating model as a “flywheel” in which yield-generated returns accelerate NAV per share, further facilitating growth capital.

Citizens’ valuation assigns a premium multiple to SharpLink’s NAV, justified by management execution and the structural optionality inherent in an actively managed ETH treasury. The report points to the possibility that investor recognition of this optionality could drive valuation multiple expansion.

SharpLink has also taken steps consistent with the thesis. It has initiated a share buyback programme, repurchasing approximately 939,000 shares at an average price of $15.98, and the board has authorised up to $1.5 billion in share repurchases for capital allocation flexibility. In tandem, SharpLink disclosed it holds around $3.6 billion in ETH, nearly all staked to produce yield.

Meanwhile, B. Riley has initiated coverage of SharpLink with a “Buy” rating and a $32 target, casting some contrast in outlook. B. Riley emphasises that the company’s discount to modified NAV is attractive — currently trading at 0.8× mNAV — and expects upward re-rating to 1.5× mNAV within 12 months, contingent on ETH accumulation and damping equity issuance dilution.

A new wave of supply-chain assaults has seen North Korean hackers publish more than 300 malicious npm packages, infecting developer systems with sophisticated malware that steals credentials and crypto assets. The campaign, known as “Contagious Interview,” exploits the trust developers place in open-source tools by cloaking malware inside packages mimicking legitimate ones.

The Socket Threat Research Team disclosed that attackers uploaded 338 malicious npm modules, collectively downloaded over 50,000 times, many featuring a newly observed loader named XORIndex. About 27 of them remain active in the npm registry. Within those packages, XORIndex collects host metadata and downloads a second-stage payload, BeaverTail, which in turn leverages a backdoor called InvisibleFerret to maintain persistence and exfiltrate data. This expansion follows a preceding June surge of 35 malicious modules using a HexEval loader.

Researchers emphasise that Contagious Interview is not a static campaign but a dynamic interplay between defenders and adversaries. As packages are taken down, attackers quickly reissue variants under fresh aliases or change loader techniques. The latest 67-package load pushed last month illustrates this cat-and-mouse escalation: the new modules alone exceeded 17,000 downloads. Attackers have mixed XORIndex and HexEval in parallel deployments, suggesting modular development and adaptability.

The campaign’s social engineering backbone remains key. Actors pose as recruiters or HR contacts on platforms like LinkedIn, targeting software engineers or job-seekers. They offer interview assignments that require cloning a GitHub or Bitbucket repository, with the malicious npm module embedded deep in the project. Because many developers run these projects outside sandboxed environments, the malicious loader quietly executes and bridges the gap to full system compromise.

Analysts attribute Contagious Interview to DPRK-aligned threat groups tracked under names such as CL-STA-0240, DeceptiveDevelopment, Tenacious Pungsan and Void Dokkaebi. The methodology aligns with patterns shown by the Lazarus Group and its affiliates, as attackers continue to weaponise open source ecosystems for espionage and financial theft. XorIndex and HexEval share infrastructure and tactics, including encrypted communication with command-and-control servers. In several cases, submitters of the malicious packages have crafted repository names containing “interview,” reflecting the campaign motif.

Beyond npm, the campaign’s reach extends: some modules reference Bitbucket repositories, and similar tactics have appeared in PyPI package attacks. The broader goal appears dual: accessing developer environments to steal intellectual property or credentials and siphoning cryptocurrencies from wallets detected on compromised machines.

Security firms and registry maintainers have responded with takedown requests and account suspensions. Socket reported removing six live HexEval-based modules earlier this year, and the npm security team has collaborated to suspend associated accounts. But defenders admit the reactive posture is fragile; attack waves resurface within hours.

MAF Sukuk Ltd is launching a US$500 million, 10-year sukuk under Regulation S, with initial price thoughts set around US Treasuries plus 125 basis points. The securities will be backed by Majid Al Futtaim Properties as the obligor, while parent Majid Al Futtaim Holding offers a guarantee.

The offering adopts a wakala/murabaha structure and is expected to carry credit ratings of “BBB/BBB”, aligned with those of the guarantor. HSBC is acting as lead structuring bank, with the purpose of the funding geared towards expansion and refinancing of property development activities.

Majid Al Futtaim Holding, in its most recent credit review, retains its BBB rating and stable outlook, reflecting its scale of operations and diversified asset base. Fitch affirmed the rating in November 2024, citing growth across revenue and EBITDA. Majid Al Futtaim’s internal guidance confirms that capital allocation remains within the thresholds consistent with its BBB leverage metrics.

Investors familiar with corporate sukuk in the Gulf region view the 125 basis point spread as moderately tight for a 10-year tenor, particularly for a non-sovereign issuer in the real estate sector. The parent guarantee is crucial to bolster credit comfort, given that the issuer is a property development arm.

