Good morning, friends. It’s busy, but not quite as busy as we’re used to, as hundreds have flocked to Riyadh for FII.

The big story of the day is 2026’s new record budget, which saw a 29.2% hike in expenditure and revenues. We break down the components of the budget and what else went down at the cabinet meeting in the news well, below.

It’s also a busy day for energy news, with Fujairah’s massive F3 gas turbine kicking off operations, and Masdar breaking ground on its AED 22 bn 24-hour solar and battery energy facility in Abu Dhabi. Meanwhile, Mubadala poured more funds into AI firm Crusoe, and into a new AED 55 mn venture capital fund. PLUS: Abu Dhabi Commercial Bank and United Arab Bank are the latest to put out 3Q earnings. Let’s dive in.

WEATHER- Temperatures continue to cool down, with Dubai seeing a high of 34°C today and a low of 26°C, while Abu Dhabi will see a high of 33°C and a low of 26°C.

WATCH THIS SPACE-

#1- Adnoc’s international investment arm XRG is mulling an investment in a liquefied natural gas project under development by Argentinian energy firm YPF, as it looks to deepen its portfolio in the US, Latin America, and Asia, Bloomberg reports, citing sources it says are in the know. The project will eventually produce 28 mn tons of LNG annually, with the likes of Shell and Eni working with YPF on the project.

Talks are still preliminary, and come as the firm deepens its push in LNG both locally and abroad. It previously acquired a stake in NextDecade’s Rio Grande LNG project in South Texas as it prepares to export mns of tons of LNG from its Ruwais facility in Abu Dhabi. A few potential acquisitions have fallen through though, with the firm dropping a planned USD 18.7 bn takeover of Australian gas producer Santos. It was also working on another bid for a South American firm, with an eye to acquire a USD 2.1 bn stake in Brazilian petrochemicals company Braskem, but later withdrew its offer.

#2- State-owned renewables giant Masdar has broken ground on its AED 22 bn 24-hour solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, according to a statement. The plant, which tackles renewable energy’s intermittency challenge by delivering a consistent power supply, will come online by 2027, providing 1 GW of uninterrupted clean power.

Refresher: The facility, which is being set up alongside Emirates Water and Electricity Co, will span 90 sq km in the Abu Dhabi desert and will power over 500k homes once online. It will also help cut 5.7 mn tons of CO2 emissions a year and provide 10k new jobs.

#3- M42 launches Saudi unit to expand precision health footprint: Mubadala-backed healthtech firm M42 has set up operations in Saudi Arabia through a new unit named M42 Saudi Arabia, according to a press release. M42 was already active in the Kingdom and has worked with its Health Ministry, operating more than 40 Diaverum clinics in 33 cities. The new unit will take over operations of the clinics, which specialize primarily in renal care.

The unit will later expand into multi-omics, digital health, and population health programs targeting metabolic and lifestyle diseases. M42 also said it will launch Saudi-led pilot programs and R&D collaborations to support the Kingdom’s Vision 2030’s goal of building a precision, preventive, and predictive healthcare system.

#4- The UAE has earmarked USD 6 bn worth of investments for Africa’s tourism sector, spanning infrastructure, hospitality, and aviation projects across 20 countries, Economy and Tourism Minister Abdulla bin Touq Al Marri told Asharq Business (watch, runtime: 6:25). The investments will focus on aviation, logistics, digital transformation, and infrastructure to boost tourism growth.

The global ranking: The UAE is the fourth largest foreign investor in Africa, after the US, China, and the EU, with cumulative investments exceeding USD 110 bn between 2019 and 2023, he added. It also is the top globally when it comes to greenfield investments in Africa, Al Marri said.

HAPPENING TODAY-

#1- The US Federal Reserve is expected to cut interest rates for the second time after its September cut at its Federal Open Market Committee today. Softer US inflation figures that came out last week put the Fed on course to make another small 25 basis point cut, analysts say.

