Good morning, friends — it’s almost Friday. Today we have August’s PMI data for you, with non-oil private sector activity gaining steam after a drop in July.

PLUS: Lots of debt and M&A news, continuing the big theme of the week. We have the rundown on all of this and more, below and in the news well.

WATCH THIS SPACE-

#1- AIQ has South America expansion on the table: AIQ, an AI solutions provider for energy companies, is eyeing South America, Malaysia, Azerbaijan, and Kazakhstan, the company’s CEO Chris Cooper told CNBC Arabia in an interview. He added that the company’s new shareholder Presight mull taking it public.

Is an IPO in the cards? There’s a chance that majority owner Presight AI could look to offer a stake in AIQ in a future offering, Cooper said, stopping short of offering details.

Bragging rights: Cooper noted national oil giant Adnoc realized USD 500 mn in cost savings last year using AI.

Background: ADX-listed data analytics firm Presight AI completed its acquisition of a 51% stake in AIQ, a then joint venture between Adnoc and G42, in a USD 350 mn transaction earlier in June. The transaction saw Adnoc reduce its share to 49% from 60%, while G42 offloaded its entire stake.

#2- Home prices in Dubai and other tight housing markets are expected to rise this year and the next. The argument: That declining mortgage rates could modestly boost demand by making homes more affordable to some, according to a Reuters survey of analysts. Rental prices could also increase due to tight supply resulting from the lack of affordable housing, the survey showed.

BACKGROUND- The US Federal Reserve is widely expected to cut interest rates later when it meets later this month, and Canada’s central bank cut rates yesterday for the third meeting in row. The ECB is expected to cut rates again this month, and the Bank of England cut rates last month for the first time since 2020.

#3- Sharjah Ruler Sheikh Sultan bin Muhammad Al Qasimi approved the design and location of a new Sports City in the emirate, state news agency Wam reported. The city will feature four sports complexes for team and individual sports and will be connected to four main roads, including Al Madam, Al Badayer, Mahafiz and Al Bataeh.

#4- World’s second-tallest tower to reach 725 meters in Dubai: Azizi Developments says that its upcoming skyscraper on Sheikh Zayed Road in Dubai will be the second-tallest building in the world at 725 meters high, the developer told Al Bayan. Currently under construction, the tower will trail only the 828-m Burj Khalifa.

REMEMBER- Azizi Developments broke ground on the USD 1.5 bn tower in January. Slated to be completed in four years, the project includes a vertical mall, luxury residences, a seven-star hotel, and restaurants.

HAPPENING TODAY-

Among the many things you can do today:

THE BIG STORY ABROAD-

With no one story dominating headlines in the business press this morning, we bring you a smattering of news at the intersection of business and US politics, alongside a heads-up on OPEC’s latest output hike deliberations.

White House may axe Nippon Steel’s acquisition of US Steel, with Joe Biden reportedly close to blocking the Japanese company’s USD 14.9 bn bid in light of “national security concerns” — a concern that many Washington insiders and experts in the field have privately ridiculed. Election year politics are truly glorious.

The timing of the news is far from coincidental, with the move — which Trump and Harris also say they support — understood to be a pivot to unionized workers in the swing state of Pennsylvania concerned about the takeover ahead of the November election.

For Trump, it’s not only his poll numbers that are slipping: Shares in the Republican nominee’s Trump Media & Technology Group took a tumble yesterday, wiping all the company’s gains since January. Under a lock-up agreement, Trump is unable to sell his shares until the end of this month and has had to sit tight as his majority stake in the company lose more than half its value since March.

ON WALL STREET– Nvidia’s terrible Tuesday may not have been as bad as we told, as the AI chip goliath rejected a Bloomberg report saying that it had been subpoenaed in an antitrust probe being carried out by the US Department of Justice.

IN THE OIL MARKETS- OPEC+ is considering delaying a planned 180k bpd output hike in October after prices fell to their lowest level in a year.

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CIRCLE YOUR CALENDAR-

The PPP MENA Forum will take place on 10-11 September at the Jumeirah Emirates Towers in Dubai. Sponsored by the Abu Dhabi Investment Office, the two-day event will bring together senior policymakers, investors, and business executives from the UAE, Saudi Arabia, Kuwait, and Oman to discuss the latest financial and regulatory developments in PPP frameworks and explore means to advance PPP initiatives in the region.

The inaugural Dubai AI & Web3 Festival will be held on 11-12 September at Madinat Jumeirah. The Dubai International Financial Centre event will host over 100 exhibitors and will welcome some 5k tech industry experts and entrepreneurs to explore and discuss investment, collaboration and innovation in the tech sector.

DMCC + Bybit kick off Web3 hackathon: The Dubai Multi Commodities Center (DMCC) and global crypto exchange Bybit have launched their second joint hackathon, offering a USD 100k purse for most innovative Web3 businesses, according to a statement. The event takes place on 20 November at DMCC’s Uptown Tower and will focus on AI, gaming, and information security. Want to participate? Pitch your idea here.

Abu Dhabi Finance Week will be held from 9-12 December 2024. The event, hosted by the Abu Dhabi Global Market, will include 50 events and sub-events that will explore the emirate’s financial, human, cultural, environmental and technological facets.

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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