Good morning, friends. Hump day is living up to its reputation as news dump day, with a busy stream of news on both the macro front and capital markets, as well as a big milestone from our friends at Mashreq. We don’t expect things to quiet down anytime soon, as we brace ourselves for what’s set to be the US Federal Reserve’s first interest rate cut in months later today.

THE BIG STORY here at home is a toss-up between Dubai inflation figures in August showing signs of cooling prices, particularly in the housing sector, and MGX’s involvement in Silver Lake’s buyout of Intel’s programmable chip unit, Altera.

WEATHER– Expect a partly cloudy day, with a humid night in store, as temperatures in Dubai reach 39°C, with a low of 30°C. In Abu Dhabi, the mercury will also top out at 39°C, dipping to 31°C at night.

WATCH THIS SPACE-

#1- ADGM tightens data rules: ADGM has set out new data protection rules (pdf) to safeguard sensitive public information, particularly targeting the ins. and education sectors. The rules allow ins. providers to process certain personal data without individual consent only when it serves a public interest, like when it affects minors or children.

#2- US eases drone export rules, paving the way for easier drone exports to UAE: Washington will now classify advanced military drones as fighter jets rather than missile systems, sidestepping restrictions under the 1987 Missile Technology Control Regime, Reuters reports. Approved by Secretary of State Marco Rubio, the change opens the door for sales to countries including the UAE, and in Eastern Europe, as US manufacturers struggle with competition from firms in countries with less restrictions like China, Israel, and Turkey. It also unlocks a Saudi request for more than 100 MQ-9 drones, potentially tied to a USD 142 bn arms package announced in May.

REFRESHER- In June, the US Senate also voted down efforts to block over USD 3 bn in arms sales to the UAE and Qatar, including a USD 1.3 bn package for helicopters and other equipment to Abu Dhabi and a USD 1.9 bn drone sale to Doha. Washington last year designated the UAE a “major defense partner” — a status previously granted only to India.

#3- Alec Holding eyes SAR 4.3 tn Saudi pipeline as IPO approaches: Dubai-based engineering and contracting group Alec Holding sees around SAR 4.3 tn in prospects in Saudi Arabia, CEO Barry Lewis told Asharq Business (watch, runtime: 9:16). The firm is targeting projects linked to the Kingdom’s Vision 2030, such as Qiddiya and Diriyah Gate. The company is already involved in Qiddiya’s Aquarabia water park and Formula 1 racetrack, along with a science and innovation discovery center at Riyadh’s non-profit Misk City.

He also pointed to AED 2.8 tn worth of prospects in the UAE, pointing to potential involvement in upcoming entertainment projects in Abu Dhabi like Disneyland Abu Dhabi and Sphere Abu Dhabi, as well as in Ras Al Khaimah with the Wynn Al Marjan Island gaming resort, for which Alec Holding secured the main construction contract last year.

REMEMBER- Alec is planning to take a 20% stake public on the DFM through a secondary offering of 1 bn shares, with the subscription period opening next week.

#4- UAE’s Crescent Petroleum has offered to supply Iraq with some 100 mn scfd of

natural gas from the Khor Mor field to support its electricity generation needs, CEO Abdullah Al-Qadi told Shafaq News last week. The company plans to scale that up to 400 mn scfd over the next three years to support 2 GW of output. The offer is currently under review by Iraq’s Electricity Ministry.

ICYMI- Iraq’s Khor Mor gas field expansion project — where Crescent Petroleum and Dragon oil have developed significant gas production — could be completed as early as 1Q 2026. The USD 1 bn project is slated to boost capacity at the gas field by 50%. The gas field produced some 525 mn scfd of natural gas in early March, up some 75% since 2017. Khor Mor supplies fuel for some 75% of the Kurdistan Region of Iraq’s electricity generation, serving some 6 mn in the region.

#5– UAE-Mercosur trade pact could close in the next few months: Brazilian Foreign Minister Mauro Vieira said he hopes the trade agreement between the UAE and Mercosur bloc will be finalized by the end of this year, Reuters reports. Talks launched in 2024, aiming to cut tariffs and facilitate investment and services.

REMEMBER- The first round of negotiations took place in July 2024, while Brazil’s President Luiz Inácio Lula da Silva said in December 2024 that negotiations were “progressing rapidly” and should conclude by 2025.

DATA POINT-

Abu Dhabi reports 98% surge in youth-led businesses, with AED 14.9 bn in capital: The Abu Dhabi Chamber of Commerce and Industry has reported a 97.8% uptick in youth memberships in 2024, according to Abu Dhabi Chamber data. As of August, over 21k individuals between the ages of 18 to 35 were signed up with the chamber, with over AED 14.9 bn in combined registered capital.

By the sector: 40% of members in the youth category were involved in the wholesale and retail trade sector, the Chamber said, while other top sectors included construction, restaurants, hospitality and administrative services.

