{"id":94491,"date":"2024-08-05T00:00:00","date_gmt":"2024-08-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnoc-and-bp-eye-cyprus-natural-gas-sector-dubais-real-estate-transactions-surpass-100k-in-1h-2024\/"},"modified":"2024-08-05T00:00:00","modified_gmt":"2024-08-05T00:00:00","slug":"adnoc-and-bp-eye-cyprus-natural-gas-sector-dubais-real-estate-transactions-surpass-100k-in-1h-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/05\/adnoc-and-bp-eye-cyprus-natural-gas-sector-dubais-real-estate-transactions-surpass-100k-in-1h-2024\/","title":{"rendered":"Adnoc and BP eye Cyprus\u2019 natural gas sector + Dubai\u2019s real estate transactions surpass 100k in 1H 2024"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Good morning, lovely people. <\/strong><span style=\"background-color: transparent;\">It\u2019s the first full workweek of August, which means the dog days of summer are officially upon us. For everyone stuck in the city, expect intensely humid days and heat much worse than the c.40\u00b0C we see in weather reports.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORY here at home<\/strong> is news that AI fund MGX is joining a consortium bidding for a Australian data center operator AirTrunk in a transaction that could potentially cost some USD 20 bn. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Are you planning to be in Egypt on 24 September? <\/strong>You may be interested in attending our 2024 Enterprise Finance Forum. Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why attend? We\u2019re in the early days of a generational realignment of power in our <\/strong><strong>industry<\/strong> \u2014 in our region and beyond \u2014 and on the cusp of <strong>the biggest intergenerational transfer of wealth the world has ever seen<\/strong>. With that as the backdrop, we\u2019re going to take stock of where we stand six months after the float of the EGP and ask what\u2019s next for finance in Egypt and the wider region. Among the questions we\u2019ll be asking:<\/p>\n<ul>\n<li>What roles will Egypt, Saudi and the UAE play in the regional industry going forward? <\/li>\n<li>What are foreign investors looking for right now? <\/li>\n<li>Is real estate the only asset class in Egypt?<\/li>\n<li>What does the next generation of leaders think as they take over established family businesses? <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Do you want to request an invitation? <\/strong>Tap or click the image below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"http:\/\/finance2024.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/272.jpg?ssl=1\"><\/a> <\/p>\n<p class=\"tag-border-left\"> HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>S&amp;P Global will be publishing its purchasing managers\u2019 index (PMI) for the UAE<\/strong><strong> shortly after we hit \u201cdispatch\u201d<\/strong> on today\u2019s issue. You\u2019ll find the full rundown on the report in tomorrow\u2019s issue. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FROM THE OLYMPICS- Keep an eye out for the UAE National Show Jumping Team, <\/strong>which will compete in an individual event featuring over 75 riders, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b4i6tpd-uae-riders-compete-individual-paris-olympics\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The competition \u2014 which is based on the number of faults and recorded times \u2014 will see the top 30 riders advance to the final stage.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s a cloudy day in Dubai with a chance of a shower later this evening, <\/strong>with the mercury hitting 42\u00b0C in the day before cooling to an overnight low of 36\u00b0C. Over in <strong>Abu Dhabi<\/strong>, expect some clouds as the mercury hits 35\u00b0C today, with an overnight low of 34\u00b0C. <\/p>\n<p class=\"tag-border-left\"> PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1-<\/strong> <strong>Abu Dhabi residents can get car inspections without charge at 12 of Adnoc <\/strong><strong>Distribution's <\/strong><strong>service and vehicle inspection centers <\/strong>during the summer, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b4gzxy5-abu-dhabi-police-adnoc-distribution-launch-free\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Launched in partnership with the General Command of Abu Dhabi Police, the initiative covers checks on engine oil, brake fluid, coolant, and air filters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Dubai Metro update:<\/strong> Separate