⚡ UAE’s $12B Clean Energy Surge!

Hala,

Bolton striker Victor Adeboyejo is out with a back injury... from a sneeze!(1) 🤧💥 His coach joked, “Even his sneezes are powerful!” Guess he’ll be sidelined with a sneezon-ending injury! 😂 #PowerfulSneeze

amana’s Take

• Gold is inching closer to the $2,600 mark, driven by growing market confidence in a 50-basis point rate cut from the Fed. With U.S. Treasury yields and the dollar on shaky ground, the non-yielding metal is enjoying a solid three-day rally.
• Political drama in the U.S. and persistent geopolitical tensions have only added fuel to gold’s fire. Investors are flocking to the safe-haven asset, looking for shelter in the face of global uncertainty—because when in doubt, buy gold .
• While gold’s appeal is strong, a positive vibe in equities and upcoming central bank decisions may keep some investors on the sidelines. All eyes are on the Fed, Bank of England, and Bank of Japan meetings for clues on the next market moves.

Stock Market Update

🚀🎉 US stocks closed with a bang on Friday as investors dove back into tech stocks ahead of the Fed’s policy meeting this week. The S&P 500 gained 0.54% to 5,626.02, the Nasdaq 100 added 0.47% to 19,514.58, and the Dow climbed 0.72% to 41,393.78.(2) Looks like Wall Street’s all prepped for this week’s Fed spectacle! 📈↗️

⬆️🆙 Meanwhile, UAE stocks caught a lift on Fed rate cut hopes—Abu Dhabi rose 0.5% to 9,350, while Dubai picked up 0.4% to 4,380.(3) 💃🥳

🏁🚀 UAE’s Clean Energy Sprint: Speeding Towards $12B Investments!

The UAE is hitting the gas on clean energy, racing ahead with over $12 billion invested in renewable energy.(1) In 2023, the country cranked up its renewable capacity by a whopping 70%, reaching 27.83% of the total energy mix. With the pedal to the metal, the UAE is aiming for 32% by 2030, all part of the UAE Energy Strategy. Minister of Energy Suhail Al Mazrouei shared the exciting progress ahead of the World Utilities Congress 2024. 🏎️💨

🔋🌿 Key Milestones on the Road to Green Energy:

• 70% growth in renewable energy capacity in 2023 ⚡
• UAE now has 6.1 GW installed renewable capacity 🌍
• Projects worth AED 45B ($12B) and counting 💸
• Target: 32% of total energy from renewables by 2030 📊
• 🔧🚗 Tuning Up for the Future

The UAE isn’t just cruising; it's in turbo mode. Major projects include the Mohammed bin Rashid Al Maktoum Solar Park’s 1.8 GW Phase VI and two massive 1.5 GW photovoltaic installations in Abu Dhabi. And that’s just the beginning. ADNOC is jumping on the carbon capture and storage train, while the UAE also holds the green flag for hydrogen production. Fasten your seatbelts—there’s a lot more green fuel in the tank! Go, UAE! 🌱🚗

Closer to Home 

• 🏦 Dubai-listed Mashreq Bank just offloaded 65% of NeoPay, its payment services brand, to Arcapita and Dgpays while staying in for the long-term growth ride.(5) Looks like Mashreq’s making some changes! 💸
• 📈 S&P Global Ratings upgraded Saudi’s outlook to positive, thanks to strong non-oil growth and Vision 2030 reforms. Oil’s still key, but diversification is the star of the show.(6) Talk about looking bright beyond the oil rigs! 🚀
• 💰 Saudi Arabia’s Fourth Milling Company set its IPO price range at SAR 5 to 5.3 per share, aiming to raise up to SAR 858.6M ($228.8M). Bookbuilding runs Sept. 15-19.(7) Another IPO is heating up in Saudi’s market mix! 🤑

What Else Is Trending

• 🗞️ Deutsche Bank bumped its year-end S&P 500 target to 5,750 from 5,500, riding high on solid buybacks, earnings, and inflows.(8) Looks like Deutsche's banking on the bulls running strong! 💪
• 🛢️ Meanwhile, oil prices took a hit on Friday as Gulf of Mexico production bounced back post-Hurricane Francine, and US rig counts climbed. Brent dipped 0.5% to $71.61, and WTI slid 0.5% to $68.65.(9) ⛽
• 🌟 Lastly, gold bulls are eyeing $3,000 as prices hit fresh highs, driven by central bank easing and a tight US election. Spot gold hit a record $2,572.81, on track for its best year since 2020.(10) ✨

💬Quote of the Day

"The UAE achieved a remarkable growth of 70 percent in installed renewable energy capacity." — Suhail Al Mazrouei

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Sources: (1) Sky News, (2) CNBC, (3) (6) (7) (9) (10) Reuters, (4) (5) (8) Zawya