HAPPENING TODAY-

#1- The Abu Dhabi Chamber of Commerce and Industry is leading a delegation to Germany, with the roadshow kicking off earlier this week and running through Thursday, 18 September, according to a statement. The visit focuses on strengthening economic ties, with agreements expected in renewable energy, technology, financial services, logistics, and SME development.

The delegation includes representatives from Abu Dhabi Investment Office, Hub71, Emirates Nuclear Energy Corporation, and private-sector firms, with family business cooperation also high on the agenda, state news agency Wam reports.

#2- The Ajman Department of Tourism Development’s roadshow in India is underway and will run until Friday, 19 September with stops in New Delhi, Pune, and Kolkata, state news agency Wam reports. The initiative will showcase Ajman’s tourism projects and attractions while deepening ties with Indian operators and industry partners. The roadshow aims to raise Ajman’s international profile, grow visitors numbers, and attract new investment into the emirate’s tourism sector through meetings, events, and potential agreements with Indian stakeholders.

#3- The US Federal Reserve is expected to cut interest rates for the first time in months at its Federal Open Market Committee today. Gulf central banks — including the Central Bank of the UAE — are expected to follow suit, given the peg to the USD. We dove into what to expect from this week’s meeting, and from other central banks across the globe this week, in yesterday’s Planet Finance, here.

#4- ISM Middle East wraps up today at Dubai World Trade Center. The three-day event is the region’s largest confectionery and snacks trade show, bringing together more than 700 exhibitors — 86% of them from overseas — and showcasing trends across Asia, the Middle East, and Africa, the fastest-growing global market for sweets and snacks, with sales projected to hit USD 389.8 bn by year-end.

#5- The Dubai World Trade Center will also see Private Label Middle East wrap today, with nearly 82% of exhibitors from overseas. The show is the region’s only dedicated private label platform and is part of a global sector expected to reach USD 2.3 tn by 2033.

HAPPENING THIS WEEK-

Mohammed Bin Rashid Space Center will host MBRSC Space Science Connect today and Thursday at the center’s headquarters in Dubai, according to the Dubai Media Office. The two-day event will gather leading scientists and engineers with the goal of fostering space innovation, collaboration, and scientific research in the UAE space industry.

THE BIG STORY ABROAD-

A high-stakes courtroom twist is dominating international headlines this morning, after a New York judge dismissed two terrorism charges against Luigi Mangione — the man accused of killing UnitedHealthcare CEO Brian Thompson — while allowing other counts including second-degree murder to proceed. The high-profile case, which has attracted national and international attention since Thompson was shot outside a midtown Manhattan hotel in December, now heads toward trial with Mangione still facing a potential life sentence in state court and the death penalty on federal charges. (Financial Times | BBC | The Guardian | CNN | New York Times | Reuters)

AND IN MARKET NEWS- Wall Street edged lower yesterday as investors hit pause ahead of an expected 25 bps rate cut from the Fed later today — the S&P 500 fell 0.1%, the Dow Jones 0.3%, and the tech-heavy Nasdaq 0.1%. The muted session came even after data showed that August retail sales rose higher than expected. Fed Chair Jerome Powell’s remarks later today will be closely watched for any shift in tone as the central bank tries to balance sticky inflation with a deteriorating labor market. (Reuters | Wall Street Journal | CNBC)

ALSO WORTH NOTING THIS MORNING- EU competitiveness czar Mario Draghi delivered a sharp warning on Tuesday that Europe is “in a harder place” than a year ago, with its growth model “fading” and “vulnerabilities mounting” because of inaction by Brussels and national governments, writes the Financial Times. Draghi — who issued 383 recommendations last year to boost the bloc’s economic standing — said only a fraction had been enacted and blasted EU inertia as “complacency.”

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MARKET WATCH-

Marine fuel sales at the Fujairah bunker hub jumped to a four-month high of 650k cbm in August, a 1.5% increase from July, Reuters reports, citing Fujairah Oil Industry Zone data published by S&P Global Commodity Insights. The bulk of this growth came from low-sulfur marine fuels, which climbed 6.1% m-o-m to some 462k cbm. These fuels — namely low-sulfur fuel oils and marine gasoils — have experienced strengthening premiums, climbing to their highest levels so far this year in early September.

High-sulfur marine fuel sales, meanwhile, dropped by 8.2% m-o-m to some 189k cbm, following an 18-month peak in July. The drop was attributed to a narrowing price spread between low- and high-sulfur fuels, which had widened sharply the previous month. UAE supply may also tighten slightly due to the suspension of Sudanese oil imports, a key input for producing low-sulfur marine fuel in topping refineries, the newswire added citing trading sources.

CIRCLE YOUR CALENDAR-

The Evolve Future Mobility Show (EFMS 2025) will debut in Sharjah from 15-18 October at Expo Center Sharjah. The exhibition, backed by the Sharjah Chamber of Commerce and Industry, will bring together more than 200 exhibitors from over 30 countries to showcase the latest in electric and hybrid vehicles, charging infrastructure, and green mobility technologies.

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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