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  Stability is the watchword for UAE lenders

  9 October 2025

  

   

  The UAE banking sector presents a sharply different prospect to its larger neighbour Saudi Arabia, lacking the latter’s rapacious loan growth, but enjoying a relatively stronger deposit performance.

  UAE banks have been building up their asset bases and reporting solid profits. Between June 2024 and June 2025, the aggregate assets of banks operating in the UAE increased by 15.4% in year-on-year terms to $1.35tn (AED4.97tn). Deposit growth has been expansive, with resident deposits up 12.9% to mid-year 2025, to $620bn (AED2.28tn).

  The IMF, in a new assessment of the UAE economy released in early October, noted that the UAE’s financial sector’s strength was supported by strong capital and liquidity buffers, improved asset quality and conservative macroprudential policies. Banks remain profitable, with capital and liquidity ratios well above regulatory minimums and declining non-performing loan ratios.

  The fund praised conservative loan-to-value and debt-burden ratios, together with the introduction of a countercyclical capital buffer, for helping mitigate risks and reduce vulnerabilities. It said the newly formed Financial Stability Council provided a valuable forum for national risk analysis.

  Ongoing opportunities

  If loan growth in the UAE market has been below that of its larger neighbour, banks in the federation have still been able to benefit from increased foreign lending opportunities, tapping into Saudi Arabia’s undimmed appetite for credit, related in large part to its booming housing sector.

  “Most of the large banks in the UAE have revised their guidance for loan growth from high single digits to low teens on benign operating conditions. A not insignificant share of that is also in the form of cross-border lending, notably in Saudi Arabia through syndications or an actual presence on the ground,” says Badis Shubailat, an analyst at Moody’s Investor Service.

  Meanwhile, the UAE’s economy is growing at a healthy rate of 4%-5%. With substantial spending seen in both Dubai and Abu Dhabi, that should generate significant business opportunities for local banks over the coming year.

  “Bottom line profitability in aggregate terms has been expanding year on year for the four largest banks, very much driven by an underlying economic backdrop that remains supportive and which continues to be the number one driver for UAE bank performances,” says Shubailat.

  Fees and commissions have supported profit performance at UAE banks, amid weaker interest income. The UAE’s big four banks – First Abu Dhabi Bank (Fab), Emirates NBD, Abu Dhabi Commercial Bank (ADCB) and Dubai Islamic Bank (DIB) – holding 73% of UAE banking system total assets, reported a combined net profit of $8.7bn (AED32bn) in H1 2025, a 6% increase on the same period of 2024.

  With UAE banks’ loans-to-deposit ratio remaining below 100%, that indicates banks are sitting on excess funding. Unlike their Saudi peers, whatever they raise in the market is not because they are structurally reliant on market funding. However, because UAE banks need to diversify their funding base and lengthen their maturity profiles, in order to be in a position to follow credit demand, Emirati bank issuance is likely to increase. 

  According to Moody’s, the big four banks maintained stable interest income over the first six months of 2025, despite the three rate cuts since September 2024. These Emirati banks also boast hefty liquidity buffers.

  While lower interest rates may crimp banks’ bottom lines, they also have their benefits, for example contributing to a 60-basis point (bps) drop in the aggregate cost of funds, bringing it down to 4% in H1 2025. These dynamics helped shield overall net interest income, which grew by 6% year-over-year in the first half of 2025, according to Moody’s.

  Detracting factors

  Profitability in the first half of 2025 has been flagged as a deteriorating indicator. “However, the direction of travel going forward is more towards a softening trend with profitability as a proportion of total assets inching lower, albeit from healthy levels, as banks will start digesting renewed interest rate cuts, and face some margin compression,” says Shubailat.

  Another challenge for UAE banks is the banking tax that was introduced a year ago, raising the taxation level from 9% to 15%. That will have an impact on profits. The big four banks’ tax bill stood at an aggregate AED6.6bn ($1.8bn) in H1 2025, noted Moody’s – equivalent to 17% of pre-tax earnings, compared to just 7% in 2023. 

  “The four largest banks have strong profitability metrics, but are facing a turning point in the cycle as the rate cuts and tax burden begin to surface in first-half 2025 results,” says Shubailat.

