M2S News Radar

Trade & Investment

ICD Brookfield: Abu Dhabi’s $105 billion fund Lunate, and Saudi Arabia’s Olayan Financing Company, have bought a 49% stake in ICD Brookfield Place in DIFC. It constitutes one of the largest commercial real estate transactions since the pandemic.

DP World-Hong Kong: According to Bloomberg, DP World is nearing a deal to buy Cargo Services Far East from Hong Kong tycoon John Lau. A potential deal could be valued at $300-$400 million and would give the Dubai port operator a bigger footprint in Asia.

FAB-Turkey: Bloomberg reported that First Abu Dhabi Bank (FAB) is studying potential acquisition targets in Turkey, including Yapi Ve Kredi Bankasi AS, as part of FAB’s search for growth opportunities overseas. Deliberations are still at a preliminary stage.

Emaar-Serbia: Emaar is reportedly in talks with Jared Kushner to jointly redevelop a former army HQ building in Serbia into a residential complex. Reuters also wrote that founder Mohamed Alabbar has initiated the sale of property assets in Belarus.

Sanad-Asiana: Mubadala’s Sanad Group has signed a 5-year contract extension to provide services for Asiana Airlines. Under the $145 million agreement, Sanad will maintain 30% of the V2500 engine fleet of the South Korean airline at its facilities in Abu Dhabi.

ADNOC-BP: According to Reuters sources, the UAE's state-owned oil company ADNOC recently considered buying Britain's BP. However, deliberations did not progress beyond preliminary discussions as ADNOC decided BP would not be the right fit for its strategy.

Indian Onions: The Indian government has granted approval for onion exports to the UAE, Bangladesh, Bahrain, Mauritius, and Bhutan. But allegations of unfair pricing have surfaced in India’s onion industry, as importers are said to profit at the expense farmers.

Environment & Energy

Mubadala-Biofuel: Atvos, one of Brazil's largest biofuel producers has signed an agreement to build a biomethane factory in the state of Mato Grosso do Sul. Last year, Mubadala Capital invested $99.6 million in Atvos in exchange for a 31.5% stake.

Tech, Cyber & Space

Technology Advisor: UAE President Sheikh Mohamed bin Zayed has appointed Faisal Al Bannai as Strategic Research and Advanced Technology Affairs Advisor. Al Bannai is the SG of the Advanced Technology Research Council and Chairman of the Board of Edge.

AI Supremacy: Bloomberg runs an article on how Saudi Arabia and the UAE are rushing to build infrastructure as they vie to become the regional tech superpower, as shown by the race to build desert data centers to support the technology.

Altman Chips: OpenAI CEO Sam Altman reportedly met with UAE investors and officials to discuss how the private and public sector can cooperate to support large-scale infrastructure for AI. He has also been working to raise billions of dollars for a chip venture.

Crypto.com: A subsidiary of Singapore-based Crypto.com, Cro Dax Middle East, secured a full operational license from Dubai’s Virtual Assets Regulatory Authority. This allows it to launch its services to institutional and retail investors in the UAE and the wider region.

VARA Costs: The CEO of Dubai's Virtual Assets Regulator VARA, Matthew White, said he wants to find ways to lower the cost for small crypto firms. Dubai unveiled its rules for crypto last year, but many firms judge the costs of getting a license as too expensive.

Foreign Policy & Diplomacy

Strait of Hormuz: The commander of Iran's Revolutionary Guard's navy said Israel's presence in the UAE was viewed as a threat by Tehran and it could close the Strait of Hormuz if deemed necessary, but that it was not doing that for now.

Containing Iran: The US Middle East Envoy asked foreign ministers of Saudi Arabia, UAE, Qatar and Iraq to deliver a message to Iran urging it to lower tensions with Israel. UAE foreign minister Sheikh Abdullah bin Zayed had a call with his Iranian counterpart.

Iran-Sudan: Reuters reported that the US also encouraged regional states to press Iran not to engage in the war in Sudan, after it reported that the Sudanese army used Iranian-made armed drones to halt the progress of the rival paramilitary Rapid Support Force.

Amalthea Fund: The UAE allocated $15 million in support of the Amalthea Fund, which Cyprus set up to support the maritime corridor initiative between Cyprus and the Gaza Strip. The fund is to facilitate and coordinate the flow of aid arriving in Gaza.

UNGA Statement: In a statement to the UN General Assembly on the use of the veto, the UAE expressed support for Palestine’s full UN membership, stressing that this would send a strong message of the international community’s commitment to the two-state solution.

UN PermRep: Lana Zaki Nusseibeh, after eleven years as the UAE’s Permanent Representative to the UN, will finish her term. This week, she was also awarded with the “Shield of Palestine” by the Palestinian UN envoy for her efforts to stop the war in Gaza.

UAE-West Africa: Sheikh Shakhboot bin Nahyan, Minister of State, met with Julius Maada Bio, President of Sierra Leone, with General Brice Olgie Nguema, transitional President of Gabon, and with Mahamat Idriss Déby Itno, transitional President of Chad.

Defense & Security

Birds of Goodness: The Joint Operations Command of the Ministry of Defense announced as part of Operation “Birds of Goodness,” the airdrop of humanitarian and relief aid and Eid clothing on the northern Gaza Strip, coordinated between the UAE and Egypt.

Miscellaneous

Judicial Authority: The Judicial Tribunal for Dubai Courts and DIFC Courts will be renamed “Judicial Authority for Resolving Jurisdictional Conflicts between DIFC Courts and Judicial Authorities in Dubai” and will resolve cases stemming from Dubai’s dual-court system.

ADCCI Working Groups: The Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced 54 new working groups within the Advocacy Hub initiative. The new working groups were established based on recommendations of private sector representatives.

Appointments

• Faisal Al Bannai as UAE President’s Adviser for Strategic Research and Advanced Technology Affairs.

• Dr. Ali Obaid Al Dhaheri presented his credentials as UAE Ambassador to Greece.

Upcoming

• Eid Holidays, 8-14 April, UAE

• Gulf Youth Games, 16 April-2 May, Abu Dhabi, Dubai, Sharjah, Ajman, and Fujairah

• Masdar’s Green Hydrogen Summit, 16-17 April, Abu Dhabi

• World Future Energy Summit, 16-18 April, Abu Dhabi

• Middle East Energy, 16-18 April, Dubai

• Women Empowerment Convention, 20-21 April, Dubai  

• World Blockchain Summit, 22-23 April, Dubai

• GISEC Global, 23-25 April, Dubai

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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.