Good morning, ladies and gentlemen. We have a relatively busy day in the business world, although the news cycle looks set to be overtaken by regional geopolitics, after Israel escalated its cross-border attacks with a strike in Doha targeting Hamas officials. We have more details in The Big Story Abroad, below.

MEANWHILE- Leading our newswell this morning is Permira and Blackstone’s USD 525 mn investment in Dubai-based Property Finder in a transaction that sees longtime backer General Atlantic partially selling down its stake in Property Finder.

WATCH THIS SPACE

#1- Global fintech and neobank Revolut is planning to roll out its services in the UAE after securing in-principle approval from the Central Bank of the UAE, according to a statement that was also picked up by Bloomberg. The digital bank secured a license for stored value facilities and retail payment services and is now set to bolster its team on the ground. Its existing operations outside of its base in the UK and Europe include Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India, the statement read.

Revolut is no stranger to the UAE: Abu Dhabi sovereign wealth fund Mubadala was reported to be eyeing ramping up its investments in the neobank in the summer, after acquiring a stake as part of a USD 500 mn share sale last year. Ambreen Musa was tapped to head up the UAE office late last year as the firm filed for licenses to become an electronic-money institution and offer remittances ahead of applying for a full banking license.

#2- Abu Dhabi-backed Manchester City and the Premier League reached a settlement over the club’s arbitration challenge to the league’s associated party transaction (APT) rules, according to a statement. The proceedings have been terminated, with Man City accepting the rules as valid and binding. Neither side will comment further on the matter.

BACKGROUND- The case revolved around APT rules, which limit sponsorships linked to club ownership, and had blocked new agreements with Etihad Airways and First Abu Dhabi Bank, The Telegraph reports. City launched arbitration in January after the rules were amended in 2024, but has now dropped the challenge. Manchester City is owned by City Football Group, whose majority shareholder is Sheikh Mansour bin Zayed Al Nahyan’s Abu Dhabi United Group.

It’s not all over yet: Separately, City still faces 115 alleged financial fair-play breaches — a case the UAE has reportedly raised with the UK government — with a verdict expected in the coming months.

#3- Wynn sets land aside for second UAE casino resort: Wynn Resorts and its partners have earmarked a nearly 1.5 mn sq ft plot on Ras Al Khaimah’s Al Marjan Island for a potential second integrated resort, AGBI reports, citing shareholder documents it has seen. Wynn would be the sole casino operator if the site is developed, but it won’t make a decision until after its first property opens in 2027.

REFRESHER- Wynn is developing a USD 3.9 bn resort on Al Marjan Island, set to be the Gulf’s first casino when it opens in 2027. The company secured a USD 2.4 bn construction loan in February — the largest hospitality financing agreement in UAE history — to fund the project. As of 2Q 2024, it had invested USD 514.4 mn in the 155-acre site, nearly a quarter of which has been set aside for future expansion.

#4- Dubai-based luxury confectioner and café chain Bateel International is said to be weighing an IPO on Tadawul, Bloomberg reports, citing people it says are familiar with the matter. The group, which is majority-owned by Saudi royal family Al Sudairi, reportedly tapped Morgan Stanley and approached local banks to explore a public listing in Riyadh, though the size and timing remain undecided. This comes a year after reports that US private equity firm L Catterton, which is backed by French luxury house LVMH, was weighing a full exit of its 20% stake in Bateel.

About Bateel: Founded in 1936 as a Saudi date-farming venture, Bateel has since grown into a global luxury food and café brand, with CEO Nurtac Afridi outlining plans to triple revenues and expand its store network to 500 outlets by 2029, including a planned entry into the New York retail market next year.

#5- Saudi HSBC’s equity capital markets head to leave for PJT? Ramez Halazun is reportedly stepping down as head of equity capital markets for Saudi Arabia at HSBC Holdings, Bloomberg reports, citing sources it says are in the know. Halazun — appointed in 2024 as part of the bank’s expansion push — is set to lead Dubai-based advisory firm PJT deNovo ’s expansion into regional capital markets, the source said.

#6- Food imports are about to get easier in Abu Dhabi with new platform: The Abu Dhabi Agricultural and Food Safety Authority — in partnership with Abu Dhabi Customs — has launched the Golden Food Product List in a bid to streamline the clearance of food products, according to a statement. The new initiative is designed to support the influx of trade and uphold food safety standards. Listed firms — who demonstrate consistent conformity with approved standardized specifications and regulations through laboratory testing — will be prioritized for pre-clearance. The companies will see their products enter the local market directly — experiencing reduced custom clearance times and operational costs.

PSAs-

You can now renew your ID card in one step, Khaleej Times reports, citing the Federal Authority for Identity, Citizenship, Customs, and Ports Security (ICP). UAE citizens can now replace or renew their national ID card in a single step via the ICP smart services system, eliminating fields such as personal address.

HAPPENING TODAY-

The DigiHealth WHX-Tech Expo is on its final day 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 running 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.”

The International Government Communication Forum is on today and tomorrow 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.

