Good morning, friends. The September news crunch has yet to abate, as conference season’s return and a rush from firms to issue and raise debt keeps our news pipeline as busy as ever.

Today’s issue is heavy on debt news: Aldar Investment Properties opened two taps for its green sukuk, raising USD 290 mn, while Taaleem secured AED 968 mn in facilities from Emirates Islamic to fund its expansion. Meanwhile, S&P Global says consumer debt is up significantly this year, and is expected to carry this momentum over the next two years.

ALSO- Abu Dhabi renewables investment firm Global South Utilities acquired a majority stake in Uzbek solar project developer Yashil Energiya.

WEATHER- Temperatures in both Dubai and Abu Dhabi peak at 37°C today, before cooling to 29°C overnight, but expect more humid conditions throughout the day.

WATCH THIS SPACE-

#1- Adnoc edges closer to EU approval for Covestro takeover: Talks over Adnoc’s EUR 14.7 bn bid for German chemicals group Covestro are making progress, with Adnoc set to put forward a commitment package to ease EU regulators’ concerns next week, Bloomberg reports, citing people familiar with the matter. Adnoc, whose investment arm XRG would own the German firm, will commit to keeping Covestro’s intellectual property in Europe and will offer concessions on an unlimited UAE state guarantee, among others.

Regulators had been pushing for a long-term expenditure plan as part of its probe, but the state oil firm refused claiming the information is a state secret, the sources said.

ICYMI- Adnoc also earlier proposed converting a planned EUR 1.2 bn capital hike at Covestro into a market-rate shareholder loan to ease subsidy concerns. The transaction — Adnoc’s largest-ever acquisition — is being reviewed under an EU probe into potential state-backed support, with the investigation being paused earlier this month as antitrust regulators reportedly wanted more time to gather information before a 2 December deadline.

REMEMBER- Adnoc’s most ambitious play yet — a USD 18.7 bn takeover bid for Australian oil and gas firm Santos — fell through last week on the back of several issues that impacted its commercial viability.

#2- Abu Dhabi is on track to see 13 new additional residential communities dedicated to Emiratis, at a total cost of AED 106 bn, state news agency Wam reports. The new developments will offer 40k new units, with some 25k units set for delivery over the next five years. The projects will be undertaken by Aldar Properties, Bloom Holding, Modon Properties, Wahat Al Zaweya Real Estate, and Imkan Properties, and will span Al Dhafra, Al Ain, and Abu Dhabi City.

#3- Space42 to launch cloud system for autonomous mobility ops: UAE space tech firm Space42 — in partnership with G42 subsidiary Core42’s Sovereign Public Cloud and Microsoft Azure — is launching the UAE’s first Sovereign Mobility Cloud, according to an ADX disclosure (pdf). The platform, which will be dedicated to powering smart mobility and autonomous vehicle operations, will enable data sharing between government and industry stakeholders. It will support key activities in the field such as HD mapping, traffic management, fleet operations, and digital twins — virtual models of real-world objects.

REMEMBER- Microsoft, which will co-invest in the system and provide expertise, recently partnered with state AI player G42 on its Map Africa project.

This comes at a crucial time for the UAE’s autonomous mobility ambitions, with Abu Dhabi Mobility expanding its self-driving taxi rollout and Dubai’s Roads and Transport Authority rolling out open-road pilot testing for driverless taxis in Jumeirah and Dubai Silicon Oasis, with a commercial launch targeted for 1Q 2026, Gulf News reports. Around 60 vehicles are currently involved — 50 from Baidu and 10 from WeRide — operating with safety drivers under RTA-issued permits.

Dubai is also planning an automated transport zone dedicated to testing in order to evaluate how driverless taxis will operate on a large scale, The National reports. The zone will be located in Festival City and Creek Harbor.

#4- Penn Med to land in AUD: The American University in Dubai (AUD) has partnered with the University of Pennsylvania’s Perelman School of Med to launch the UAE’s first American-style medical school, according to a statement. The new school will offer a Doctor of Med program with US training standards and a focus on the UAE’s healthcare priorities. Penn Med is the US’ first teaching hospital and medical school, and will replicate its model in the UAE with the aim of advancing clinical research and training.

