The costs of cybersecurity risks rack up

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Starlink secures space services license in UAE + Taco Bell is making its return to the Emirates

Good morning, everyone. It’s officially back-to-school season, so expect traffic to be back in full force. We suggest taking to the roads as early as possible today if you’re looking to get to your office on time.

This morning, we take a look at the rise of cybersecurity costs for UAE businesses, with data breach costs at some local companies regularly topping the USD 8 mn regional average, and the total economic cost potentially reaching as high as USD 2.5 bn a year.

Meanwhile, Mubadala Capital, is taking a majority stake in US freight broker Arrive Logistics, one of North America's largest truckload brokerages, and Starlink has secured a 10-year general space services license to operate a public satellite communications network in the UAE.

Plus: Taco Bell is making a return to the UAE, courtesy of Americana Restaurants, and the UAE and Lebanon are looking to deepen private sector ties through a new joint business council.

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Economic Outcast’s first target

US officials have proposed cutting Banque Misr’s UAE branches off from correspondent banking access to US financial institutions, with Treasury Department’s Financial Crimes Enforcement Network (FinCEN) alleging that the branch processed around USD 1.8 bn between January 2024 and June 2026 for 103 companies that it claims may be linked to Iranian shadow-banking networks. The move, which has not yet been finalized, would prevent US financial institutions from opening or maintaining correspondent accounts for Banque Misr’s UAE outpost and require them to guard against processing transactions involving the branch.

The proposed sanction is limited to Banque Misr’s UAE branch and its USD transactions with correspondent banks, according to a statement from the Central Bank of Egypt. The central bank and Foreign Ministry are in contact with the US authorities over the measures, which the CBE says do not extend to Banque Misr’s operations in Egypt, its other overseas branches, or any other bank operating in Egypt. FinCEN will accept public comments for 30 days after the proposal’s publication before any final rule is issued.

The Central Bank of the UAE also said it will carry out an investigation of Banque Misr’s UAE branches, including a review of the period covered by US authorities’ allegations and of transactions involving the companies they named, according to a statement carried by state news agency Wam. The regulator said it is also assessing its options should FinCEN ultimately impose the proposed special measure, taking into account the bank’s obligations to its UAE customers.

IN CONTEXT- Banque Misr UAE is the first publicly announced financial-sector target of US Treasury Secretary Scott Bessent’s “economic D-Day” campaign against Tehran, Operation Economic Outcast — a global drive to sever Iran’s financial connections by targeting the banks, facilitators, and networks Washington says help the regime evade sanctions and generate revenue.

Starlink bags 10-year UAE license

The UAE has granted Elon Musk-owned Starlink a 10-year General Space Services License, permitting the company to establish and operate a public satellite communications network and provide broadband internet services in the country, as per a Telecommunications and Digital Government Regulatory Authority press release.

The details: The license spans individuals, businesses, and government entities, as well as satellite connectivity for the maritime and aviation sectors — adding a space-based layer to the UAE’s digital infrastructure, as the Emirates looks to build out its space economy and double revenues.

Why it matters: Rather than looking to compete with the UAE’s existing consumer telecom players, Starlink’s play likely lies more on industrial B2B applications like offshore energy sites, maritime transport, remote logistics hubs, and high-margin corporate failover redundancy.

Taco Bell is coming back to the UAE

F&B giant Americana Restaurants has inked an exclusive development pact with Taco Bell to bring the US fast-food chain to the UAE, with plans for a phased expansion into other GCC markets, as per a press release (pdf).

A new, young flavor for Americana: This is Americana’s entry into the Mexican-inspired quick-service restaurant category — extending its long-running relationship with Taco Bell owner Yum! Brands, with Americana already operating Yum’s KFC and Pizza Hut restaurants across the region.

Second time’s a charm? Taco Bell exited the UAE in 2012 after failing to build a sustainable footprint. However, in the press release, Americana Chairman Mohamed Alabbar pointed to demand among younger consumers for new and more adventurous food brands.