In recent years, Majid Al Futtaim has deployed Islamic capital markets for its financing needs. Its 2023 green bond issuance of US$500 million was aimed at refinancing an AED 800 million bond commitment, underlining a strategy to blend sustainability credentials with its capital structure. The group similarly has historically issued hybrid capital securities and sukuk in its debt portfolio.

The latest sukuk will be listed via MAF Sukuk Ltd, which already carries a BBB long-term rating. The listing via a special purpose issuer isolates the structure from direct group operations, while the parent guarantee transfers credit risk back to the overarching entity.

Major risks for the deal rest on cyclical pressures in real estate markets, tenant defaults, and development cost inflation. Majid Al Futtaim Properties has disclosed in its base prospectus the possibility of cost overruns, land title constraints, and tenant concentration as material risks. The group also faces competitive dynamics in its markets where some rivals are state-backed.

Mohamed Futtah, a regional fixed-income strategist, commented that “a 10-year sukuk at T+125bp for a BBB group guarantee is ambitious, but could succeed under strong demand, especially from Gulf and Asia Islamic investors seeking yield in a rate environment that is otherwise compressed.”

Dubai’s Roads and Transport Authority inked three major Memoranda of Understanding this week at GITEX Global 2025, forming strategic partnerships with KHDA, Parkin PJSC, and PayPal to deepen integration of the nol card ecosystem.

Under the agreement, RTA and the Knowledge and Human Development Authority, in partnership with GTS Alive Middle East, will roll out the “Study in Dubai – nol ISIC” card, enabling students to use nol across campus services and lifestyle benefits. The nod with Parkin aligns its digital parking operations with the nol payment interface, while the PayPal deal aims to embed nol into broader digital commerce and point-of-sale systems.

Mohammed Al Mudharreb, Chief Executive Officer of RTA’s Corporate Technology Support Services Sector, led the signings on behalf of RTA. On the KHDA side, Dr Saeed Mubarak bin Kharbash and Michal Lezo signed for KHDA and GTS Alive Middle East respectively; Parkin’s participation was endorsed by Mohamed Abdulla Al Ali, and PayPal was represented by Otto Williams, SVP and General Manager for PayPal Middle East and Africa.

According to RTA, the thrust of the MoUs is to position nol as more than a public transport card — it aims to transition nol into a multifunctional payment instrument across retail outlets, restaurants, parking, entertainment venues, events, and institutional services. The authority hopes that expanding acceptance will drive convenience, reduce cash reliance, and support Dubai’s smart city ambitions.

KHDA emphasized the student-centric angle: the “Study in Dubai – nol ISIC” card is expected to be accepted across higher education institutions in the emirate, granting students access to discounts, campus services, and lifestyle perks under a unified payment mechanism. Officials stated it will enhance the student experience and streamline campus operations.

From Parkin’s standpoint, the collaboration enables interoperability between its parking systems and the nol platform — motorists may use nol directly for parking payments, potentially eliminating the need for separate digital wallets or parking apps. Meanwhile, PayPal’s role is to act as a bridge for merchants and service providers to adopt nol-based transactions, especially in digital and brick-and-mortar payment contexts.

These moves come amid a broader push by Dubai authorities to accelerate digital payment adoption and integrate city services under unified ecosystems. The expansion from transit to wider commerce mirrors trends in other global cities, where transport payment cards or mobile passes are becoming de facto urban wallets.

A challenge will lie in merchant adoption and technological integration. To be effective, retail outlets, parking operators, education institutions, and event venues must invest in infrastructure to accept nol-based payments, whether via terminals or backend systems tied to PayPal’s network. RTA has framed these partnerships as a pathway to co-developing nol-linked products and value-added services, creating new revenue streams and customer experiences.

Customer satisfaction is a recurring pillar in RTA’s narrative: by enabling one card to handle multiple daily transactions, the authority expects to reduce friction and improve uptake. Sustainability is also a stated goal — shifting transactions away from paper tickets and cash is presented as an environmental benefit.

Notably, Dubai is also spotlighting innovations in mobility at GITEX: the Trackless Tram, an AI-driven, driverless tram solution, is among projects on display. The new MoUs dovetail with such transport-led technology investments, reinforcing Dubai’s intent to integrate mobility and payments as part of its future city blueprint.

Within the education sector, KHDA’s endorsement of nol for student services signals a bridging of infrastructure between municipal systems and institutions — a model that, if successful, could serve as a template for other smart city programmes. The partnership with PayPal is particularly significant, since its global payments reach gives nol a pathway into cross-border and e-commerce transactions, beyond typical fare or local merchant payments.

