Good morning, friends, and happy hump day to you all. Things are getting slightly busier as we inch closer to September, with M&A and startup news dominating headlines.

THE BIG STORY here at home is Abu Dhabi investor Lunate’s acquisition of a minority stake in Brevan Howard and its USD 2 bn investment in a new ADGM investment platform in partnership with the hedge fund. In other M&A news: We have another update on Sidara’s takeover bid for Wood Group, as the firm lowered its bid and wrapped due diligence ahead of a deadline to submit a formal bid tomorrow.

On the startup front, crypto intelligence firm Cointel raised USD 7.4 mn as it looks to expand in North America, and agri-trade startup Maalexi secured a USD 20 mn credit facility.

WEATHER- Temperatures will reach 41°C in Dubai with an overnight low of 33°C. In Abu Dhabi, the mercury peaks at 42°C, dipping to 32°C overnight.

PSA-

#1- We have a long weekend next week: Next Friday, 5 September will be a public holiday for both federal government entities and the private sector to mark the Prophet’s birthday, according to the Federal Authority for Government Human Resources and the Human Resources and EmiratizationMinistry.

#2- RAK launches E11 upgrade project: Ras Al Khaimah’s Department of Public Services will begin work on 1 September to expand Sheikh Mohammed bin Salem Road (E11) between Al Hamra Roundabout and the E311 junction, according to a Facebook post. Sections of the road will be closed during construction, with traffic diverted to alternative routes.

The details: The project will widen the road to four lanes in each direction, add a service road, and upgrade utility networks, Khaleej Times reports. Later phases will include new bridges and tunnels at four key junctions.

WATCH THIS SPACE-

#1- Newly launched PE firm BlueFive Capital sets eyes on China: Abu Dhabi-based private equity firm BlueFive Capital and CICC Capital, the PE arm of Chinese state-backed lender China International Capital Corporation, plan to set up a new private equity (PE) fund investing in China’s “new economy” sectors, according to a joint statement (pdf). Target sectors include tech, digital transformation, green energy, advanced manufacturing and consumer goods.

The aim of the fund is to help support Chinese firms’ expansion into GCC markets and beyond, including through using the region as a launchpad for manufacturing, the statement said.

REMEMBER- BlueFive — which recently closed its USD 2 bn debut fund, aims to grow into a USD 25 bn platform within five years, with geographic reach across the Gulf, Asia, and Latin America.

We knew BlueFive was eyeing China: Earlier this month, Semafor reported that the firm is in talks to acquire some USD 500 mn worth of assets in China, including the Four Seasons Beijing along with adjacent properties owned by tycoon Liu Changle.

The bigger picture: US tariffs on Chinese imports is leading more Chinese companies to consider low-tariff markets as their manufacturing bases. Chinese firms are already steadily expanding their footprint in the UAE, with China emerging as one of the biggest sources of greenfield FDI for the UAE in 1H 2025, with some USD 413.2 mn invested across 16 projects. Autonomous vehicle players like WeRide and Baidu also have local presence.

#2- Mubadala-backed Shanghai-based biotech firm Ignis Therapeutics is mulling an IPO on the Hong Kong Stock Exchange, Bloomberg quotes sources familiar with the matter as saying. The company is working with advisors on preparations, though the size and timing have yet to be decided.

ICYMI- The company raised USD 180 mn in 2021 in a round led by 6 Dimensions Capital, with Mubadala, Goldman Sachs, and HBM Healthcare among the investors. Founded in 2020, the firm develops therapies for central nervous system disorders, including epilepsy, insomnia, and Parkinson’s disease.

#3- Ajman merges tourism, culture, media bodies: Ajman Ruler Humaid bin Rashid Al Nuaimi issued a law to merge the emirate’s tourism and culture and media departments into a single body — the Ajman Department of Tourism, Culture, and Media, state news agency Wam reports. The new entity will assume the rights, obligations, budgets, and staff of the merged bodies, and will be chaired by Sheikh Abdulaziz bin Humaid Al Nuaimi, with Mahmood Alhashmi appointed director-general. The law will take effect 90 days after its issuance.

DATA POINT-

The UAE government is the fourth largest government with BTC holdings, with over USD 740 mn in BTC, blockchain analytics firm Arkham Intelligence said in a post on X. Abu Dhabi-based venture Citadel Mining — a subsidiary of IHC — holds about 6.3k BTC worth USD 700 mn, while mining firm Phoenix also holds around USD 3.2 mn in BTC.

THE BIG STORY ABROAD-

The fight over the Federal Reserve is taking over the front pages this morning, along with more tariff news and the ripples of the Gaza war in the world of investment and tech.

Not without a fight: Ousted governor Lisa Cook said she will not accept President Trump’s decision to fire her from the board. Cook is filing a lawsuit against the decision, the first of its kind in the independent institution’s history, with her lawyer arguing the alleged “deceitful and potential criminal conduct,” as Trump put it in his posts, has no basis in facts or law. Trump said yesterday he has a list of replacement candidates ready, and he is looking forward to having “a majority very shortly” on the Fed’s board, referring to people on the Fed’s board who back his plans to cut interest rates.

US Tariffs on India to go up: Additional tariffs amounting to 25% on India’s exports to the US are set to takeeffect today, after a showdown between Washington and Delhi over oil purchases from Russia failed to lead to a trade agreement. The US is India’s largest export partner, with over USD 86.5 bn in goods (some 20% of the total) exported to the US in the last fiscal year.

AND- The world’s largest sovereign wealth fund in Norway divested from manufacturingbehemoth Caterpillar and five Israeli banks over ties to Israel’s unlawful activities in the West Bank. The fund had a USD 2.4 bn stake in Caterpillar by the end of 2024.

ALSO WORTH READING- Microsoft has reportedly enlisted the help of the FBI to track internal protesting over its ties with Israel, following a steady trickle of employee activism targeting its executives. (Bloomberg)

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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 Forumis happening on Wednesday, 10 and Thursday, 11 September at Expo Center Sharjah. Hosted by the Sharjah Government Media Bureau (SGMB), 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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