Good morning, friends. It’s a moderately busy news morning as we wind down the workweek and run headlong into the last weekend of the month. The big story of the day is Fitch Ratings affirming the UAE federal government’s long-term FCY issuer default rating at AA-, while the flavor of the day remains a string of M&A. Let’s get right to it.

PUBLIC SERVICE ANNOUNCEMENT-

Friday sermons and prayers will be limited to a maximum of 10 minutes from today through early October, at the instruction of the General Authority for Islamic Affairs, Wam reports. The decision is meant to protect worshippers from the summer heat, when temperatures here regularly exceed 40°C.

DATA POINTS-

#1- Emirati SMEs in Dubai landed AED 1.27 in contracts in 2023: Emirati small and medium enterprise (SME) suppliers associated with the Mohammed bin Rashid Establishment for SME Development (Dubai SME) were awarded AED 1.27 bn in contracts and purchases in 2023, according to the Dubai Media Office. Contracts were awarded by several government entities and semi-government organizations — supported by the government procurement policy mandating that Dubai government bodies allocate 10% of procurement to Emirati companies affiliated with Dubai SME — plus private businesses.

Emirati entrepreneurs have snagged some AED 10.9 bn in contracts from 2002 to 2023. Emirati entrepreneurs and national enterprises won AED 606 mn in contracts from the Dubai government in 2023, with federal government entities offering AED 94.5 mn in support. Semi-government entities contributed AED 332 mn, while the private sector handed out AED 238.5 mn in contracts during the period.

#2- Remittances to MENA countries are projected to recover by 4.3% to USD 58 bn in 2024, after falling 15% y-o-y to USD 55 bn in 2023 on the back of a “sharp” decline in flows to Egypt — the region’s largest recipient — and slower growth in GCC countries, the World Bank said in its latest Migration and Development Brief (pdf). A rebound in official remittance flows to Egypt following the unification of exchange rates in March are expected to drive the recovery this year, and edge up remittances to MENA by 5.5% to USD 61 bn in 2025.

The cost of sending USD 200 to MENA averaged 5.9% in 2023, down from 6.7% in the previous year, and reflecting a 73 bps point decline.

WATCH THIS SPACE-

#1- IHC unit is eyeing investments in Zambia’s copper sector: International Holding Company’s (IHC) mining investment arm, International Resources Holding (IRH) is in talks with Vedanta Resources to purchase Zambian copper assets through its acquisition of UK-based Konkola Copper Mines (KCM), Vedanta’s chief executive for base metals Chris Griffith told Reuters. IRH is currently conducting due diligence on the assets, which have attracted interest from other buyers, Griffith added without disclosing the names of the firms. The UK firm is looking to sell USD 1.2 bn-worth of its stakes in the copper mines.

#2- The UAE is expected to ramp up logistics and maritime trade activities in the Horn of Africa, Zawya reports, citing Sub-Saharan Africa Country Risk Analyst at BMI Sayen Gohil. This comes as part of the country’s plan to diversify its economy away from oil. The Horn is in a strategic location for Gulf markets as it is situated across from Yemen in the closest part of Africa to the Middle East. Expansion of logistics in that region “will have an impact on intra-MENA relations for years to come,” Gohil said, adding that recent Houthi attacks in the Red Sea have proven the Horn’s importance as a maritime route.

There’s a lot to gain: The UAE has invested the largest amount of funds into Africa compared to other GCC countries, which at USD 60 bn, is twice the amount invested by KSA, according to a BMI webinar on the UAE’s strategic economic expansion into Africa. The country is also the fourth largest investor in the continent globally after the EU, China, and the US, Zawya writes.

#3- The Changemakers Majlis taking place in Abu Dhabi in November ahead of COP29 will focus on AI integration in “the fight against climate change mitigation,” COP28 President Sultan Al Jaber wrote in a Project Syndicate editorial on Wednesday. This round of climate talks with energy and tech industry leaders will explore the role of AI in climate efforts and energy transition, aiming to “[resolve] the contradiction between AI’s thirst for electricity and its potential to reduce emissions,” Al Jaber wrote.

THE BIG STORY ABROAD-

It’s Trump vs. Biden as far as the eye can see, as the international press’ attention is fixed entirely on Donald Trump and Joe Biden’s presidential election debate — the first of two between the candidates. The debate wrapped just minutes before we hit “send” on this morning’s issue, so expect to see plenty of commentary streaming out over the rest of the day and into the weekend.

The debate in a nutshell: “Biden bombs and Trump pounces,” as Politico puts it. As would have been expected, the two candidates threw plenty of personal attacks at each other throughout the debate in Atlanta as they covered everything from hot-button issues like immigration and abortion — all the way to Trump’s golf habits.

Go down the rabbit hole: You can wade through recaps and highlights from CNN, the Financial Times, CNBC, the Wall Street Journal, Bloomberg, or Reuters.

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CIRCLE YOUR CALENDAR-

Expo City Dubai is set to host the Asia Pacific Cities Summit from 27-29 October 2025, it said in a statement. The event, which will be held at the Dubai Exhibition Centre, will bring together business leaders and professionals from the Middle East, Africa, South Asia, and the Asia Pacific region. Held biennially, the summit will focus on creating business opportunities and investing in sustainable growth and urban development plans.

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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