Davidson Kempner Capital Management has inaugurated an office at the Abu Dhabi Global Market, marking its first physical presence in the Gulf and becoming the latest global hedge fund to deepen its footprint in the United Arab Emirates. The new office will be led by partner Chris Krishanthan together with managing director Naveen Sabharwal.

The firm, which manages approximately $37 billion in assets, aims to tap deeper into regional capital flows and align more closely with sovereign and institutional investors across the Gulf Cooperation Council. Tony Yoseloff, managing partner and chief investment officer, described the move as a step to “further expand our investable universe” and strengthen “local relationships in a highly dynamic market.”

For years, Abu Dhabi has steadily worked to position itself as a rival to Dubai in financial services. Its strategy has included tailoring tax incentives, loosening regulatory constraints, and courting global asset managers to relocate or open branches there. As part of this wave, major hedge funds such as Brevan Howard and Marshall Wace have already established bases in ADGM; Davidson Kempner joins their ranks in what is being viewed as a consolidation of the emirate’s appeal to global capital.

The timing dovetails with a broader uptick in cross-regional trading. The CME Group recently reported a 16 percent rise in average daily trading volumes from the Middle East, with hedge fund activity surging nearly 30 percent this year. The firm’s commercial officers noted the region has become its fastest-growing market. Many attributers point to favourable time zones, regulatory allure, and close proximity to sovereign wealth capital as key drivers.

Internally, the ADGM office is intended both as a regional sourcing hub and a local relationship engine. Krishanthan and Sabharwal have previously overseen Davidson Kempner’s Middle Eastern investment activity, so the new base is meant to formalise and deepen ongoing operations. The firm describes its core strategy as rooted in credit and event-driven investing, spanning public and private markets globally.

This expansion comes amid headwinds in certain corners of the firm. In 2024, Davidson Kempner moved to shutter its Distressed Opportunities fund — once managing around $2 billion — as evolving market conditions rendered that strategy less compelling in a constrained restructuring environment. The firm indicated it would reorient distressed allocations into closed-end and multi-strategy vehicles.

Observers see the firm’s Abu Dhabi entry as both adaptive and opportunistic. By embedding itself in ADGM, Davidson Kempner seeks proximity to capital allocators, deal flow, and regional intelligence — all of which matters in markets where local networks and relationships often play outsized roles.

Competition in the region is intensifying. Abu Dhabi’s Lunate recently acquired a minority stake in Brevan Howard, launching a joint investment platform with an initial commitment of $2 billion. Regional investors have also targeted global fund firms for partnerships or co-investment models. That push underscores Abu Dhabi’s ambition to evolve into a globally competitive asset management hub, alongside regulatory hubs like London, Singapore, and Hong Kong.

The International Monetary Fund has lifted its projection for the United Arab Emirates’ economic expansion to 4.8 per cent in 2025 and sees 5.0 per cent growth in 2026, citing accelerating non-hydrocarbon activity and a rebound in oil output.

Stronger-than-expected performance in tourism, construction, trade and financial services is underpinning the upward revision. The IMF attributes resilience to the country’s diversified strategy and structural reforms such as enhanced trade agreements and sustained investment in infrastructure.

Analysts say the revision contrasts sharply with broader regional downgrades. The IMF now expects growth across the Middle East and North Africa to expand by only 2.6 per cent in 2025, constrained by policy uncertainty, volatile energy markets and geopolitical tensions.

Within the UAE, central bank data reinforce the narrative of dual expansion. The non-hydrocarbon sector is forecast to grow by around 4.5 per cent annually in both 2025 and 2026, while the hydrocarbon segment is expected to rebound more sharply—by 5.8 per cent in 2025 and 6.5 per cent in 2026—on increased output as OPEC+ quotas are relaxed.

When IMF staff visited the UAE in January 2025, they noted that domestic demand remained robust amid modest oil production, forecasting real GDP growth at about 4 per cent for the year. They projected that fiscal and external surpluses would remain comfortable, helped by elevated non-oil revenues and cautious fiscal management.

Still, risks linger. The UAE’s banking sector, while well capitalised, faces exposure to real estate, and high house prices pose concerns for asset quality. In mid-2025, exposure to property in banks’ portfolios stood at around 18 to 19 per cent of risk-weighted assets. A sudden shift in investor sentiment or capital flows could test the stability of credit markets.

On the external front, the current account surplus is projected at about 7.5 per cent of GDP, supported by stronger non-oil exports and moderating import growth. Liquidity buffers remain healthy, with international reserves covering more than eight months of imports.

Commvault has entered a Memorandum of Understanding with HPE to scale joint cybersecurity, backup and recovery services across the Gulf and wider Middle East, unveiling the pact at GITEX Global in Dubai.