  A further challenge is the rising cost of impairment charges. Given the positive overall economic conditions, many UAE banks have concluded early repayment settlements on impaired loans, mitigating that overall impact. Some banks have even posted loan loss provisioning credits.

  Similarly, the gradual uptick in impairment costs will persist as banks adjust their provisioning charges to the new Credit Risk Management Standards (CRMS) that took effect in late 2024.

  Loan-loss provisioning is picking up after a year of significant recoveries, write-backs and early settlements, notes Moody’s. This led to an increase in the aggregate cost of risk for the largest four UAE banks to 36 bps in H1 2025, from 12 bps in the same period last year.

  Emirates NBD reported a reversal in net impairment allowance, amounting to AED226m ($61.5m), due to ongoing recoveries and repayments, although the ratings agency noted that this figure is much lower than the previous year. On the other hand, ADCB, increased its provisioning charges by 37% due to legacy corporate account provisions in Q2 2025.

  The four banks' overall non-performing loan (NPL) ratio in the first half of this year significantly improved by around 126 bps compared with H1 2024, reflecting solid recoveries and strong credit growth, but mainly cleanup efforts from the banks following the implementation of CRMS.

  Bake in these factors and the message from the UAE is clear – the underlying economic backdrop remains supportive, and will provide a wealth of lending opportunities, both at home and abroad.

  ---

  MEED's November 2025 special report on the UAE also includes:

  > GOVERNMENT: Public spending ties the UAE closer together
  > ECONOMY: UAE growth expansion beats expectations
  > DOWNSTREAM: Taziz fulfils Abu Dhabi’s chemical ambitions at pace
  > POWER: UAE power sector hits record $8.9bn in contracts
  > CONSTRUCTION: UAE construction faces delivery pressures
  > TRANSPORT: $70bn infrastructure schemes underpin UAE economic expansion
   

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  James Gavin
• 
  Dorra gas plant project will be fast-tracked in Kuwait

  9 October 2025

  

  State-owned Kuwait Gulf Oil Company (KGOC) is expected to tender a project to develop an onshore gas plant next to the Al-Zour refinery on a fast-track basis, without going through Kuwait’s Central Agency for Public Tenders (Capt), according to industry sources.

  One source said: “This tender is being taken very seriously and there is a desire to avoid any possible delays.”

  “At the moment, the plan is for KGOC to tender this project directly, without going through Capt,” said another source.

  “The idea is that this will simplify some processes and reduce the likelihood of delays,” the source added.

  In September, MEED reported that the invitation to bid is anticipated to be issued before the end of the year.

  The planned onshore gas processing facility is expected to be worth at least $1bn.

  The plant will have the capacity to process up to 632 million cubic feet a day (cf/d) of gas and 88.9 million barrels a day of condensates from the Dorra offshore field, located in Gulf waters in the Saudi-Kuwait Neutral Zone.

  In July, MEED reported that KGOC had set the project in motion by launching an early engagement process with contractors for the main engineering, procurement and construction (EPC) tender.

  The contract for the front-end engineering and design (feed) was awarded to France-based Technip Energies and has now been completed.

  ALSO READ: Saudi Arabia and Kuwait accelerate Dorra gas field development

  The proposed facility will receive gas via a pipeline from the Dorra offshore field, which is being developed in a separate project by Al-Khafji Joint Operations (KJO) – a joint venture of KGOC and Saudi Aramco subsidiary Aramco Gulf Operations Company (AGOC).

  The KGOC onshore gas processing facility will be located near the Al-Zour refinery, which is owned by another KPC subsidiary, Kuwait Integrated Petroleum Industries Company (Kipic).

  A 700,000-square-metre plot has been allocated next to the Al-Zour refinery for the gas processing facility and discussions about survey work are ongoing. The site will potentially need to be shored, backfilled and dewatered.

  Shoring involves installing supporting structures to prevent the ground from collapsing or shifting.

  Backfilling involves filling holes or voids on the site to provide stability, while dewatering is the process of removing excess water from the site.

  The planned onshore gas processing plant will also supply surplus gas to KPC’s upstream business, Kuwait Oil Company (KOC).

  Dorra offshore gas field

  The Dorra gas field was discovered in 1965 and is estimated to hold 20 trillion cubic metres of gas and 310 million barrels of oil.

