Good morning, friends, and happy THURSDAY (aka the final day before the long weekend). We wrap this short workweek with yet another packed issue, as September brings the news cycle back to full throttle.

We have a handful of big stories here at home, including the latest purchasing managers’ index showing continued growth, despite an ongoing trend of weakening demand; and another secondary sale, this time from G42, which is selling down a 2% stake in Presight.

Plus: Mubadala is acquiring a stake in Romania’s Rezolv Energy; Khazna Data Centers has lined up USD 2.62 bn in debt from local banks to fund its expansion; and the Finance Ministry issued new decisions to broaden the scope of freezone activities exempt from corporate tax.

***A QUICK PROGRAMMING NOTE- EnterpriseAM UAE will be taking tomorrow off in observance of the Prophet Muhammad’s birthday. We’ll be back in your inboxes bright and early on Monday with everything you have missed over the long weekend.

☀️WEATHER- Temperatures in Dubai will peak at 42°C today, before dipping to 32°C overnight, while Abu Dhabi will see highs of 44°C and lows of 31°C. Expect more light winds and a chance of rainfall in some areas, the National Center of Meteorology says (pdf).

WATCH THIS SPACE-

#1- EU set to pause probe into Adnoc’s Covestro buy, causing further delays: EU antitrust regulators are preparing to temporarily halt their investigation into Abu Dhabi National Oil Company’s (Adnoc) EUR 14.7 bn (USD 17.2 bn) acquisition of German chemicals company Covestro, Reuters reports, citing a person with direct knowledge of the matter. The pause would give the European Commission more time to gather information ahead of its 2 December deadline, the source said.

XRG is not happy about the delay: A spokesperson from Adnoc’s international investments arm and the acquiring entity was cited by Reuters as saying that some of the Commission’s requests for information seem irrelevant to the transaction and “too broad,” adding that they would be “very disappointed” about the temporary halt in the investigation. Still, it plans to continue constructive discussions to move forward, the source said.

REFRESHER- The Commission opened a probe in July over concerns about potential UAE state subsidies, including an unlimited state-guarantee and a committed capital increase by Adnoc. Talks on possible remedies were held this week, the source added. Before the probe, the takeover was under review for several months — with the review also briefly suspended and resumed later — after which the EU approved it under its merger regulations.

#2- UAE official warns Israel of “red line”: Israel’s planned annexation of the West Bank would be a “red line” for the UAE, Assistant Minister for Political Affairs and Envoy of the Minister of Foreign Affairs of the UAE Lana Nusseibeh told several outlets, including Reuters. Nusseibeh called on the Israeli government to suspend its plans for a long-delayed settlement that would annex four-fifths of the West Bank and cut it off from East Jerusalem, and said it would mark the “death knell of the two-state solution.” Israeli Prime Minister Benjamin Netanyahu is expected to meet with his cabinet this week to discuss the plans.

#3- US-based private markets investment manager Adams Street Partners has opened its first GCC office in ADGM, according to a press release (pdf). The office will be headed by Leila Kaissi (LinkedIn), who joined as principal. The new presence aims to provide GCC investors with access to options across the global venture capital, growth equity, buyout, and private credit markets, according to the statement. Adams Street manages about USD 62 bn in assets across primary, secondary, growth equity, credit, and co-investment strategies, with investments in more than 30 countries.

#4- ICD’s Kerzner expands One&Only brand with new resorts in Fiji and US: Investment Corporation of Dubai’s (ICD) hospitality arm, Kerzner International Holdings, is expanding its One&Only luxury brand beyond home, Bloomberg reports. The company will develop a resort and USD 10 mn serviced residences on 127 acres along Fiji’s Nacula Island, as well as a property in Big Sky, Montana in the US scheduled to debut in November, followed by a Hudson Valley resort expected in 2028.

The group currently has about 600 private homes under its belt and plans to add 400 more in the next five years, both within resorts and as standalone properties, according to One&Only Resorts president Mark Kirby.

#5- Dubai developer Binghatti Group is developing around 20k housing units, after delivering 1.4k in 1H 2025, Chairman Muhammed Binghatti told CNBC Arabia (watch, runtime; 06:44). The company will launch a major AED 3 bn residential project in Downtown Dubai on 6 September and is close to acquiring some 80 mn sq ft of land — almost doubling its existing 90 mn sq ft portfolio. Outside of Dubai, the firm’s focus will be on Abu Dhabi, Riyadh, and London, he added.

REMEMBER- Binghatti recently acquired freehold land in Dubai’s Meydan district for an AED 25 bn development and launched another AED 2.1 bn residential development in Dubai’s Jumeirah Village Triangle. The firm is also exploring real estate tokenization and recently launched its USD 1 bn asset management arm, Binghatti Capital.

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 is on its fourth day 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-

The S&P and the Nasdaq Composite inched up on Wednesday, with tech stocks buoyed by the court decision allowing Google to keep its Chrome browser. Economic data weighed on the indexes, however, after new US job numbers fell below 7.2 mn in July for the second time since the end of 2020, sparking fears that tariffs might have significant ripple effects on the economy.

Meanwhile, US President Trump is doubling down on his tariff plan, asking the Supreme Court to take on and expedite ruling on a recent lower court decision that blocks most of his blanket tariffs. Courts have been handing Trump nothing but defeats recently, with the most recent ruling siding with Harvard University in its battle to restore USD 2 bn in research funding frozen by the White House earlier this year.

ALSO- A strongman show in Beijing: China’s President Xi Jinping hosted Russia’s Vladimir Putin and North Korea’s Kim Jong Un in Beijing. Over 50k people gathered in Tiananmen Square to witness the huge military parade — marking 80 years since China’s victory over Japan — that saw the unveiling of laser weapons, robotic wolves, and nuclear missiles. Xi used the parade to deliver strong statements on “the choice” between peace and war, while Putin and Kim met for over 2 hours, discussing North Korea’s participation in the war on Ukraine.

Speaking of peace and war: The US conducted a strike in the southern Caribbean targeting what it claimed is a drug vessel that departed from Venezuela. The strike came a day after Venezuela’s President Nicolas Maduro warned he would respond to any military action with an “armed fight.”

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MARKET WATCH-

Opec+ could weigh another output hike when it meets on Sunday, Reuters reported yesterday, citing two sources familiar with the matter. This stands in contrast to Bloomberg’s survey, which found a strong consensus that Opec+ would hold supply steady. Seventeen respondents expected no change, while only six predicted a modest increase. Analysts said Riyadh was unlikely to push more barrels into the market immediately, as the Kingdom seeks to balance its market-share play against the risk of adding to a surplus and pressuring prices further.

Some analysts and an Opec+ source also told Reuters the cartel may hold off on fresh increases for October, Reuters added, clarifying that a final decision has yet to be made.

Another hike now would accelerate the unwinding of an additional 1.65 mn bbl / d of cuts — equal to 1.6% of global demand — more than a year ahead of schedule. The bloc has already added some 2.5 mn bbl / d since starting output hikes in April, reversing its 2023 supply curbs. Crude has stayed near USD 70/bbl, supported by Western sanctions on Russia and Iran, and by Opec+ supply falling short of pledges.

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