Good morning, lovely people, and welcome to the official start of fall. Temperatures are cooling down slightly and conference season (along with traffic) is back in full swing.

It’s a relatively quiet morning, as is usual for Mondays, but we have a mixed bag of news for you to dig your teeth into this morning. Leading our newswell is news that the UAE will be adopting the OECD’s crypto reporting framework in 2027, with a public consultation open until November. Meanwhile, Emirates NBD’s Turkish unit has issued a USD 270 mn green bond, and BHM Capital doubled its share capital through a rights issue to pursue an expansion drive.

ALSO- We have a long read on Gulf sovereign wealth funds’ increased interest in Asia, as the region offers returns in strategic sectors like renewables, technology, and infrastructure, while the West faces headwinds.

^^We have the details on this and more in the news well, below.

Were you traveling this weekend? If you’ve faced some disruptions, it may have been due to a cyberattack on aerospace solutions provider Collins Aerospace, which hit check-in and boarding systems across Europe. Etihad Airways reported unusually long check-in times at certain airports, Gulf News reported on Saturday, citing a statement from the carrier. Emirates said its operations were not significantly hindered.

Major hubs like London’s Heathrow Airport, Brussels Airport, and Berlin Airport reported the cancellation of 29 arrivals and departures, Reuters reported on Sunday.

WEATHER- The mercury is set to reach 37°C in Dubai, with an overnight low of 30°C, while Abu Dhabi will see a high of 41°C and a low of 30°C, according to our favorite weather app.

WATCH THIS SPACE-

#1- Emirates Global Aluminium (EGA) tapped banks to arrange its potential IPO, which could value it at USD 10-15 bn, Bloomberg reports, citing people it says are familiar with the matter. The venue and timeline of the offering remain under wraps. The firm is in talks with Citigroup, Goldman Sachs, Emirates NBD Capital, and First Abu Dhabi Bank (FAB) to lead the transaction, the sources said. Rothschild & Co advising.

Background: EGA has been weighing a public listing for nearly a decade, shelving earlier attempts in 2018 and 2021 despite signals from owners — which include Mubadala and the Investment Corporation of Dubai — that a float was on the table. The IPO would come as the company faces some headwinds, including newly imposed USaluminium tariffs and the loss of a key mining concession in Guinea, even as it presses ahead with a USD 4 bn smelter in Oklahoma and eyes fresh African bauxite projects.

ALSO IN THE PIPELINE-

#2- Mubadala is weighing a complete exit from Turkish delivery company Getir, including its grocery delivery, financing (Getir Finans) and car-rental arm (Getir Arac), sources told Reuters. Mubadala first took a stake in Getir in 2021 and last year led a USD 250 mn funding round for the company, handing it controlling shares in most of its subsidiaries.

Potential buyers are lining up: Talks on selling Getir Arac are at an advanced stage with Turkish car-sharing rival Tiktak. Multiple buyers are reportedly circling the core delivery unit, including US-based DoorDash, though discussions remain ongoing.

ICYMI- In January, Getir’s independent directors backed a Mubadala-proposed restructuring plan that would make it the sole owner of the firm, which co-founder Nazim Salur had at the time denounced as an “illegal coup,” but an Amsterdam court dismissed the founders’ appeal.

#3- UAE targeting 2 mn SMEs, 10 unicorns by 2031: The UAE is hoping to be home to 10 unicorns by 2031, as well as more than 2 mn SMEs, Economy Minister Abdulla bin Touq Al Marri told Wam. So far, there are five unicorns — startups valued at more than USD 1 bn —- in the Emirates. SMEs accounted for 63.5% of the country’s non-oil GDP by mid-2022.

#4- OMV exec accused of spying for Russian state: An executive at Austria’s OMV, the chemicals firm set to merge its polyolefins business with Adnoc, was fired following allegations of spying for the Russian state, Reuters reports, citing a report from Profil. The employee had also been temporarily transferred to work at Adnoc before having their contract terminated, and had reported on both firms to a Russian diplomat in Austria who has since been summoned.