  MEED reported in September 2023 that Aramco and KPC had selected Technip Energies to carry out pre-feed and feed work on the Dorra offshore field development project.

  The original feed work for a project to develop the field was performed more than a decade ago; however, changes in technology required the engineering design to be updated before the project could reach a final investment decision.

  Since the discovery of the field, a geopolitical tussle over ownership of the asset has hampered its development.

  Iran, which calls the field Arash, claims that it partially extends into its territory and that Tehran should be a stakeholder in any development project.

  Kuwait and Saudi Arabia maintain that the Dorra field lies entirely in the waters of their shared territory, known as the Neutral Zone or Divided Zone, and that Iran has no legal basis for its claim.

  In February 2024, Kuwait and Saudi Arabia reiterated their claim over the Dorra field in a joint statement issued during an official meeting between Kuwaiti Emir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah and Saudi Crown Prince and Prime Minister Mohammed Bin Salman Bin Abdulaziz Al-Saud in Riyadh.

  ---

  READ THE OCTOBER 2025 MEED BUSINESS REVIEW – click here to view PDF

  Private sector takes on expanded role; Riyadh shifts towards strategic expenditure; MEED’s 2025 power developer ranking

  Distributed to senior decision-makers in the region and around the world, the October 2025 edition of MEED Business Review includes:

  > AGENDA 1: A new dawn for PPPs > AGENDA 2: GCC pushes PPPs to deliver $70bn pipeline > CHINA: China’s Belt and Road initiative surges in Middle East  > TUNISIA: Tunisia’s president faces growing challenge from unions > POWER DEVELOPER RANKING: Acwa Power consolidates power sector dominance > IPPs: GCC enters pivotal year for IPPs > ACQUISITION: Wood takeover could boost Sidara profits > INTERVIEW: SLB strives to boost regional standing  > ALEC: IPO is chance for Alec to showcase its capabilities > SAUDI MARKET FOCUS: Riyadh strives for sustainable growth

  To see previous issues of MEED Business Review, please click here

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  Wil Crisp
• 
  Firms bid for Dubai rail masterplan

  9 October 2025

  

   

  Dubai’s Roads & Transport Authority (RTA) has received proposals from consultants for a study to update the emirate’s rail masterplan.

  The bidders are:

  • Mott MacDonald (UK)
  • Sener (Spain)
  • AtkinsRealis (Canada)
  • Dar Al-Handasah (Shair & Partners) (Lebanon)
  • Reza Mohammadi Consultancy (local)
  • Parsons (US)
  • WSP (Canada)
  • Aecom (US)
  • Arup (UK)
  • Jacobs (US)

  The rail masterplan study will update and modify the RTA’s rail network, which includes the Dubai Metro and Dubai Tram. These plans will support Dubai’s 2040 urban masterplan, which aims for all residents to be within a 30-minute metro or light-rail trip to their place of work. 

  The existing network includes the Red and Green Lines of the Dubai Metro and the Dubai Tram, which connects Al-Sufouh and Dubai Marina to the metro network. The last rail project to start operations in Dubai was the Red Line extension that opened for Expo 2020.

  There are also existing and planned rail lines connecting Dubai to other emirates that are being developed and operated by Abu Dhabi-based Etihad Rail. These include passenger and freight services as well as a high-speed rail connection.

  Rail projects

  Two metro lines are under development in Dubai. A contract to build and supply equipment for the Blue Line was awarded in December last year. The RTA awarded a AED20.5bn main contract to a consortium of Turkiye’s Limak Holding; Mapa Group, also of Turkiye; and the Hong Kong office of China Railway Rolling Stock Corporation.

  The Blue Line consists of 14 stations, including three interchange stations at Al-Jaddaf, Al-Rashidiya and International City 1, as well as an iconic station in Dubai Creek Harbour. By 2040, daily ridership on the Blue Line is projected to reach 320,000 passengers. It will be the first Dubai Metro line to cross Dubai Creek on a 1,300-metre viaduct.

  Another line, known as Metro Line 4 or the Gold Line, is also planned. It is at an earlier stage of development, with US-based Aecom selected as the design consultant earlier this year.

  It will start at Al-Ghubaiba in Bur Dubai, then run parallel to – and alleviate pressure on – the existing Red Line, before heading inland to Business Bay, Meydan, Global Village and residential developments in Dubailand.

