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Abu Dhabi National Oil Company faces significant challenges in its $17.2 billion bid for German chemicals company Covestro after the European Union’s competition watchdog launched a full investigation into the acquisition. The deal, struck last October, was poised to be ADNOC’s largest ever, as well as one of the most substantial foreign takeovers of a European Union-based company by a Gulf state. However, European regulators are concerned that the acquisition may distort the EU internal market due to potential subsidies granted by the United Arab Emirates to ADNOC, which could provide the state-owned oil giant with an unfair advantage.

The European Commission’s investigation, which was triggered earlier this week, specifically focuses on the possibility of foreign subsidies that could influence the competitive landscape within the EU. The Commission, which is tasked with safeguarding market competition within the EU, has expressed concerns that ADNOC’s acquisition of Covestro could be significantly affected by the financial support ADNOC is receiving from the UAE.

Among the subsidies under scrutiny are an unlimited guarantee provided by the UAE government and a capital injection into Covestro. The latter involves ADNOC committing substantial funding into the German company, which would significantly increase its capital base and, potentially, its market power. The Commission’s investigation could ultimately delay or alter the terms of the deal depending on its findings.

ADNOC, which has been aggressively expanding its portfolio and seeking new global opportunities, sees Covestro as an attractive addition to its investments, particularly as the German company holds a strong position in the global chemicals market. The chemicals sector is seen as a crucial area for growth, especially in industries like plastics and polyurethane, which have applications across numerous sectors, including automotive, construction, and electronics. By acquiring Covestro, ADNOC would be able to diversify its business beyond oil and gas, thus making it a more integrated player in the global economy.

The issue of foreign subsidies in cross-border mergers and acquisitions has gained increasing attention in recent years, particularly with the growing influence of state-backed companies from non-EU countries. In 2020, the European Commission introduced new tools to assess foreign subsidies in mergers and acquisitions, with the aim of protecting the EU’s internal market from potential distortions. The ADNOC-Covestro deal is the latest in a series of transactions under this scrutiny.

The Commission’s probe is particularly significant as it reflects broader concerns within the EU over the impact of state-backed companies from non-EU nations acquiring strategic European assets. Such concerns have been heightened by geopolitical tensions and the growing influence of countries like China, Russia, and the UAE, all of which have state-owned or state-supported companies engaging in high-profile international mergers and acquisitions.

While ADNOC has yet to comment on the investigation, the company’s bid to acquire Covestro highlights its ambitions to expand beyond the energy sector. ADNOC’s foray into chemicals and materials is seen as part of its strategy to hedge against the global shift towards renewable energy and decarbonisation. The company is looking to solidify its place in the post-oil world by investing in value-added industries, thereby ensuring a diversified revenue stream.

On the other hand, the European Commission’s actions reflect its determination to maintain a level playing field in the market, ensuring that EU companies are not at a disadvantage when competing with state-backed enterprises from outside the bloc. The EU’s foreign subsidies regulation, which came into force in 2020, provides the Commission with the authority to intervene in such cases, even when the potential subsidies do not directly involve EU-based companies.

As the investigation unfolds, it remains unclear whether the Commission will clear the deal or impose conditions on it. If the deal goes ahead, it could set a significant precedent for future cross-border mergers involving foreign state-backed companies. Conversely, if the deal is blocked or altered significantly, it may send a strong message about the EU’s stance on foreign subsidies and the influence of non-EU governments on its internal market.

Ethereum’s price may reach as high as $13,000 by the end of 2024, according to a prominent cryptocurrency analyst on social media platform X. The expert, widely followed in crypto circles, has outlined two potential scenarios for ETH’s price trajectory, citing a range between $8,000 and $13,000. This forecast has sparked significant interest, particularly as market dynamics shift and institutional involvement continues to rise.

The analyst’s prediction is rooted in the growing institutional interest in Ethereum and its increasing use cases in decentralized finance, gaming, and non-fungible tokens. Ethereum’s network upgrade, Ethereum 2.0, is expected to play a key role in stabilizing the cryptocurrency’s value, with faster transaction speeds and more efficient energy consumption. Additionally, the increasing institutional capital in the crypto ecosystem is expected to contribute to upward price momentum, especially for Ethereum, which is widely considered to have a more versatile infrastructure compared to other cryptocurrencies.

One key development that could push Ethereum’s price upwards is its ongoing integration into traditional finance. Large-scale investments and Ethereum-backed projects have begun gaining traction, particularly in sectors like real estate and finance, which are increasingly experimenting with blockchain technologies. Moreover, some analysts suggest that Ethereum’s role in the expanding NFT market, alongside its functionality in DeFi applications, might drive the token’s adoption further.

