Good morning, lovely people, and happy FRIDAY. UAE authorities have opened an investigation into Wednesday's incident aboard flydubai flight FZ1073, and the airline has suspended all flights to and from Israel until further notice. Israeli carriers may be eyeing an opening, though: they've asked their security authorities for permission to resume Dubai flights, which they halted earlier in the war.

The broader theme this morning: The UAE is holding its ground while the region around it strains. Abu Dhabi's sovereign funds did almost half of MENA's sovereign dealmaking in the first nine months of the year, with Mubadala on top at USD 26.2 bn, even as Kuwait and Qatar weigh tapping their own funds to plug war deficits. On the bourses, the ADX and DFM were the only GCC markets to finish September in the green, in the region's worst month since last November.

Meanwhile, the plumbing of UAE trade is being rewired. Cargo bound for the UAE now has to be declared before it's loaded at the origin port, while Dubai Customs has updated its freezone re-export rules. On the deals side, L'imad's Warner Bros. Discovery bet is now days from closing.

The cloud on the horizon is the cost of money. Global bond yields hit multi-decade highs once again yesterday, and with Gulf debt priced off Treasuries, UAE borrowers will feel that bill too.

The Gulf’s sovereign funds and largest companies are committing billions to AI infrastructure at home and to AI companies in the US and beyond. EnterpriseAM AI + Innovation reports on where that capital goes, who controls it and what it is actually buying.

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UAE officials order investigation into flydubai flight incident

Flydubai has suspended all flights to and from Israel “until further notice” as authorities investigate Wednesday’s FZ1073 incident, the airline said in a statement. Emirates followed suit by pausing its codeshare flights to Tel Aviv.

A specialized Public Prosecution team will investigate the incident following UAE Attorney-General Hamad Saif Al Shamsi’s orders, state news agency Wam reports. The team, working alongside the General Civil Aviation Authority and other Emirati authorities, has been directed to gather evidence and lay out the facts, circumstances, and motives behind the incident — including whether it was linked to any terrorist activity or involved prior planning. Wam noted that UAE judicial authorities have jurisdiction since the aircraft is UAE-registered and flies the UAE flag, meaning UAE law applies to crimes committed on board even outside the country’s territory.

What the airlines say: Flydubai said the suspension would allow “relevant authorities to continue their work and establish the facts surrounding the incident,” adding that it remains in coordination with government authorities, regulators, and airport stakeholders and will review the suspension as more information becomes available.

Israeli airlines have requested permission from Israeli security authorities to resume flights to Dubai, after they were halted earlier in the war, following the flydubai incident, Reuters reports.

Paramount takeover gets a timeline + financing plan

Paramount has locked in the debt for its Gulf-backed takeover of Warner Bros. Discovery, and the acquisition finally has a closing date: 6 October. The company priced roughly USD 52 bn in bonds and loans this week, according to a statement. That came hours after a federal judge approved its settlement with 12 US states and lifted the order that had blocked the merger since July. Only customary closing conditions remain.

Investors piled in: The USD 30 bn investment-grade portion drew more than USD 109 bn in orders, 3.6x its planned size, Bloomberg reports. It is split across eight tranches maturing between 2028 and 2066, with coupons ranging from 6.30% to 8.90%. The demand let Paramount trim the bond from USD 32 bn, shift USD 2 bn into its term loan, and tighten pricing. The 2066 tranche landed at 3.3 percentage points over Treasuries, about 35 bps inside initial talk. The package also includes USD 11.4 bn and EUR 885 mn in high-yield second-lien notes, plus a USD 8.5 bn and EUR 850 mn term loan.

The Gulf's piece: L'imad, PIF, and QIA are putting up c. USD 24 bn in equity alongside the debt, as we reported. After closing, L'imad will hold 12.8% of Paramount's non-voting equity, behind PIF's 15.1%, according to the company's FCC filing.

The delay has been costly: Paramount had been facing USD 7 mn in daily delay payments starting 30 September. The issuances were initially set to be sold in the middle of the year but were delayed by the two litigation settlements.

ADVISORS- The offering was led by Citigroup, Apollo Global Management, and Bank of America Corp.

Airtel Money prices London listing at USD 7 bn, keeps Dubai in sights

Dubai-based Airtel Money has priced its London IPO at GBP 1.96 a share, valuing the African mobile money firm at GBP 5.3 bn (USD 7 bn). That's below the USD 8-9 bn floated when it announced the listing last month, in what could be the UK’s largest listing since 2021, Zawya reports. Existing shareholders are selling 270 mn shares for c. GBP 529 mn (USD 699 mn), with another 27 mn available through an over-allotment option. Shares start trading on 14 October, with c. 16.5% in public hands (17.5% if the option is exercised).