  Other metro lines in Dubai have been planned before, including lines connecting to Al-Maktoum International airport. Connections to the airport are expected to become a strategic priority for Dubai as it advances with expansion plans for the airport that will make it the largest in the world.

  The rail masterplan is updated periodically to reflect changes in the development of the emirate. The RTA awarded AtkinsRealis a contract to update Dubai’s rail masterplan in 2016. WSP completed an earlier transit study.

  ---

  READ THE OCTOBER 2025 MEED BUSINESS REVIEW – click here to view PDF

  Private sector takes on expanded role; Riyadh shifts towards strategic expenditure; MEED’s 2025 power developer ranking

  Distributed to senior decision-makers in the region and around the world, the October 2025 edition of MEED Business Review includes:

  > AGENDA 1: A new dawn for PPPs > AGENDA 2: GCC pushes PPPs to deliver $70bn pipeline > CHINA: China’s Belt and Road initiative surges in Middle East  > TUNISIA: Tunisia’s president faces growing challenge from unions > POWER DEVELOPER RANKING: Acwa Power consolidates power sector dominance > IPPs: GCC enters pivotal year for IPPs > ACQUISITION: Wood takeover could boost Sidara profits > INTERVIEW: SLB strives to boost regional standing  > ALEC: IPO is chance for Alec to showcase its capabilities > SAUDI MARKET FOCUS: Riyadh strives for sustainable growth

  To see previous issues of MEED Business Review, please click here

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  Colin Foreman
• 
  $70bn infrastructure schemes underpin UAE economic expansion

  8 October 2025

  

   

  The UAE has embarked on a phase of concentrated infrastructure expansion, driven by the urgent need to support economic growth. Fuelled by national ambitions to broaden connectivity and a boom in real estate and tourism, the country will offer significant opportunities for infrastructure-led construction firms in the years ahead.

  According to data from regional projects tracker MEED Projects, the UAE has invested heavily in public infrastructure over the past two years. A standout trend in last year’s projects market was investment in the transport sector, with contract awards nearly doubling to $12.3bn from $6.6bn in 2023.

  Dubai and Abu Dhabi boast robust transport project pipelines exceeding $70bn in total. Of that, roughly $24bn-worth are in bidding stages – offering substantial short- to medium-term opportunities for contractors.

  The most significant transport projects include the expansion of Al Maktoum International airport, the high-speed rail link connecting Dubai and Abu Dhabi, and Dubai Metro’s new Gold Line.

  Abu Dhabi

  Arguably the most strategically important initiative is the UAE high‑speed rail project linking Dubai and Abu Dhabi. Recent developments in which contractors have formed joint ventures to bid on design-and-build work packages mark a major shift from planning towards procurement and delivery. As tendering proceeds, major international rail firms and finance providers will be mobilised.

  This project will demand complex systems integration, signalling, track works and station architecture – presenting a long run of opportunities for both global engineering, procurement and construction (EPC) firms and capable local contractors experienced in rail civil works and system installation.

  Abu Dhabi has also signalled a recalibration aimed at accelerating infrastructure delivery in the capital. In April, investment entities ADQ, International Holding Company and Modon Holding formed Gridora to support private and public-private partnerships in delivering infrastructure across the emirate.

  Gridora is intended to catalyse private sector participation in infrastructure. This aligns with broader government goals to diversify funding and leverage private sector expertise on large-scale projects.

  In May, Abu Dhabi Projects & Infrastructure Centre (Adpic) signed a memorandum of understanding (MoU) with Gridora to co-deliver transport infrastructure projects in the UAE capital. The MoU establishes a working committee to explore opportunities and identify pilot schemes that Gridora might undertake. These include Adpic’s plans to deliver infrastructure projects in Abu Dhabi valued at over AED 35bn ($9.5bn). 

  Other major upcoming transport projects in Abu Dhabi include Tram Line 4 and the second phase of the Mid Island Parkway Project (MIPP). Tram Line 4 will run through Yas Island and residential areas of Al-Raha, connecting them to Zayed International airport. The project was unveiled by Abu Dhabi Transport Company during GlobalRail 2025 in October.

