Good morning, lovely people. As we pass the halfway mark of September, plenty of activity on the capital markets side is keeping us busy, with Dubai set to see its first IPO in months next month and another secondary sale in the bag.

Alec Construction is taking a 20% stake to the DFM in October, while Mubadala raised AED 3.2 bn from its follow-on offering for Du. Meanwhile, Al Futtaim Group finalized its acquisition of a minority stake in Saudi Arabia’s Cenomi Retail.

On the investments side, Sharjah’s FDI investments were up over 300% y-o-y in 1H 2025, while Space42 is entering a joint venture with the US’ Viasat to roll out global direct-to-device services.

WEATHER- More of the same: Temperatures are set to peak at 37°C in Dubai today, with a low of 30°C, according to our favorite weather app. Meanwhile, in Abu Dhabi, the mercury peaks at 39°C, with a low of 29°C.

WATCH THIS SPACE-

#1- EIB lines up green sukuk: Emirates Islamic Bank tapped banks to arrange investor calls ahead of a planned USD-denominated, five-year benchmark sustainability-linked sukuk, Zawya reports. The Reg S-compliant senior unsecured paper — with a Wakala/Murabaha structure — falls under the lender’s USD 4 bn certificate program. The notes will be listed on Nasdaq Dubai and Euronext. The bank has a credit rating of A+ with a stable outlook from Fitch.

Background: The lender — which just recently was delisted from the DFM — last issued debt in March, raising USD 750 mn. The five-year Reg S sukuk offering, also issued under its USD 4 bn program, was 2.1x oversubscribed. The notes, listed on Nasdaq Dubai and Euronext, were priced at 5.059% coupon, 95 bps over Treasuries, after tightening by 30 bps from initial price thoughts on strong demand.

ADVISORS- Our friends at Mashreq are joint leads and bookrunners alongside Bank ABC, Citi, Dubai Islamic Bank, Emirates NBD Capital, and Standard Chartered. Emirates NBD Capital and Standard Chartered are also acting as joint sustainability structurers.

#2- Emirates becomes Real Madrid’s official basketball sponsor: Emirates Airlines and Spanish basketball club Real Madrid inked a multi-year partnership making Emirates the official sponsor of the club’s men’s and women’s teams, according to the Dubai Media Office. The team’s jerseys will feature Emirates’ “Fly Better” branding — matching those worn by the men and women’s football teams, which Emirates also sponsors — which will also feature at various sporting events. The partnership marks the airline’s entry into the European basketball arena.

The airline already sponsors several teams and tournaments: It became the US’ NBA’s first title partner of the NBA Cup, and earned the first-ever referee jersey patch partner of the NBA last year. It also sponsors UK-based football club Arsenal and Beirut’s Basketball Club.

#3- Abu Dhabi test drives autonomous delivery vehicles: Abu Dhabi Mobility, in collaboration with K2 and Emirates Post 7X’s logistics arm EMX, has launched Abu Dhabi’s first pilot program for autonomous delivery vehicles, according to a statement. The trial operations for the vehicles — developed by K2 subsidiary Autogo — were executed in Masdar City. The firm also issued the nation’s first official license plate for a self-driving delivery vehicle — aligning with the emirate’s goal to shift 25% of all trips to smart transport solutions by 2040.

Abu Dhabi is taking big steps towards autonomous driving: Abu Dhabi-based drone manufacturer Lodd Autonomous is set to launch unmanned aerial vehicle parcel and cargo deliveries by 2H 2026 — with the first test flight scheduled in November. Abu Dhabi Mobility also recently expanded its autonomous taxi services to include Al Reem and Al Maryah islands back in July. Autonomous taxis are already operational in Al Saadiyat and Yas islands, as well as routes to Zayed International Airport.

#4- Lootah Biofuels has begun supplying Sustainable Aviation Fuel (SAF) in the UAE market, and plans to unveil its three-phase roadmap for deployment at the upcoming Dubai Airshow later this year, Gulf News reports. The company completed engineering studies for a dedicated SAF production plant in the UAE, with plans to import SAF in the short term and transition to full local production over time.

The fuel is produced from used cooking oil and waste-derived fats, and can reduce greenhouse gas emissions by up to 80% compared to conventional jet fuel.

Not its only SAF venture: Lootah also signed an agreement with Malaysian counterpart FatHopes Energy to study the feasibility of establishing a 200k sqm SAF feedstock aggregation storage terminal in Malaysia in 2023.

#5- Majid Al Futtaim rebrands Carrefour in Bahrain: UAE retail conglomerate Majid Al Futtaim launched its own grocery chain — HyperMax — in Bahrain after it shut down Carrefour operations in the country on 14 September, according to a statement. The new brand opens with six outlets and some 1.6k staff, and is partnering with over 250 local farmers and suppliers.

