M2S News Radar
MacroScope Strategies (M2S)
Navigating the New World of Government Affairs
Trade & Investment
Luanda Port: Abu Dhabi Ports Group signed several agreements with Angolan entities to operate and upgrade the existing Luanda multipurpose port terminal. AD Ports Group has committed $251 million towards the development over the next three years (2024-2026).
Eurobonds: Abu Dhabi sold its first eurobonds since 2021, raising $5 billion in one of the biggest deals from emerging markets this year. The final yields were significantly tighter than the guidance from when the sale started, suggesting plenty of demand from investors.
UAE-Oman: The UAE and Oman have established investment partnerships worth $35.12 billion across multiple sectors including renewable energy, railway, green metals and technology. Oman's Sultan Haitham paid a state visit to the UAE this week.
Abu Dhabi-Chile: The UAE and Chile have successfully concluded negotiations on a Comprehensive Economic Partnership Agreement (CEPA). Also, the Abu Dhabi Chamber of Commerce and Industry signed an MoU with the Chilean Federation of Industry.
Development Road: Iraq, Turkey, Qatar and the UAE signed a preliminary agreement to cooperate on the $17 billion Development Road project, which Iraq launched last year to link a major commodities port on its southern coast by rail and road to the Turkish border.
Telegraph Withdrawal: Abu Dhabi-backed investment group RedBird IMI is preparing to formally withdraw its bid to take over the Telegraph. Britain said last month that it would refer the UAE-led takeover of the Telegraph for a lengthy review, de facto killing any deal.?
AML/CFT: Members of the European Parliament have drafted a resolution rejecting the European Commission's proposal to remove the UAE, Gibraltar and Panama from a list of high-risk third countries with regard to their AML/CFT regimes, despite de-listing by FATF.
Environment & Energy
LNG Ruwais: Shell and TotalEnergies are reportedly among several energy companies in talks to buy stakes in ADNOC’s next liquefied natural gas export project. The oil majors are looking for equity in the Ruwais facility as well as contracts to purchase LNG from it.
Nuclear Plant: Reuters sources suggest that the UAE will tender soon for the construction of a new nuclear power plant to double the country's nuclear reactors. The sources said the aim for the new plant is to be operational by 2032, to meet projected energy needs.
Green Airports: The UAE participated in the?International Civil Aviation Organization (ICAO) Seminar on Green Airports, held in Athens. It led a session on Sustainable Aviation Fuels (SAF), Lower Carbon Aviation Fuels (LCAF) and other Aviation Cleaner Energies.
Energy Diplomacy: Abdulla Balalaa, UAE Assistant Minister of Foreign Affairs for Energy and Sustainability Affairs paid an official visit to Norway. The visit aimed to bolster bilateral relations and explore prospects of cooperation in sustainable energy and climate action.
Dubai Reef: Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, together with billionaire Ray Dalio, opened a coral reef conservation project aimed at increasing sea life, improve the sustainability of fishermen’s livelihoods?and attract eco-tourism in the Emirate.
Tech, Cyber & Space
SPACE42: Shareholders of Bayanat and Yahsat approved the merger of the two Abu Dhabi-based entities, creating SPACE42. The plan is to consolidate Bayanat’s advanced Geospatial AI capabilities with Yahsat’s advanced Satellite communications capabilities.
First Vertiport: Abu Dhabi Investment Office (ADIO), in collaboration with the UAE’s General Civil Aviation Authority (GCAA) and Abu Dhabi Mobility (AD Mobility) unveiled the UAE’s first operational vertiport for vertical take-off and landing aircraft (eVTOLs).
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Thuraya 3: Yahsat reported an unexpected payload anomaly on its Thuraya 3 satellite and announced that services will “remain significantly diminished” for a prolonged period, as the anomaly caused an ongoing service outage of both voice and packet services.
G42-Qualcomm: G42 has announced a technology collaboration with US Group Qualcomm Technologies, Inc. to bring the high performance, low power Qualcomm? Cloud AI 100 solutions to market through Core42’s Condor AI platform.
Foreign Policy & Diplomacy
Austria-UAE: The first ministerial meeting of the UAE-Austria Comprehensive Strategic Partnership took place in Vienna. From the UAE side, Dr Sultan al Jaber chaired the meeting. During his trip he also met with many other high-level Austrian officials.
South Africa: South Africa’s Deputy President and its Justice Minister?visited the UAE. The trip was partly focused on telecommunications and digital economy, while Bloomberg mentioned an attempt to get Atul and Rajesh Gupta extradited.
EU-UAE: EU Ambassadors and Heads of Missions in the UAE went on a retreat in Fujairah to discuss intra-EU cooperation and ways to strengthen the EU-UAE relations. In Brussels the EU-GCC High Level Forum on Regional Security and Cooperation took place.
Energy Diplomacy: Bloomberg reported that a UAE company agreed to lend $12.9 billion to South Sudan in exchange for repayment in oil, one of the largest ever oil-for-cash deals. It quotes an unpublished report by a UN Security Council-appointed panel of investigators.
Oman State Visit: Sultan Haitham bin Tariq of Oman held a state visit to the UAE, meeting with UAE President Sheikh Mohammed bin Zayed, who wrote that ”the strategic and economic partnership between the UAE and Oman grows ever stronger.”
High-Level Visits: The UAE saw various incoming high-level visits, including by Amina Mohammed, Deputy Secretary-General of the UN, the Qatari Prime Minister and Foreign Minister, the Australian Minister of Defense and the Albanian Minister of Interior.
Defense & Security
GlobalEye: Saab has delivered a GlobalEye Airborne Early Warning and Control (AEW&C) aircraft to the UAE, the fourth delivery of the advanced AEW&C aircraft to the UAE in just four years. The UAE has ordered a total of five GlobalEye aircraft from Saab.
Miscellaneous
Storm Damage: The UAE has pledged $544.5 million to help citizens repair homes damaged by huge floods. The money has been earmarked for Emirati citizens only. The government also approved free temporary housing for those affected.
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M2S News Radar – UAE edition - is a curated weekly newsletter that provides a high-level overview of trade, investment, defense, environmental, and foreign policy developments in the UAE, as well as a weekly agenda of upcoming relevant events. All news items are carefully selected by our team of local experts from relevant and reputable original news sources to provide a concise summary of major news items for senior executives interested in the UAE. While we pay utmost attention to fact check all news items, M2S cannot be held liable for the accuracy of third-party reporting.
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