trains on the Metro\u2019s Red Line will run directly to Expo 2020 and the UAE Exchange Stations, eliminating the need for passengers heading to either station to change trains at Jebel Ali, the Roads and Transport Authority said in an <a target=\"_blank\" href=\"https:\/\/x.com\/rta_dubai\/status\/1819392717601816611\" style=\"\" rel=\"noopener\">X post<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>Scammers have<\/strong><strong> been using International Holding Company\u2019s (IHC) name, logo, and <\/strong><strong>employee details in a phishing campaign to promote fake tenders online,<\/strong> the company warned in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/245.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. IHC cautioned that it never requests customer information or payments through email and mail.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4-<\/strong> <strong>Resident <\/strong><strong>legal entities <\/strong><strong>with licenses issued in June \u2014 regardless of the year of <\/strong><strong>issuance \u2014 should submit their corporate tax registration applications by 31 August,<\/strong> <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/141thbs-fta-urges-resident-juridical-persons-with-licences\" style=\"\" rel=\"noopener\">Wam<\/a> reports citing the Federal Tax Authority as saying. Registrations can be made via the EmaraTax digital tax services <a target=\"_blank\" href=\"https:\/\/eservices.tax.gov.ae\/#\/Logon\" style=\"\" rel=\"noopener\">platform<\/a>, or through accredited tax agents and government service centers across the UAE. Corporates with multiple licenses should use the license with the earliest issuance date for registration. <\/p>\n<p class=\"tag-border-left\"> WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a><strong> #1- Adnoc and BP eye Cyprus\u2019 natural gas sector: <\/strong>Representatives from the Abu Dhabi National Oil Company (<a target=\"_blank\" href=\"https:\/\/www.adnoc.ae\/\" style=\"\" rel=\"noopener\">Adnoc<\/a>) and UK energy giant BP met with Cypriot Energy Ministry officials to explore investments in Cyprus' emerging natural gas sector, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/bp-adnoc-meet-cyprus-officials-explore-east-med-gas-investments-2024-08-02\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing an undisclosed source familiar with consultations. The meeting focused on potential cooperation in Cyprus' exclusive economic zone, where Cyprus has commercial rights.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Adnoc and BP like teaming up for natural gas finds: <\/strong>Earlier in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/9fd335ef-2113-4b8c-9749-0ac62362768a\" style=\"\" rel=\"noopener\">February<\/a>, the companies agreed to form a joint venture to develop natural gas assets in Egypt. The two also agreed to jointly acquire 50% of Israel\u2019s NewMed Energy for nearly USD 2 bn back in <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/adnoc-bp-bids-interest-israels-newmed-energy-2023-03-28\/\" style=\"\" rel=\"noopener\">March 2023<\/a>, but later <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/6dfacfc8-c431-4a7e-938b-a330c9d30130\/adnoc,%253cmark%253e-bp%253c%2Fmark%253e-put-newmed-stake-acquisition-on-hold-%2B-uk-takes-another-step-towards-blocking-redbird-imi%25e2%2580%2599s-telegraph-takeover-bid\" style=\"\" rel=\"noopener\">paused negotiations<\/a> amid \u201cuncertainty created in the external environment.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plus: Adnoc \u2764\ufe0fnatural gas<\/strong><strong>. <\/strong>The oil giant has been expanding its natural gas and liquefied natural gas operations through acquisitions and partnerships abroad, including potentially <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/41b10c67-5723-4ce6-a19e-f9ef2e6c2a81\/this-morning:-abu-dhabi-to-roll-out-tech-ventures-this-year-%2B-adnoc-could-invest-in-another-us-lng-project--report\" style=\"\" rel=\"noopener\">investing<\/a> in Australian oil and gas producer Woodside Energy\u2019s recently acquired US liquefied natural gas (LNG) project. It is also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a34b15eb-7613-494e-84e6-8348973333f2\/another-adnoc-acquisition%3F-%2B-sharjah-sets-final-yield-on-usd-1-bn-sukuk-auction\" style=\"\" rel=\"noopener\">reportedly<\/a> <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a34b15eb-7613-494e-84e6-8348973333f2\/another-adnoc-acquisition%3F-%2B-sharjah-sets-final-yield-on-usd-1-bn-sukuk-auction\" style=\"\" rel=\"noopener\"><\/a><\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a34b15eb-7613-494e-84e6-8348973333f2\/another-adnoc-acquisition%3F-%2B-sharjah-sets-final-yield-on-usd-1-bn-sukuk-auction\" style=\"\" rel=\"noopener\">studying<\/a> bids