Meanwhile, the latest news about SharpLink Gaming highlights another potential bullish catalyst for Ethereum. SharpLink, a company focused on sports gaming and technology, has reportedly added approximately $295 million worth of Ether to its corporate treasury. This acquisition signals a significant move by a traditional company embracing the blockchain revolution. The firm’s decision to hold such a large sum of Ether reflects the growing confidence in the long-term viability of Ethereum, particularly as its use cases expand.

The addition of $295 million worth of Ether to SharpLink Gaming’s treasury is noteworthy for several reasons. For one, it represents a shift from traditional finance to a more decentralized digital asset base. Companies like SharpLink, operating within the gaming and tech sectors, are recognizing the potential for blockchain technologies to enhance security, transparency, and efficiency in their operations. Ethereum’s smart contract capabilities are especially attractive to businesses seeking decentralized solutions for contract execution and asset management.

SharpLink’s investment comes at a time when Ethereum is experiencing heightened market attention. The gaming industry, a major force in cryptocurrency adoption, is one of the key areas where Ethereum has carved out a significant niche. Ethereum’s blockchain supports various gaming protocols and platforms, allowing for the creation and trade of in-game assets, which has positioned it as a leader in the play-to-earn sector.

SharpLink’s commitment to Ethereum also aligns with the broader trend of corporate adoption of cryptocurrency. As more companies diversify their investment portfolios to include digital assets, Ethereum stands out as a long-term option for blockchain infrastructure. Its network upgrade to Ethereum 2.0 is expected to make the network more scalable, making it an attractive option for enterprises looking to leverage blockchain technology.

The analyst’s prediction of Ethereum hitting $8,000 to $13,000 also comes at a time when other factors are shaping market dynamics. As inflationary pressures persist, alternative assets like cryptocurrencies are being increasingly considered as a hedge against traditional market volatility. In particular, Ethereum’s deflationary mechanisms introduced by Ethereum 2.0, such as EIP-1559, which burns a portion of transaction fees, further contribute to its appeal as a store of value.

However, not all market participants are convinced that Ethereum will reach these ambitious price targets in the near future. Critics point to potential regulatory hurdles and competition from other blockchain networks, including Binance Smart Chain and Solana, which have gained traction for offering faster and cheaper transactions than Ethereum. Additionally, Ethereum’s scalability remains a key concern for some users, despite the anticipated improvements with Ethereum 2.0.

Malaysia’s central bank has revised its economic growth forecast for 2025, citing increased volatility stemming from ongoing global trade tensions, notably those related to US tariffs. The Bank Negara Malaysia reduced its expected GDP growth to a range of 4% to 5%, down from an earlier projection of 5% to 5.5%. The adjustment comes as a response to the shifting dynamics of global trade, which have been exacerbated by the imposition of tariffs by the United States under the administration of President Donald Trump.

While Malaysia has been largely insulated from direct tariff measures, the broader implications of the US-China trade war and related tariffs have left a significant mark on its export-driven economy. Malaysia’s position as a key player in global supply chains has made it vulnerable to shifts in the global trade environment. The US tariffs, particularly on Chinese goods, have reverberated through Southeast Asia’s manufacturing sector, affecting Malaysia’s export performance and business sentiment.

BNM’s decision to cut the forecast reflects the broader concerns surrounding economic stability in the region. The central bank noted that the uncertainty surrounding US trade policy, particularly regarding its tariffs on various Chinese products, is likely to persist throughout 2025. Furthermore, the report highlighted the continued risks posed by rising protectionism and trade barriers globally, which have disrupted supply chains and added to market volatility.

In addition to the impact of tariffs, Malaysia’s central bank has also pointed to domestic factors influencing growth. These include higher inflationary pressures, mainly due to increased global commodity prices, which have had a knock-on effect on consumer spending. Malaysia’s key exports, such as palm oil, rubber, and electronic components, have all seen price fluctuations driven by external factors such as US tariffs and China’s economic slowdown.

The reduction in growth expectations comes at a time when Malaysia is also grappling with challenges in maintaining fiscal discipline. The government has pledged to reduce its budget deficit but has struggled to meet its revenue targets, further complicating the nation’s economic outlook. Malaysia’s reliance on exports, especially to major economies like the United States and China, has made it particularly sensitive to trade tensions. These developments have placed additional strain on the country’s fiscal policy, forcing the government to reconsider its growth strategies.

The central bank’s move is likely to have significant implications for Malaysia’s monetary policy. With inflation on the rise and external risks mounting, BNM may opt to adopt a more cautious stance in terms of interest rate adjustments. While the central bank has refrained from any immediate changes, economists expect that it will closely monitor both domestic and international developments, particularly as trade tensions show no sign of easing.