ICYMI-The merger of Adnoc and OMV’s polyolefins’ businesses is set to create a USD 60 bn company when completed in 1Q 2026. Adnoc also currently holds a 25% in the Austrian chemicals firm, which is set to inject some EUR 1.6 bn into the new entity.

DATA POINT-

DIEZ trade sees 19% uptick in 2024: Total trade from zones under the Dubai Integrated Economic Zones Authority (DIEZ) rose 19% y-o-y to reach AED 336 bn last year, according to the Dubai Media Office. The zones accounted for 13.7% of Dubai’s 2024 non-oil trade — its highest share so far, and marking the fourth year of consecutive growth.

The volume of goods traded in the zones, which include Dubai Airport Freezone, Dubai Silicon Oasis, and Dubai CommerCity, rose 28% y-o-y to 444.3k tons.

Machinery doing the heavy lifting: The machinery, electrical, and electronics sectors accounted for 72% of the zones’ total trade — up 17% y-o-y. Meanwhile, the precious stones, metals, jewelry, and ornaments sector saw a 33% yearly uptick, leading it to contribute 22% of the total.

HAPPENING TODAY-

#1- FM attends UN General Assembly in New York: Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan is in New York for the UN General Assembly, which starts today and will run until next Monday, 29 September, according to a Foreign Ministry statement. The summit is expected to be dominated by discussions around the ongoing war in Gaza, with several countries — including the UK, France, and Canada — formally recognizing Palestine as a state, and Saudi Arabia and France set to co-chair meetings on the two-state solution.

#2- The South African State-Owned Enterprises Investment and Cooperation Summit is kicking off today and running until Wednesday at the Waldorf Astoria in Dubai International Financial Center. The three-day summit — which is hosted by African bank Standard Bank — will connect South African state-owned enterprises with investors in the UAE and wider Gulf region, as well as sovereign wealth funds and large corporations, in a bid to boost the country’s trade and infrastructure development.

HAPPENING THIS WEEK-

#1- The MENA EV Show is taking place on Tuesday and Wednesday at The Agenda in Dubai Media City. The show will connect stakeholders in the global EV value chain — from small startups to investors, governments, and auto manufacturers — to showcase the EV industry’s latest technologies.

#2- The MohammedBin Rashid Leaders Forum will take place on Wednesday and Thursday in Dubai, at the Mohammed Bin Rashid Center for Leadership Development. The forum brings together 1k government and private sector leaders for discussions, workshops, and lectures aimed at shaping future leadership models, proactive strategic thinking, and governance management.

#3- Dubai World Congress for Self-Driving Transport is also happening on Wednesday and Thursday at the Dubai World Trade Center. Hosted by the Roads and Transport Authority, the congress will see tech experts, policy makers, investors, government officials, and international and regional autonomous mobility firms meet for two days of seminars, panels, and exhibitions.

THE BIG STORY ABROAD-

It’s relatively calm in the foreign press this morning, with one story dominating headlines. Canada, the UK, Australia, and Portugal announced their formal recognition of a Palestinian state yesterday, signalling a break with Washington and deepening Israel’s diplomatic isolation. UK Prime Minister Keir Starmer said the decision is meant “to revive the hope of peace and a two-state solution,” while Canadian Premier Mark Carney stressed it aligned with “principles of self-determination and fundamental human rights.” France, Belgium, Malta and other European states are expected to follow suit this week during the UN General Assembly.

What’s next? President Donald Trump — who had threatened Canada with trade consequences over its position and publicly clashed with Starmer over the matter — is set to meet Arab and Muslim leaders on the sidelines of the general assembly to discuss Gaza. Diplomats from the recognizing countries have been working to limit fallout with Washington. (Reuters | Bloomberg | New York Times | The Guardian | BBC | Associated Press | Politico)

ALSO MAKING HEADLINES- Syria will hold its first parliamentary elections since the fall of Bashar Al Assad on 5 October, as President Ahmed Al Sharaa moves to rebuild state institutions and consolidate power after years of conflict. (Reuters | Bloomberg)

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