Good morning, friends, and happy FRIDAY to you all. We’ve made it through another week together, and our reward is yet another busy news day. We hope you’re all looking forward to the weekend as much as we are.

A LOOK AHEAD- We expect another busy news week as the IMF and World Bank’s annual meetings get underway in Washington, DC. Chatter about growth in the Middle East and the state of the global economy will vie for your attention along with the penultimate week of the US presidential race.

WEATHER- It’s another mainly sunny day today, with a daytime high of 37°C and an overnight low of 30°C in Dubai, and a high of 32°C in Abu Dhabi before the mercury dips to 30°C at night.

WATCH THIS SPACE-

#1- Is KAFD gearing-up for a more intense drive to lure financial services companies? King Abdullah Financial District — Riyadh’s answer to DIFC — is said to be interested in raisingas much as USD 750 mn to fuel its expansion. The company is mulling both an IPO on Tadawul and the creation of a real estate investment trust to which it would contribute a number of revenue-generating buildings. KAFD is backed by the Public Investment Fund, the Kingdom’s sovereign wealth fund.

Advisors: Our friends at HSBC have the mandate, alongside Citi and Al Rajhi Capital.

Fast fact: KAFD is looking for a new boss after Gautam Sashittal stepped down earlier this month.

#2- HYDROGEN WATCH- French private equity firm Ardian is exploring partnerships with UAE renewables giant Masdar and Saudi’s sovereign wealth fund to invest in green hydrogen, Ardian’s senior managing director, Francois-Aissa Touazi, told The National. Ardian, has assets under management of c. USD 169 bn, will make its first joint investment with Masdar next year through its USD 2.2 bn clean energy fund.

AND- The firm is putting together a dedicated hydrogen investment team in Abu Dhabi and has plans to launch a hydrogen tech fund.

#3- US tech outfit SolarWinds is said to be looking into moving its Europe, Middle East, and Africa headquarters to Dubai from Cork, Ireland. The company is also opening an office in Riyadh, Bloomberg reports.

#4- Further stimulation of economic growth, environmental protection, and safeguarding the rights of residents are the features of 2024-2029 strategic plan put forward yesterday by Dubai’s Supreme Legislation Committee, according to a statement.

HAPPENING TODAY-

Rejoice: It is the last day of Gitex. Traffic around the Dubai World Trade Centre will ease and AI will become a slightly less omnipresent part of your news diet.

THE BIG STORY ABROAD-

Hamas leader Yehya Sinwar is dead, Israel says, claiming to have killed him in a shootout and verified the identity of the body through dental records and fingerprints.

News outlets on both sides of the Atlantic are asking whether this means the end of Israel’s war on Gaza after US President Joe Biden said Sinwar’s killing means “Now’s the time to move on … towards a ceasefire. It’s time for this war to end.”

Netanyahu is having none of it, saying: “But the war, my dear ones, is not over yet. Great challenges still lie ahead of us. Together we will fight.”

MEANWHILE- It was the first time in more than a decade that an Iranian foreign minister has touched down in Cairo when Abbas Araghchi met yesterday with Egyptian President Abdel Fattah El-Sisi. Araghchi’s visit comes as Tehran steps up diplomatic efforts to avoid being drawn deeper into conflict with Israel.

IN US POLITICS- It’s 17 days until voters head to the polls, and Kamala Harris’ campaign is tweaking tactics after the seesaw of polls began tipping in Donald Trump’s favor. Harris’ team is now looking to attract more men and Republican voters.

CLOSER TO HOME- Oman’s state energy company raised USD 2 bn in a blockbuster IPO that now stands as the country’s largest-ever stock offering. The sale of a 25% stake in OQ Exploration & Production makes it the biggest IPO in the region since Adnoc Gas went public in an USD 2.5 bn offering last year.

In context: The OQ sale was more than 2x oversubscribed and is the fourth-largest IPO in Europe, the Middle East, and Africa this year. You can check out OQEP’s prospectus here (pdf).

Advisors- Our friends at HSBC were joint global coordinators, as were Natixis, Sohar International Bank, and Oman Investment Bank.

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CIRCLE YOUR CALENDAR-

The Sharjah International Conference on AI & Linguistics will take place on 17-18 October at the American University of Sharjah.

The Lease Conference Dubai 2024 will take place on 13-14 November at the Jumeirah Creekside Hotel. The event will bring together key players in the leasing industry across the Middle East and Africa.

EFG Hermes will host its annual One on One Conference from 7 to 10 April 2025 in Dubai. The largest gathering of its kind in the MENA region, the conference connects hundreds of international corporate leaders with institutional investors and family offices from around the world.

Check out our full calendar (at the bottom of this email) for a comprehensive listing of upcoming news events, national holidays and news triggers.

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