THIS MORNING: Adia-backed Jio takes its IPO on the road + ADGM assets up 54% y-o-y in 1H

Good morning, everyone. Our Big Story Today is about what L’imad is willing to give up outside capital for — and what it isn’t. Taqa is already off the ADX, and the sovereign investor has now locked in a settlement date, no later than 9 October, for the AD Ports stake it doesn't already own — weeks ahead of its own self-set deadline. Two sources with knowledge of sovereign wealth fund strategies are quick to head off the read that this is the start of something bigger, though — it’s a selective call on which capital-heavy platforms need full control to keep acquiring, not a broader retreat from public markets.

More consolidation elsewhere: IHC is taking an 80% stake in Marlan Holding this morning, adding another name to the UAE’s growing space economy push.

PLUS- FAB, Mashreq, and DP World are all in the market for USD bonds today in the clearest sign of a post-summer debt rush, even as spreads sit wider than they did during the war’s peak.

Meanwhile, the last sliver of the Egyptian government's blocking stake in Alexandria Container and Cargo Handling is now formally off the table for AD Ports, and Adia- and Mubadala-backed Jio is gearing up to market its IPO, which could be worth as much as USD 4 bn.

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Every session on stage answers one question: “So, what do I actually do about it?”

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Adia-backed Jio takes its IPO on the road

Abu Dhabi Investment Authority (Adia)-backed Jio Platforms could start marketing a USD 4 bn IPO as early as next week — with the Middle East on its investor roadshow, Bloomberg reports, citing people familiar with the matter. The Reliance digital arm plans meetings across the US, Singapore, Hong Kong, London, and the region. Jio is targeting a November listing, although size, valuation, and timing could still change.

One hurdle is already out of the way: Jio secured SEBI approval on 28 August after filing its draft papers in June. The offering covers up to 270 mn new shares, equivalent to roughly 2.9% dilution, with part of the proceeds earmarked for debt repayment.

REFRESHER- Gulf SWFs are already deep in the cap table: We reported in June that Adia owns 1.16% of Jio, alongside Mubadala at 1.85% and PIF at 2.32%. Adia has already anchored India’s biggest IPO this year, as well as several others.

FinMin issues new VAT amendments

The Finance Ministry is looking to cut VAT red tape, updating rules to improve the assessment of tax obligations, state news agency Wam reports, citing a ministry announcement. The ministry said it’s looking to reduce the amount of tax disputes and to crack down on evasion, aligning with other recent legislative moves to provide easier channels to resolve disagreements, for example, for family business disputes and commercial disagreements.

The ministry is refining its tax apportionment methods to better reflect a person’s economic activities while keeping the current system for government entities and charities.

As for updates, they’ll include refining the capital assets scheme to adjust recovered tax based on actual usage and restricting the amount of tax that can be recovered for cash payments exceeding thresholds. The ministry is also amending provisions for the supply and import of medical products, for input tax recovery linked to employee accommodation, and for VAT relating to single composite supplies.

Data point

54% — That’s how much ADGM assets grew y-o-y in 1H 2026 on the back of an influx of premier global fund and asset managers, seemingly undeterred by the conflict, in a growth streak that has run uninterrupted since 2022, Abu Dhabi Media Office reports. Active licenses reached 13.9k, including 1.8k issued during 1H, while operational entities rose 34% to 3.9k. The workforce across Al Maryah and Al Reem islands grew by 4.6k people in six months to 49k.

More money, more managers: The financial center added 11 managers in 2Q alone — its strongest single-quarter surge to date — bringing its total asset manager count to 190, up 23% y-o-y. Total funds managed climbed 32% y-o-y to 276. New entrants in the first half collectively oversee more than USD 2.1 tn in global assets, featuring names like Bain Capital, Blue Owl, Man Group, Barings, and Capital Group.

ADGM is also carving out a distinct niche in tech capital, with entities based in the financial center now holding more than USD 100 bn in AI-focused investments, anchored by state-backed platform MGX.

PSA

WEATHER- Temperatures will hit 42°C in Dubai today with an overnight low of 33°C, and 43°C in Abu Dhabi before cooling to 32°C overnight, according to our favorite weather app.

Happening today

#1- India’s Odisha state is back in the UAE: Chief Minister Mohan Charan Majhi will lead a delegation to Abu Dhabi and Dubai from today until Friday, targeting sovereign and institutional investors, fund houses, and industry players for capital and partnerships across export-oriented manufacturing and infrastructure, Zawya reports, citing a Government of Odisha press release.

The pitch goes beyond metals: Odisha is putting downstream manufacturing, port-based industrial and logistics parks, shipbuilding, rare-earth corridors, and chemicals on the table as it looks to move further up the value chain. Abu Dhabi meetings will lean toward long-term capital, while Dubai will focus more on metals, logistics, and infrastructure players.

Odisha lies on India’s east coast and is a key mineral-producing state, accounting for nearly 38% of India’s overall mineral production value, and it is its largest producer of steel and aluminum.

REMEMBER- UAE capital has already made a big entrance: In July, IHC’s mining arm International Resources Holding and Adani Enterprises signed an MoU with Odisha for a USD 11.5 bn integrated aluminum complex — billed as India’s largest foreign investment in metals.

#2- UAE President Sheikh Mohamed bin Zayed Al Nahyan is arriving in Germany as part of a state visit that will see him meet with German Chancellor Friedrich Merz and German President Frank-Walter Steinmeier, state news agency Wam reports. Options to increase economic and development cooperation will be under discussion during the visit.

The big story abroad

The regional conflict is flaring up once again — this time, on two fronts. US forces destroyed five Iranian oil carriers in retaliation for two ballistic missile strikes launched by the Islamic Revolutionary Guard Corps at a US Navy warship over the past two days, US Central Command said. This coincided with strikes by Iran-backed Houthi militants against Saudi oil facilities, marking a further escalation in the Middle East conflict.

In the AI world: Qualcomm announced a long-term partnership with Amazon, which could purchase up to USD 60 bn in Qualcomm’s AI data center chips to boost the Semiconductor player’s presence in AI infrastructure, a relatively new field for the chip giant. The agreement grants Amazon USD 4 bn in warrants that vest with product purchases, allowing it to buy shares at USD 161.26 each.

Speaking of which: AI coding startup Cognition AI — which builds autonomous agents that plan and deploy software with minimal human input — raised USD 2 bn in a Series E funding round led by new investors Andreessen Horowitz and Accel. The round brings the firm’s valuation to USD 48 bn, nearly doubling its USD 26 bn valuation in May, when it raised USD 1 bn.

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