Hyundai dealership could change hands in the UAE

Dubai-based automotive conglomerate Al Futtaim Group is in talks to acquire the Hyundai dealership business from Al Majid Motors, although discussions are yet to reach a final stage and the two sides are still working through the terms, Al Bayan reports.

Why it matters: Al Futtaim already distributes Toyota, Lexus, and Honda in the UAE. Absorbing Hyundai — a key rival to Toyota in volume of passenger cars, taxi fleets, and commercial transport — would place two of the largest mass-market auto brands in the UAE under a single corporate roof.

UAE-Lebanon business ties get a formal channel

The UAE and Lebanon are setting up a joint business council to deepen private sector trade and investment ties, after the Federation of UAE Chambers signed an MoU with its Lebanese counterpart at a business forum in Beirut, state news agency Wam reports. The council will help companies identify investment prospects, ease market entry, and develop joint ventures. Four other economic MoUs were also signed at the forum, though details were not disclosed.

REMEMBER- Not everyone is leaning back in: UAE-based Al Habtoor Group has been scaling back its Lebanon exposure, scrapping planned investments, and taking the country to an international arbitration tribunal over USD 1.7 bn in alleged losses tied to its existing investments and inaccessible bank deposits.

PSA

WEATHER- The mercury will hit 42°C in Dubai with a low of 32°C, while Abu Dhabi will see highs of 44°C before dropping to lows of 31°C, according to our favorite weather app

The big story abroad

In the first US strike on Iran in over a month, US forces targeted two Iranian rocket launchers on Larak Island in the Strait of Hormuz. US officials called the action a preemptive strike, reporting that Iranian forces were preparing to deploy sea mines into the waterway. Iran responded by launching missiles toward Jordan, though they were reportedly intercepted.

In the M&A scene: Ins. broker and consulting firm Aon is closing in on an agreement to acquire KKR-owned ins. broker USI for around USD 17 bn, expanding Aon's ability to serve midsize businesses. The move — the latest in a spate of big exits for KKR — is projected to be accretive to earnings per share starting in 2028.

Shein’s value shrinks pre-IPO: China’s fast fashion giant Shein is on track to go public tomorrow at a valuation amounting roughly one quarter of its 2022 value of USD 100 bn. The decline coincides with ebbing investor enthusiasm for Chinese consumer IPOs, as high-profile AI debuts stole the market's attention over the past year.

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UAE’s cyber threat is getting costlier and smarter

Cyberattacks are now costing the UAE economy up to USD 2.5 bn a year — and the bill is climbing as threats grow more complex and better organized, a cybersecurity expert specializing in state-level cybersecurity incidents Raed Ahsan tells EnterpriseAM. Costs include operational losses, ransom payments, recovery, lost productivity, regulatory fines, and supply-chain spillovers.

Paying the price for war: The UAE was one of the most targeted countries in EEMEA, alongside Ukraine and Pakistan, with the region seeing a 13% rise in cyberattacks between March 2025 and March 2026, as per Mastercard’s Cyber Pulse report. The UAE experienced “elevated targeting” due to heightened regional and geopolitical tensions as well as its role as a regional financial and digital hub — amplifying attacker interest during periods of instability, per the report. Experts also previously told us that the UAE’s position as an economic and financial hub makes it a prime target for attackers.

REMEMBER- At the start of the month, the country fended off organized cyberattacks targeting the aviation, energy, and education sectors, following another series of attacks in July.

A heavier cross to bear: The cost of data breaches at firms in the Middle East usually averages USD 8 mn per incident; however, some UAE companies regularly surpass that, Ahsan notes. Financial services and tech companies can be prone to face losses exceeding USD 10.6 mn per incident, he tells us.

Attacks are also getting more lucrative for the people carrying them out. Threat actors are combining multiple stages of the cyber kill chain to go beyond causing disruption and target money and data directly, Dmitry Nagibin, founder of Dubai-based cybersecurity firm VXControl, tells EnterpriseAM. VXControl builds open-source autonomous-agent tooling for offensive security teams.

