M2S News Radar
MacroScope Strategies (M2S)
Navigating the New World of Government Affairs
Trade & Investment
Cruise Tourism: AD Ports Group initialled a 15-year concession agreement with the Red Sea Port Authority, to operate and manage three cruise terminals at Safaga, Hurghada, and Sharm El Sheikh. The agreement comes despite of current instability in the Red Sea.
DP World-India: Dubai-based DP World has signed multiple MoUs worth $3 billion with the Indian state of Gujarat to develop new ports, terminals, and economic zones.?The signing occurred during the Vibrant Gujarat Global Summit 2024 in Gandhinagar.
Lebanon Investment: The UAE-based Al Habtoor Group has issued a formal notice against Lebanon for breaching its bilateral investment treaty with the UAE. The Lebanese Central Bank has imposed restrictions on the company’s funds amounting to $44 million.
Industrial Partnership: Morocco became the fifth country to join the Industrial Partnership for Sustainable Economic Development, which was launched in Abu Dhabi in May 2022 and aims at strengthening regional industrial integration.
Aldar Properties:?Abu Dhabi’s biggest listed developer, Aldar Properties, is investing $272 million to expand its logistics business in the UAE. It has bought seven logistics hubs and an adjacent land plot in Dubai Investments Park, as its first such acquisition in Dubai.
SME Agri-Business: Maalexi, a UAE-based dynamic risk management platform for SME agri-businesses, announced the completion of a $3 million pre-Series A fund raise. The funding round was led exclusively by Global Ventures.
Lokalee Funding: Dubai-based Lokalee, an AI-powered content platform for hotels and holiday homes, has secured $5.6 million in a pre-series A funding round. The fundraising transaction was led by Crown Private Fund and three other strategic investors.
Venture Capital: According to Bloomberg, for the first time, Saudi Arabia secured more venture capital investments than the UAE, as Saudi government funds boosted the sector last year. Still, funding across the wider MENA region dropped by almost a quarter. ?
Environment & Energy
Carbon Capture: ADNOC announced it has taken a 10.1% equity stake in Storegga to become a lead investor in the UK-based company that focuses on the development of global carbon capture and storage (CCS) projects.
Tech, Cyber & Space
Lunar Space Station: NASA and the Mohammed bin Rashid Space Center (MBRSC) announced plans for MBRSC to provide an airlock for Gateway, the first space station that will orbit the Moon. The UAE will also provide an astronaut to fly to this lunar space station.
US-China Competition: A US congressional committee has asked the Commerce Department to look into whether UAE company G42 should be put under trade restrictions because of its ties to China’s “military, intelligence services and state-owned entities.”
Foreign Policy & Diplomacy
Risky Vessels: The UAE banned ships that sail under the flag of Cameroon, to distance itself from vessels that have been assembled to transport sanctioned oil. The Cameroon-registered fleet of oil tankers is small but mostly linked to Russia.
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UAE-Azerbaijan: UAE President Sheikh Mohamed bin Zayed was received by Azerbaijan's President Ilham Aliyev in Baku. A strategic co-operation agreement between ADNOC and Azerbaijan's state oil company was signed.
Vibrant Gujarat: UAE President Sheikh Mohamed bin Zayed was received by Indian Prime Minister Narendra Modi and Minister of External Affairs S Jaishankar. The UAE President attended and spoke at the Vibrant Gujarat Global Summit, as the key guest.
Blinken Visit: US Secretary of State Antony Blinken met in Abu Dhabi with UAE President Sheikh Mohamed bin Zayed. They discussed humanitarian needs in Gaza and?preventing the spread of the conflict, as well as the importance of ending the conflict in Sudan.
Visa Exemption: The UAE and Mongolia signed an MoU regarding a mutual visa exemption. A similar type of MoU was signed with Kosovo this week.
Defense & Security
Japan-UAE: The Japan-UAE bilateral agreement “concerning the Transfer of Defense Equipment and Technology” entered into force. The agreement was first signed in Abu Dhabi in May 2023, as a first time for Japan to sign this type of agreement in the region.
State Security: The UAE Public Prosecutor referred 84 defendants to the State Security Court on charges of establishing a secret organization for the purpose of committing acts of violence and terrorism on UAE soil.
Miscellaneous
Cabinet Reshuffle: Mohammed Bin Rashid Al Maktoum, UAE Vice-President and Prime Minister, announced a cabinet reshuffle, with new ministers being sworn in later this same week (see below for new appointments).
Royal Rule: After the abdication of Queen Margrethe II of Denmark, three out of the five longest-serving rulers of the world's royal families will be in the UAE: the ruler of Sharjah, the ruler of Fujairah, and the ruler of Ajman.
UAE Influencers: Mohammed bin Rashid Al Maktoum, UAE Vice President and Ruler of Dubai, has allocated AED 150 million towards influencers in the UAE. He also announced that a permanent headquarters will soon be created specifically for such creatives.
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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.