Good morning, everyone. We’ve got a brisk issue for you today, with plenty of news to dig into.

The UAE Cabinet has given the green light to the Supreme Space Council, paving the way for better regulation of the space sector and boosting technological independence. Meanwhile, Dubai Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum is in Kuwait, and India and the UAE have agreed on a new food trade corridor and are in talks to boost mutual investments. And in market news, ADNH Catering has set its IPO price range, targeting up to AED 864 mn in proceeds. Let’s dive in.

⛈️WEATHER- The National Center of Meteorology forecasts cloudy weather over eastern and northern areas, with potential light to moderate rainfall. In Dubai, temperatures will peak at 39°C before dipping to 33°C overnight, while Abu Dhabi will see a high of 33°C and a low of 32°C.

Abu Dhabi-owned Manchester City claimed a partial victory in its case against the Premier League, after an arbitration panel upheld two of its complaints deeming aspects of the league’s associated party transactions (APT) — rules governing sponsorships and commercial activities — unlawful. The ruling should effectively overturn the league’s decision in 2023 to block two potential transactions with First Abu Dhabi Bank and Etihad Airways — both sponsors of City. The league, however, said in a statement that most of the club’s complaints against the league’s APT framework were dismissed, and that the ruling endorsed the overall framework. (Reuters | BBC | New York Times | FT)

BUT- This hearing is separate from the trial being held to investigate 115 charges of financial misconduct, which kicked off in September and is still ongoing.

WATCH THIS SPACE-

#1- Abu Dhabi’s Energy Department plans to issue its new safety regulations for non-Adnoc petroleum products and gas-related activities in the emirate sometime in 4Q 2024, according to the Abu Dhabi Media Office. The new changes focus on gas systems in buildings, petroleum trading, including manufacturing and packaging, buying and selling, and transportation and storage, the statement reads.

Background: The regulations were first introduced in August in a bid to set blanket safety standards for the petroleum products sector, with plans to create a mandatory register of all certified gas companies and operators.

#2- Banking experts call for time limit on banks’ compensation for financial crimes and cyberattacks: Banking experts Hassan Al Rayes and Amjad Nasr are calling for a time limit to be set on banks for offering compensation for customers who incurred losses due to cyber-attacks or financial crimes, AlKhaleej reports, citing a circular from the Central Bank of the UAE. They both claimed that compensation can take up to 90 days depending on the nature of the fraud. The CBUAE called on banks to offer timely compensation in a circular on its website, Al Khaleej said.

DATA POINT-

The country’s investments abroad are expected to see annual growth of 7-10%, former UAE International Investors Council Secretary-General Jamal bin Saif Al Jarwan told Al Bayan. The UAE’s foreign investments were estimated at USD 2.5 tn at the start of 2024, he said.

HAPPENING TODAY-

#1- Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum is leading a high-level delegation to Kuwait today, Wam reports. The trip aims to review ongoing joint projects and explore new prospects for cooperation between the two Gulf nations in areas of mutual interest.

#2- Dubai International Chamber kicked off a trade mission to Serbia and Turkey on Sunday that runs until 11 October, aiming to help UAE businesses identify and capitalize on potential investments in Serbia and Turkey. The program includes bilateral business meetings designed to foster cooperation, expansion, and the establishment of new trade and investment agreements between companies from the two countries.

#3- AgraME is on its second and final day at the Dubai World Trade Center. The event will bring together professionals from the Middle Eastern agricultural ecosystem to explore the latest trends in crop farming, horticulture, animal farming, aquaculture, and agri-tech.

#4- The World Air TaxiCongress takes place through Thursday at the Grand Hyatt Dubai, showcasing the latest in aerial technologies, including eVTOLs, next-generation STOLs, eCTOLs, delivery and cargo drones, and the role of autonomy and AI in aviation.

#5- Dubai Chambers’ Centre for Responsible Business will host the annual DubaiChambers Sustainability Week 2024 until Friday. The activities of the week will focus on the intersection of technology and sustainability.

#6- The Forex Expo is on its second and final day at the Dubai World Trade Center, where attendees will engage with brokers, investors, and financial institutions to explore the latest trends in foreign exchange markets.

#7- The Global Trade and Supply Chain Summitkicks off today and runs until tomorrow at the JW Marriott Hotel Marina. The event aims to address the evolving landscape of international trade and supply chains, focusing on overcoming challenges and leveraging solutions offered by new technologies.