ICYMI- AI is changing the game here too: analysts previously told us that the growing volume of AI-generated and AI-powered attacks is making threats harder to detect and pushing up their frequency.

The downtime tax: Ransomware attacks against core processing systems can cost companies up to USD 10 mn within the first two hours to half a day of an outage, Nagibin says. The bill scales with what's disrupted: “A cyberattack disrupting a Tier-1 UAE bank can cost USD 150-300k per hour, while disruption at ports and logistics hubs can lead to USD 1.5-3 mn in losses per day through cargo delays, demurrage and congestion,” Ahsan says. Airline disruptions can exceed USD 2 mn per hour during peak periods once fleet management, passenger rebooking, cargo, and reservation systems are affected, he adds.

Who foots the bill: Enterprises absorb an estimated 50-60% of the losses, insurers cover roughly 20-30% where policies apply, and the state ends up carrying 10-20% of systemic costs when critical infrastructure is disrupted, per Ahsan.

The spending is rising, but preparedness has gaps: UAE cybersecurity spend is growing 8.7-12.5% annually, Ahsan says, with heavily regulated sectors like banking, energy, and utilities pushing 12-15%. But the money is skewed toward compliance box-checking rather than operational resilience: critical vulnerabilities can sit unpatched for 45-90 days or longer, and rapid digital rollouts are leaving shadow APIs and unauthenticated endpoints exposed. Globally, cybersecurity budgets are projected to grow at a 2.5% CAGR over the next three years, with the share spent on AI solutions expected to more than triple, from about 4% to 15%, per a McKinsey report.

Cyber risk awareness is also spreading into boardrooms, with cyber resilience becoming a financial consideration, says Ahsan. Private equity firms and sovereign investors are now regularly conducting cyber due diligence, as compromised infrastructure or weak controls could potentially trigger 5-15% valuation haircuts or escrow holdbacks, he said.

The boardroom is paying attention: Cyber resilience is becoming a financial consideration, not just a technical one, Ahsan says. Private equity firms and sovereign investors are now routinely running cyber due diligence, and weak controls or compromised infrastructure can trigger 5-15% valuation haircuts or escrow holdbacks.

Insurers are also demanding more guardrails, including multi-factor authentication, immutable backups, endpoint detection and response, and defined patching timelines — making critical infrastructure, energy, healthcare, financial services, and logistics companies among the hardest to insure, says Ahsan.

The weak link is everyone else: A company's cybersecurity is only as strong as the ecosystem it connects to, Nagibin says — and that's not limited to tech firms. Banks, government entities, factories, and retailers all depend on third parties, and vendor and subcontractor access already creates exposure, since those parties “may have access to limited environments of a company's core infrastructure.”

What's next: AI can make that exposure more dangerous, giving insiders or compromised third parties new ways to move through corporate infrastructure — and regulation hasn't kept pace. “There isn't enough regulation to put best practices into the companies,” Nagibin says. As it stands, UAE companies’ AI deployment is currently moving faster than their AI-specific security controls, creating a new challenge for an economy rapidly digitizing its infrastructure and business processes, argues Ahsan.

Mubadala Capital takes majority stake in US freight broker Arrive Logistics

Mubadala Capital is taking a majority stake in US freight broker Arrive Logistics, adding another control investment to the Abu Dhabi alternative asset manager’s portfolio, according to a statement. Arrive’s management is rolling significant equity into the transaction. Financial terms and the exact stake size were not disclosed.

What’s Mubadala buying? Founded in 2014, Austin-based Arrive has grown into one of North America’s largest truckload brokerages, moving freight across the US, Canada, and Mexico for more than 5.5k customers through a network of over 10k core carriers. It employs more than 2k people across 10 locations — giving Mubadala a sizable platform to build on.

The growth play: Mubadala’s investment is expected to support new services, hiring, and technology, including further development of Arrive’s ARRIVEnow transportation management system, which automates workflows across the freight lifecycle.

What’s next: The transaction is expected to close in 4Q 2026, subject to customary closing conditions, with ATL Partners, Lead Edge Capital, and other existing investors retaining meaningful stakes alongside management.

