Marhaba folks! 🌟

Hope you're having a great day! In today's edition, we're covering:

• 🏙️💼🌍 UAE Recognized as Major Defense Partner by the U.S. 🇺🇸🤝🇦🇪🚀

• ✈️ UAE Airlines Cancel Flights to Beirut Amid Rising Israel-Hezbollah Tensions 🛑

• 🏦 General Atlantic to Open Abu Dhabi Office as Global Asset Managers Flock to ADGM 🌍

Let's dive in! 👇

🌍 UAE Recognized as Major Defense Partner by the US 🇺🇸🤝🇦🇪

📰 What is it about?

• U.S. President Joe Biden officially designated the UAE as a "major defense partner" after a meeting with UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan.

• This designation deepens military collaboration between the U.S. and UAE, marking the Gulf nation as only the second country to receive such a status, after India in 2021.

• The White House stated that this move would bolster security cooperation in the Middle East, East Africa, and the Indian Ocean regions.

💡 Why it matters?

• The recognition comes amid rising tensions in the Middle East, particularly in Gaza and Lebanon, as well as friction over the war in Sudan.

• The UAE has been at the forefront of efforts in the UN Security Council to condemn Israeli actions in Gaza, often diverging from the U.S. position, but this partnership highlights Washington's recognition of the UAE’s role in regional stability.

• This will enable joint military exercises, training, and greater cooperation with both India and the U.S., enhancing the UAE's strategic role in the region.

🔜 What’s next?

• Discussions will continue to find a path for de-escalation in ongoing Middle East conflicts, especially in Gaza and Lebanon.

• The U.S. and UAE are committed to working together on post-war recovery and humanitarian efforts in Gaza, while reaffirming their support for a two-state solution for Israel and Palestine.

• The designation also reflects broader U.S. efforts to secure alliances and stabilize the region amidst ongoing tensions.

📈 Markets

✈️ UAE Airlines Cancel Flights to Beirut Amid Rising Tensions 🛑

📰 What is it about?

• Emirates, Flydubai, and Etihad Airways have suspended flights to Beirut amid escalating tensions between Israel and Hezbollah.

• Flights affected include several services on September 24 and 25, with further updates expected.

• Airlines are rebooking passengers and notifying customers, while advising travelers to check their bookings online or contact customer service.

💡 Why it matters?

• The cancellations come amid increasing cross-border violence between Israel and Hezbollah, which has resulted in significant casualties in Lebanon.

• Travel disruptions will affect both business and leisure passengers, causing a ripple effect across UAE-Lebanon travel.

• This development underscores the growing security concerns in the region, impacting aviation safety and travel confidence.

🔜 What’s next?

• Airlines are closely monitoring the situation and are in regular contact with relevant authorities.

• Flights are expected to resume after September 26, depending on the security situation.

• Travelers are advised to stay updated via airline websites and customer service lines for further updates.

Quote of the day
"The most difficult thing is the decision to act, the rest is merely tenacity." – Amelia Earhart

🏦 General Atlantic to Open Abu Dhabi Office as Global Asset Managers Flock to ADGM 🌍

📰 What is it about?

• General Atlantic, a private equity firm managing $83 billion, plans to open an office in Abu Dhabi by the end of 2024.

• The firm has received preliminary approval to operate out of the Abu Dhabi Global Market (ADGM) and is awaiting final confirmation.

• Karim Boueiz, currently based in London, is expected to relocate as the first team member in Abu Dhabi.

💡 Why it matters?

• ADGM continues to attract global investment firms, becoming a hub for asset managers seeking partnerships with sovereign wealth funds like Mubadala and ADIA, which together manage over $1 trillion.

• As traditional funding for buyouts becomes scarcer, firms like General Atlantic are shifting focus to local investmentsin the Middle East.

• The move highlights the strategic importance of the UAE for global private equity firms looking to expand their regional footprint.

🔜 What’s next?

• Final approval for the Abu Dhabi office is expected by the end of 2024.

• General Atlantic’s expansion into Abu Dhabi signals the growing trend of global firms establishing a physical presence in the Gulf, not just for fundraising but for local investments.

• The firm’s first investment in the Middle East dates back to 2015, and more regional ventures are likely to follow.

In other news…

1. ADNOC Distribution to reward investors with $350 million interim dividend for H1 2024.

2. ByBit launches first-ever Shariah Compliant Crypto trading account for Muslim Traders.

3. Israel’s tech sector faces funding uncertainty.

4. SMEs in Dubai can now boost online presence and global sales with ‘DET x Amazon Accelerator’ program.

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