M2S News Radar

Trade & Investment

Sharjah Bonds: The Government of Sharjah has issued a $750 million US dollar-denominated senior unsecured sustainable bond. The 12-year bond received substantial investor demand, with orders surpassing $4 billion, the Bank of Sharjah said.

ADNOC-LNG: Reuters sources report that Abu Dhabi National Oil Company (ADNOC) is in talks with the US LNG firm NextDecade for an offtake from a proposed fourth processing unit at its $18 billion Rio Grande LNG export facility.

Etihad IPO: According to Bloomberg sources, ADQ?has picked advisers including?Citigroup,?HSBC,?and?First Abu Dhabi Bank?for a potential initial public offering of?Etihad Airways, with Rothschild & Co acting as an independent financial adviser to ADQ.

Etihad Profits: Etihad Airways?reported a five fold increase in profit as the Abu Dhabi-based carrier expanded its network to tap growing demand for travel. The airline posted a $143 million profit for 2023, up from $25 million a year earlier.

Parkin IPO: The Dubai government’s latest IPO sold out as soon as books opened, according to terms of the deal obtained by Bloomberg. The price range for the city’s public parking business Parkin was set at 2 dirhams to 2.10 dirhams per share.

Foreign Banks Tax: Dubai issued a law mandating a 20% annual tax on foreign banks?operating in the emirate, with exceptions granted to those licensed within the Dubai International Financial Center (DIFC).

UAE-Switzerland: Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, headed a high-level UAE delegation to Switzerland aimed at strengthening economic collaboration and foster investment flows between the two nations.

WTO Ministerial: The high-level WTO conference held in Abu Dhabi ended with a temporary extension of an e-commerce moratorium but no deals on agriculture and fisheries, highlighting the sharp divisions between the body′s 164 members.

Environment & Energy

Voluntary Cuts: OPEC+ members led by Saudi Arabia and Russia agreed to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market. The?UAE will keep in place its 163,000 bpd output cut.

Water Scarcity: UAE President Sheikh Mohamed bin Zayed has launched an initiative together with the American XPrize Foundation that will invest $150 million for innovative solutions to tackle global water shortages, with $119 million in prizes up for grabs.

Climate Finance: The UAE?is convening a special meeting in June in a bid to scale up finance commitments at this year’s round of climate talks. The idea is to pave the way for a dramatic acceleration of climate finance for developing countries at COP29 in Baku.

Tech, Cyber & Space

Graduating Astronauts: The Mohammed Bin Rashid Space Centre announced that astronauts Nora Al Matrooshi and Mohammad Al Mulla, from the UAE Astronaut Program, graduated from the NASA Astronaut Candidate Class training program.

TII Quantum: The Technology Innovation Institute (TII), announced the opening of the Abu Dhabi Quantum Optical Ground Station which develops secure free-space optical communications and integrates the UAE into the global Quantum Key Distribution network.

Foreign Policy & Diplomacy

Palestinian Territory: The UAE has strongly condemned the Israeli?government’s approval to build 3,500 new settlement units, rejecting all measures aimed at changing the historical and legal status of the occupied Palestinian territory.

UAE-Germany: The UAE and Germany held the sixth round of political consultations, led by Reem Al Hashimy, Minister of State for International Cooperation. Mariam Al Muhairi, Chairman of the International Affairs Office at the Presidential Court, also participated.

New Ambassadors: UAE President Sheikh Mohamed bin Zayed received credentials from several foreign ambassadors to the UAE: from Brazil, Saudi Arabia, Sweden, Finland, Morocco, Burkina Faso, Guinea, Dominican Republic, Seychelles and Australia.

Kuwait Visit: Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, Emir of Kuwait, paid a state visit to the UAE and met with UAE President Sheikh Mohamed bin Zayed. They discussed the need to bolster regional security and stability, while promoting the framework of the GCC.

Uruguay Consultations: The UAE and Uruguay held their inaugural session of political consultations in Abu Dhabi. The meeting was chaired by Reem Al Hashimy, UAE Minister of State for International Cooperation.

UAE-Africa: UAE President Sheikh Mohamed bin Zayed met with the President of Sierra Leone, Julius Maada Bio, in Abu Dhabi. During the meeting, Sheikh Mohamed highlighted the UAE's strategic plan to strengthen ties with countries across the African continent.

Defense & Security

Indra-EDGE: Spain’s Indra and the UAE’s EDGE Group are to form an Abu Dhabi-based joint venture to develop and manufacture next-generation radar systems. It can access a pipeline of orders for almost 300 radar systems in non-NATO and non-EU countries.

Climate & Defense: The UAE Ministry of Defense and Masdar signed a partnership agreement to develop solar energy plants in Abu Dhabi. In December 2023, the UAE Ministry of Defense launched the Armed Forces Climate Change Strategy during COP28.

Judicial Cooperation: The UAE Ministry of Defense, represented by the Military Judiciary, signed an MoU with the Defense Forces of the Kingdom of Bahrain, with the objective of enhancing joint military judicial cooperation.

Miscellaneous

Emiratization: The UAE?has approved a Dh6.4 billion budget to further boost Emiratization?in the private sector. A new target has also been set for the country's Nafis program. An all-time high of 92,000 Emiratis now work in the private sector.

Appointments

• Sheikh Mohammed bin Rashid issued a decree?on new members of the Executive Council of Dubai (TEC).
• Sheikh Mohammed bin Rashid issued a decree on new members of the Strategic Affairs Council of TEC.?
• Mohamed Abdelbary as acting Group CEO of ADIB.
• Moataz Al Fahim took the legal oath as the new UAE ambassador to Myanmar.
• Dr Abdulla Mohammed Busenad as the Director-General of Dubai Customs.

Upcoming

• Expected start of Ramadan, 11 March

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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.