The agreement mandates co-development of integrated solutions and joint market initiatives combining HPE’s infrastructure platforms — such as GreenLake, Alletra Storage MP, Zerto, StoreOnce — with Commvault’s cyber-resilience and data protection capabilities. It aims to drive enterprise adoption of hybrid cloud backup, ransomware mitigation and cross-region redundancy.

HPE previously announced a broader strategic expansion of its alliance with Commvault aimed at neutralising advanced cyberthreats, spotlighting tighter integration across cloud, storage and policy automation. The local MoU is intended to bring those capabilities closer to enterprises operating in the Gulf and MENA markets.

HPE’s Zerto platform will feed into Commvault Cloud offerings to enable near-zero recovery time and point objectives, while snapshot immutability, geographic replication, and anomaly detection powered by AI are planned as central joint features. Running side by side, HPE’s storage and infrastructure fabric supports Commvault’s orchestration layer for unified policy enforcement across hybrid deployments.

Regional leadership within both firms emphasised the growing urgency of resilience as data volumes and threat sophistication rise. Yacob Ahli, HPE’s Commercial Director for UAE, said that the Gulf’s data-centric growth narrative demands infrastructure foundations that safeguard continuity. Havier Haddad, heading Commvault’s EMEA emerging markets distribution, framed the MoU as a strategic move to reinforce customer confidence in mission-critical operations across the region.

Analysts say the new alliance helps bridge a gap many enterprises in the Middle East face: lacking in-region partner support for complex, integrated cyber resilience stacks. By localising go-to-market strategies, certification and training, the partnership may reduce friction in adoption. Still, adoption also depends on regulatory compliance, cross-border data governance, and interoperability with incumbent systems.

Commvault has also introduced new additions to its HyperScale portfolio — HyperScale Edge and HyperScale Flex — designed to support remote and edge data protection workloads, broadening its partner ecosystem to include HPE, Dell, Lenovo and others. These tools complement its flagship HyperScale X offering.

The Bank of North Dakota and payments firm Fiserv have unveiled plans for a dollar-backed digital token dubbed “Roughrider,” to be deployed among banks and credit unions in 2026 as a new instrument for interbank settlement. The token, restricted initially to participating financial institutions, aims to accelerate and modernise bank-to-bank transactions within the state.

Under the agreement, Roughrider will be built on Fiserv’s digital asset infrastructure, leveraging the platform’s framework to interoperate with other stablecoins. The Bank of North Dakota becomes the first U. S. state bank to issue a stablecoin on Fiserv’s platform. The initiative targets enhanced liquidity, streamlined payments, and potential expansion into merchant adoption.

Governor Kelly Armstrong cast the move as bold institutional innovation, positioning the state as a testing ground for blockchain-enabled finance. “We’re entering a new era,” he said, emphasising that North Dakota financial institutions must embrace evolving money-movement tools. Fiserv’s COO Takis Georgakopoulos described Roughrider as merging the stability of traditional banking with the agility of distributed ledger technology.

State officials say the Industrial Commission, which oversees the bank, must approve the pilot plan. Once greenlit, the rollout will begin with a small cohort of local institutions. BND President and CEO Don Morgan noted that any costs from development will rest on the bank’s balance sheet rather than state taxpayer funding. The legal team of Troutman Pepper Locke has advised the bank in structuring the deal.

The federal legislative environment played a crucial role: in July, Congress passed the GENIUS Act, providing stablecoin issuers with a national regulatory framework requiring full backing by high-quality assets, transparency rules, and audit requirements. North Dakota’s scheme is built to align with those standards.

While Wyoming’s Frontier Stable Token launched in August and is available for public use, North Dakota’s strategy is more conservative. Roughrider will begin as a wholesale instrument; public or consumer-facing use is not part of the first phase. Some stakeholders view it as a deliberate step to mitigate operational and financial risks before broader deployment.

Analysts say North Dakota offers a lower-complexity environment for experimentation. With BND being the only state-owned bank in the U. S., the state provides a more controlled setting to work through technical, legal, and compliance challenges. If successful, the model could be scaled beyond North Dakota’s borders or adopted by others.

Banks and credit unions participating in the pilot stand to benefit from faster settlement, reduced settlement costs, and simpler liquidity management. But industry voices warn of potential downsides: deposit flight is a concern if stablecoins siphon off customer balances, and state regulators may need more capacity to oversee digital assets.

Fiserv, which serves roughly 10,000 financial institutions and 6 million merchants globally, sees this as an opportunity to embed stablecoin rails within its ecosystem. It launched its own white-label stablecoin platform earlier this year, with FIUSD as its internal token, and views Roughrider as a use case within that infrastructure.