Good morning, lovely people. We have another packed issue for you this morning as we inch closer to the weekend, with two major stories dominating headlines: The US Federal Reserve’s rate cut (and the Central Bank of the UAE’s) and XRG’s decision to walk away from an USD 18.7 bn for Australian oil and gas player Santos.

FIRST- The Central Bank of the UAE cut interest rates for the first time this year, lowering them by 25 bps in line with the US Federal Reserve’s move in its meeting yesterday, according to a statement (pdf). The base rate applicable to the overnight deposit facility was cut to 4.15%, while the rate applicable to borrowing short-term liquidity remains the same at 50 bps above the base rate for all standing credit facilities.

The Fed’s move is welcome news for many, including both the Gulf and US President Donald Trump. Lower rates mean cheaper debt, which would come at a time when Saudi Arabia’s financing needs are at an all-time high as it looks to fund major national projects, and the UAE continues its drive to diversify its economy.

While global markets’ response was muted, they had largely priced in the move, with Wall Street mostly flat and seeing small losses. We have more on the Fed’s decision — and what comes next for the Fed, as well as the expected impact on debt and capital markets in the region — in Planet Finance, below.

WEATHER- We have another partly cloudy day with a humid night in store, as temperatures in Dubai reach 38°C, with a low of 30°C. In Abu Dhabi, the mercury will top out at 39°C, dipping to 31°C at night.

WATCH THIS SPACE-

#1- IPO UPDATE- Dubai Investments confirmed it will proceed with an IPO of up to 25% of its Dubai Investments Park (DIP) unit in a DFM disclosure (pdf) yesterday. The company said it is currently in talks with banks to arrange the offering.

ICYMI- Last week, Vice Chairman and CEO Khalid Bin Kalban told Bloomberg that the listing could happen by February, and at the time was also considering a private placement. Proceeds would go towards expanding operations and developing more parks. DIP could be valued at up to AED 10 bn. It covers 2.3k hectares, and has a 90% occupancy rate.

#2- RTA to set up battery-swapping stations for electric bikes: Dubai’s Roads and Transport Authority (RTA) is set to launch a new plan for several electric bike battery-swapping stations in operational zones across Dubai, according to a statement. The project is launched in partnership with regional B2B micro-mobility tech startup Terra Tech — which is offering its technical capabilities in setting up the stations.

Going green: The initiative — a first in the region — aims to promote the integration of zero-emission fleets. The move also looks to support Dubai’s delivery sector’s transition to sustainable electric transport solutions, while simultaneously capping total cost of ownership for the operators. The initiative aligns with the UAE’s wider objective of lowering carbon emissions by 30% through infrastructure development by 2030.

#3- e& plans Serbia expansion to power Balkan cloud hub: e&’s digital arm e& Enterprise signed an MoU with Serbia’s Office for IT and e-Government to grow the country’s digital infrastructure, according to a press release. The agreement will see capacity at Serbia’s Tier-4 data center campus in Kragujevac triple by up to 40 MW, from 14 MW currently. Land has already been secured for the expansion, which will host workloads from regional government agencies, hyperscalers, and enterprises.

e& is expanding its operations in Europe: In July, e& — along with Mubadala Investment Company — also signed an agreement with Hungary’s 4iG to explore regional digital infrastructure projects. The latest partnership connects Serbia to e&’s broader digital corridor linking MENA and Europe and opens the door for further collaboration in the Balkans through e& PPF Telecom Group — a JV between e& and Prague-based PPF Group, which acquired Serbia Broadband earlier thisyear.

#4- Pakistan eyes Emirati and Saudi investments for rail upgrade: Pakistan will court Emirati investors later this month as it seeks as much as USD 2.5 bn in funding for long delayed rail upgrades, Railways Minister Hanif Abbasi told Arab News. He will visit the UAE between 30 September and 2 October to pitch a 25-year build-operate-transfer model.

Our friends at Mashreq may also be involved, with Abbasi confirming meetings with the bank, which just rolled out commercial operations in Pakistan, to explore prospects in the railway sector. Similar proposals will be taken to Saudi Arabia in mid-October and France later in the month, Abbasi told Arab News.

ICYMI- Etihad Rail and Pakistan’s Railways Ministry inked MoUs earlier this year to improve the country’s rail network and explore developing a new one.

