Good morning, friends. We have a brisk issue for you this morning, with the big story of the day being Adnoc’s latest agreement to supply LNG overseas — this time to Japan, marking a first in decades.

We also have more data on Dubai’s real estate prices in 2Q 2024, and the figures show signs of prices moderating. Plus: BHM Capital is planning to acquire Al Waqan Capital through a share swap.

WEATHER- Cloudy with a chance of rain: Expect partly cloudy conditions across the country, with a chance of more blowing winds and rain in the east and south, according to the National Center of Meteorology (pdf). Dubai will see the mercury hit 42°C, with an overnight low of 31°C, while temperatures will hit 41°C in Abu Dhabi, with an overnight low of 32°C.

PUBLIC SERVICE ANNOUNCEMENTS-

Newlywed citizens in Abu Dhabi can receive up to AED 75k annually in rental assistance for two years, as part of the benefits provided by Abu Dhabi’s Department of Community Development under the Medeem Initiative, according to a statement. Renewable for up to four years, the assistance is earmarked for Emiratis with monthly incomes below AED 50k who have applied for permanent housing benefits from the Abu Dhabi Housing Authority and do not own property. Applications will be processed in September.

The authority also introduced two housing initiatives: A partial loan deduction program offering between AED 30-40k off housing loans for families with four to six children and a monthly income of AED 21k-50k monthly; and a loan repayment extension program which allows three-year extensions for loan repayment for the fourth, fifth, and sixth child of families with incomes over AED 50k.

Background: The annual rental assistance and loan repayment deductions were approved by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan last month under the Emirati Family Growth Program. The scheme also includes extending maternity leave for women employees in the private sector to 90 days from 60.

WATCH THIS SPACE-

#1- The Abu Dhabi Food Hub and Global Auto Hub are scheduled to be operational by the end of 2025 — nearly two years after Kezad Group broke ground on the AED 330 mn projects in October 2023 — Kezad CEO Mohamed Al Khadar Al Ahmed told Al Etihad.

About the projects: The Abu Dhabi Food Hub aims to boost food security and food waste reduction in the region by facilitating food trade, processing, and distribution. Meanwhile, the Global Auto Hub, set to be the largest in the region, will feature dedicated areas for showrooms, storage, spare parts, workshops, test tracks, and auction houses, in addition to logistics services, government support, and commercial support services.

#2- Pakistan obtained assurances from the UAE, Saudi Arabia, and China to roll over USD 12 bn in debt for a year, Pakistan’s Finance Minister Muhammad Aurangzeb confirmed to Bloomberg after a parliamentary committee meeting. The loan repayment extensions come as the country awaits final approval for a new USD 7 bn loan program with the International Monetary Fund.

REMEMBER- Pakistan recently held talks with the UAE, Saudi Arabia, and China to secure financial support for three years. The country was planning to ask the UAE to roll over a USD 1 bn loan ahead of the loan’s maturity date. The government has already agreed to roll over two USD 1 bn deposits in January 2023 and January of this year, after originally having granted Pakistan the loan in 2019 under a USD 3 bn financial assistance package deposited with the State Bank of Pakistan.

#3- Adnoc-backed LNG Texas project to see delays: A US court overturned the Federal Energy Regulatory Commission’s (FERC) decision to authorize NextDecade’s Rio Grande LNG project, in which Adnoc holds an 11.7% stake, citing the company’s failure to submit an environmental impact statement, the company said yesterday. The US LNG producer said it was “disappointed” with the decision and that it disagrees with the court’s conclusions, adding that it will now assess its options.

The delay could impact the company’s final investment decision on its planned Train 4, which was scheduled for 2H 2024, the statement said. The USD 18 bn first phase of the project is expected to be completed by early 2029, Reuters reports.

REMEMBER- The Abu Dhabi National Energy Company (Adnoc) acquired an 11.7% stake in the first phase of the project in May, and inked a 20-year offtake agreement under which it will receive 1.9 mn tons of LNG annually from the project’s planned Train 4 on a free-on-board basis — contingent on the company’s final investment decision.

THE BIG STORY ABROAD-

Global markets are catching their breath after stocks staged somewhat of a comeback yesterday, recovering some of the losses from the past three days as investors eased recession concerns and Japanese equities bounced back during trading.

