Good morning, lovely people. The newscycle is still nowhere near its normal pace as we enter the final few days of August and brace ourselves for the return to business as usual — and the deluge of conferences and events in the final few months of the year.

THE BIG STORIES here at home are Masdar looking to sell its 50% stake in rooftop solar business Emerge, and the UAE signing a trade and economic partnership agreement with Angola. Plus, on the investment side: Fern Hospitality Ventures is launching a USD 100 mn fund to scale global hospitality and leisure brands, and proptech Holo just raised USD 22 mn, with backing from Mubadala and Dubai Future District Fund.

WEATHER- Temperatures will reach 40°C in Dubai and 43°C in Abu Dhabi, with overnight lows of 32°C in both cities and potential for light rain, according to the National Center of Meteorology (pdf).

MORNING MUST-READ-

Google has stepped up its AI offerings in the region with the launch of its AI-powered search tool AI Mode, making it available in English across the region, according to a company blog post. Powered by Gemini 2.5, the tool is designed to handle longer, more complex queries, including text, voice, and photo-based searches. It will be rolled out in more languages later down the line. It is available through Google Search results and the Google app on Android and iOS.

What’s new:

  • Queries can be two to three times longer than standard searches with a “query fan-out” method, splitting questions into smaller parts to deliver broader, more relevant results;
  • Users can upload photos or ask questions by voice in addition to text;
  • New agentic features that allow users to book restaurant reservations, service appointments, and event tickets directly from search.

WATCH THIS SPACE-

#1- OECD grants UAE top-up tax qualified status: The Organization for Economic Co-operation and Development (OECD) has listed the UAE’s domestic minimum top-up tax (DMTT) on its central record of legislation with transitional qualified status, Wam reports. The Finance Ministry had adopted the OECD’s guidance on Global Anti-Base Erosion Rules (Pillar Two) for the DMTT in April.

What this means: The designation ensures UAE-based multinationals will not face additional foreign top-up taxes, as other jurisdictions will recognize the UAE’s levy. It also brings the UAE under the OECD’s Pillar 2 safe harbour, reducing compliance costs by removing the need for duplicate calculations in other countries.

REMEMBER- The tax, which took effect this year, raises the minimum corporate tax rate from 9% to 15% for multinationals with global revenues of EUR 750 mn or more in at least two of the four preceding financial years.

#2- UAE debt pipeline set to stay busy in 2H: Debt activity is expected to pick up in the UAE in the coming months as lower rates and ample regional liquidity continue to drive issuance by sovereigns, banks, and corporates following a strong first half, Citi’s Co-Head of CEEMEA Debt Financing Victor Mourad told Zawya. Regional issuers may pull forward 2026 funding plans into late 2025 if borrowing costs ease further, with both the UAE and Saudi Arabia set to drive volumes, he added.

REMEMBER-US Federal Reserve Chair Jerome Powell hinted at the resumption of the interest rate easing cycle in September at the Jackson Hole meeting on Friday. This would likely see the Central Bank of the UAE — along with others in the GCC — follow suit given the peg to the USD. The Fed will meet on 16 and 17 September to make the decision.

ICYMI- The UAE was the GCC’s second-biggest issuer in 1H 2025, raising USD 24 bn through 69 issuances (up 22% y-o-y) while Saudi Arabia topped the table with USD 48 bn. Regionally, corporate issuance surged almost 68% to USD 60 bn, even as sovereign supply dropped nearly 50%.

What’s in the pipeline? The second half is expected to follow the same patterns that defined 1H, which saw a wave of bank capital instruments — like AT1s and Tier 2s — and a preference for shorter tenors to preserve refinancing flexibility if rates decline. The pipeline looks relatively even across corporates, sovereigns, and banks, with issuances expected from issuers who have previously tapped debt markets and a few debut names.

#3- Dubai establishes new judicial expertise center: Prime Minister and Dubai Ruler Mohammed bin Rashid Al Maktoum has issued a law establishing the Dubai Center for Judicial Expertise — a new hub aimed at strengthening the emirate’s justice system and developing Emirati talent in the sector, Deputy Prime Minister and Finance Minister Maktoum bin Mohammed said on X.

About the center: The new judicial hub will provide courts with locally and internationally accredited experts to improve the accuracy of judgements and expedite case resolutions. It will also receive requests from judicial authorities and develop a legislative framework governing experts’ work on courts.

HAPPENING THIS WEEK-

UAE trade minister heads to India soon? Foreign Trade Minister Thani bin Ahmed Al Zeyoudi is expected to visit Mumbai on Friday, 29 August, to meet Indian Commerce and Industry Minister Piyush Goyal, CNBC-TV18 reports, citing sources.

In context: The talks come as India seeks to diversify export markets after the US imposed 25% additional tariffs on imports starting 27 August, with plans to hike them to 50%. India already has a trade and economic partnership agreement with the UAE and is finalizing a foreign trade agreement with Oman, while also exploring a broader trade pact with the GCC alongside separate trade and investment agreements with Saudi Arabia and other members.

THE BIG STORY ABROAD-

The Federal Reserve is in The Donald’s crosshairs again, this time with the US president firing governor Lisa Cook on claims of mortgage fraud. The legally-dubious move — as presidents can’t fire Fed governors without “cause” — came after days of back-and-forth with Cook, who said earlier Trump’s “bullying” will not force her to resign.

Markets were not happy: The latest threat to the Fed’s independence stoked market fears, sending Wall Street futures into the red following a losing session on Monday.

MEANWHILE- A new coffee giant is coming: US-based Keurig Dr Pepper is taking over JDE Peet for USD 18 bn, in what is set to be the largest M&A transaction in Europe in more than two years. The price is a 20% premium to the Dutch company’s last closing price, with Keurig Dr Pepper aiming to merge with JDE and split coffee operations and other beverage products into two US-listed companies.

CLOSER TO HOME- Two back-to-back Israeli strikes on Nasser Hospital in Southern Gaza killed at least 20 people, including rescue workers and five journalists. Among the killed were Mariam Dagga, a visual journalist for the Associated Press, as well as Reuters contract photographer Hussam al Masri, Al Jazeera cameraman Mohammed Salama, and freelance reporters Moaz Abu Taha and Ahmed Abu Aziz.

ALSO WORTH READING THIS MORNING-

  • Intel warns: Trump’s recently-acquired stake could harm international sales and future government grants, according to a securities filing. Trump is saying he wants more agreements with “healthy” US companies. (Reuters)
  • Elon Musk is suing Apple and OpenAI, claiming the agreement to integrate ChatGPT in Apple’s product is harmful to competitors like his startup xAI. (Financial Times)

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OIL WATCH-

Brent crude futures traded at a slight markdown to Dubai, slipping USD 0.3 / bbl below the Middle Eastern benchmark for the first time in four months, Bloomberg reports. Gulf crudes — the backbone of Asian imports — are typically pegged against Dubai, making the move a key indicator of shifting demand dynamics.

REMEMBER-The brief pullback in Indian purchases of Russian barrels opened space for Gulf grades — like Murban — to capture stronger demand. Brent and Dubai spreads were softening due to the expected jump in Opec+ supply in September and easing concerns over Russian supply disruptions.

CIRCLE YOUR CALENDAR-

The Spring/Summer edition of Dubai Fashion Week will run from Monday, 1 September 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 International Government Communication Forum is happening on Wednesday, 10 and Thursday, 11 September at Expo Center Sharjah. Hosted by the Sharjah Government Media Bureau, 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.

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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