Good morning, everyone, and happy FRIDAY. It’s much quieter on the news front than earlier this week — but we’re not complaining.

The flavor of the day is largely positive, with a boost in real estate investments and signs that UAE execs are among the most bullish in the region. Let’s dive in.

WEATHER- It’s another hot and sunny day in the UAE, with the mercury hitting 38°C in Dubai and 34°C in Abu Dhabi, with overnight lows of 30°C.

HAPPENING TODAY-

#1- The Intelligent Transport Systems World Congress 2024 is on its final day today in Dubai. The congress is expected to welcome 20k participants to explore innovations in smart mobility and transportation technology.

#2- Forbes’ Healthcare Leaders Summit 2024 is on its second and final day at the St. Regis Saadiyat Island Resort, Abu Dhabi. The event gathers healthcare leaders from across the region to discuss innovation in healthcare and sustainability in the industry.

HAPPENING NEXT WEEK-

#1- President Mohamed bin Zayed Al Nahyan is set to meet with US President Joe Biden on Monday as part of his first official visit to the US , which will see him prioritize discussions around economic ties and AI, diplomatic advisor to the president, Anwar Gargash, said in a briefing with reporters, according to Bloomberg. Regional developments and conflicts will also feature in the discussions, but the main goal of the trip is to explore AI and tech partnerships, Gargash reportedly added.

Al Nahyan is also set to meet with Vice President and presidential candidate Kamala Harris, as well as executives of large US-based firms, the business information service added.

#2- The Finance Ministry will hold its first dialogue with state-owned companies across the GCC next Tuesday in Dubai, aiming to boost economic integration across the region and address key challenges in the GCC Common Market, Wam reports. With over 80 firms participating, the event will feature government presentations on the GCC customs union and the common market, while the private sector will present a working paper outlining strategies to boost exports.

WATCH THIS SPACE-

#1- Adia-backed CVC consortium asks Deutsche Bahn to reconsider: Financial investor CVC, as part of a consortium backed by the Abu Dhabi Investment Authority and including Singapore’s GIC, is urging Deutsche Bahn to reconsider selling its logistics DB Schenker to Denmark’s DSV for EUR 14.3 bn (USD 16 bn), Reuters reports, citing a letter it has seen.

CVC said it’s willing to discuss an increase in the equity value of its EUR 14 bn (USD 15.6 bn) offer, Bloomberg reports, and question the calculations behind the transaction, writing “… our offer is economically advantageous compared to the DSV offer, which is why we should have been awarded the contract for the acquisition of Schenker.”

DB Schenker isn’t convinced: The company ran a thorough analysis and found the “result was clear” DSV’s offer was the best economically, Deutsche Bahn said in an emailed statement to Bloomberg.

What’s next: The agreement to sell to DSV still needs to be approved by Deutsche Bahn’s board at a meeting on 27 September.

REMEMBER- The consortium vying for DB Schenker had reportedly sweetened the bid last week with the addition of a EUR 1 bn guarantee to the German government in the event of an IPO, should the government stay on as an investor. The consortium had submitted two separate bids for Deutsche Bahn’s logistics subsidiary: one valuing it at EUR 14 bn, and another worth EUR 16 bn that would see the German government reinvest with a minority stake.

#2- Dubai-based developer Binghatti is looking into real estate tokenization to allow investors to enter the market with capital as little as AED 500, Binghatti chairman Muhammad Binghatti said at the Sharjah Investment Forum, Zawya reports. The developer — which began accepting cryptocurrency for payments in 2021, securing AED 500 mn in digital currency transactions within nine months — is looking to tokenize property to allow investors to trade real estate assets on the blockchain.

#3- The ADX is currently working on developing its own Islamic index, which will include an endowment shares service to donate shares for charitable causes, according to an Abu Dhabi Media Office statement, which did not disclose a timeline for the launch of the index. The ADX portfolio of Sharia-compliant financial instruments exceeds AED 2 tn, including nine Sharia-compliant ETFs covering domestic, regional, and international markets.

KUDOS- The ADX was named best Islamic stock exchange in 2024 by the Global Islamic Finance Awards, in a nod to its contributions to the Islamic finance sector, according to the Abu Dhabi Media Office.

DATA POINT-

The UAE advanced five places to secure the 17th position globally in the IMD WorldTalent Report. This puts the UAE ahead of several major economies, including Canada, the US, France, and the UK.

THE BIG STORY ABROAD-

Israel and Lebanon are still making front pages two days after Israel first targeted Hezbollah members’ pagers, which exploded abruptly in two separate attacks over the past two days in Lebanon, killing at least 37 and injuring up to 3k people. Israel has yet to claim responsibility for the attack.

Israeli warplanes carried out a deluge of strikes on south Lebanon late last night in a further intensifying of violence, targeting what its military said were hundreds of rocket launchers that were set to be launched against Israel, Reuters reports. Hezbollah leader Hassan Nasrallah said in a televised address yesterday that the pager attack had “crossed all red lines.”

ALSO- A preliminary investigation into the pager explosions found that the explosives were implanted before arriving in the country, according to a letter by Lebanon’s mission to the UN sent to the UN security council, Reuters reports separately.

IN THE BUSINESS PRESS- Markets rallied after investors seemed to conclude that the Fed’s jumbo rate cut on Wednesday was a good indicator for economic growth. We have more in Planet Finance, below.

ALSO- Nike’s CEO, John Donahoe, was ousted and replaced with formerly retired CEO Elliott Hill, following a decline in sales and market share. Hill will take over as of 14 October. (Bloomberg | FT | Reuters)

IN INTEREST RATE NEWS- The Bank of England and the People’s Bank of China have both left rates unchanged, with the latter going against analyst expectations.

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CIRCLE YOUR CALENDAR-

The World Freezones Organization’s Annual International Conference and Exhibition will take place from Monday, 23 September to Wednesday, 25 September in Dubai. The event will discuss zones and the shifting dynamics of global economic structures to open up new avenues for investment.

The Freight Summit Global Conference will take place from Monday, 23 September to Thursday, 26 September in Dubai. The conference is slated to bring together over 400 international freight forwarders to network and boost partnerships globally.

Gulfood Green takes place 24-26 September at the Dubai World Trade Centre. The event connects startups and investors in the FoodTech and AgriTech sectors, exploring new methods of food production, trade, and consumption. You can register here.

The Global Aerospace Summit will kick off on Wednesday, 25 September and run until Thursday, 26 September in Abu Dhabi. The summit will gather key players in the global aerospace supply chain industry along with high level industry and government officials to discuss industry services, legal structure and resource sharing.

The Dubai World Trade Centre will host the Water, Energy and Environment Technology Exhibition 2024 from 1-3 October, organized by Dubai Electricity and Water Authority. The event will focus on advancements in cybersecurity, digital transformation, and sustainability, showcasing the latest technologies and solutions to enhance digital and environmental security.

The Dubai World Trade Centre is set to host the Water, Energy, Technology andEnvironment Exhibition (WETEX) from October 1-3 2024. The annual event showcases the latest in technology and trends across energy, water, and environmental conservation.

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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