for Australian oil and gas firm Santos, and has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/338dd02a-506c-4dc0-b525-18a065a6f7fa\/adnoc-acquires-10%2525-of-mozambique-lng-project\" style=\"\" rel=\"noopener\">acquired<\/a> a 10% stake in a concession Mozambique's Rovuma basin, and an 11.7% stake in the first phase of sustainable liquefied natural gas (LNG) producer NextDecade's USD 18 bn Rio Grande LNG export facility in Texas. It\u2019s also doubling its LNG capacity at home with its new <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c316bbef-20db-4ce6-aa08-64f3fd6f45fd\/adnoc-sells-40%2525-of-ruwais-lng-project-%2B-secures-supply-agreements\" style=\"\" rel=\"noopener\">Ruwais LNG project<\/a>, in which it sold a 40% stake to BP, UK oil and gas giant Shell, French TotalEnergies, Japan\u2019s Mitsui. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>#2- Abu Dhabi-backed chipmaker could be eyeing October date for IPO:<\/strong> Abu Dhabi-backed Cerebras Systems, an AI-focused chipmaking startup, plans to IPO in the US as early as October, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-01\/ai-chipmaker-cerebras-is-said-to-plan-ipo-as-soon-as-october\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported, citing people it says are in the know. Cerebras filed for the IPO with the US Securities and Exchange Commission <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/28bfb3be-c609-4673-899f-32a9a106c9c9\/sanad-to-provide-mro-services-on-airbus-engines\" style=\"\" rel=\"noopener\">last week<\/a>, and is reportedly seeking a valuation of above its current USD 4 bn valuation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> The company has tapped Barclays to join advisers on offering, the sources said. Cerebras reportedly appointed Citigroup as the lead bank in April.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> In <a target=\"_blank\" href=\"https:\/\/www.cerebras.net\/press-release\/cerebras-systems-raises-250m-in-funding-for-over-4b-valuation-to-advance-the-future-of-artificial-intelligence-compute\/\" style=\"\" rel=\"noopener\">2021<\/a>, the Silicon Valley startup secured USD 250 mn in a series F funding round that saw the participation of Abu Dhabi Growth Fund and G42, valuing Cerebras at USD 4 bn.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>#3- <\/strong><strong>Top execs at UK\u2019s Aster Capital Management move to <\/strong><strong>new Dubai office<\/strong><strong>:<\/strong> Nabil Ouajjane, founder of London-based <a target=\"_blank\" href=\"https:\/\/www.aster-capital.co.uk\/\" style=\"\" rel=\"noopener\">Aster Capital Management<\/a>, is moving to Dubai to expand the operations of the investment management firm there, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-02\/schonfeld-backed-hedge-fund-founder-moving-to-new-hub-in-dubai\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing people it says are in the know. Ouajjane, along with four colleagues, will move to the Dubai office this year, while retaining the London office. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More on Aster<\/strong>: Aster Capital has been managing investments exclusively for US Schonfeld Strategic Advisors since 2019 after receiving backing from the US company.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- EFG Hermes ONE upgrade to launch in the UAE soon:<\/strong> Our friends at EFG Hermes have launched a rebranded version of online trading platform EFG Hermes ONE, with a new brand identity and user interface coming to the UAE soon, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/251.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The new visual identity \u201cembodies the forward-thinking and dynamic essence of EFG Holding,\u201d said EFG Holding Group Chief Marketing and Communications Officer May El Gammal.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s new:<\/strong> The upgraded app introduces several new features, including multiple payment options and Egypt\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d7cba0e-dca9-4076-8cf2-65acb605251c\/%253cmark%253eefg-hermes-one%253c%2Fmark%253e-to-launch-a-digital-onboarding-process.