Good morning, wonderful people, and welcome back from the long weekend that also marked the last national holiday until we celebrate the UAE national day in December. We have a relatively busy start to the week, leading with the latest GDP growth figures for the country, as well as banking figures for the UAE and the region from Kamco Invest.

Internet acting up over the weekend? The UAE, Saudi Arabia, India, and Pakistan saw internet service disruptions after several undersea cables in the Red Sea were cut, NBC News and Al Jazeera report. UAE operator du warned customers of possible slow data speeds, saying its teams are working with global providers to resolve the issue. Microsoft also flagged higher latency on some Middle East routes, Reuters reports, though rerouting helped limit the impact.

The cause has not been confirmed, after the outage, which began on Saturday, hit the SMW4 and IMEWE systems near Jeddah, according to NetBlocks. Cables can be damaged by ship anchors or deliberate attacks. Yemen’s Houthis have previously been accused of looking to target such infrastructure, though they deny responsibility.

What’s next? Repairs to subsea cables typically take weeks. Around 15% of global internet traffic passes through Red Sea cables.

WATCH THIS SPACE-

#1- Adia could join USD 1.6 bn Yondr acquisition: The Abu Dhabi Investment Authority (Adia) is likely to participate in global operator Vantage Data Centers’ potential USD 1.6 bn acquisition of London-headquartered Yondr Group, Bloomberg reports, citing unnamed sources. The acquisition would see Vantage take over the hyperscale data center developer’s Malaysia assets. While the transaction value could change as talks are ongoing, a takeover would boost their joint backer DigitalBridge’s portfolio.

REMEMBER- Abu Dhabi is already familiar with both Yondr and DigitalBridge. Last year, Adia acquired a 40% stake in Landmark Dividend — a DigitalBridge subsidiary — while Abu Dhabi-based sovereign wealth fund Mubadala invested in Yondr. Yondr later sought USD 500 mn in debt to back a project in Malaysia, which is emerging as a key base for Southeast Asia’s data centers.

#2- Noon considers dual listing: E-commerce platform Noon is mulling a dual listing in the UAE and Saudi Arabia within the next two years as it moves toward profitability, founder Mohamed Alabbar told the Financial Times on Friday. The company, which was founded in 2026, operates across the Kingdom, the UAE, and Egypt and is currently valued at about USD 10 bn.

More than IPOs in the works: The company is expanding its automated self-delivery services, aiming to cut its 40k delivery workforce by half by 2027. Noon is also exploring mergers and acquisitions to expand into new markets like India, Alabbar said.

#3- Alpha Dhabi eyes Indonesia toll road investment: Alpha Dhabi Holding entered a non-binding agreement through a subsidiary with Indonesian toll road developer PT Bakrie Toll Indonesia to explore financing road toll infrastructure in the country, according to an ADX disclosure (pdf). The discussions are at a preliminary stage, and the company said there is no assurance they will result in a definitive agreement.

#4- Adnoc looks to line up USD 10 bn in debt for Santos takeover: Adnoc’s international investment arm XRG is said to be in talks with local and international banks to raise more than USD 10 bn in financing for its USD 18.7 bn bid for Australian oil and gas producer Santos, Bloomberg reports citing people it says are familiar with the matter. JP Morgan is leading the debt package and advising the XRG-led consortium, which also includes ADQ and Carlyle.

Where we’re at: The parties are working toward a binding agreement by Friday, 19 September, when the exclusivity period expires. The group is still conducting due diligence and seeking regulatory approvals.

Why it matters: If completed, the acquisition would give Adnoc a major foothold in LNG, putting it in the same league as Saudi Aramco and other Gulf peers targeting one of the world’s fastest-growing fuel markets, the information service wrote.

#5- Etihad Airways is weighing bulk buying aircraft parts and storing them in local warehouses for on-demand access in a bid to sidestep supply chain gridlocks from planemakers, Bloomberg reports. The Abu Dhabi-based carrier has sought other alternatives to meet rising travel demand, including a USD 1 bn retrofit program for its existing fleet. Etihad is also bringing two more Airbus A380s back into service — it had planned to permanently retire the massive jet in favor of smaller planes, but supply constraints have forced it to reintroduce seven into the fleet.

Outdated certification processes are also weighing down progress. Certain certification requirements — enforced by the Federal Aviation Administration and the EU Aviation Safety Agency — are driving delays that are affecting the carrier’s expansion plans.

REMEMBER- Growth is on Etihad’s agenda: The airline is aiming to add 22 aircraft to its fleet this year, part of its push to reach 170 jets by 2030, CEO Antonoaldo Neves said earlier this year.