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- India’s Union Minister of Commerce and Industry, Piyush Goyal, is on a two-day visit to the UAE, today and tomorrow, The Economic Times reports. He will co-chair the India-UAE High Level Task Force on Investments with Abu Dhabi Investment Authority managing director Sheikh Hamed bin Zayed Al Nahyan, review economic partnership progress, and meet with several UAE ministers and business leaders, including National Security Adviser Sheikh Tahnoun bin Zayed Al Nahyan, to discuss strengthening trade and investment ties.

#-4 The SHRM Mena Annual Conference & Expo 2025 is taking place today at Madinat Jumeirah in Dubai. Under the theme of Shape the Future of Work, the conference will bring together HR professionals, business executives, and policymakers to discuss global trends and challenges in the workforce. It will also feature an exhibition showcasing the latest HR solutions and tools.

THE BIG STORY ABROAD-

Global headlines this morning are zeroing in on the Fed’s first rate cut since December — a 25 bps move designed to shore up a labor market showing clear signs of strain. The cut fell short of the deeper reductions pushed by President Donald Trump. We have the full breakdown of the Fed’s move and what to expect next in Planet Finance, below. (Reuters | Bloomberg | Financial Times | New York Times | Wall Street Journal)

MEANWHILE IN WINDSOR- Trump’s second state visit to Britain entered full pageantry mode yesterday, as King Charles welcomed the US president with the country’s largest ceremonial reception in living memory. A carriage procession, banquet at Windsor Castle, and royal tributes to the “special relationship” framed the day — while Trump vowed to deepen trade and diplomatic ties. Today the focus shifts to geopolitics and trade talks at Chequers. (Reuters | Associated Press | BBC | The Guardian | New York Times | Bloomberg | Financial Times)

FROM THE REGION- Saudi Arabia has inked a strategic mutual defense pact with Pakistan — a move analysts see as Riyadh signalling it wants to diversify its security ties after the shock of last week’s Israeli strikes in Doha. The agreement commits the two countries to treat any attack on one as an attack on both. Saudi officials told the Financial Times the agreement is meant to “reinforce our deterrence” and reflects a broader rethink of Gulf security, as the Saudi Crown Prince hardens his stance on Israel’s war in Gaza and delays any normalization talks with Netanyahu’s government. (Reuters | Washington Post)

WORTH READING THIS MORNING- The number of b’naires worldwide has ballooned from just 140 in 1987 to more than 3k worth a combined USD 16 tn today, with the top 0.0001% of the population seeing their wealth grow more than twice as fast as average adults over the past three decades, writes the Financial Times. Economists like Gabriel Zucman say the rise of a hyper-elite underscores governments’ difficulty in taxing vast pools of private wealth — prompting renewed debate over global wealth taxes and exit taxes as the super-rich become ever more mobile.

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OIL WATCH-

New maximum production capacities on the table? Opec+ representatives are reportedly meeting in Vienna today and tomorrow to discuss a new methodology for assessing maximum production capacities for group members, Reuters reported, citing two unnamed delegates. Ministers requested the new mechanism from Opec’s headquarters back in May to serve as the reference point for 2027 production baselines. A decision by the ministers is expected later this year, one source said.

The rationale: The meeting comes amid discrepancies between members, with rising production capacities like the UAE, and others with declining capacities, including some African members. Angola opted to exit the group last year over related disagreements.

IN CONTEXT- The cartel has been increasing output since April, adding some 2.5 mn bbl / d and 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 end-2026. Members like Iraq and Russia have struggled to meet their production targets, while others like the Kingdom and the UAE have gained an advantage on the back of heavily investing in the energy sector, the newswire said.

CIRCLE YOUR CALENDAR-

Dubai will host the South African State-Owned Enterprises Investment and Cooperation Summit from Monday, 22 September to Wednesday, 24 September, at the Waldorf Astoria in the Dubai International Financial Centre (DIFC), Al Bayan reports. The three-day summit will connect South African state-owned enterprises with key investors in the UAE and wider Gulf area, as well as with sovereign wealth funds, and large corporations. The summit looks to boost trade and infrastructure development.

The Ras Al Khaimah Investment and Business Summit is happening on Wednesday, 19 and Thursday, 20 November at the Al Hamra International Exhibition and Conference Center. The two day event will feature speeches and an exhibition, both focusing on the manufacturing and business, tourism and hospitality, real estate and infrastructure, and investment and finance sectors.

Check out our full calendar online for a complete list of upcoming news events, national holidays, and news triggers.

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