IN CONTEXT- The Arrive transaction lands amid a broader reshuffle of Mubadala Capital’s global portfolio. The manager is working through a roughly EUR 900 mn takeover of French leisure group Pierre & Vacances-Center Parcs, where it has secured commitments covering 80.13% of the share capital, while Mubadala Capital and Trafigura have received bids of up to USD 3.5 bn for their Porto Sudeste iron ore terminal in Brazil.

ADVISORS- J.P. Morgan Securities is Mubadala Capital’s exclusive financial advisor, with Sidley Austin providing legal counsel. BofA Securities is advising Arrive on financial and capital markets matters, alongside Holland & Knight as legal counsel.

Union Properties CEO Amer Khansaheb steps down

Amer Khansaheb (Linkedin) stepped down as CEO and board member of Union Properties on 24 August to focus on his own business and projects, according to a filing (pdf). The board formed a three-member transitional management committee to oversee the handover until a new CEO is appointed.

ADFD gives Jordan another boost, Oro raises USD 3 mn, Fujairah to add 1.7 mn tons of cement capacity

Jordan gets another UAE boost — this time in gas

The Abu Dhabi Fund for Development (ADFD) is backing a USD 70 mn expansion of Jordan’s natural gas network to supply the Al Rawda and Al Muwaqqar industrial cities, Trade Arabia reports. Contracts were signed to connect the two zones to the national grid in a move aimed at lowering energy costs for manufacturers and boosting industrial competitiveness.

The support goes well beyond gas: ADFD also signed around AED 1.1 bn (USD 300 mn) in financing for Jordan’s budget and development programs and backed a USD 40 mn technical schools project. It adds to a broader UAE development push in the kingdom, including the USD 2.3 bn Aqaba railway project and Masdar’s planned 25 MW wind project in Batn Al Ghul.

Oro raises USD 3 mn to push AI deeper into DeFi

UAE-based financial AI startup Oro raised USD 3 mn to scale its platform — which turns plain-language instructions into multi-step DeFi transactions — in a round co-led by MH Ventures and Mapleblock Capital, according to a press release. The non-custodial platform keeps transactions user-authorized. Oro says it has more than 350k active users and will use the new capital, which takes total funding to USD 4 mn, to expand its AI stack, compliance framework, teams, and B2B integrations.

Fujairah adds another 1.7 mn tons in cement capacity

Fujairah Natural Resources Corporation and India’s JSW Cement inked a contract to establish and operate a cement grinding unit in Al Tawyeen with an annual production capacity of nearly 1.7 mn tons, state news agency Wam reports. The project is expected to take 15 months to complete and will produce ordinary Portland cement to help meet demand across the UAE and broader GCC.

Warsh breaks with Powell-era practice at Jackson Hole

Federal Reserve Chair Kevin Warsh used his first Jackson Hole keynote Friday to break with the last 20 years of central bank communication practice — and to signal that the September rate decision is materially harder for our region than the market had priced heading into the weekend. September rate hike odds jumped from around 35% pre-speech to 57% by close, with the two year Treasury yield jumping 6 basis points to 4.298%, the 10-year climbing to 4.72%, and the 30-year sitting at 5.21%.

The substantive argument was hawkish. Warsh recommitted to the Fed’s 2% PCE inflation target and told the audience that despite better-than-expected summer readings, “underlying trends have not meaningfully improved” on inflation. PCE is at 3.7%. Reuters called the remarks the closest Warsh has come to acknowledging additional rate increases could be necessary. Navy Federal’s Heather Long summarized the reaction: “A hike probably won’t come in September, but it will by October or December.”

The framework signal matters more than the September call. Warsh explicitly refused to provide forward guidance, telling markets “we should not indulge a regime in which market participants are looking primarily to the Fed for their next trade.” That is a direct break from Powell-era communication practice, and it reinforced what analysts have been calling Warsh’s biggest change at the Fed: dialing back on communication to markets and the public about the Fed’s future plans. For markets used to reading Fedspeak as the primary input into every asset-pricing decision, this is a structural change in how information flows.