Dual listing in Dubai is not out of the question: The company is leaving the door open to a potential UAE dual listing later, the firm’s group CEO Ian Ferrao told The National. Remember: Last November, Airtel Money secured a regulatory waiver to pursue a UAE listing, with the choice of exchange expected to hinge on landing a heavyweight Emirati cornerstone investor. The cornerstone it ended up with is the World Bank's IFC, which is buying up to GBP 67.2 mn (USD 90 mn) of shares at the offer price.

Plus: Ferrao says it's hunting for Middle Eastern fintech partners to build out savings, lending, and wealth services. Parent Airtel Africa owns about 78% and will stay on as a long-term shareholder.

FAB eyes syndication of Nigeria swap

First Abu Dhabi Bank (FAB) is weighing syndicating part of its USD 5 bn total-return swap with Nigeria, Bloomberg reports, citing people it says are familiar with the matter. This comes as the UAE’s largest lender looks to share exposure to one of its biggest sovereign financing agreements in Africa.

How it would work: FAB would likely stay on as Nigeria’s direct counterparty while picking up extra fees for bringing in other banks to take a slice of its holding, one of the sources said. The bank remains committed to the transaction itself but is open to syndicating if there’s sufficient market appetite, according to Bloomberg. Nigeria’s Finance Ministry and the head of its debt office didn’t comment, and FAB said it doesn’t comment on client relationships as a matter of policy.

REFRESHER- We’ve been tracking this one since Nigeria first drew down USD 1.5 bn of the facility in June — a six-year agreement priced at 395-400 bps over SOFR and backed by collateral worth 133.3% of the amount drawn, which Nigeria’s National Assembly approved back in April. Nigeria has used the proceeds to fund government spending and refinance costlier debt, joining Angola and Senegal in turning to total-return swaps to diversify financing sources, according to the business news service.

Why it’s under scrutiny: The IMF and rating agencies have flagged concerns about total-return swaps more broadly, arguing they lack transparency and could complicate future debt workouts. That concern is about to be tested elsewhere in Africa as Senegal said on September 1 it would seek a debt treatment under the G20’s Common Framework.

UAE eyes more rail links to Central Asia

The UAE has signed on to study a rail line from Kazakhstan and Uzbekistan through Afghanistan to Pakistan's seaports, with the Energy and Infrastructure Ministry signing the memorandum with the two countries' transport ministries, according to a statement.

Emirati port operators already sit at both ends of the route: In the north, AD Ports and Kazakhstan Railways’ KTZ Express launched their GulfLink JV last year to build Central Asian cargo routes through markets including Pakistan. In the south, DP World is investing USD 400 mn in the rail corridor linking Pakistan’s Karachi Port with the Pipri marshalling yard near Port Qasim.

For landlocked Kazakhstan and Uzbekistan, the line is another way to the sea. It would give both countries a route to Pakistan’s Arabian Sea ports alongside existing options such as the Middle Corridor, the Caspian Post reports. Pakistan could pull more Central Asian cargo through its ports in return, with Afghanistan as the transit link.

Retail sukuk round two hits the screen

The UAE's second retail T-sukuk started trading on Nasdaq Dubai yesterday, according to a disclosure. The sukuk offers individual investors a 5.06% fixed coupon over five years at a AED 1k minimum entry point — and can now be sold before maturity. Remember: The first tranche drew AED 445 mn, nearly 9x its original AED 50 mn target.

Back at the pump

Fujairah is rebuilding its fuel oil supply after the Iran war cut it off from its usual Gulf suppliers, letting the port ramp ship refueling and exports to Asia back up, Reuters reports, citing industry sources and shipping data. UAE fuel oil imports more than tripled q-o-q to 2.6 mn tons in 3Q, up from 845k tons in 2Q, according to Kpler — a drop that came on the back of disruptions hitting Gulf refiners once the war started. September imports rose to 856k tons from 715k tons in August — still roughly half of February’s 1.7 mn tons.

Why it matters: Fujairah is one of the world's biggest bunkering hubs and the Gulf's main refueling stop outside Hormuz.

The supply map has been redrawn: Saudi Arabia replaced Kuwait, Fujairah's biggest supplier before the war, as the top source in July and August, and Russia was a key supplier in September. Producers are moving fuel oil out of the Gulf through shuttle runs and ship-to-ship transfers, Kpler senior research manager Emril Jamil said.