The rollout follows similar exits in Oman earlier this year and Jordan in late 2024, where Carrefour stores were rebranded as HyperMax amid pressure over the chain’s perceived stance on the Gaza conflict. The conglomerate owned and operated Carrefour Bahrain, and still holds the rights to operate the brand in 12 markets across the Middle East, Africa, and Asia.

#6- Rakez + India launch start-up initiative: Ras Al Khaimah Economic Zones (Rakez) and the UAE-India Cepa Council inked an MoU to launch the UAE-India Startup Series, helping Indian startups enter the Emirati market, according to a press release. The initiative will select 20 startups to participate in an event in New Delhi. Of those, five will receive incubation support to help them enter the UAE market, with Rakez set to provide full backing via a comprehensive package to one of the five. So far, 10k Indian startups have applied to the initiative.

HAPPENING TODAY-

#1- The Abu Dhabi Chamber of Commerce and Industry is leading a delegation to Germany, with the roadshow kicking off yesterday and running through Thursday, 18 September, according to a statement. The visit focuses on strengthening economic ties, with agreements expected in renewable energy, technology, financial services, logistics, and SME development.

The delegation includes representatives from Abu Dhabi Investment Office, Hub71, Emirates Nuclear Energy Corporation, and private-sector firms, with family business cooperation also high on the agenda, state news agency Wam reports.

#2- The Ajman Department of Tourism Development’s roadshow in India kicked off yesterday and will run until Friday, 19 September with stops in New Delhi, Pune, and Kolkata, state news agency Wam reports. The initiative will showcase Ajman’s tourism projects and attractions while deepening ties with Indian operators and industry partners. The roadshow aims to raise Ajman’s international profile, grow visitors numbers, and attract new investment into the emirate’s tourism sector through meetings, events, and potential agreements with Indian stakeholders.

#3- The US Federal Reserve is kicking off its Federal Open Market Committee meeting today, setting the stage for what’s set to be the first rate cut in months tomorrow. Gulf central banks — including the Central Bank of the UAE — are expected to follow suit, given the peg to the USD. We have more on what to expect from this week’s meeting, and from other central banks across the globe this week, in this morning’s Planet Finance, below.

HAPPENING THIS WEEK-

Mohammed Bin Rashid Space Center will host MBRSC Space Science Connect on Wednesday and Thursday at the center’s headquarters in Dubai, according to the Dubai Media Office. The two-day event will gather leading scientists and engineers with the goal of fostering space innovation, collaboration, and scientific research in the UAE space industry.

THE BIG STORY ABROAD-

International headlines are locked on US President Donald Trump’s visit to the UK this week, where Washington and London are set to roll out over USD 10 bn in economic agreements covering science and technology, civil nuclear power, and defense tech. The package — which officials say will deepen financial and innovation ties — will be unveiled during an event with UK Prime Minister Keir Starmer and Chancellor Rachel Reeves. (Reuters | Bloomberg | CNN | BBC | The Guardian | Associated Press | New York Times)

CLOSER TO HOME- Qatar’s emir has urged Arab and Muslim leaders to take “concrete steps” against Israel after last week’s missile strikes in Doha that targeted Hamas leadership, writes the Financial Times. In his speech during yesterday’s emergency Arab-Islamic summit, Sheikh Tamim bin Hamad Al Thani denounced the attack as “blatant, treacherous and cowardly” and accused Israel of waging a “genocidal war” on Palestinians.

The UAE’s take: A UAE delegation including Vice President Mansour bin Zayed Al Nahyan, Foreign Minister Abdullah bin Zayed Al Nahyan, and State Minister Shakhbout bin Nahyan Al Nahyan also attended the summit, publishing a strong-worded statement that called on the UN Security Council and the wider international community to take responsibility to “deter Israel and stop these barbaric aggressions,” Wam reported elsewhere. The UAE said the “aggression” and “blatant violation of international law,” along with “repeated threats of annexing Palestinian land and aggression against neighbouring states, undermines efforts to achieve lasting peace and regional stability.”

Israel’s Prime Minister Benjamin Netanyahu, meanwhile, did not exclude the possibility of further strikes supposedly targeting Hamas leaders, Reuters reports.

AND IN MARKET NEWS- Alphabet became the fourth US company to hit a market cap of USD 3 tn yesterday after shares hit a record USD 252 on the back of investor optimism following the company’s July results. (Financial Times | Reuters | CNBC | Bloomberg | Wall Street Journal)

ALSO WORTH NOTING THIS MORNING- A wave of Gen Z revolutions is reshaping Asian politics, as youthful protesters from Nepal to Bangladesh and Indonesia mobilize social media platforms to topple entrenched leaders, demand transparency, and challenge corrupt elites. (Financial Times)

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