THIS MORNING: Du gets the MSCI EM nod as two names get the boot + Wendy’s could be BlueFive’s latest play

Good morning, everyone. Defense contracts keep flowing into Washington, and a very American name could be BlueFive’s latest target for its portfolio.

The UAE is adding new THAAD launches to its missile defense network under a USD 211.4 mn Lockheed Martin contract modification, underscoring Washington’s continued role as the backbone of Abu Dhabi's missile shield. We’re also following reports of BlueFive possibly joining a consortium eyeing a take-private of Wendy’s in what would add another notch to its increasingly international portfolio.

It’s also another big day for earnings, with results in from Taqa, DP World, Alec, Parkin, and Air Arabia.

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Du gets the nod, two DFM names get the boot

Global index builder MSCI added (pdf) Emirates Integrated Telecommunications Company (du) to its Emerging Markets Index in its August 2026 quarterly review on Wednesday. Meanwhile, it removed (pdf) Taaleem Holdings and Deyaar Development from its GCC Small Cap Index. Both changes take effect after market close on 31 August.

SOUND SMART- MSCI’s indices are widely used benchmarks for global equity markets and stakeholders, including institutional investors, portfolio managers, and financial advisors. Investors use the indices as gauges of market performance, benchmarks for comparing other stocks or markets, and blueprints for building index-tracking funds, among other purposes. Getting added typically draws in fresh institutional buying, while getting dropped can trigger the opposite as index-tracking funds rebalance out.

REMEMBER- The telecom operator’s inclusion comes less than a year after Mubadala sold a 7.55% stake in the company for AED 3.2 bn — the kind of freefloat boost that’s become a familiar precursor to MSCI inclusion in the UAE market (see: Adnoc Gas).

MEANWHILE- Taaleem and Deyaar are out of the Small Cap Index, with no other UAE names added or removed there. As with any exclusion, this isn’t necessarily a red flag — MSCI usually drops names for failing to clear market cap or liquidity thresholds.

Stargate campus on track despite war

Stargate UAE is still on track, with construction moving ahead despite the regional conflict, Khazna Data Centers’ Chief Commercial Officer Greg Jasmin told Khaleej Times. Equipment was procured and moved to site ahead of regional logistics disruption for the planned 5 GW US-UAE data center campus, which is set to be the largest AI facility outside the US, he said.

IN CONTEXT- The Abu Dhabi cluster, being built alongside Nvidia, OpenAI, and Oracle, is set to be operational this year with an initial 200 MW capacity.

A testing time: Khazna's existing UAE facilities remained operational during the conflict, with around 300 MW currently live and another 370 MW under construction and commissioning. The company expects around 700 MW to be live and contracted in the UAE within 12-14 months.

Wendy’s could be BlueFive’s latest play

Abu Dhabi-based alternative investment firm BlueFive Capital could be part of a consortium preparing a bid to take US fast-food chain Wendy’s private, a source familiar with the matter told Reuters. Nelson Peltz’s Trian Fund Management would be leading any possible bid that could be submitted within weeks. Peltz already holds a 16.24% stake in the firm, and could move to take the chain, which has a USD 1.4 bn market value, private.

Why this matters: Any bid would give BlueFive exposure to a high-profile US consumer brand and mark an expansion of its ever-growing portfolio. Its recent investments include co-leading a near USD 3 bn funding round for China’s Kling AI, as well as a USD 250 mn raise for CargoX. It is also a backer of Bugatti and owns 49% of LeasePlan Emirates.

PSA

If you’re renting in Dubai, you may soon be able to ‘rent now and pay later,’ a service set to launch in September, allowing tenants to spread annual rent payments over up to 12 months at zero interest, Emarat Al Youm reports. The Dubai Land Department (DLD) is developing the scheme with a local bank.

How it will work: Under the proposed model, the participating bank pays the landlord the full yearly rent, while the tenant repays the bank in monthly installments over up to a year without interest. The final structure is still in the works, with details on eligibility, applications, repayment terms, and arrangements between tenants, landlords, and banks expected to be announced at launch.

REMEMBER- The move builds on DLD’s Flexi Rent initiative, which allows tenants to pay rent monthly, quarterly, or semi-annually.

WEATHER- The mercury is set to reach 44°C in Dubai and 45°C in Abu Dhabi, before cooling to a low of 33°C in the former and 32°C in the capital.

Oil watch

Middle Eastern crude is flowing back to US shores, with at least 9 mn barrels from the region — from countries including the UAE and Saudi Arabia — set to land at US ports this month, according to maritime intelligence firm Kpler picked up by Bloomberg. That’s still roughly half the pre-war norm, but they come at a time when the US has drained inventories to offset disrupted Middle East flows during the Iran conflict, at one point exporting a record 6 mn barrels a day.

The barrels are coming through two channels: cargoes released during June's now-collapsed US-Iran ceasefire, and the “shuttle trade” workaround that's kept oil moving around a largely blocked Strait of Hormuz.

The big story abroad

Washington sold 30-year Treasuries on Thursday at 5.22%, the highest yield since 2001, as investors priced in a debt pile nearing USD 40 tn and inflation still running above the Fed's target — a bill that's compounding as the US doubles down on its Iran strategy.

Speaking of Iran: With ceasefire talks stalling, the US is claiming that it can blockade Iran's shipping indefinitely, with Treasury Secretary Scott Bessent promising a fresh round of sanctions next week as Hormuz tanker attacks keep squeezing global oil supply.

Over in Tech Land: Microsoft has shut more than 15 China offices in five years and weighed a full exit in 2023, even as it keeps a foothold serving Chinese exporters like ByteDance through Azure, Reuters reports in an exclusive. Plus: OpenAI's revenue run-rate is set to cross USD 40 bn, roughly double where it ended 2025, as it races Anthropic toward a public listing.

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