diff --git a/sycl/cmake/modules/FetchUnifiedRuntime.cmake b/sycl/cmake/modules/FetchUnifiedRuntime.cmake
index 75d0d84317f90..6930625254dc9 100644
--- a/sycl/cmake/modules/FetchUnifiedRuntime.cmake
+++ b/sycl/cmake/modules/FetchUnifiedRuntime.cmake
@@ -117,13 +117,13 @@ if(SYCL_UR_USE_FETCH_CONTENT)
   endfunction()
 
   set(UNIFIED_RUNTIME_REPO "https://github.com/oneapi-src/unified-runtime.git")
-  # commit 7aba70bc5c6bf82a6e5f7cdd3623eb8f46fcff40
-  # Merge: 1f13d2ce cf5994a1
+  # commit 7e9d9d47326d8ff9b9959c47a74a0b948e42c612
+  # Merge: d9608131 cf3d6a1f
   # Author: Piotr Balcer <piotr.balcer@intel.com>
-  # Date:   Thu Oct 3 10:47:01 2024 +0200
-  #     Merge pull request #2101 from lslusarczyk/fix-interleaved-urtraces
-  #     Fix mixed output of adapter and regular traces
-  set(UNIFIED_RUNTIME_TAG 7aba70bc5c6bf82a6e5f7cdd3623eb8f46fcff40)
+  # Date:   Fri Oct 4 11:10:26 2024 +0200
+  #     Merge pull request #2016 from igchor/usm_rebased
+  #     [L0 v2] implement USM allocation functions using UMF
+  set(UNIFIED_RUNTIME_TAG 7e9d9d47326d8ff9b9959c47a74a0b948e42c612)
 
   set(UMF_BUILD_EXAMPLES OFF CACHE INTERNAL "EXAMPLES")
   # Due to the use of dependentloadflag and no installer for UMF and hwloc we need