-plus:-gregy-tenders-go-live,-qatari-developer-eyes-sixth-of-october-project\" style=\"\" rel=\"noopener\">first licensed digital onboarding process<\/a>. The app \u2014 currently available in a number of markets including Egypt and Kuwait \u2014 provides users access to 35 global markets and offers them various trading options, portfolio management tools, and technical analysis capabilities. EFG Hermes has also added customer support features such as calls, emails, and chatbots.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- A step closer for Amea Power\u2019s Mozambique solar plant: <\/strong>Dubai-based renewables firm Amea Power is holding a two-day public consultation for its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f5d06bc8-c9c5-4090-b5e9-b14fc8a9a50c\/\" style=\"\" rel=\"noopener\">125 MW Matambo solar plant<\/a> in Mozambique from Thursday, <a target=\"_blank\" href=\"https:\/\/360mozambique.com\/development\/renewables\/uae-pushes-ahead-with-125-megawatt-solar-plant-in-tete\/\" style=\"\" rel=\"noopener\">Mozambique 360<\/a> reported, citing Portuguese news agency <a target=\"_blank\" href=\"https:\/\/www.lusa.pt\/article\/2024-08-01\/43271545\/investidores-dos-emirados-%C3%A1rabes-unidos-avan%C3%A7am-com-parque-solar-em-mo%C3%A7ambique\" style=\"\" rel=\"noopener\">Luca<\/a>. The USD 150 mn project will be established in Tete province in partnership with Mozambique\u2019s <a target=\"_blank\" href=\"https:\/\/www.bni.co.mz\/\" style=\"\" rel=\"noopener\">Banco Nacional de Investimento<\/a>, and will be directly connected to the <a target=\"_blank\" href=\"https:\/\/www.edm.co.mz\/\" style=\"\" rel=\"noopener\">Electricidade de Mo\u00e7ambique<\/a> substation. The project \u2014 signed on the sidelines of COP28 in the UAE last year \u2014 will be able to power 150k homes, offsetting around 233k tons of CO2 annually. <\/p>\n<p class=\"tag-border-left\"> DATA POINTS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a><strong> #1- Dubai\u2019s real estate sector recorded over 100.5k transactions worth AED 346 bn in 1H <\/strong><strong>2024<\/strong>, marking a 23% y-o-y increase, according to data from the Dubai Land Department, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/141rc6a-uaes-real-estate-sector-upward-trajectory-2024\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The emirate led the UAE\u2019s real estate growth with over 12 new projects from developers including Emaar, Deyaar, and Dubai Investments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some 6.6k new residential units in 1H 2024 were completed during the period,<\/strong> bringing the total number of residential units in the emirate to 736k, with around 20k slated to be delivered in the second half of the year.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Ajman Chamber of Commerce memberships hit 19.3k and certificates of origin <\/strong><strong>reached 22.7k in 1H 2024<\/strong>, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/141thc4-800-industrial-establishments-ajman-during-first\" style=\"\" rel=\"noopener\">Wam<\/a> reported. Membership grew 4% y-o-y driven by an increase in industrial memberships to 800, up from 770 in 1H 2023. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>T<\/strong><strong>he Freezones Authority of Ajman\u2019s net income increased 18% y-o-y in 1H 2024 on the back of a 70% increase in the amount of companies operating in the emirate<\/strong>, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/141tha9-ajman-free-zones-see-18-growth-net-profit-2024\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The occupancy rate over the past six months hit 96%.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Abu Dhabi saw a 102% year-on-year growth in residential rental contracts in 1H 2024, <\/strong>registering 49.1k contracts, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b4gzy3u-abu-dhabi-sees-102-growth-documented-residential\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Contracts in Abu Dhabi city accounted for the lion\u2019s share, with 43.9k contracts, marking a 104.9% y-o-y rise, while Al Ain City saw a 77% increase, totaling 4.8k contracts, and Al Dhafra's contracts rose to 331.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Digital customs transactions at Abu Dhabi's border points grew 27% y-o-y in 1H 2024, <\/strong>according to an Abu Dhabi Media Office <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/economy\/abu-dhabi-customs-records-27-growth-in-digital-transactions-in-the-first-half-of-2024\/\" style=\"\" rel=\"noopener\">statement<\/a>, citing Abu Dhabi Customs. Proactive and automated transactions increased 28% y-o-y during the period, making up a \u201csignificant portion\u201d of total customs transactions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Customs declarations grew 2% y-o-y during the first six months of the year, <\/strong>with pre-arrival customs clearance transactions comprising 71% of the total, up 46% y-o-y.