Speaking of the Fed, Treasury Secretary Scott Bessent said the Fed’s next heir will likely be named by the end of the year, after whittling down the shortlist of candidates to just five, CNBC reports. The names potentially replacing current Fed chair Jerome Powell are: Fed Governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock executive Rick Rieder.

#2- The Future Hospitality Summit (FHS) is running until Wednesday at Madinat Jumeirah in Dubai. The summit brings together global hospitality leaders, investors, and industry leaders to explore investments to scale their businesses across key sectors, from hospitality to sustainability, technology, startups, talent, education, and branded residences.

#3- The Asia Pacific Cities Summit kicked off yesterday and is on until Wednesday at the Dubai Exhibition Center. The three-day summit gathers government leaders, urban planners, and industry experts from across the Asia-Pacific region to discuss sustainable city development, smart infrastructure, and cross-border collaboration.

#4- The Abu Dhabi Infrastructure Summit (ADIS) Roadshow 2025 started yesterday in Singapore, and is set to continue with legs in China and Ankara, before wrapping up in Istanbul in November, Wam reports. The roadshow will include conferences, B2B meetings, and site visits as it looks to drum up international interest in Abu Dhabi’s USD 54 bn pipeline of infrastructure projects. It is backed by the Abu Dhabi Investment Office and the Department of Municipalities and Transport.

#5- The Emirati Media Forum (EMF) is happening today at the Museum of the Future, organized by the Dubai Press Club. The annual event will gather senior UAE media executives, editors, and content creators to discuss the sector’s digital transformation and strategies to strengthen trust and counter misinformation.

#6- The Annual Gulf Ins. Forum is running until Wednesday at the Millennium Plaza Downtown Hotel, Dubai. The event will gather insurers, brokers, and regulators from across the region to discuss reins. capacity, pricing, solvency, and risk management in GCC markets, with sessions focusing on resilience, catastrophe response, and financial strength.

#7- Federal National Council (FNC) speaker Saqr Ghobash is leading a delegation to Azerbaijan today to attend the international parliamentary conference, marking the 30th anniversary of Azerbaijan’s constitution, state news agency Wam reports. The FNC delegation will hold bilateral talks aimed at deepening parliamentary cooperation between the UAE and Azerbaijan, covering legislative and constitutional affairs.

HAPPENING THIS WEEK-

#1- The International Forum of Sovereign Wealth Funds (IFSWF) will run from tomorrow to Friday at ADGM. Hosted by Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company, the event brings together global CEOs and senior executives from sovereign wealth funds, with combined assets of more than USD 10 tn, and serves as a platform to exchange ideas and insights on the role sovereign wealth funds play in responding to global volatilities and shaping economic resilience.

#2- The Branded Residences Forum is taking place tomorrow at Madinat Jumeirah in Dubai, bringing together developers, hospitality groups, and investors to examine the growing demand for branded real estate and evolving partnerships between luxury hotel brands and property developers.

THE BIG STORY ABROAD-

It’s a mixed bag in the international business press this morning, though mostly quiet as we await the US Federal Reserve’s interest rate decision tomorrow and Big Tech’s earnings later this week.

One story getting attention is Amazon’s plans to cut some 30k corporate jobs, its largest cut yet, slashing around 10% of its corporate workforce. The move comes as the firm looks to cut expenses and trim back its team after an overhiring wave during peak demand in the pandemic. Another reason could potentially be productivity gains from the use of AI which have removed the need for some corporate jobs, and a need for less bureaucracy. (Reuters | Wall Street Journal | CNBC)

Also from the world of Big Tech: Qualcomm will start producing semiconductor chips, entering a market that’s already dominated by US chipmaker Nvidia, which also includes players like Advanced Micro Devices. It previously produced chips for wireless connectivity and mobile devices. Its shares jumped 11% on the news. (CNBC | WSJ | Financial Times)

Over in Russia, its second-largest oil producer Lukoil is selling its international assets following the sanctions introduced against it by the US last week. (Reuters | FT | Bloomberg)

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