The rundown: The Dow gained 0.76%, while the S&P 500 rose 04%, and the Nasdaq Composite closed up 1.03%. Major tech stocks like Nvidia and Meta Platforms saw rebounds after being among some of the worst performers on Monday. Japanese stocks also boosted sentiment, with the Nikkei 225 experiencing its best day since October 2008, jumping 10.2% after a sharp decline the previous day. (CNBC | Financial Times | Wall Street Journal | Reuters)

AND- US Vice President and presidential nominee Kamala Harris tapped Minnesota Governor Tim Walz — who is known for being more broadly appealing in the voter base, despite not being the most well-known contender — as her running mate for the presidential campaign. (Bloomberg | AP | CNBC | Reuters | The New York Times | Wall Street Journal | Washington Post)

IN OUR NECK OF THE WOODS- Hamas tapped Yahya Sinwar as the new head of its political bureau, succeeding Ismail Haniyeh who was assassinated last week in Tehran. This makes Sinwar the main focal point for any diplomatic efforts aimed at halting the war in Gaza. (Reuters | Guardian | BBC | ABC News | Times of Israel)

OLYMPICS-

Here are the highlights from day 11 of the Paris Olympics:

Another day where history was made: Cuban wrestler Mijaín López, 41, wrote Olympic history, becoming the first athlete to ever win gold in the same event in five Olympic Games, following his victory in the Greco-Roman wrestling 130kg category, which he has dominated since the Beijing 2008 Olympics. Following his win, López left his shoes on the mat, signaling his retirement from the sport.

Canada dominates hammer throw events: Canadian Camryn Rogers won the women’s hammer throw gold yesterday, while Poland’s Anita Włodarczyk, who won gold in the last three Olympics, finished fourth. Rogers’ win comes only days after Canada’s Ethan Katzberg secured the gold in the men’s event.

Bahrain secures its first gold at Paris 2024 (and third ever): Bahrain’s 24-year-old Winfred Yavi clinched the women’s 3km steeplechase title at Paris 2024 with a spectacular final kick, setting a new Olympic record. She defeated defending champion Peruth Chemutai of Uganda, adding the Olympic gold to her world crown.

Algeria’s 25-year-old Imane Khelif advanced to the women’s welterweight boxing final with a unanimous victory over Thailand’s Janjaem Suwannapheng. Algeria currently has one gold at Paris 2024 after Kaylia Nemour became the first African athlete to earn an Olympic gymnastics medal.

Tunisia has so far secured 1 silver medal, and Egypt 1 bronze.

Day 11 gold medalists:

  • Women’s 3k m steeplechase: Winfred Yavi (Bahrain)
  • Women’s 200 m race: Gabrielle Thomas (USA)
  • Men’s 1.5k m: Cole Hocker (USA)
  • Men’s long jump: Miltiadis Tentoglou (Greece)
  • Women’s hammer throw: Camryn Rogers (Canada)

TEAM UAE- UAE athletes have all gone home without medals, after UAE rider Omar Al Marzooqi — the last to compete — finished 19th in the showjumping finals, exiting the competition after finishing at a time of 83.38 seconds with eight faults.

The medal standings now at the Paris Olympics:

  • USA (24 gold, 86 overall)
  • China (22 gold, 59 overall)
  • Australia (14 gold, 35 overall)
  • France (13 gold, 48 overall)
  • UK (12 gold, 46 overall)

Want to see when your favorite sport is on? Check out the official schedule here.

MEANWHILE- Are you planning to be in Egypt on 24 September? 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.

Why attend? We’re in the early days of a generational realignment of power in our industry — in our region and beyond — and on the cusp of the biggest intergenerational transfer of wealth the world has ever seen. With that as the backdrop, we’re going to take stock of where we stand six months after the float of the EGP and ask what’s next for finance in Egypt and the wider region. Among the questions we’ll be asking:

  • What roles will Egypt, Saudi and the UAE play in the regional industry going forward?
  • What are foreign investors looking for right now?
  • Is real estate the only asset class in Egypt?
  • What does the next generation of leaders think as they take over established family businesses?

Do you want to request an invitation? Tap or click the image below.

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CIRCLE YOUR CALENDAR-

The World ESG Summit is scheduled to take place on 20-21 August at Dusit Thani in Dubai. 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.

The Sharjah Entrepreneurship Centre (Sheraa) is accepting applications for the Access Sharjah Challenge until 5 September, 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.

Luxury travel fair Loop Beyond Borders is set to be held in Abu Dhabi from 15 to 19 September at the Saadiyat Rotana Resort, and from 18-19 September at Anantara Qasr Al Sarab. The five-day event marks the first Loop fair in the Middle East, and will enable local hospitality brands to present their offerings to ultra-luxury buyers and travel firms from Central and Eastern Europe, according to a statement.

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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