<\/p>\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s somewhat of a mixed bag in the international business press this morning<\/strong>, with front-page coverage split between one of two stories \u2014 an equity selloff on the back of US recession fears, and global concerns of escalation between Iran and Israel following Hamas leader Ismail Haniyeh\u2019s assassination in Tehran. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Recession fears in the US after \u201calarming\u201d US economy data \u2014 including a jump in <\/strong><strong>unemployment rates to 4.3% \u2014 have thrown equity markets into a tailspin<\/strong>, with the S&amp;P 500 and Nasdaq Composite both tumbling from their record highs. Markets are now pricing in a \u201cnear 70% chance\u201d that the US Federal Reserve will move to cut interest rates come September, with some suggesting that it could move to cut rates by 50 bps next month. Analysts say the Fed will need to bring down rates \u201csharply, and quickly, to support growth.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The sell-off isn\u2019t remaining contained in the US, with Asia-Pacific markets approaching <\/strong><strong>bear market territory<\/strong> after entering a third day of a sell-off triggered by a surging JPY, coupled with Middle East tensions and the Bank of Japan raising interest rates last week. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-05\/japan-s-stock-rout-enters-third-day-with-nikkei-in-bear-market?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/08\/05\/asia-markets.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/global-markets-wrapup-1-2024-08-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ef7198e5-44b4-47a0-86f5-a7bf9a34d76b\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The market stability also isn\u2019t being helped by rising tensions in our backyard<\/strong>, with leaders bracing for retaliatory attacks against Israel from Iran and Hezbollah \u201cas early as Monday\u201d following Israeli assassinations of senior leaders of both Hamas and Hezbollah last week. Hezbollah and Israel \u201cexchanged limited fire\u201d yesterday, with the Lebanon-based group saying it fired rockets into northern Israel, but it appears to be far from a full-fledged retaliatory attack. US and Arab leaders have called on Iran to \u201cshow restraint\u201d and are pushing for a de-escalation. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-04\/israel-braces-for-attack-from-iran-as-us-urges-gaza-cease-fire?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/iran-rebuffs-calls-for-restraint-in-its-response-to-killing-of-hamas-leader-309314e7\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2024\/08\/04\/world\/israel-hamas-hezbollah-iran-gaza\" style=\"\" rel=\"noopener\">New York Times<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Kamala Harris shot down Donald Trump\u2019s pitch for a 4 September debate <\/strong><strong>on Fox News<\/strong>, with Harris\u2019 campaign claiming Trump is trying to avoid the originally scheduled debate on ABC. The ABC debate was penciled in with President Joe Biden before his withdrawal from the presidential race. Trump argued the debate on Fox would follow similar rules to his prior debate with Biden, featuring a full arena audience in Pennsylvania, and claimed Biden\u2019s withdrawal effectively \u201cterminated\u201d the ABC debate \u2014 a point ABC has not confirmed. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/donald-trump-agrees-with-fox-news-debate-kamala-harris-sept-4-2024-08-03\/\" style=\"\" rel=\"noopener\">Reuters<\/a>) <\/p>\n<p class=\"tag-border-left\">OLYMPICS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was another busy day in Paris \u2014 <\/strong>here is everything you need to know about day 9 of the 2024 Olympics. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meet the world\u2019s fastest man: <\/strong>Noah Lyles did not disappoint the Americans who had high hopes for him to restore the United States' glory in short-distance track and field events. Lyles managed to nab the gold medal in the 100-meter dash, which was dramatically decided by a <a target=\"_blank\" href=\"https:\/\/x.com\/NBCOlympics\/status\/1820192437198868780\" style=\"\" rel=\"noopener\">photo finish<\/a> after both Lyles and Jamaican Kishane Thompson clocked a time of 9.79 seconds. The US also secured the bronze medal in the race through sprinter Fred Kerley.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A first for Africa: <\/strong>Algeria\u2019s 17-year-old gymnast Kaylia Nemour won gold in the women's individual event on the uneven bars \u2014 becoming the first Arab and African gymnast to secure an Olympic gold. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Djokovic secures his long-awaited Olympic gold: <\/strong>Serbian tennis legend Novak Djokovic completed the missing piece in his career by securing the gold medal in the men's singles after defeating Spain's golden boy Carlos Alcaraz in a marathon match with two sets, both ending 7-6.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China ended America\u2019s 40-year monopoly of the men's swimming 4x100 medley relay <\/strong>with a perfect finish by the world record holder in the 100-meter freestyle, Pan Zhanle. Until yesterday, the US had never lost this race in the Olympics since it was introduced 64 years ago in the Rome Games, snagging the gold in every run of the games except in 1980, when it boycotted the Moscow Games. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, South Korea sweeps archery gold. <\/strong>The Koreans have secured all five available gold medals in archery after claiming the men's individual gold yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The medal standings now at the Paris Olympics:<\/strong><\/p>\n<ul>\n<li>United States (19 gold, 71 overall)<\/li>\n<li>China (19 gold, 45 overall)<\/li>\n<li>France (12 gold, 44 overall)<\/li>\n<li>Australia (12 gold, 31 overall)<\/li>\n<li>South Korea (10 gold, 24 overall)<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to see when your favorite sport is on?<\/strong> <a target=\"_blank\" href=\"https:\/\/olympics.com\/en\/paris-2024\/schedule\/29-july\" style=\"\" rel=\"noopener\">Check out the official schedule here<\/a>.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/worldesgsummit.com\/\" style=\"\" rel=\"noopener\">World ESG Summit<\/a><\/strong><strong> is scheduled to take place on 20-21 August at Dusit Thani in <\/strong><strong>Dubai.<\/strong> The two-day business conference will gather public and private sector players from key sectors like energy, utilities finance, and manufacturing to explore ESG integration across all industries. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>T<\/strong><strong>he Sharjah Entrepreneurship Centre (Sheraa) is accepting applications for the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.startups.sheraa.ae\/\" style=\"\" rel=\"noopener\">Access<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.startups.sheraa.ae\/\" style=\"\" rel=\"noopener\">Sharjah Challenge<\/a><\/strong><strong> until 5 September, <\/strong>offering two grants worth AED 250k to two startups in the sectors of agritech and livestock health. Shortlisted startups will receive mentorship to help them expand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/euroarabmed.com\/\" style=\"\" rel=\"noopener\">European-Arab Medical Congress<\/a><\/strong><strong> will take place in Abu Dhabi on 11-13 December<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/events-and-conferences\/abu-dhabi-to-host-the-34th-european-arab-medical-congress-for-the-first-time-ef80jj0v\" style=\"\" rel=\"noopener\">press release<\/a> <strong>. <\/strong>Hosted by the <a target=\"_blank\" href=\"https:\/\/www.emiratesscholar.com\/event\/eamc\/\" style=\"\" rel=\"noopener\">Emirates Scholar Center for Research and Studies<\/a>, the event will host 50 speakers and feature 20 workshops covering various medical specializations. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: PMI is out today<\/p>\n","protected":false},"author":1,"featured_media":94492,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1543],"tags":[57,87,143,7,1393,98,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-adnoc","tag-dubai","tag-energy","tag-enterpriseam-uae","tag-finance","tag-real-estate","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"940fafa7-3675-458e-aba8-6bddd791e4bc","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/1\/1511.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS 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