Good morning, friends. The news cycle remains relatively quiet compared to UAE standards, but we don’t expect that to last too long with September on its way.

THE BIG STORY here at home is Mubadala’s USD 680 mn acquisition of biopharma firm UCB’s neurology and allergy business in China — part of an ongoing expansion of investments in Asia.

HAPPENING TODAY-

Starting today, cold callers will need to be careful with how and when they make telemarketing calls, as recently introduced Telecommunications and Digital Government Regulatory Authority guidelines come into effect. Unlicensed cold calling activity and telemarketers who repeatedly call uninterested customers will face fines of up to AED 150k.

WEATHER- The mercury peaks at 40°C in Dubai, before cooling to an overnight low of 33°C. Over in Abu Dhabi, the hottest it will get will be 35°C, with an overnight low of 33°C.

PSA-

Dubai to launch four new metro link bus routes, tweak existing ones: Dubai’s Roads and Transport Authority (RTA) plans to launch four new metro link bus routes and modify some existing routes on 30 August, according to Dubai’s media office.

The new routes:

  • The new F39 route will run between Etisalat Bus Station and Oud Al Muteena Roundabout Bus Stop 1.
  • Route F40 will operate between Etisalat Bus Station and Mirdif, Street 78.
  • Route F58 will run between Al Khail Metro Station and Dubai Internet City.
  • Route F59 will operate between Dubai Internet City Metro Station and Dubai Knowledge Village.

HAPPENING THIS WEEK-

New fuel prices coming this week: Fuel prices for September are set to be announced by the UAE government this week. August saw a hike in fuel prices, after most of them dropped for two consecutive months.

UPDATE-

Dubai-based Telegram’s founder and CEO — and Emirati citizen — Pavel Durov’s arrest in France is due to allegations that the messaging app failed to combat the spread of multiple crimes including drug trafficking and child abuse, Reuters quotes French prosecutors as saying. Durov is currently being interrogated, after his detention was extended from 24 to up to 96 hours, Bloomberg reports.

The UAE said it is “closely following” Durov’s case and is working to provide him with consulary services, Wam reports.

Market reax: Toncoin, the token of Telegram’s blockchain platform The Open Network, slid more than 20% after Pavel Durov was taken into custody.

DATA POINTS-

#1- The government collected some AED 15.3 bn in corporate tax revenues from companies making more than AED 375k in annual income in 1H 2024, Al Khaleej reported, citing data it gathered. Listed companies saw their net income hit a total of AED 117 bn in 1H 2024 after the 9% tax. The tax regulation, which imposes a 9% tax rate on said companies, was first introduced in mid-2023.

#2- The digital value-added tax (VAT) refund platform processed 2.7 mn requests from tourists in 1H 2024, up from 2.55 mn in the same period last year, Wam reported, citing figures from the Federal Tax Authority. The digital VAT refund service for tourists has logged a total of 19.67 mn requests since its inception in 2022.

THE BIG STORY ABROAD-

The international business press can’t agree on a story with which to lead this morning’s front pages, giving us instead a rather mixed bag. Among the stories and headlines getting top billing:

#1- Russia launched a barrage of missiles at Ukraine, targeting the country’s energy and water infrastructure in what Kyiv said appears to be a tactic from Moscow to hit water and heating infrastructure ahead of the winter months. The missile attacks from Russia come after Ukraine’s invasion of Russia’s western Kursk region this month, which marked a significant victory for Ukraine 2.5 years into their war. (Reuters | Bloomberg | New York Times)

#2- Skydance looks set to acquire Paramount after American businessman Edgar Bronfman Jr. decided to drop a bid to buy the studio. Bronfman — who previously served as CEO of Warner Music Group — raised doubts on his ability to secure the financing necessary for a USD 6 bn bid for Paramount before the deadline to submit a final offer tomorrow. The Wall Street Journal and CNBC have the story, and the New York Times also has more on Bronfman and the dynamics at play in the bidding dance.

ALSO- Apple is hosting a press event on 9 September, at which the company is expected to unveil new iPhone and Apple Watch models. Analysts don’t expect the upcoming iPhone 16 will be significantly different from its predecessor, save for redesigned cameras. (CNBC)

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CIRCLE YOUR CALENDAR-

du’s annual tech event Envision will take place on 5 September at the Atlantis the Royal in Dubai, the Emirati telecom company said in a statement picked up by Zawya. The event will host policymakers and industry leaders to explore the use of 5G, cloud, AI, and data analytics across various sectors, including manufacturing, healthcare, education, real estate, banking, transport, and agriculture.

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.

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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