#6- Sudan’s gold exports disrupted amid UAE ban: The UAE’s decision to bar all trade with Sudan is leading Sudan to seek buyers from Oman and other countries, Bloomberg reports. The Emirati ban — enacted last month — includes shipments in transit from Asia and other Gulf countries, according to a Sudanese Transportation Ministry document seen by Bloomberg. The UAE stands out as Sudan’s largest trading partner — with total bilateral goods flow hitting USD 2.2 bn in 2024.

The Sudanese government has already reached a preliminary agreement with Oman to uptake its product, two officials told the business information service. A Sudanese mining ministry delegation also visited Oman and Bahrain last week to explore alternative shipment routes for the gold, the officials added.

HAPPENING TODAY-

Doors are opening today for the DigiHealth WHX-Tech Expo, which will run until Wednesday at the World Trade Center in Dubai. The WHX event brings together C-suite executives, procurement heads, government officials, and investors for keynote addresses and exhibitions discussing new digital health solutions targeting global health obstacles.

The UAE’s Universal Postal Congress is kicking off today and will continue until Friday at the Dubai World Trade Center. The union’s 192 member countries will meet to set policies and strategy for the coming year, with this year’s congress looking to adopt advanced tech under the theme “Leading the Change, Creating the Future.”

HAPPENING THIS WEEK-

Du’s tech event Envision is happening tomorrow at Atlantis, The Royal in Dubai. The event will bring together decisionmakers, tech partners and industry leaders for a conference and exhibition focusing on the digital transformation in areas like data centers, sovereign cloud, and cloud computing.

The International Government Communication Forum is happening on Wednesday and Thursday at Expo Centre Sharjah. Hosted by the Sharjah Government Media Bureau, the two-day event will feature 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.

TheInternational Real Estate and Investment Show Abu Dhabi is taking place from Friday until Sunday in Abu Dhabi. The conference brings together global developers and investors for insights into investment and market trends in the Middle East, Europe, and Asia Pacific regions.

THE BIG STORY ABROAD-

The global press zeroed in on US President Donald Trump’s “last warning” to Hamas, as he continued to push the group to accept the terms of his ceasefire and hostage release agreement. “The Israelis have accepted my Terms … It is time for Hamas to accept as well,” Trump wrote on Truth Social. Trump’s Middle East envoy Steve Witkoff last week delivered the proposal to Hamas — the proposal includes releasing all 48 remaining Israeli hostages in exchange for ending Israel’s war on Gaza.. (Bloomberg | Reuters | Axios | AFP | BBC)

ON THE TARIFFS FRONT- US Treasury Secretary Scott Bessent warned that the Trump administration may have to return as much as USD 1 tn in collected tariffs if the Supreme Court strikes down the president’s reciprocal tariffs, writes CNBC. During an interview, Bessent said “we would have to give a refund on about half the tariffs, which would be terrible for the Treasury,” though he expressed confidence that the court would ultimately side with the administration.

AND IN SPORTS NEWS- Carlos Alcaraz reclaimed the world No. 1 spot yesterday after defeating Jannik Sinner in the US Open final. Alcaraz’s 6-2, 3-6, 6-1, 6-4 victory handed him his second US Open and sixth Grand Slam title and a 10-5 edge in his head-to-head rivalry with Sinner. (Associated Press | BBC | New York Times)

ALSO WORTH READING THIS MORNING-

  • Are music-backed bonds the next hot thing on Wall Street? The so-called “Bowie bonds” — debt instruments backed by music royalties — are hitting the mainstream, with investors like Blackstone and Carlyle helping raise a record USD 4.4 bn in 2025. (Financial Times)
  • The death of the career ladder? As AI eats into entry-level jobs, the classic American tale of climbing from mailroom to CEO could soon be a thing of the past. Research shows a 50% drop in new roles for fresh grads at major tech firms, and with org charts flattening and AI systems working 24/7, early career development is under threat. Experts suggest the “bottom rung” may disappear entirely — but optimists say a flatter structure could just uplevel everyone. (CNBC)

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MARKET WATCH-

Opec+ will raise output again next month, approving an additional 137k bbl/d from October as part of its accelerated rollback supply cuts, according to a press release. The cartel said that it will continue monthly hikes through September 2026, fast-tracking the return of 1.65 mn bbl/d that was previously set to stay offline until the end of 2026.

REMEMBER- 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. 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.

In practice, however, most members are already pumping at or near capacity, leaving Saudi Arabia and the UAE as the only producers able to meaningfully increase supply, Reuters reports, citing analysts and production data.

Middle East crude exports slipped to a three-month low of 17.13 mn bbl/d in August, down 754k bbl/d from June’s peak, even as Opec+ has been ramping production, Mees reports. Regional Opec+ quotas have risen by a cumulative 1.45 mn bbl/d since August last year, but actual exports increased by only 471k bbl/d, topping out at 17.89 mn bbl/d in June, Mees said, citing Kpler data.

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