The Washington Post’s take was blunter — Warsh “renewed his inflation-fighting credentials” and put more pressure on the central bank to raise rates when it next meets September 15-16 if inflation doesn’t improve. The July FOMC vote was already 9-3 to hold, with Hammack, Kashkari, and Logan dissenting for a hike. Warsh’s speech gave weight to that dissenting bloc, and put him more clearly at odds with Trump’s demand for lower rates, turning the September meeting into a public test of Fed independence under political pressure.

The regional implications: At least five GCC central banks will follow Warsh wherever he goes, whether they have a domestic case for it or not. The SAR, AED, QAR, BHD, and OMR are all pegged to the USD which means all five central banks have to move within days of the Fed to protect the peg and close off arbitrage. Meanwhile, Kuwait, pegged to an undisclosed basket in which the USD dominates, has some discretion. The catch is that a hike would land on economies running inflation at 1.8% in Saudi Arabia (as of July) and between 2.2% and 3.1% across Kuwait, Qatar, Bahrain and Oman on the most recent prints. The region would then be importing a solution to a problem it doesn’t have which may leave GCC borrowers refinancing at higher rates without a domestic slowdown to justify them.

There’s also more weight to be given to what Warsh did not say. He did not commit to a reaction function. He did not tell markets when the Fed would move. He did not soften his tone in response to political pressure. What he did was recommit the central bank to its inflation mandate while explicitly disclaiming the market’s expectation that the Fed would guide them through every decision. That is a different Fed — and the operating manual for a different Fed does not yet exist for the strategists, treasurers, and CIOs across our coverage area who spent the last 15 years learning the Powell manual.

Bottom line. Friday was the moment the Warsh framework became visible. The September 15-16 meeting is now the calibration event, but the framework governs the next four years regardless of what happens at that meeting. Every long-dated regional issuance decision, every eurobond calculation, every Gulf SWF duration book, and every EM refinancing plan needs to be repositioned against a Fed that has explicitly said it will no longer be the primary input into markets’ next trade.

MARKETS THIS MORNING-

Asian share markets dropped earlier today following renewed military conflict between the US and Iran. Escalating geopolitical tensions, alongside rising bond yields, dragged South Korea’s Kospi down 1.8% and Japan's Nikkei down 1.7% while the MSCI Asia-Pacific index — excluding Japan — declined by 0.7%.

ADX	10,045	+0.1% (YTD: +0.5%)
DFM	5,883	+0.3% (YTD: -2.7%)
Nasdaq Dubai UAE20	4,843	+0.1% (YTD: -0.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.4% o/n	4.5% 1 yr
TASI	11,159	-0.7% (YTD: +6.4%)
EGX30	54,937	-0.3% (YTD: +31.3%)
S&P 500	7,712	-0.3% (YTD: +12.7%)
FTSE 100	10,824	+0.3% (YTD: +9.0%)
Euro Stoxx 50	6,231	-0.8% (YTD: +11.9%)
Brent crude	USD 89.44	+1.4%
Natural gas (Nymex)	USD 2.85	-1.5%
Gold	USD 4,507	-0.5%
BTC	USD 78,500	+0.4% (YTD: -10.4%)
Lunate JP Morgan UAE Bond UCITS ETF	AED 3.59	-0.8% (YTD: -4.3%)
S&P MENA Bond & Sukuk	151.34	-0.1% (YTD: -0.4%)
VIX (Volatility Index)	14.43	-0.6% (YTD: -3.4%)

THE CLOSING BELL-

The ADX rose 0.1% on Thursday on turnover of AED 1.5 bn. The index is up 0.5% YTD.

In the green: Ooredoo (+8.5%), Space42 (+4.4%), and Sharjah Cement and Industrial Development Co. (+4.1%).

In the red: Al Khaleej Investment (-5.0%), Oman & Emirates Investment Holding Co (-4.9%), and Pure Health Holding (-4.4%).