  The main construction tender for MIPP phase 2 is expected to be issued by the end of this year. This phase involves building approximately 11 kilometres of highways, including three- to five-lane roads connecting Um Yifeenah, Al-Jubail, Al-Sammaliyyah and Sas Al‑Nakhl islands to Khalifa City and the E10 highway.

  Dubai

  Last year, Dubai awarded about $7bn in contracts to improve transport infrastructure, including the AED 20.5bn ($5.5bn) main contract for the Dubai Metro Blue Line, signed in December.

  The emirate has now turned its focus to enabling infrastructure that supports its long-term strategy to sustain tourism, trade and real estate expansion. The start of construction at Al-Maktoum International airport exemplifies this strategy.

  Earlier this year, Dubai awarded multimillion-dollar contracts to the local Binladin Contracting Group and Tristar E&C for the new runway and enabling works on the main terminal, respectively.

  Several billion dollars’ worth of contracts are expected imminently, as authorities evaluate bids for the concourse substructures and the automated people mover system at the airport.

  On the urban transit front, the Dubai Metro Gold Line is expected to unlock new growth corridors and bolster the emirate’s real estate momentum. In June, the Roads & Transport Authority (RTA) received proposals from firms, with US-based Aecom emerging as the lowest bidder for the five stages of consultancy work on the project.

  The Gold Line will start at Al-Ghubaiba in Bur Dubai. It will run parallel to – and alleviate pressure on – the existing Red Line, before heading inland to Business Bay, Meydan, Global Village and residential developments in Dubailand.

  This year, Dubai has also invested heavily in its road network. Contract awards year-to-date have already reached $1.216 bn, surpassing the full-year total for 2024 ($774m) and nearly matching the entire 2023 figure.

  If current trends hold, 2025 could exceed previous peaks of $1.621bn in 2017 and $1.644bn in 2008.

  This acceleration stems not only from maintenance and refurbishment needs but also from ambitious new arterial projects, junction upgrades and mobility enhancements across the city – designed to ease congestion and connect new master-planned communities.

  ---

  MEED's November 2025 special report on the UAE also includes:

  > GOVERNMENT: Public spending ties the UAE closer together
  > ECONOMY: UAE growth expansion beats expectations
  > CONSTRUCTION: UAE construction faces delivery pressures
  > DOWNSTREAM: Taziz fulfils Abu Dhabi’s chemical ambitions at pace

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  Yasir Iqbal
• 
  Taziz fulfils Abu Dhabi’s chemical ambitions at pace

  8 October 2025

  

   

  Taziz was created to extract more commercial value from Abu Dhabi’s hydrocarbon production by directing a portion of it to local third-party investors to use as feedstock to produce high-value chemicals – some of which had never been manufactured in the UAE before.

  Four years since its establishment, the Abu Dhabi National Oil Company (Adnoc Group) subsidiary has performed commendably in fulfilling its core mandate: attracting specialty chemical players to the country.

  Taziz – a 60:40 joint venture of Adnoc Group and Abu Dhabi’s industrial holding company ADQ – is in the execution phase of six out of the seven projects it announced under the first phase of its sprawling chemical derivatives complex in Ruwais Industrial City.

  The latest of the Taziz Industrial Chemicals Zone projects to make progress is Project Salt – a cluster of three plants that will produce ethylene dichloride (EDC), chlor-alkali and polyvinyl chloride (PVC).

  The planned EDC plant will use chlorine from the associated chlor-alkali plant as its main feedstock and will have a production capacity of up to 1.2 million tonnes a year (t/y).

  Part of the EDC output will, in turn, be used as feedstock by the PVC plant, which is planned to have a production capacity of 350,000 t/y. Surplus quantities of EDC and caustic soda from the chlor-alkali plant are intended to be exported.

  A consortium of Chinese contractors – China National Chemical Engineering Company, China Chengda Engineering Company and China Tianchen Engineering Corporation – is the frontrunner to win the main contract for Project Salt, according to sources.

  South Korean contractor Samsung E&A is understood to have been the only other bidder for Project Salt.

  Taziz first announced the EDC, chlor-alkali and PVC plants in December 2021. India’s Reliance Industries was named as the main investor in the chemical plants at the time. Reliance is understood to have withdrawn from Project Salt and has been replaced by France-based Kem One.