The MENA Public-Private Partnership Forum is also running today and tomorrow at Jumeirah Emirates Towers in Dubai. Stakeholders from the finance, government, industry, and development sectors will meet to discuss public-private partnerships with a focus on industries like renewables, digital infrastructure, and healthcare.

HAPPENING THIS WEEK-

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-

Israel has taken its cross-border campaign against Hamas into uncharted territory, launching what it claimed to be “a precision airstrike” in Doha targeting the group’s political leadership. The strike — which killed five Hamas members including the son of top negotiator Khalil Al Hayya — came as Hamas leaders gathered to discuss a US-backed ceasefire proposal. While Hamas claims senior figures survived, the attack has upended fragile truce efforts and drawn sharp condemnation from Qatar, which labeled the strike a “flagrant violation.” A Qatari security officer was among those killed, and Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani warned that the talks now “lack any validity.”

Qatar said it will reserve the right to retaliate: The prime minister told reporters in a press conference (watch, runtime: 2:26) following the strikes that “Qatar is committed to act in a decisive way” against any threats to its territories and “will reserve the right to take all the needed measures to retaliate.”

The UAE also condemned the attack, with Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan calling the strike “blatant and cowardly” and stressing that the “irresponsible escalation” undermines regional peace, according to state news agency Wam.

The US, meanwhile, sought to distance itself, with President Donald Trump calling the strike an “unfortunate incident.” (Reuters | The Guardian | New York Times | CNN | BBC | Bloomberg | Associated Press)

AND- Trump is calling on the EU to impose tariffs of up to 100% on Chinese and Indian imports in a bid to pressure Russia — and is promising the US will match them if Brussels steps up. Speaking during a closed-door US-EU meeting in Washington, Trump said the West should keep the tariffs in place “until the Chinese agree to stop buying [Russian] oil.” (Financial Times | Reuters)

ALSO- The iPhone 17 is here: Apple announced its latest wave of products — the iPhone 17 and updated versions of its Apple Watch and AirPods — but the market wasn’t impressed. Apple shares dipped 1.6% following the event, as critics called the product refresh “incremental” and warned that Apple has yet to make its promised leap into AI. (Reuters | Bloomberg | Financial Times | CNBC | CNN)

ALSO WORTH NOTING THIS MORNING-

#1- Macron appoints new PM: French President Emmanuel Macron has appointed his long-time ally and Defense Minister Sébastien Lecornu as prime minister in a bid to push through a contested EUR 44 bn austerity plan and end months of political deadlock. His appointment follows the ousting of two prime ministers in less than a year and comes ahead of planned nationwide protests against proposed spending cuts. (Reuters | Financial Times | New York Times | Associated Press)

#2- A sweeping youth-led anti-corruption movement in Nepal forced Prime Minister K.P. Sharma Oli to resign yesterday. Protests were triggered by his government banning 26 social media platforms, including Facebook and Instagram. The movement has put fresh pressure on Nepal’s political class amid deep economic inequality and joblessness, with calls mounting for Kathmandu’s mayor Balendra Shah, a 35-year-old former rapper, to take the helm. (Reuters | BBC | Associated Press | New York Times)

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MARKET WATCH-

The LNG market is on track to swing into oversupply from 2026, marking a sharp reversal after years of tightness following Russia’s invasion of Ukraine, Bloomberg reports. The International Energy Agency expects the biggest jump in liquefaction output next year since 2019. The market is set to start easing after 1Q 2026, with supply length building through late 2026 and 2027, Bloomberg reports citing BNP Paribas’ head of energy strategy Aldo Spanjer.

More than 174 mn metric tons of new capacity is currently being built, set to lift global supply to 594 mn tons a year by 2030 — a 42% increase over 2023, according to BloombergNEF. Developers have penciled in long-term demand growth as Europe replaces Russian pipeline gas and China accelerates coal-to-gas switching.

That supply surge will likely outpace consumption, with BloombergNEF projecting that supply will consistently exceed demand between 2027 and 2030. Morgan Stanley expects European and Asian gas prices to drop below USD 10 per mn British thermal units (mmbtu) by late 2026, down from an average of USD 14 last winter, while BNP Paribas sees prices slipping as low as USD 8 in 2027.

Prices at those levels could reshape trade flow. Cheaper LNG would encourage Asian utilities to substitute oil with gas and could unlock demand in South Asia and Africa, where import terminals have sat idle due to high prices. The anticipated price drop could also broaden LNG’s role in power generation and open new growth markets for producers.

Opec leans on six members to make up for oversupply: Opec has set a compensation schedule requiring six members to make additional supply cuts between August 2025 and June 2026 to offset overproduction, according to a statement. The total aggregate reductions per month range from 190k bbl / d to 829k bbl / d.

By the numbers: Kazakhstan shouldered the largest burden at 2.63 mn bbl, followed by Iraq at 1.4 mn bbl, Russia at 311k bbl, followed by the UAE at 309k bbl, followed by Oman and Kuwait at 70k and 59k, respectively, for a combined 4.8 mn bbl. The remaining OPEC members — including Saudi Arabia — were not required to make compensatory cuts.

ICYMI- Opec+ will raise output again next month, approving an additional 137k bbl / d from October as part of its accelerated rollback of supply cuts. The cartel said 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.

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