M2S News Radar
MacroScope Strategies (M2S)
Navigating the New World of Government Affairs
Trade & Investment
Iraq Port: AD Ports Group entered into a preliminary agreement with the General Company for Ports of Iraq. As per the agreement, both parties will establish a joint venture to develop Al-Faw Grand Port and its economic zone, as well as any future expansion.
Kazakh Finance: Kazakhstan and the UAE have agreed to collaborate on introducing digital solutions and AI technologies in Kazakhstan’s financial sector. Among other things, the parties committed to fostering investments in each other’s financial markets.
Kenya’s ICT: Kenya and the UAE signed an MoU to foster investment cooperation in digitization and technology. As part of this partnership, the UAE has pledged significant investments in Kenya’s ICT sector, with a particular focus on data center infrastructure.
Arcera: ADQ has created ‘Arcera’ as a global holding company for its life sciences entities. ADQ’s shareholdings in Acino International, the Birgi Mefar Group, and Amoun Pharmaceutical Company will be transferred to Arcera.
ADNOC Stakes: Blackrock and KRR & Co sold their 40% stake in ADNOC’s oil pipeline network to UAE’s Lunate, five years after acquiring the assets in a deal marking the first investment by foreign asset managers in the infrastructure of a Gulf state energy company.
Borouge Asia-Pacific: The biggest chemicals producer in the UAE is pursuing a target in the Asia-Pacific region, even as its biggest shareholder is working on a €30 billion merger of the company with OMV’s chemical producer Borealis. No further details were disclosed.
CYVN-McLaren: CYVN Holdings, an investment firm backed by Abu Dhabi, is considering buying a stake in British luxury carmaker McLaren, according to Bloomberg sources. CYVN last year committed $2.2 billion to NIO, a Chinese electric vehicle maker.?
Revised Growth: The UAE revised down its economic growth projection this year on the back of lower oil production under its OPEC+ quota. GDP growth is now seen at 4.2% in 2024, rising to?5.2%?in 2025 according to the UAE Central Bank.
Environment & Energy
Nuclear Power: Reuters sources suggest that the UAE is interested in investing in Europe’s nuclear energy infrastructure. Sources state that the UAE discussed the idea of state-owned ENEC becoming a minority investor in European nuclear power assets.
ADNOC Gas: ADNOC Gas has announced plans to invest $13 billion in growth opportunities over the next five years. The company said that it made investments of $4.9 billion in contracts last year, which is expected to drive the firm’s future growth.
Statevolt-RAK: US-based Statevolt announced a new platform-neutral battery cell gigafactory in Ras Al Khaimah. The new factory is expected to produce at an annual capacity of up to 40GWh upon full operation, with an investment of $3.2 billion.?
Tech, Cyber & Space
eVOLs: Archer Aviation?is seeking to start commercial operations of its electrically-powered air-taxi in the UAE by the end of next year, putting the company in direct competition with Joby Aviation?in the race to launch a commuter service in the region.
FAB-Microsoft: First Abu Dhabi Bank (FAB) and Microsoft will collaborate to develop new AI-based banking capabilities under a strategic business partnership, with the aim of launching an ‘AI Innovation Hub’ for financial services.
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Foreign Policy & Diplomacy
Gaza Aid: Reuters writes that the UAE is pausing humanitarian aid efforts through a maritime corridor from Cyprus to Gaza pending further safety guarantees from Israel. The UAE expressed profound condemnation over Israel’s strike on the World Central Kitchen.
ICJ Genocide: The UAE has welcomed additional provisional measures issued by the International Court of Justice (ICJ) in the genocide case against Israel as presented by South Africa, demanding Israel allow increased humanitarian aid into Gaza.
Iran Embassy Attack: In a statement issued by the Ministry of Foreign Affairs, the UAE condemned the targeting of the Iranian diplomatic mission in the Syrian capital, Damascus.
Hungary Visit: UAE Minister of Foreign Affairs, Sheikh Abdallah bin Zayed, visited Hungary. His Hungarian counterpart, Péter Szijjártó, stated that Hungary, as EU president in the second half of the year, will promote closer relations between the EU and the UAE.
Algeria Stir-Up: Algerian President Abdelmadjid Tebboune has stirred a new controversy and backlash for his indirect remarks against the UAE. The UAE responded in a similarly indirect way, stating it will not respond and be patient even when faced with insults.
Sudan Channels: Sudan suspended three Arab satellite channels, citing expired licenses and in the government’s words ‘unprofessional reporting’. Two Saudi-owned broadcasters - Al Arabiya and Al Hadath - and the UAE-owned Sky News Arabia got suspended.
Defense & Security
Climate Security: The UAE announced a new $1.2 million partnership with the UN Climate Security Mechanism (CSM). The UAE will support a Climate Security Advisor in Afghanistan at UNAMA as well as the vital work of CSM globally.
Miscellaneous
Religious Figures: Imams of mosques, preachers, muezzins, muftis, and religious researchers who have served for 20 years in Dubai will be granted a Golden Visa, as stated by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.
Zayed Legacy: UAE President Sheikh Mohamed bin Zayed has announced the launch of a $5.44 billion initiative to support global humanitarian projects as the country marks 20 years since the passing of its Founding Father, Sheikh Zayed bin Sultan Al Nahyan.
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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.