  Taziz Industrial Chemicals Zone

  In addition to the three chemical plants planned under Project Salt, Taziz awarded Samsung E&A the main engineering, procurement and construction (EPC) contract in February to build the UAE’s first methanol plant in the Taziz Industrial Chemicals Zone.

  The value of the EPC contract is $1.7bn, with a construction duration of 44 months.

  The nameplate production capacity of the planned methanol complex is 5,000 metric tonnes a day, or 1.8 million metric t/y. Switzerland-based energy and chemicals company Proman is a joint investor in the project.

  Separately, a joint venture of UAE-based Fertiglobe, South Korea’s GS Energy Corporation and Japanese investment firm Mitsui & Company has invested in a “world-scale” blue ammonia production facility in the Ruwais petrochemicals derivatives complex.

  The Fertiglobe/GS Energy/Mitsui joint venture awarded Italian contractor Tecnimont the EPC contract for the project in May 2024. Construction on the facility started in June last year.

  Fertiglobe has also planned an expansion phase of the blue hydrogen and blue ammonia production complex, to be developed under the second phase of the Taziz Industrial Chemicals Zone. Known as Project Rabdan, the new complex will use natural gas supplied by Adnoc – Fertiglobe’s parent company and majority shareholder – to produce up to 1 million t/y of low-carbon liquid ammonia, also known as blue ammonia.

  The Rabdan facility will also have the capacity to produce 192,000 t/y of blue hydrogen and 892,000 t/y of nitrogen for supply to a local offtaker. In addition to the main blue ammonia production plant, the planned complex will feature units for hydrogen production and synthesis gas purification, as well as pipelines for the transport of feedstock gas, hydrogen and nitrogen. 

  The Rabdan facility will have its own storage, export, utilities and offsite units, and will also tap into those from the wider Taziz ecosystem. A carbon capture and storage (CCS) system within the Rabdan complex will capture, compress and transport carbon dioxide emissions from its operations to a larger Adnoc CCS hub in Ruwais.

  Adnoc/Fertiglobe had initiated a feed-to-EPC competition to deliver the Rabdan project in the first quarter of the year, with contractors submitting proposals for the contest in March. The project operators had even shortlisted India’s Larsen & Toubro Energy Hydrocarbon, Germany-based Linde and French contractor Technip Energies to participate in the feed-to-EPC competition for the project.

  However, the prices submitted by the bidders for feed work were above Adnoc/Fertiglobe’s budget, leading to a stalemate. A final investment decision on Project Rabdan is now expected in 2026.

  Adnoc Group downstream projects

  Other downstream subsidiaries of Adnoc Group, particularly Adnoc Gas, continue to make progress with vital projects. Adnoc Gas recently received technical bids from contractors for EPC works on a major project to add a new gas processing train at its Habshan complex in Abu Dhabi.

  Adnoc Gas, the natural gas processing business of Adnoc Group, processes about 10 billion standard cubic feet a day (cf/d) of gas across several sites, including its Asab, Bab, Bu Hasa and Habshan facilities, as well as a natural gas liquids (NGL) fractionation plant at Ruwais.

  The Habshan complex is one of the biggest gas processing facilities in the UAE, and in the Middle East and North Africa region. Its output capacity is 6.1 billion cf/d. The complex comprises five trains and 14 processing units that receive gas feedstock from onshore and offshore fields in Abu Dhabi.

  With Adnoc Group pressing ahead with its P5 programme to raise oil production potential to 5 million barrels a day by 2027, high volumes of associated gas are set to enter the grid.

  The new train at the Habshan complex, which Adnoc Gas expects to commission in 2029, will play a key role in handling these additional gas volumes.

  Meanwhile, contractors have submitted technical proposals to Adnoc Gas for feed work as part of a design-update competition for a project to install a fifth natural gas liquids (NGL) fractionation train at its Ruwais gas processing facility.

  The fifth NGL fractionation train will have an output capacity of 22,000 tonnes a day (t/d), or about 8 million t/y. It will also include NGL fractionation facilities, downstream treatment units, sulphur recovery units, product storage, loading facilities and associated utilities. The scope also covers flares, interconnection pipelines with existing facilities, two propane liquefied petroleum gas storage tanks and one paraffinic naphtha storage tank.

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  Indrajit Sen