Good morning, friends. We have a mixed bag of news for you this morning, with inflation figures from Abu Dhabi showing prices ticked up in July, Lunate launching its first thematic ETF on the ADX, and a minor cabinet shuffle. Let’s dive in.

WEATHER- Temperatures in Dubai will peak at 40°C, before dipping to 30°C overnight. Meanwhile, in Abu Dhabi, the mercury peaks at 41°C, with an overnight low of 30°C.

In the fourth issue of our Destination Sahel series, we're bringing you the latest updates on New Alamein City and a look at the best investments in Sahel today. We also investigate the growing issue of beach erosion and its impact on our shores.

Subscribe to our Egypt edition to get the scoop delivered to your inbox tomorrow at 10am Cairo Time. Missed the first three issues? Tap here to read the full series.

WATCH THIS SPACE-

#1- G42 is eyeing tenants for its 5 GW UAE-US AI Campus + looking to diversify chip suppliers: Abu Dhabi’s state AI firm G42 is still negotiating with US tech giants including Amazon Web Services, Google, Meta, Microsoft, and xAI to become tenants for the planned 5 GW UAE-US AI Campus, with no agreements yet finalized, Semafor reports, citing a person with direct knowledge of the matter. Google is said to be furthest along in talks to offtake computing capacity. “Digital embassies” allowing foreign governments to store data in the facility as an overseas backup are also in the cards, the source said.

G42 is holding discussions with AMD, Cerebras Systems, and Qualcomm for computing capacity, the source said. This comes as some US officials have sought to slow the UAE’s access to Nvidia hardware over concerns China might get access to the technology.

REFRESHER- Announced during US President Trump’s visit to Abu Dhabi in May, the project is billed as the largest AI infrastructure development outside the US. Its first phase — a 1 GW Stargate data center led by OpenAI, MGX, SoftBank, and Oracle — is slated to launch in 2026 using Nvidia’s latest GB300 systems.

#2- UAE eyes cooperation on LNG with Nigeria: Energy and Infrastructure Minister Suhail Al Mazrouei met with Nigerian State Minister for Petroleum Resources Ekperikpe Ekpo, to discuss cooperation on LNG trading, cargo swaps, and midstream projects such as pipelines and processing hubs, according to a statement from Ekpo. The two ministers also discussed cooperation on decarbonization initiatives like carbon capture and storage, blue hydrogen, and methane management.

#3- Majid Al Futtaim plans to invest EGP 1.9 bn (c. AED 143.6 mn) in Egypt’s retail sector this year, Egypt country manager Mohamed Khafaga said on the sidelines of the inauguration of its first Carrefour branch in Suez attended by EnterpriseAM. The company aims to expand its retail footprint in Egypt over the coming five years, opening 300 new outlets across its brand portfolio, which currently includes 70 Carrefour stores, 25 Supeco outlets, and five Myli stores. It’s currently present in 18 governorates.

Egyptian-made goods to hit Careffour shelves abroad: The Emirati retailer has also begun exporting some Egyptian agricultural, food, and textile products to its branches abroad, Khafaga said.

#4- GCAA streamlines air operations with new digital platform: The Civil Aviation Authority (GCAA) launched a new centralized digital platform to streamline communication between aviation stakeholders and air operators across the country, state news agency Wam reports. The new platform will serve as a one-stop destination for both foreign and national players seeking licenses to operate at the country’s airports.

PSA-

An additional Red Line metro route to ease your rush-hour ride: Dubai’s Roads and Transport Authority (RTA) will run an additional route on the metro’s Red Line between Centerpoint and Al Fardan Exchange stations during peak hours (7-9 am and 4-8 pm) to ease congestion, it said in a post on X. The regular services from Centerpoint to Life Pharmacy and Expo 2020 stations will continue as normal.

HAPPENING TODAY-

#1- The annual Abu Dhabi International Hunting and Equestrian Exhibition is running till Sunday at the Adnec Center. The event, organized by the Adnec Group in cooperation with the Emirates Falconers’ Club, gathers local and international participants from 15 different sectors, including hunting tools, outdoor gear, equestrianism, conservation, arts, and heritage, according to a press release.

#2- The Spring/Summer edition of Dubai Fashion Week has kicked off and runs 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 BIG STORY ABROAD-

It’s an oddly quiet morning on the global business front pages, with only two stories worth noting.

#1- Gold prices rise to fresh highs as traders react to a weakening greenback and expectations of a Fed rate cut this month. The price of gold at the benchmark London Bullion Market Association hit a record USD USD 3,475 per ounce during an auction yesterday, while spot market prices are nearing their all-time high. Meanwhile, silver hit a 14-year high of USD 40.76 per ounce.

What’s driving the rally? Concerns over US inflation and the independence of the Fed, with US President Donald Trump pressuring Chair Jay Powell and firing governor Lisa Cook, have pushed traders towards the safe haven asset. Meanwhile, questions regarding the future of the USD in the financial system have pushed global central banks to purchase more gold in efforts to diversify their holdings. (Financial Times | Wall Street Journal)

#2- Nestle fired CEO Laurent Freixe after an investigation confirmed he breached the company’s code of conduct by engaging in an “undisclosed romantic relationship” with a direct subordinate. The move exactly a year after he took office. Head of Nespresso Philipp Navratil will replace him, effective immediately. (Financial Times | Reuters | AP | Bloomberg | CNN)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq and Hassan Allam Properties. Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA logistics industry?

***

CIRCLE YOUR CALENDAR-

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.

Applications for Web3 Unleashed Hackathon are open from Monday, 1 September to Saturday, 5 October, according to a press release. Organized by DMCC Crypto Center and global crypto exchange Bybit, the hackathon focuses on tokenization, AI, decentralized finance, and SocialFi — and features a USD 140k prize.

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

Tags: