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- ADNOC in Thailand & Africa; $400B Asset Manager in Dubai; L'Imad Takeover of AD Ports Nearly Done
ADNOC in Thailand & Africa; $400B Asset Manager in Dubai; L'Imad Takeover of AD Ports Nearly Done
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Wednesday, September 9, 2026
Markets
EGX30 | 56,627.83 | 0.09% |
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ADX | 9,975.72 | 0.016% |
Tadawul | 11,039.42 | 0.26% |
ADNOC Eyes Refinery Stakes In Thailand And Nigeria As UAE Oil Giant Expands Overseas
🔹 What Is It About
ADNOC is in talks to take stakes in refineries operated by units of Thailand’s PTT and Nigeria’s Dangote, Bloomberg reported, citing people familiar with the discussions. The Abu Dhabi oil giant is exploring deals that could combine refinery investments with crude-supply contracts, while giving ADNOC access to fuels it can trade globally. A deal involving Thailand could be announced later this year.
🔹 Why It Matters
The potential investments would mark a shift for ADNOC as it expands beyond its home refining base at Ruwais. Overseas refineries could provide reliable buyers for Abu Dhabi crude while strengthening ADNOC’s fuel-trading business. The strategy also mirrors Saudi Aramco’s international refining investments and could reduce exposure to disruptions around the Persian Gulf.
🔹 What’s Next
ADNOC is expected to continue pursuing downstream opportunities across Asia and Africa. The company is also interested in India’s refining sector and could potentially invest in an East African refinery and associated crude pipeline. Any agreements with PTT or Dangote would deepen ADNOC’s international energy footprint and strengthen its position across global oil and fuel markets.
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South Korean Asset Manager Mirae Asset Expands Into Dubai With $400 Billion AUM
🔹 What Is It About
South Korean investment firm Mirae Asset Global Investments, which manages more than $400 billion in assets, has established a new office at the Dubai International Financial Centre (DIFC). Its DIFC entity has also secured a Category 3C regulatory licence from the DFSA, allowing it to manage and distribute collective investment funds to institutional and professional clients across the GCC.
🔹 Why It Matters
The move strengthens Mirae Asset’s foothold in the Middle East and gives it a base to target institutional investors, family offices and the Indian diaspora across the region. It also adds one of Asia’s largest independent asset managers to Dubai’s rapidly expanding wealth and asset-management ecosystem.
🔹 What’s Next
Mirae Asset plans to expand its regional distribution network and offer investors access to India-focused and global investment strategies, spanning equities, fixed income, ETFs, alternatives and private markets. The Dubai office is expected to support the firm’s broader growth across the GCC, Middle East and East Africa.
L’IMAD Clears Key Conditions For AD Ports Offer, Settlement Expected By October 9
🔹 What Is It About
L’IMAD, through its wholly owned subsidiary ADQ, has satisfied all conditions of its voluntary tender offer to acquire up to 100% of the remaining shares in AD Ports Group, except for certain routine notifications still to be submitted to the Capital Market Authority and Abu Dhabi Securities Exchange. Settlement, including payment and transfer of acquired shares to ADQ, is expected no later than October 9, 2026, as per a press release received by Smashi Business.
🔹 Why It Matters
ADQ already owns 75.42% of AD Ports Group, and the offer is aimed at acquiring the remaining shares. Shareholders accepting the offer will receive AED 6.25 in cash per share. The development moves the transaction closer to completion, while the offer remains open to eligible shareholders.
🔹 What’s Next
The offer remains open until 3pm on September 15, 2026, giving shareholders time to accept the AED 6.25-per-share offer. Following the close of the offer, settlement is expected to take place no later than October 9, including payment of the offer price and transfer of the acquired shares to ADQ.
How Jennifer Aniston’s LolaVie brand grew sales 40% with CTV ads
For its first CTV campaign, Jennifer Aniston’s DTC haircare brand LolaVie had a few non-negotiables. The campaign had to be simple. It had to demonstrate measurable impact. And it had to be full-funnel.
LolaVie used Roku Ads Manager to test and optimize creatives — reaching millions of potential customers at all stages of their purchase journeys. Roku Ads Manager helped the brand convey LolaVie’s playful voice while helping drive omnichannel sales across both ecommerce and retail touchpoints.
The campaign included an Action Ad overlay that let viewers shop directly from their TVs by clicking OK on their Roku remote. This guided them to the website to buy LolaVie products.
Discover how Roku Ads Manager helped LolaVie drive big sales and customer growth with self-serve TV ads.
The DTC beauty category is crowded. To break through, Jennifer Aniston’s brand LolaVie, worked with Roku Ads Manager to easily set up, test, and optimize CTV ad creatives. The campaign helped drive a big lift in sales and customer growth, helping LolaVie break through in the crowded beauty category.
👨💻From Smashi Business’ Desk
Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”
Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries
A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia
Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market
Ryanair had something to say about Emirates’ new headrests… and the internet was ready
🔍In other news…
Abu Dhabi’s G42 Weighs US Ownership to Safeguard AI Chip Access
China’s WeRide plans 10,000 robotaxis in Saudi Arabia by 2030
As Wynn in RAK nears opening, a Bulgaria-based supplier of slot machines and electronic table games, has been granted a gaming-related vendor licence in the UAE, the firm said in a Wednesday press release.
Middle East’s Data Center Push Endures Under the Cloud of War
US-Israel-Iran War insurance adds $8 to a barrel of oil
Saudi Grain Giant Shifts Away From Black Sea as War Roils Supply
🦄 World of Startups
ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors
Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K
Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M
Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round
