Good morning, lovely people. It’s almost the end of our short workweek, but it’s as busy as ever, with plenty of M&A updates, investment, and debt news. Globally, a bond rout is sending jitters through markets.

THE BIG STORY here at home is Cvyn Holding and Mumtalakat’s buyout of minority shareholders in McLaren Racing, after acquiring a stake in the racing arm alongside McLaren’s automotive business earlier this year.

In the finance world, Rothschild and Co is expanding in the UAE after absorbing Liechtensteinische Landesbank’s private banking clients in the country, and BlueFive Capital has absorbed Neo Capital to launch a new private wealth arm.

Plus: First Abu Dhabi Bank has issued a USD 750 mn low-carbon energy bond, Dubai Investments is working with Angola’s sovereign wealth fund on real estate projects in Angola, and AD Ports inked a dredging agreement to expand capacity at Karachi Gateway Terminal.

WEATHER- Temperatures are cooling slightly, with the mercury peaking at 40°C in Dubai and 42 in Abu Dhabi today, before dropping to 3°C overnight. Some light rainfall and fog is expected across the country, the National Center of Meteorology said (pdf).

In the fourth issue of our Destination Sahel series, we're bringing you the latest updates on New Alamein City and a look at the best investments in Sahel today. We also investigate the growing issue of beach erosion and its impact on our shores.

Subscribe to our Egypt edition to get the scoop delivered to your inbox today at 10am Cairo Time. Missed the first three issues? Tap here to read the full series.

WATCH THIS SPACE-

#1- Sobha Realty on roadshow for maiden green sukuk: Dubai property developer Sobha Realty is gauging investor demand for its debut benchmark-sized USD-denominated green sukuk, Zawya reports. Sobha is rated Ba2 by Moody’s and BB by S&P — both with a stable outlook. The five-year Reg S-compliant senior unsecured issuance comes a little over four months after Sobha closed a 3x oversubscribed USD 500 mn sukuk issuance as part of its USD 1.5 bn trust certificate issuance program.

ADVISORS- Our friends at Mashreq are joint global coordinators for the issuance alongside Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, and Standard Chartered Bank, while Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Bank ABC, Arqaam Capital, Deutsche Bank, First Abu Dhabi Bank, RAKBANK, Sharjah Islamic Bank and Warba Bank are joint lead managers and bookrunners. Deutsche Bank and Emirates NBD Capital are also ESG structuring coordinators.

REMEMBER- Benchmark-sized issuances raise a minimum of USD 500 mn.

#2- London and Lagos-listed telecom player Airtel Africa is weighing the UAE, London and other European bourses as a potential venue for the listing of its fast-growing mobile unit, Airtel Money, which could take place as early as 1H 2026, though no final decisions have been made, Bloomberg reports, citing sources it says are familiar with the matter. The firm, which is owned by Telecom tycoon and bn’aire Sunil Mitall, is said to have mandated Citigroup for the potential IPO and is meeting with investors in Dubai this week. Airtel is reportedly seeking a valuation of just north of USD 4 bn, according to earlier reports.

About the IPO hopeful: Airtel Money counts TPG, Mastercard, and an affiliate of Qatar’s sovereign wealth fund among its backers, Bloomberg wrote. The business had 45.8 mn customers and processed transactions worth an annualized USD 162 bn as of June 2025.

#3- Mubadala’s Corient acquires heavyweight European wealth managers: Mubadala Capital-backed CI Financial ’s US asset management subsidiary Corient will acquire European wealth managers Stonehage Fleming and Stanhope Capital Group, according to a press release (pdf). The two firms bring in more than USD 214 bn in client assets, giving Corient a footprint in Europe, the Middle East, and Africa, and around USD 430 bn in combined assets.

What’s next: The merged entity will operate globally under the Corient brand, extending its private partnership model — currently involving more than 260 US partners — to international operations. The transaction, funded through an equity contribution, is expected to close in 1H 2026.

ADVISORS- Jefferies is lead financial advisor and Goldman Sachs & Co is serving as financial advisor to Corient, while Skadden, Arps, Slate, Meagher & Flom is counsel. Spencer House Partners is financial advisor and Macfarlanes is serving as counsel to Stonehage Fleming. Rothschild & Co was financial advisor and Macfarlanes is serving as lead counsel to Stanhope Capital alongside Dechert and Borel & Barbey.

DATA POINT-

Dubai + Abu Dhabi top Savills’ Executive Nomad Index: Dubai was ranked the top destination for executive nomads — digitally enabled business entrepreneurs and professionals — for the third consecutive year, Savills Middle East residential agency head Andrew Cummings told Bloomberg in an interview (watch, runtime:5:26). Abu Dhabi was the runner up, with the emirates’ high-quality social infrastructure driving the rankings, Cummings said.

About the index: Savills’ Nomad Index measures key lifestyle and social infrastructures that attract business professionals seeking to travel with their families, while operating their businesses globally. It assesses factors including internet connectivity, ease of air connectivity, quality of life, world class hospitality, top-tier schools, and high quality healthcare.