#5- Dubai to award USD 1 mn for best AI film: Dubai’s 1 Bn Followers Summit is launching a USD 1 mn AI film award in partnership with Google Gemini, according to a press release. The award will recognize the best short film that is at a minimum 70% AI-generated and uses Google Gemini. Entries are open until 20 November, with the best film set to be unveiled at the content creator summit in January 2026.

DATA POINTS-

#1- The UAE’s outbound FDI hit USD 95 bn between 2022 and May 2025 — a 243% jump from 2015-19 levels, according to data from McKinsey & Co. Inflows, meanwhile, reached USD 17 bn, up 34% over the same period. Annual announced FDI into the UAE between 2022 and 2025 was USD 17 bn, up 34% from the 2015-19 period.

Where’s the money going? Two-thirds of outbound investment flowed to MENA neighbors, sub-saharan Africa, and emerging Asia, with a focus on low-emissions energy, real estate, and opening new corridors in developing economies.

Steady geopolitical range: Around 65% of UAE firms kept their FDI in the same geopolitical range — far more consistent than peers in the US, Japan, South Korea, and China, where only 35% did so, according to McKinsey’s report. UAE firms leaned on conventional industries and long-standing regional ties, so their shifts were less pronounced.

Big announcements, slow follow-through: Inflows into Saudi Arabia and the UAE were diversified across advanced and emerging economies, with Chinese investors channeling capital into steel, semiconductors, and other advanced manufacturing, according to the report. Announced FDI into “future-shaping” industries in the UAE rose 124% compared with 2015-19, though fewer than five of the region’s 20 biggest projects had broken ground by mid-2025.

#2- DXB tops list of regional low-cost hubs: Dubai International Airport (DXB) ranked fifth worldwide and first in the Middle East among low-cost carrier hubs, according to OAG Aviation’s Megahubs 2025 report (pdf). DXB also placed 15th globally in overall connectivity ranking — up from 16th last year — thanks to Emirates’ 38% share of flights. Budget carrier flydubai accounted for 28% of flights at the airport.

PSAs-

The Federal Tax Authority (FTA) is reminding businesses to submit their tax returns ahead of the deadline at the end of September 2025, if your business’ financial period begins in January, according to a statement. You can check EmaraTax to verify your tax period and deadline, and to submit your dues.

REMEMBER- Late payments will subject you to a AED 500 penalty for each month, or up to AED 1k each month if you’re more than a year late.

HAPPENING TODAY-

#1- FM attends UN General Assembly in New York: Foreign Minister Abdullah bin Zayed Al Nahyan is in New York for the UN General Assembly, which started yesterday 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 Mohammed Bin Rashid Leaders Forum will take place today and tomorrow 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- The Dubai World Congress for Self-Driving Transport is wrapping up today 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-

International pages are leading with news of a deadly shooting at a US immigration office — a gunman opened fire at an ICE facility in Dallas, killing one and critically injuring two others before taking his own life. FBI investigators are pointing to anti-ICE messages at the scene as evidence of a politically motivated attack. President Donald Trump pledged in a post on Truth Social an executive order to “dismantle these domestic terrorism networks.” (Financial Times | Reuters | New York Times | The Guardian | Associated Press | Bloomberg)

LOOKING TO APPLE FOR A LIFELINE- Intel has held early talks with Apple about a potential investment as part of its comeback strategy, a week after Nvidia announced an agreement that will see it invest USD 5 bn in the chipmaker, Bloomberg reports. Such a deal would be symbolically powerful: Apple abandoned Intel’s processors in its Macs five years ago but has touted big plans for US manufacturing.

ALSO WORTH NOTING THIS MORNING- Taiwan reels after deadly typhoon: At least 17 people were killed when a barrier lake burst in a Taiwan town, prompting residents to seek shelters and an inquiry into what went wrong with evacuation orders. (Reuters | BBC | New York Times | The Guardian)

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