The challenges facing Malaysia’s economy are also compounded by global economic slowdowns, which have affected demand for Malaysian goods and services. As countries like the United States and China grapple with their own internal economic issues, Malaysia’s export markets have softened, leading to a reduced demand for its products. In particular, Malaysia’s electronics and semiconductor industries, which account for a significant portion of its exports, have faced headwinds as the US-China trade war has diverted global supply chains elsewhere.

Despite these challenges, the government remains optimistic about Malaysia’s long-term prospects. The country has made significant strides in diversifying its economy over the past few years, with a growing emphasis on technology, innovation, and sustainable development. Malaysia’s efforts to strengthen its digital infrastructure and promote industries such as e-commerce and renewable energy are seen as key to sustaining growth, even amid global trade disruptions.

Aldar Properties has shattered records in Abu Dhabi’s luxury real estate market by selling an eight-bedroom mansion in the exclusive Faya Al Saadiyat development on Saadiyat Island for Dhs400 million. This sale marks the highest price ever achieved for a residential property in the emirate, further cementing the strong demand for ultra-luxury homes in the UAE capital.

The sprawling property, which covers an area of 6,561 square metres, is situated within the prestigious Saadiyat Beach Golf Club. It offers residents breathtaking panoramic views of the Arabian Gulf, as well as lush greenery that adds to the exclusivity of the location. Its prime beachfront position places the mansion in one of the most sought-after areas for high-net-worth individuals, both locally and internationally.

This transaction follows Aldar’s previous success in the luxury segment, including the sale of a penthouse at the Nobu Residences on Saadiyat Island earlier this year for Dhs137 million. Both sales highlight the increasing appeal of the UAE’s high-end real estate market, particularly among overseas buyers.

Analysts attribute the sustained demand for such properties to a combination of factors, including the UAE’s strong economic performance, favourable government policies, and its status as a global business hub. The country has long been a magnet for wealthy investors, drawn by its tax advantages, world-class infrastructure, and lifestyle offerings.

In addition to these elements, Saadiyat Island itself remains a key driver of Abu Dhabi’s luxury property sector. Known for its cultural landmarks, including the Louvre Abu Dhabi, and its proximity to the city centre, the island has become a prime location for affluent buyers looking for the perfect blend of privacy, comfort, and access to world-class amenities.

The sale of the mansion is also seen as a sign of the growing interest in high-end properties located within exclusive developments that offer an all-encompassing lifestyle. Such properties are increasingly seen as more than just homes but as status symbols, offering unparalleled levels of comfort, privacy, and security.

Market observers also note that there is a broader shift occurring in Abu Dhabi’s property market. While the city has traditionally catered to mid-range and luxury buyers, there is now a distinct increase in the number of ultra-luxury homes being developed, particularly in areas like Saadiyat Island, Al Maryah Island, and Yas Island. This reflects the growing wealth in the region and the changing demands of buyers who are seeking residences that offer an exceptional standard of living.

Beyond luxury, the rise of sustainability and eco-consciousness is also influencing buyer preferences. As a result, developers like Aldar are increasingly incorporating eco-friendly features in their designs, from energy-efficient systems to sustainable building materials. These elements are becoming key selling points for buyers who place value not just on luxury, but also on environmental responsibility.

Despite global uncertainties, the UAE’s property market has managed to remain resilient, driven by continued foreign investment and a steady inflow of expatriates. Property experts predict that the momentum in Abu Dhabi’s high-end market will continue, with further developments expected to emerge in the coming years, particularly in sectors like hospitality and mixed-use real estate.

Aldar’s recent success in the luxury segment is not just a reflection of the company’s ability to capitalise on this growing trend, but also a testament to its reputation as a leader in high-end residential developments. The developer’s ability to push boundaries and redefine luxury living in the UAE capital positions it at the forefront of an increasingly competitive market.

OPEC+ is expected to maintain its current strategy on oil production levels when the Joint Ministerial Monitoring Committee convenes on Monday, despite shifting market conditions. Key delegates from the oil-producing coalition indicated that there will be no immediate changes to the group’s decision to increase output in August, which will see a rise of 548,000 barrels per day.

The JMMC, comprising high-ranking officials from the Organization of the Petroleum Exporting Countries and its allies, including Russia, is scheduled to meet at 1200 GMT. The outcome of this meeting has drawn considerable attention as global oil markets adjust to fluctuating demand patterns and supply conditions.