PSAs-

#1- UAE nationals abroad can now request “To Whom It May Concern” certificates online: The Foreign Ministry has rolled out a digital service allowing citizens to apply for and attest certificates remotely, eliminating the need to visit UAE missions overseas, Wam reports. The service — available via the ministry’s website and app — covers documents typically required to study or receive medical treatment abroad.

#2- Sharjah to dispose of impounded vehicles after three months: The Sharjah Executive Council (SEC) amended rules on impounded cars, allowing authorities to dispose of vehicles after they have been held for at least three months, Wam reports. Vehicles that were impounded over traffic or criminal cases will be sold at public auctions run by the Committee for the Disposal of Impounded Vehicles, in coordination with the Public Prosecution, either three months after accident files are closed or once a court ruling is issued.

ICYMI- The SEC also revised fees on releasing impounded vehicles in the emirate at the start of the year, applying to vehicles held due to serious safety-related offenses.

HAPPENING TODAY-

#1- The annual Abu Dhabi International Hunting and Equestrian Exhibition is running till Sunday at the Adnec Center. The event, organized by the Adnec Group in cooperation with the Emirates Falconers’ Club, gathers local and international participants from 15 different sectors, including hunting tools, outdoor gear, equestrianism, conservation, arts, and heritage, according to a press release.

#2- The Spring/Summer edition of Dubai Fashion Week is on its third day and runs until Saturday, 6 September at Dubai Design District (d3), ahead of the New York, London, Milan, and Paris fashion weeks. The edition will showcase more than 30 brands from the UAE, Europe, India, and beyond, with runway shows, private events, and an expanded buyers’ program.

THE BIG STORY ABROAD-

Google won’t have to sell Chrome after all: Tech giant Google will not be forced to sell Chrome or Android, according to the US Department of Justice ruling, instead it will be required to share more data with competitors and limit its exclusive distribution contracts — including its exclusive partnership with Apple for its Gemini chatbot. The ruling follows last year’s verdict that Google illegally monopolized the online search market.

Market reax: Google parent Alphabet’s shares rose over 8% in after hours trading, while Apple’s shares jumped 4.3% following the ruling, which was influenced by the rise of Gen-AI which is quickly becoming a threat to Google's dominance of the search engine market. (Financial Times | Bloomberg | Washington Post | Wall Street Journal | The Guardian)

AND- It was a bad day for US stocks, which continued their slide on the back of an increase in corporate debt sales and concerns surrounding global debt. The S&P 500 fell 0.7%, the Nasdaq was down 0.8%, and the Dow Jones fell 0.5%. Meanwhile, yields on 30-year treasuries are almost at 5%. (Financial Times | Bloomberg)

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MARKET WATCH-

#1- Opec+ is expected to keep crude production levels unchanged when members convene this Sunday, according to a Bloomberg survey of traders and analysts. The move would mark a pause after the group’s recent supply hikes.

Seventeen respondents to Bloomberg’s poll expect Saudi Arabia and its allies to keep output steady in October, while six forecast a modest hike. The consensus reflects expectations that Riyadh will avoid pushing additional barrels into the market too soon, balancing its bid for market share against the risk of weighing further on crude prices.

REMEMBER- The cartel has been steadily raising production since April, starting with 138k bbl / d increase, followed by larger-than-expected hikes of 411k bbl / d in May, June, and July. The group raised output by 548k bbl / d in August and has set a 547k bbl / d increase for this month, marking the return of all 2.2 mn bbl / d that were cut in 2023.

1.7 mn bbl / d still on the sidelines: Officials have argued the ramp-up was aimed at regaining market share lost during years of supply curbs, though 1.66 mn bbl / d of idle Opec+ capacity is still scheduled to remain offline until the end of 2026, Bloomberg said. The group’s strategy has added pressure on prices, with prices down 9% this year, and some market watchers warning that further increases could exacerbate oversupply.

Adnoc sets Murban at USD 70.10 for October: Abu Dhabi National Oil Company (Adnoc) has set the official selling price for its flagship Murban crude at USD 70.10 per barrel for October, down from USD 71.12 in September, Reuters reports.

CIRCLE YOUR CALENDAR-

The International Government Communication Forum is happening on Wednesday, 10 and Thursday, 11 September at Expo Center Sharjah. Hosted by the Sharjah Government Media Bureau (SGMB), the two-day forum will include panel discussions, workshops, and keynote speeches focused on using strategic communication to develop five global priorities: food security, public health, education, environmental sustainability, and green economy.

Applications for Web3 Unleashed Hackathon are open from Monday, 1 September to Saturday, 5 October, according to a press release. Organized by DMCC Crypto Center and global crypto exchange Bybit, the hackathon focuses on tokenization, AI, decentralized finance, and SocialFi — and features a USD 140k prize.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.