THIS MORNING: G42 explores raising bns of USD from outside investors + UAE and Qatar are adding LNG to ship-to-ship transfer play

Good morning, everyone. Much of today’s issue is about war — and investment. The conflict is disrupting flights (again), with UAE carriers warning of last-minute schedule changes as the US and Iran continue to exchange attacks. Meanwhile, the supply-chain squeeze it’s causing is starting to hit solar imports, even as the UAE doubles down on efforts to keep energy exports moving. Tourism operators, however, are holding the line on both employment and rates, a wager on the long-term outlook for demand.

In corporate activity, G42 is reportedly exploring raising bns of USD from outside investors as part of a bigger shift in Abu Dhabi toward tapping third-party capital. Separately, a UAE-born startup has raised USD 18.2 mn.

LNG joins the offshore handoff

The UAE and Qatar are now moving LNG — in addition to crude — through rare ship-to-ship (STS) transfers. Three cargoes loaded in the Gulf were transferred to other tankers off Oman and the UAE’s east coast in recent weeks for delivery to India and Japan, Reuters reports, citing Kpler and Vortexa data.

Why this matters: LNG is rarely moved through STS transfers because the gas must remain chilled throughout the handoff, limiting the pool of compatible tankers and equipment that can handle it. Crude, by contrast, is routinely transferred between vessels — and it has been the Gulf’s workaround for crude for weeks now.

The caveat: The shuttle trade model can be viewed as a continuity mechanism rather than new export capacity, Commodity Analyst at Oil Price Natalia Katona told EnterpriseAM recently. Scaling the model further means finding not only more available tankers and STS equipment, but a higher number of shipowners, trained crews, and insurers willing to accept the transit risk. This is particularly challenging now that Iran has blacklisted some 45 vessels, including tankers owned by Adnoc, for flouting its rules on crossing the Strait of Hormuz, threatening ships conducting STS transfers with fines, detention, or cargo confiscation.

G42 weighs a multi-bn-USD raise

Abu Dhabi AI firm G42 is exploring a multi-bn-USD capital raise from outside investors, Bloomberg reports, citing people familiar with the matter. Talks are still preliminary, with no decision yet on the size or structure of an agreement — or on how any new capital would be deployed. In addition to Mubadala, G42 is also backed by Silver Lake and Microsoft.

Why it matters: An agreement would put G42 in step with a broader shift in Abu Dhabi toward tapping third-party capital. MGX recently raised USD 49 bn for an AI-focused fund, while Mubadala Capital is preparing an external capital raise for the first time.

REMEMBER- G42’s expansion runway has been widening: Washington eased export controls in July, giving G42 and Core42 license-free access to advanced computing equipment, while G42 is building the 5 GW UAE-US AI Campus in Abu Dhabi.

UAE could add 5 GW to Nigeria’s power push

Nigeria is in talks with the UAE on proposals that could add around 5 GW of electricity generation capacity, with solar among the main areas under discussion, Nigerian Power Minister Joseph Olasunkanmi Tegbe told state news agency Wam. The talks also cover financing and technical cooperation, though no project or funding details have been disclosed.

Why it matters: Nigeria has 13.6 GW of installed capacity, but only around 5 GW is transmitted through the grid, and roughly 4 GW reaches users. Any power agreement would also deepen ties after the UAE and Nigeria signed a CEPA in January.

REMEMBER- UAE financing is already flowing into Nigeria’s infrastructure push. Nigeria drew around USD 1.5 bn in June from a proposed USD 5 bn First Abu Dhabi Bank (FAB) facility to refinance debt and fund infrastructure, after FAB earlier backed part of the Lagos-Calabar coastal highway.

Lufthansa: Dubai can wait

Lufthansa and its subsidiaries, Swiss and Eurowings, are extending flight suspensions to and from Dubai through 24 October, according to a press release. Eurowings is currently first in line for a comeback, with Dubai services scheduled to resume on 1 November. The group is, however, gradually reopening other parts of its regional network, starting with the Frankfurt-Riyadh service on 10 September.

Abu Dhabi isn't flying either: Austrian Airlines, Lufthansa, Swiss, Edelweiss, and Eurowings had already halted Abu Dhabi services through 24 October.

REMEMBER- Earlier this week Luxair announced it was keeping its Dubai route suspended until 6 February 2027, and has pushed back its Abu Dhabi launch from October to the end of 2027. British Airways has suspended Dubai flights until 25 October, and Cathay Pacific and Singapore Airlines have pushed their Dubai returns to late October.

PSA

WEATHER- Temperatures are back up again today, hitting 42°C in Dubai with an overnight low of 33°C, and 41°C in Abu Dhabi before cooling to 32°C overnight, according to our favorite weather app.

The big story abroad

As the White House pushes more international players to invest in Venezuela, oil giant Chevron announced a USD 7 bn plan to double its production in the South American nation over the next five years. The Washington-led drive for crude oil investment also saw commitments from Eni and General Electric.

Chip appetite set to rise? Semiconductor manufacturer Broadcom foresees a surge in AI chip sales over the next two years, doubling to USD 115 bn next year and USD 230 bn the year after, according to its CEO Hock Tan. The boom is fueled by demand from Google, OpenAI, and Meta, which are looking to supplement their supply from Nvidia, whose dominance in the field Broadcom hopes to challenge.

Antitrust bid to break up Google ad arm fails (again): Google will not have to divest crucial parts of its digital advertising unit, after a federal judge rejected a bid by the US Department of Justice to dismantle the search giant’s alleged monopoly. The decision — the second in as many years — ruled that, while Google operated an illegal monopoly, it did not have to sell its Chrome browser and Android operating system.

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