Several OPEC+ delegates, speaking anonymously, stated that the group is unlikely to alter its course, with the decision to gradually increase production still firmly in place. “There is a consensus that the demand recovery during the summer months is adequate to absorb the additional supply,” one source said. “The market dynamics currently seem to support this increase, and we are committed to regaining lost market share.”

Since the production cuts agreed upon in 2020 to counter the downturn caused by the COVID-19 pandemic, OPEC+ has been slowly increasing its oil output in a phased approach. However, with global economies on a recovery path, the group is under increasing pressure to balance its output against rising demand, particularly in regions such as Asia and North America.

While the rise in demand, particularly during the summer driving season, is helping to absorb the additional barrels, concerns have been voiced over the potential for global oil prices to soften. The overall impact of geopolitical tensions, the economic slowdown in key markets, and the risk of higher interest rates remain points of consideration for the group. However, OPEC+ delegates have indicated that their immediate focus will be on ensuring market stability while continuing to rebuild their market share lost during the pandemic.

Experts also pointed out that a significant shift in the global oil market would need to occur before the JMMC meeting in order to warrant a change in strategy. For now, the consensus is that OPEC+ will stick with the current path to bolster its market position. The decision to implement production increases has thus far been perceived as cautious and calibrated, aimed at preventing market volatility while capitalising on seasonal demand.

The continued commitment to raise output reflects OPEC+’s broader goal of restoring pre-pandemic production levels, despite the headwinds faced in navigating complex global markets. With increasing production from non-OPEC countries, including the United States and Brazil, OPEC+ is mindful of its position and market share but seeks to avoid dramatic shifts in strategy that could destabilise oil prices.

The JMMC’s decision will carry significant weight in shaping the oil market’s near-term trajectory. While global oil inventories remain relatively tight, with a demand spike in the Northern Hemisphere, OPEC+ is closely monitoring the response of major economies to any potential macroeconomic uncertainties. The meeting will also likely set the tone for discussions in future OPEC+ summits, where longer-term strategies will be evaluated in light of emerging trends, particularly energy transitions.

Dubai Land Department has formalised a groundbreaking partnership with Masdar City, paving the way for companies operating within Abu Dhabi’s prominent free zones to acquire land plots and properties under the freehold ownership system in Dubai. This strategic memorandum of understanding aims to provide these companies with a more expansive and regulated pathway to invest in the Dubai real estate market, in line with the emirate’s broader vision to bolster its economic landscape.

The MoU was signed by Majid Al Marri, CEO of the Real Estate Registration Sector at DLD, and Ahmed Baghoum, CEO of Masdar City, during an official event in Dubai. The agreement marks a significant step in enhancing Dubai’s real estate market, which is actively adapting to new investor demands and aims to remain a competitive player on the global stage.

This collaboration is part of a wider effort to increase the attractiveness of the Dubai property market, with a focus on aligning with the Dubai Real Estate Strategy 2033. As part of this strategy, the city aims to enhance its status as a global hub for investment, business, and residential opportunities. By granting companies in Masdar City the ability to own land and property in Dubai, the DLD is encouraging greater foreign investment and further integration of the free zone’s economic sectors with the emirate’s broader financial ecosystem.

The development comes as part of Dubai’s commitment to expanding its investment opportunities across various sectors. This MoU reflects the UAE’s ambition to tap into innovative and sustainable business models, especially in green and technology-driven industries. Masdar City, which has long been recognised as a leader in sustainable urban development, is expected to play a pivotal role in further shaping the region’s real estate future. The partnership also signals a convergence of real estate and green innovation, capitalising on both sectors’ growth trajectories.

Masdar City, known for its focus on sustainability, is home to a growing number of businesses and startups involved in renewable energy, environmental solutions, and green technologies. By facilitating real estate ownership for these companies in Dubai, the DLD is fostering an environment that encourages companies operating in these industries to expand and deepen their investments in the UAE’s economic framework.

For Masdar City, the agreement opens up new opportunities for its tenants, creating a more expansive environment in which businesses can thrive, with the potential for significant capital appreciation as Dubai’s real estate market remains one of the most stable and profitable in the region. This move is also expected to elevate the city’s global competitiveness by promoting a broader base of businesses, both within Masdar and the UAE at large.

The impact of the collaboration extends beyond just Masdar City, as it could set a precedent for similar partnerships with other free zones across the UAE. By allowing companies established in these zones to acquire freehold properties in Dubai, the deal may become a template for expanding the emirate’s real estate portfolio to a wider range of international businesses. This would further diversify Dubai’s economy, making it more resilient to external market fluctuations and better positioned for future growth.