Over on the DFM, the index rose 0.3% on turnover of AED 569.4 mn. Meanwhile, Nasdaq Dubai was up 0.1%.

CALENDAR

SEPTEMBER

1-3 September (Tuesday-Thursday): Middle East Energy, Dubai World Trade Center, Dubai.

7-9 September (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

7-9 September (Monday-Wednesday): International Property Show, Dubai World Trade Center, Dubai.

12-13 September (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

14-17 September (Monday-Thursday): Arabian Travel Market, Dubai World Trade Center, Dubai.

15-16 September (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

17-19 September (Thursday-Saturday): International Real Estate & Investment Show (IREIS), Adnec, Abu Dhabi.

18-19 September (Friday-Saturday): EuroLeague Basketball SuperCup, Etihad Arena, Yas Island, Abu Dhabi.

29-30 September (Tuesday-Wednesday): AFCM Annual Conference, Abu Dhabi.

OCTOBER

1-2 October (Thursday-Friday): MEIRA Annual Conference, Atlantis the Royal, Dubai.

4-10 October (Sunday-Saturday): World Space Week, Abu Dhabi.

5-7 October (Monday-Wednesday): AI Everything Global, Adnec Center, Abu Dhabi.

12-14 October (Monday-Wednesday): Airport Show, Dubai World Trade Center, Dubai.

14-15 October (Wednesday-Thursday): Sharjah Investment Forum, Jawaher Reception and Convention Center, Sharjah.

13-15 October (Tuesday-Thursday): Annual Meeting of Global Future Leaders, Dubai.

20-22 October (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

21 October (Wednesday): Reuters NEXT Gulf, St. Regis Saadiyat Island Resort, Abu Dhabi.

27-28 October (Tuesday-Wednesday): Arab Competition Forum, Dubai.

27-28 October (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

30 October (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

2-6 November (Monday-Friday): Dubai Future Finance Week, Dubai.

4 November (Wednesday): Digital Transformation Summit, Sofitel, Abu Dhabi.

9-10 November (Monday-Tuesday): Annual government meetings, Abu Dhabi.

9-12 November (Monday-Thursday): EMEA Council on Hotel, Restaurant and Institutional Education Conference, Dubai College of Tourism, Dubai.

9-13 November (Monday-Friday): World Congress of Military Medicine, Adnec Center, Abu Dhabi.

10-12 November (Tuesday-Thursday): Dubai International Electric Vehicle Exhibition & Conference, Dubai World Trade Center.

16-18 November (Monday-Wednesday): World Police Summit, Dubai World Trade Center, Dubai.

18-19 November (Wednesday-Thursday): Touchdown Middle East 2026, Conrad Abu Dhabi Etihad Towers, Abu Dhabi.

25-26 November (Saturday-Sunday): Doers Summit, Dubai Silicon Oasis, Dubai.

DECEMBER

2-4 December (Wednesday-Friday): UN Water Conference, UAE.

4-6 December (Friday-Sunday): Formula 1 Abu Dhabi Grand Prix, Abu Dhabi.

8-9 December (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

8-9 December (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

7-10 December (Monday-Thursday): Abu Dhabi Finance Week, Al Maryah Island, Abu Dhabi.

8-10 December (Tuesday-Thursday): Abu Dhabi Water & Power Week, Adnec Center, Abu Dhabi.

8-10 December (Tuesday-Thursday) Middle East & North Africa Business Aviation Association Show, DWC, Dubai Airshow Site.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing;
1Q 2027: Completion of the first phase of Hassyan seawater desalination project;
1-3 February (Monday-Wednesday): World Governments Summit;
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation;
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation;
21-22 April (Wednesday-Thursday): Token2049, Dubai;
1 July: Deadline for small businesses to implement e-invoicing;
1 October: Deadline for governments to implement e-invoicing;
Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime in 2028:

Artificial Intelligence Summit.

Signposted to happen sometime in 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
Annual Meetings of the World Bank Group and the International Monetary Fund, Abu Dhabi;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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