Good morning. It’s another long issue as we try to keep up with the flurry of agreements and announcements coming out of Money 20/20 Middle East, which wraps up today. Also leading this morning’s news well is Ades Holding’s beefed-up bid to take over Dubai-based Shelf Drilling, and Red Sea Global launching three resorts on Shura Island.

HAPPENING TODAY-

The US Federal Reserve is expected to cut interest rates for the first time in months at its Federal Open Market Committee today. Gulf central banks — including the Central Bank of the UAE — are expected to follow suit, given the peg to the USD. We dove into what to expect from this week’s meeting, and from other central banks across the globe this week, in yesterday’s Planet Finance, here.

The Global Infrastructure Expo ends today at the Riyadh International Convention and Exhibition Center. The three-day event brings together over 25 countries, 300 exhibitors, and 50 experts for panel discussions, workshops, and exhibitions covering technology, investment, sustainability, and urban development.

WEATHER- Don’t let your guard down yet. Heavy rain and thunderstorms are still expected over Makkah, Asir, Jazan, and Najran today. Meanwhile, moderate to light showers persist over Riyadh and the Eastern Province. Riyadh is expected to see a high of 40°C and a low of 29°C today, while Jeddah’s mercury will go as high as 37°C and as low as 32°C. Makkah will see a 39°C high and 34°C low.

WATCH THIS SPACE-

#1- Humain eyes Blackstone, BlackRock to bankroll data centers: PIF’s Humain is reportedly in early-stage talks to partner with global private equity firms to pour USD bns into AI infrastructure and data centers, including Blackstone and BlackRock, Bloomberg reported yesterday, citing sources it said are familiar with the matter. The investment ticket seems to be big as Blackstone’s CEO Steve Schwarzman is involved in the talks, the sources said.

REFRESHER- We sat down last week with CEO Tareq Amin to discuss the company’s ambitious vision for AI infrastructure in Saudi Arabia, and their new Arabic-first generative AI product Humain Chat. Humain began developing its first data centers in Saudi Arabia with an expected launch in early 2026, with facilities in Riyadh and Dammam slated to go online in 2Q 2026, each with an initial capacity of 100 MW.

#2- GAS is moving to the big boys table: Nomu-listed and Dammam-based turnkey contractor GasArabian Services (GAS) lined up approval from the Saudi Exchange to transfer to Tadawul’s main market with a capital of 158 mn shares, according to a statement by the bourse.

What it takes: To transition from Nomu to the main market, a company must have been listed on Nomu for at least two years and satisfy all main market listing conditions — except for market capitalization, where a lower threshold of an average SAR 200 mn over the past six months applies.

ALSO FROM NOMU- Hamad Mohammed Bin Saedan Real Estate shed 13% on its first day trading on Tadawul’s parallel market, closing yesterday’s session at SAR 11.8, down from a final IPO offer price of SAR 13.5. Some 217.6k shares worth SAR 2.6 mn changed hands during the day across 530 trades. The slump comes despite the offering — which floated 15% of post-IPO capital in a primary sale — being nearly 114.2% covered.

CABINET WATCH-

[wwtt4] The cabinet approved a project document to privatize the Military Uniforms &Accessories Factory (MUAF) during the weekly meeting held in Riyadh yesterday, state news agency SPA reported. The government can now move to seeking bids from investors looking to snap up the Military Industries Corporation-owned facility, which produces combat and dress uniforms, headgear, footwear, and protective equipment for Saudi defense and security agencies.

A slew of agreements and decisions were also approved, including an MoU with Jordan to promote export development and a protocol with China on inspection and quarantine requirements for Saudi dairy exports.

OIL WATCH-

New maximum production capacities on the table? Opec+ representatives are reportedly meeting in Vienna next Thursday and Friday to discuss a new methodology for assessing maximum production capacities for group members, Reuters reported yesterday, citing two unnamed delegates. Ministers requested the new mechanism from Opec’s headquarters back in May to serve as the reference point for 2027 production baselines. A decision by the ministers is expected later this year, one source said.

The rationale: The meeting comes amid discrepancies between members, with rising production capacities like the UAE, and others with declining capacities, including some African members. Angola opted to exit the group last year over related disagreements.

IN CONTEXT- The cartel has been increasing output since April, adding some 2.5 mn bbl / d and will continue monthly hikes through September 2026, fast-tracking the return of 1.65 mn bbl / d that was previously set to stay offline until end-2026. Members like Iraq and Russia have struggled to meet their production targets, while others like the Kingdom and the UAE have gained an advantage on the back of heavily investing in the energy sector, the newswire said.

SPORTS-

Riyadh to stage the first-ever Fanatics Flag Football Classic on 21 March 2026, General Entertainment Authority Chairman Turki Al Alshikh said on X yesterday. The event will take place at Kingdom Arena and will feature former NFL star Tom Brady, alongside other major names from American football and entertainment.

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THE BIG STORY ABROAD-

A high-stakes courtroom twist is dominating international headlines this morning, after a New York judge dismissed two terrorism charges against Luigi Mangione — the man accused of killing UnitedHealthcare CEO Brian Thompson — while allowing other counts including second-degree murder to proceed. The high-profile case, which has attracted national and international attention since Thompson was shot outside a midtown Manhattan hotel in December, now heads toward trial with Mangione still facing a potential life sentence in state court and the death penalty on federal charges. (Financial Times | BBC | The Guardian | CNN | New York Times | Reuters)

AND IN MARKET NEWS- Wall Street edged lower yesterday as investors hit pause ahead of an expected 25 bps rate cut from the Fed later today — the S&P 500 fell 0.1%, the Dow Jones 0.3%, and the tech-heavy Nasdaq 0.1%. The muted session came even after data showed that August retail sales rose higher than expected. Fed Chair Jerome Powell’s remarks later today will be closely watched for any shift in tone as the central bank tries to balance sticky inflation with a deteriorating labor market. (Reuters | Wall Street Journal | CNBC)

ALSO WORTH NOTING THIS MORNING- EU competitiveness czar Mario Draghi delivered a sharp warning on Tuesday that Europe is “in a harder place” than a year ago, with its growth model “fading” and “vulnerabilities mounting” because of inaction by Brussels and national governments, writes the Financial Times. Draghi — who issued 383 recommendations last year to boost the bloc’s economic standing — said only a fraction had been enacted and blasted EU inertia as “complacency.”

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