Good morning, friends, and happy FRIDAY. We close out the week with a busy issue on the capital markets front, before we head into the weekend, and later, a shorter workweek.

THE BIG STORY here at home is Adnoc’s follow-on offering of a stake in Adnoc Logistics and Services, as it looks to boost its freefloat in a move similar to Adnoc Gas’ offering earlier this year. Also worth your attention: Abu Dhabi Investment Authority is investing USD 1.5 bn in Singaporean logistics firm GLP, after being an LP for the firm for a while.

Plus: First Abu Dhabi bank has issued its first blue bond, Tecom is investing AED 1.6 bn to expand its Dubai Industrial City land portfolio, and Amea Power is building a USD 200 mn desalination plant in Angola.

WEATHER- Dubai will see a high of 41°C today, dipping to 32°C overnight, while temperatures in Abu Dhabi are set to peak at 42°C with the same overnight low. Humidity could reach 78% in Dubai and 81% in Abu Dhabi, making conditions feel hotter. The National Center of Meteorology (pdf) says there’s also a chance of rain this weekend.

WATCH THIS SPACE-

#1- UK-listed engineering firm Wood Group has extended the deadline for the UAE’s Sidara to submit a formal takeover bid to today, according to a statement. Sidara completed its due diligence earlier this month, and reduced its bid to a payment of GBP 0.30 a share, valuing the firm at GBP 207.6 mn (USD 280.5 mn), down from GBP 0.35 a share earlier. The reduced price — which was endorsed by Wood’s board — is still a premium to Wood’s last closing price of GBP 0.18 per share.

REMEMBER- Wood has been the subject of an on-again, off-again takeover bid from Dubai-based Sidara for over a year. After initially scrapping the bid, it returned to talks later and extended the deadline to submit a formal bid several times. Talks have stretched on as the Financial Conduct Authority (FCA) launched a probe into Wood’s accounts, forcing the firm to restate its 2022 and 2023 financials, leading to a temporary suspension of its shares and weighing on its valuation.

#2- Sotheby’s will launch its first auction series in Abu Dhabi this December, called the Abu Dhabi Collectors’ Week, running from 2 to 5 December, according to a press release. The auction will include jewelry, rare timepieces, collector cars, and real estate.

ICYMI- The event will mark the first time McLaren auctions off its upcoming competition cars. Also up for grabs are a 2010 Aston Martin One-77, a 2017 Pagani Zonda 760 Riviera expected to fetch up to USD 10.5 mn, and a diamond collection worth over USD 20 mn.

REMEMBER- Abu Dhabi sovereign wealth fund ADQ acquired a minority stake in Sotheby’s — the world’s oldest and largest fine arts auctioneer — last year. Demand for Sotheby’s in the MENA region has been surging for the past five years, with UAE-based buyers increasing 25%, Bloomberg reports

#3- Talabat parent company cuts earnings forecast amid weaker USD: Delivery Hero — Talabat’s German parent firm — has slashed its full year earnings forecast on the back of foreign exchange headwinds, according to its earnings release. The company now expects some EUR 900-940 mn in adjusted EBITDA for the year, down from previous guidance of EUR 975 mn – 1 bn. Bloomberg namechecked the weakening USD and KRW as the main reasons behind the downgraded forecast.

In context: Asia — where several currencies are tied to the weaker USD or have suffered setbacks due to soaring trade tariffs — represents Delivery Hero’s largest market.

The company recorded a 25% y-o-y growth in like-for-like revenues to EUR 7.2 bn in 1H 2025, according to its earnings, beating analyst forecasts.

It’s a different story for its Middle East unit: Talabat reported a solid growth in earnings and income in 2Q and 1H of 2025, raising its forecasted full-year revenue growth to between 29-32% — up from 18-20%.

PSA-

Fly Cham now flies to Sharjah: Syrian carrier Fly Cham launched regular services to Sharjah yesterday, Sharjah 24 reports. The airline will run five weekly flights from Damascus and two from Aleppo, all on Airbus A320 aircraft. This follows the re-introduction of international flights to and from Syria earlier this year, which also saw Emirates and Flydubai resume flights to the country following a long hiatus.

HAPPENING THIS WEEK-

The annual Abu Dhabi International Hunting and Equestrian Exhibition kicks off from Saturday, 30 August till Sunday, 7 September at the Adnec Center, and is expected to be the largest since the exhibition’s launch in 2003. The event, organized by the Adnec Group in cooperation with the Emirates Falconers’ Club, will attract local and international participants from 15 different sectors, including hunting tools, outdoor gear, equestrianism, conservation, arts, and heritage, according to a press release.

THE BIG STORY ABROAD-

The US Federal Reserve is still dominating headlines in more ways than one, with US President Donald Trump’s firing of Fed governor Lisa Cook still making the rounds after she sued him over the move, and a Fed official giving his stance on rate cuts over the next six months.

Cook said Trump has no cause to fire her, even if allegations of mortgage fraud that were made against her were true — though her lawyers have said the mortgage issue was likely just a clerical error. The dispute comes as yet another move that raises concerns over the Fed’s independence, which has been put into question since Trump seemed to be weighing the option of firing Powell. (Reuters | Bloomberg | Wall Street Journal)

Fed governor Christopher Waller said he wants rate cuts to begin as of next month’s meeting, which he exected will deliver a 25 bps rate cut, though he did not completely dismiss the possibility of a bigger cut if employment data out next Friday shows a substantially weakening economy alongside contained inflation. (Reuters | Financial Times)

SPEAKING OF- The US’ economy grew at 3.3% in 2Q 2025, faster than expected on the back of healthy consumer spending and a drop in imported goods. (WSJ)

ALSO- The US just ended the de minimis tariff exemption on small packages valued at USD 800 or less, potentially shaking up the e-commerce sector, with several already suspending deliveries of small packages or raising prices. (Bloomberg)

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CIRCLE YOUR CALENDAR-

The Spring/Summer edition of Dubai Fashion Week will run from Monday, 1 September until Saturday, 6 September at Dubai Design District (d3), ahead of the New York, London, Milan, and Paris fashion weeks. The edition will showcase more than 30 brands from the UAE, Europe, India, and beyond, with runway shows, private events, and an expanded buyers’ program.

The International Government Communication Forumis happening on Wednesday, 10 and Thursday, 11 September at Expo Center Sharjah. Hosted by the Sharjah Government Media Bureau (SGMB), the two-day forum will include panel discussions, workshops, and keynote speeches focused on using strategic communication to develop five global priorities: food security, public health, education, environmental sustainability, and green economy.

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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