Exports are recovering even faster: UAE fuel oil exports topped 1.4 mn tons in September, their highest level in more than a year, with most heading to Southeast Asia. That put the UAE back ahead of Syria as the region’s largest fuel oil exporter by volume — after Iraq’s diversion of shipments to Syria’s Baniyas port temporarily pushed Syria into first place in 2Q.

The recovery still has gaps: Fujairah’s marine fuel sales have picked up in recent weeks but remain below pre-war levels, traders said. Onshore residual fuel inventories averaged 4.5 mn barrels in September, up from 3.9 mn barrels in August but still half the roughly 9 mn barrels held before the war.

We’re delighted to welcome Bedeir Rizk as a guest speaker at the 2026 EnterpriseAM Egypt Forum.

Bedeir Rizk is the CEO of Pargon Adeer, the joint venture redefining real estate development through a human-first, regenerative approach that bridges Saudi institutional strength with Egyptian innovation. Under his leadership, Paragon Adeer develops integrated, mixed-use communities where wellbeing, sustainability, and thoughtful design come together to create long-term value for people, businesses, and cities.

Before founding Pargon, Bedeir led the commercialization of Qopius, a robotics and AI startup, across France and Germany until its 2020 acquisition. His professional journey also includes key roles in investment banking with BNP Paribas and KPMG, focused on strategic growth and investment.

Bedeir currently also serves as CEO of Pargon Developments, extending his vision of regenerative development that integrates innovation, sustainability, and human-centered design to shape resilient urban ecosystems.

Join us on 5 October in Cairo. Attendance is by invitation only, and we've reached full capacity.

Registration is now closed. Thank you to everyone who registered. We look forward to welcoming you on Monday, 5 October.

PSAs

UAE-bound cargo now has to clear before it's loaded: Shipping lines and freight forwarders now have to file cargo data for UAE-bound shipments before the container is loaded at the origin port, not as the vessel approaches the UAE, per the the National Advance Information Center's (NAIC) maritime pre-load cargo information (MPCI) program, which took effect yesterday. Authorities originally announced the maritime pre-load cargo information (MPCI) program last summer, aiming to help with uninterrupted trade operations. That replaces the previous rule of filing at least 48 hours before arrival.

It reaches well beyond imports: The rules cover cargo discharged in the UAE, cargo transshipped through it, and cargo that stays on board while a vessel calls at a UAE port. Exports out of the UAE are exempt. MPCI also sits on top of customs rather than replacing it, so carriers still file their usual declarations on arrival.

Why it matters: The UAE is moving to the same pre-load screening model as the US's AMS and the EU's ENS regimes. For a transshipment hub like Jebel Ali, that pushes the compliance burden upstream to every origin port feeding the network. Late or incomplete filings risk cargo delays and enforcement action, MSC told customers.

ALSO- Dubai Customs has updated the rules that let three freezones re-export without posting duty guarantees, under Customs Notice No. 18/2026, which replaces a 2016 notice and its 2017 amendment and took effect on 30 September. Under the notice, firms in Jebel Ali Freezone and Dubai Logistics City can export through Jebel Ali Port or Al Maktoum International Airport without a cash or bank guarantee, as long as goods leave through the same customs office. Dubai Airport Freezone goods can do the same through Dubai International Airport.

What's different: Exporters now have 45 days from the declaration to file electronic proof that goods left the UAE, down from 60 days under the original 2016 notice. Miss it, and there's a new 45-day grace window to close the declaration by paying a late fine before full duties and penalties apply. The 30-day window to actually export the goods is unchanged.

WEATHER- Temperatures are staying high today, reaching 41°C in Abu Dhabi, before cooling to 30°C overnight, while Dubai will see highs of 39°C and lows of 30°C, according to our favorite weather app.

The big story abroad

The global bond selloff is spreading. Government debt from Washington to Paris and Tokyo came under heavy selling yesterday, pushing the US 10-year yield to 5.34%, its highest since 2002, before bargain hunters pulled it back to c. 5.26%, Reuters reports. France's 10-year neared 5% as Paris presented a tough 2027 budget, and the UK's 30-year broke 6%.

GO DEEPER- As we explained earlier this week, investors are demanding more to hold long-dated debt given deficits are stubborn, inflation is sticky, and fewer traditional buyers are left as governments compete with AI-hungry hyperscalers for capital.

On the AI front: Anthropic’s IPO could take place in mid-November, with investors eyeing a USD 1.8-2 tn valuation, Bloomberg reports.

Closer to home: The US is sending seven more warships carrying c. 9k troops to the region as Trump weighs resuming strikes after the midterms, the Financial Times reports. Tehran is planning retaliation that could reach countries backing US operations, Reuters reports separately.

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