M2S News Radar
MacroScope Strategies (M2S)
Navigating the New World of Government Affairs
Trade & Investment
South Korea CEPA: During a state visit, South Korea and the UAE formally signed a trade agreement which among other things will remove all tariffs on South Korean arms exports. The UAE also reaffirmed a $30 billion pledge in investment for South Korean businesses.
South Korea Deals: Also during the state visit, amongst other agreements and MoUs, Samsung Heavy Industries and Hanwha Ocean each signed letters of intent with ADNOC to build and deliver at least six LNG carriers, a deal potentially worth $1.5 billion.
No impact: Hamad Buamim, Chair of the Dubai Multi Commodities Center, Dubai’s main trading hub, said to The Financial Times that sanctions on Russia are having no impact outside the West and that attempts to halt the flow of business merely redirect it elsewhere.
ICD Profits: The Investment Corporation of Dubai, the Emirate’s main investment arm, reported a 68% increase in 2023 net profit buoyed by its transportation, banking and financial services assets. ICD posted a record high net profit of $16.56 billion.
Africa Mining: IHC’s chief executive Syed Basar Shueb said subsidiary IRH is in advanced talks to mine nickel in Burundi as well as various metals in Tanzania and Kenya. He also stated that IHC expects to make about $1 billion of mining acquisitions this year.
Alef IPO: Abu Dhabi-based Alef Education’s shareholders are looking to raise as much as $515 million in an initial public offering that will be the first in the UAE capital this year. On offer are 1.4 billion shares, or a 20% stake, in the edtech firm.
African Gold: A report by Swissaid, an organization focused on development aid and advocacy, found that 435 tonnes of gold, mostly mined by small-scale miners and worth more than $30 billion, was smuggled out of Africa in 2022, with a large share to the UAE.
Double Taxation: The UAE and Qatar have signed an agreement to avoid double taxation and prevent fiscal evasion of income taxes. The agreement was signed on the sidelines of the 121st meeting of the GCC Financial and Economic Cooperation Committee.
Environment & Energy
Oil Targets: ADNOC is likely to reach its 5 million barrel-a-day goal a year ahead of the 2027 goal the company had set, according to Bloomberg sources. The higher capacity could be a source of tension as OPEC deliberates new production quotas later this year.
Green Methanol: Abu Dhabi Ports Group, Transmar and Orascom Construction signed an MoU for the development of a green methanol storage and export facility in Egypt. The facility will aim to supply low-carbon fuel for maritime transport.
Biosecurity Index: The Abu Dhabi Agriculture and Food Safety Authority in collaboration with the UN’s FAO has launched an Integrated Biosecurity Index, measuring the biosecurity level in plant and animal health, food safety and the environment.
Low-Carbon Ammonia: Fertiglobe, a partner of TA'ZIZ, Mitsui & Co., Ltd. and GS Energy Corporation, awarded the construction contract for its 1 million tons per annum low-carbon ammonia production facility to Italy’s Tecnimont S.p.A (MAIRE Group).
Tech, Cyber & Space
Slow Chips: The US has reportedly slowed the issuing of licenses to chipmakers such as Nvidia and Advanced Micro Devices for large-scale AI accelerator shipments to the Middle East as officials conduct a national security review of AI development in the region.
Thndr License: Digital investment platform Thndr announced its entry into the UAE market. The Egyptian fintech company acquired a Category 3A license with retail endorsement from Abu Dhabi Global Market’s Financial Services Regulatory Authority.
Digital Trade: The Ministry of Economy and the Abu Dhabi Chamber of Commerce and Industry (ADCCI) issued a joint paper that projects the growth of digital trade activities in the UAE at a compound annual growth rate of 12.3% between 2023 and 2028.
MGX Board: Sheikh Tahnoun bin Zayed, Deputy Ruler of Abu Dhabi, chaired the inaugural board meeting of MGX, a national company in AI and advanced technology that was announced in March 2024 through a partnership between Mubadala and G42.
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BRICS Space: The Heads of space agencies of BRICS countries, including the UAE, convened in Moscow to discuss international cooperation. At the forefront of the discussions was the BRICS Remote Sensing Satellite Constellation Cooperation Initiative.
Foreign Policy & Diplomacy
State Visits: UAE President Sheikh Mohamed bin Zayed conducted two state visits, to South Korea and to China. Top of the agenda during the visits were trade deals, advanced technology and security affairs.
China Forum: UAE President Sheikh Mohamed bin Zayed attended the China-Arab States Cooperation Forum in Beijing, where Xi Jinping outlined a range of areas including finance and technology in which it can enhance cooperation with Arab states.
Meloni Calling: Italian Prime Minister Giorgia Meloni called with UAE President Sheikh Mohamed bin Zayed, discussing further collaborations and investments following the Fincantieri-EDGE JV. The UAE also confirmed attendance of the upcoming G7 meeting.
UAE-EU: The UAE joined Foreign Ministers of the European Union, along with colleagues from Egypt, Jordan, Qatar, and Saudi Arabia at the EU’s Foreign Affairs Council meeting in Brussels, predominantly to discuss a way forward in the Middle East Peace Process.
UAE-Africa: The Financial Times ran a feature story on the UAE’s rising influence in Africa, stating that as China steps back, the country has become an important source of foreign investment.
Smart Mission: The UAE Ministry of Foreign Affairs announced the launch of the first “Smart Mission” in Seoul, which aims to provide full consular services around the clock, using ultra-modern technologies including artificial intelligence.
Kurdistan Region: UAE President Sheikh Mohamed bin Zayed met with Nechirvan Barzani, President of the Kurdistan Region of Iraq. They discussed opportunities for UAE investment in Iraq and the Kurdistan Region, particularly in infrastructure and development.
Defense & Security
Small Arms: The UAE hosted the second regional workshop on combating the illicit trade in, and proliferation of small arms and light weapons in the member states of the League of Arabs States (LAS).
Miscellaneous
Drug Regulator: The Board of the Emirates Drug Establishment held its fourth meeting since its establishment last year. The focus was on setting up a fully integrated structure to regulate and manage all healthcare and pharmaceutical activities in the UAE.
MIITE Forum: State and private entities in the UAE committed an additional $6.26 billion to local manufacturing during the Make it in the Emirates Forum. Announcements included a $820 million commitment to buy locally produced medical equipment.
School Overhaul: Sarah Al Amiri, UAE Minister of State for Public Education and Advanced Technology, has set out an action plan to revamp the country's public education system and boost standards at government schools, including bilingualism.
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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.