The MoU is also aligned with the Dubai Land Department’s efforts to provide a comprehensive regulatory framework that ensures transparency and ease of investment. By streamlining the process for companies seeking to buy real estate in Dubai, the agreement simplifies procedures that may have previously been perceived as barriers to entry, thereby improving the investment climate in the city.

As global markets continue to shift and adapt to new economic realities, Dubai remains at the forefront of innovation in property ownership models. With its unique approach to offering a blend of residential, commercial, and industrial opportunities, the city continues to cater to a wide range of investors, both local and international.

The collaboration between Dubai Land Department and Masdar City reinforces the UAE’s strategy of creating an attractive and dynamic environment for business, while also ensuring sustainable growth. With the expanding role of free zones in driving the nation’s economy, this move is expected to provide tangible benefits for both Masdar City tenants and the wider Dubai real estate market, positioning the emirate as a leader in global real estate investment.

Global oil consumption has shifted, with demand now peaking in the third quarter instead of the traditional fourth, signalling a structural change reshaping markets during the summer months. Analysts point to stronger consumption from Asia—particularly China and India—alongside diminished heating fuel use in advanced economies as key drivers behind this trend, which carries significant implications for trading patterns, strategic reserves and pricing dynamics.

Industry data show that consumption of heating oil and kerosene in wealthy nations has declined steadily. In the US, fewer households rely on refined petroleum for heating—dropping from 17 % in 1990 to just 9 % today—while Europe has seen even steeper falls. Conversely, jet fuel use during Northern Hemisphere summers has grown, especially as holiday travel resumes. This has pushed demand peaks into July–September, reversing a long-standing seasonal rhythm.

Fuel consumption patterns in emerging economies present a stark contrast. Many countries, including those closer to the equator, rely on oil year-round for industrial power, electricity generation, and water desalination. Saudi Arabia, for instance, burned over 800,000 barrels per day of crude in just one summer to power air conditioning—a volume comparable to Belgium’s entire daily petroleum demand.

Climate change compounds the shift. Milder winters reduce heating demand, while hotter summers elevate energy needs for cooling and travel. In 2025 so far, global oil consumption in the third quarter is projected to exceed fourth-quarter levels by approximately 500,000 barrels per day—the fifth recorded year this has happened since 1991.

This transformation carries consequences for market tightness and pricing. Although OPEC+ and rising non‑OPEC output have attempted to balance supply, physical markets appear increasingly tight during summer months. In mid-July, Brent crude hovered in the mid‑US$60s, reflecting supply constraints despite softening from spring lows. Speculative traders, noting robust seasonal demand, have also increased their net long positions in Brent and gasoil contracts.

Asia’s role has been pivotal. China ramped refinery runs to over 80 % of capacity in June—the highest levels in five years—as stockpiling alongside consumption drove strong throughput. Meanwhile, Asia’s crude imports rose by around 510,000 bpd in the first half of 2025, underscoring the region’s impact. Despite cautious forecasts from the IEA and OPEC—projecting crude demand growth of 700,000 bpd and 1.29 million bpd respectively—actual refinery intake and imports suggest potential underestimation.

India’s fuel consumption trends provide further insights. June data from the Petroleum Planning and Analysis Cell show fuel demand was 20.31 million tonnes—down 4.7 % from May but up 1.9 % year-on-year—reflecting monsoon-related dips typical through August and September. Diesel usage, especially linked to industry and logistics, is a key part of India’s expanding consumption profile.

OPEC+ has responded to these dynamics. In August, the alliance approved production increases of roughly 548,000 bpd aiming to satisfy peak Q3 demand. Simultaneously, US shale output remains robust; American producers reported nearly 13.5 million bpd in April, although well completion rates have slowed, reflecting the dependency on prices.

Nevertheless, the market outlook grows more uncertain as it heads into fourth quarter. The EIA forecasts OECD inventories will build to 62 days’ worth of supply in the second half of 2025—rising further to 66 days by end-2026—signalling a potential surplus as summer demand wanes. EIA projections for 2026 also expect US production to decline, with WTI prices retreating toward US$53 per barrel.

Pricing reflects this shift. Oil markets have shown summer tightness in 2025, but expectations for a Q4 surplus weigh on medium-term prices. The IEA forecasts refinery throughput will drop from a projected August peak of 85.4 million bpd to about 81.7 million bpd by October, implying weaker demand later in the year.

The shift in seasonality thus becomes a critical market pivot. Traders, refiners and producers must recalibrate strategies around production schedules, storage cycles and investment decisions. Q3 now demands heightened vigilance—from physical balancing to hedging strategies—while Q4 may require reassessment of storage utilisation and pricing risk.