#8- The Global Rail Transport Infrastructure Exhibition and Conference kicks off today and runs until Thursday at Adnec Abu Dhabi. The event gathers leaders and specialists from the rail and transport industries from the region and beyond to discuss smart mobility, greentech, and automation.

HAPPENING THIS WEEK-

Al Jawaher Reception and Convention Centre will host The Regional Data andCommunity Development Forum on 9-10 October. Organized by the Department of Statistics and Community Development, the forum aims to bring together global experts and decision-makers to discuss the role of data in promoting sustainable social development.

**EDITOR’S NOTE- This story was amended on 13 October, 2024 to remove incorrect information.PUBLIC SERVICE ANNOUNCEMENTS-

#1- The UAE Securities and Commodities Authority (SCA) issued a warning against ZaraFX Marketing Services, saying that the company operates without a valid license from the authority, according to an SCA X post.

#2- The SCA launched an online service for the payback of unclaimed dividends dating back to before March 2015 in partnership with the First Abu Dhabi Bank, Wam reports. The service targets shareholders of locally listed public joint stock companies, who can submit and track their payback requests through the lender’s website.

THE BIG STORY ABROAD-

Israel, Hezbollah, and Hamas exchanged fire on the anniversary of the October 7 attack, with Israel launching air raids on 120 sites in southern Lebanon, and Hamas and Hezbollah both firing rockets at Israel, most of which the Israeli military said it had intercepted. Dozens of people in Lebanon were killed, including 10 firefighters, and two Israeli soldiers. Around 12 people were injured in Israel from Hamas’ and Hezbollah’s airstrikes. (Bloomberg | Reuters | The Guardian)

Oil prices rose to their highest levels since August, settling at USD 80.93 a barrel, as violence intensified and speculation over Israel’s retaliation with strikes on Iranian oil facilities continues, the Financial Times reports.

IN THE BUSINESS PRESS- Another antitrust defeat for Google is making headlines, after a US judge ruled that Google parent Alphabet open up its Play Store to its competition and distribute rival third-party app stores within its Play Store. The ruling comes following a jury decision last year that was in favor of Fortnite maker Epic Games, which had argued that Google had made it impossible for other app stores to establish themselves. (Reuters | FT | The Verge)

ALSO- It’s Nobel Prize season. The Nobel Prize in physiology or medicine was handed to Victor Ambros and Gary Ruvkun for their discovery of microRNA and the role it plays in gene regulation. Up next: The prize for physics will be handed out today, followed by chemistry tomorrow, literature on Thursday, peace on Friday, and economic sciences next Monday.

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CIRCLE YOUR CALENDAR-

Dubai Harbour will host the DMCCxAGCC: Global AI Challenge – Sustainability Edition on 13-16 October, the largest AI startup competition aiming to identify innovative AI solutions that contribute to sustainability in the GCC region.

Fintech Surge is set to take place between 13-16 October at Dubai Harbour. The event will bring together over 12k investors and 100 exhibitors, serving as a platform for fintech firms to showcase their innovations.

The Smart Cities Mena Summit is set to take place in Dubai on 14 October, gathering global policymakers, business leaders, and academics to discuss cross-sector cooperation aimed at enhancing capabilities and achieving economic goals.

Gitex Global will take place from October 14-18 at the Dubai World Trade Centre and Dubai Harbour. The event will showcase the latest innovations in technology, including AI, cybersecurity, cloud computing, and digital transformation. Leaders from large technology firms, government representatives, emerging startups, investors, and corporate buyers will participate.

The IEEE/RSJ International Conference on Intelligent Robots and Systems (IROS 2024) will take place between 14-18 October at Adnec Centre Abu Dhabi — its first time in the Middle East. Hosted by Khalifa University of Science and Technology, the annual robotics conference will be attended by researchers, academics, and global industry professionals.

SuperBridge Summit will be held on 15-16 October at One Za’abeel in Dubai. Organized by the Dubai World Trade Centre, the event will gather business leaders, investors, and policymakers from Asia, Latin America, and the Middle East to explore cooperation across key sectors, such as tech, energy, manufacturing, and commerce.

The American University of Sharjah will host the Sharjah InternationalConference on AI & Linguistics on 17-18 October, to discuss and promote the integration of AI in linguistics to preserve linguistic diversity, foster innovation in language learning, and enhance multilingual communication platforms.

JW Marriott Hotel Marina will host the World Biohack Summit 2024 on 18-19 October. The event aims to highlight innovations shaping the future of human potential, focusing on longevity, peak performance, age reversal, recovery, and mental health.

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

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