Good morning, lovely people, and happy hump day. It’s another relatively slow newsday here at home, with only a handful of stories on the energy, investment, and finance fronts worth your attention — plus: fresh data on the real estate market in the first half of the year.

THE BIG STORY here at home is United Al Saqer Group’s USD 200 mn investment in UK-based VFX studio DNEG Group — the latest sign of interest from an Abu Dhabi investor in the film and media industry.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- We’re not getting a long weekend next week, after the Human Resources and EmiratisationMinistry announced Sunday, 7 July as a public holiday for both the public and private sectors in observance of the Islamic New Year. From what we hear, managers have already started notifying employees that Monday will be a normal working day.

#2- School certificates will now be attested in three minutes instead of six days, following the integration of the Foreign Affairs Ministry’s document attestation service with Emirates School Establishment’s (ESE) school certificate issuance service, according to a statement. Users can apply through ESE’s digital channels by selecting Foreign Affairs Ministry attestation at the same time.

This initiative is part of the Zero Government Bureaucracy program, aimed at slashing 2k government procedures and cutting service durations by 50% by the end of the year.

#3- The Federal Tax Authority is reminding businesses with licenses issued in May to register for the corporate tax by 31 July to avoid penalties, according to a press release. Users can register through the EmaraTax platform.

WEATHER- Brace yourselves for an exceptionally humid day in Dubai (63%) and Abu Dhabi (80%), according to our favorite weather app. Dubai will see a daytime high of 42°C and an overnight low of 33°C, while Abu Dhabi will see temperatures hit 37°C before the mercury dips to 34°C at night.

WATCH THIS SPACE-

#1- Is G42’s USD 1.5 bn partnership with Microsoft at risk of falling through? That’s according to Bloomberg, which claims that Pentagon officials are doubting Emirati AI conglomerate’s commitment to fully divest from China, potentially “imperiling national security,” citing people familiar with the matter. Shipments of advanced AI chips like Nvidia’s H100 have been paused as the US mulls the potential impacts of their export, which Bloomberg says officials are now seeing as tantamount to nuclear proliferation. Officials are hoping to come to an agreement on this in the coming months, sources said.

REMEMBER- Microsoft is investing some USD 1.5 bn in G42 to position the UAE as a “global AI hub.” G42 has already cut ties with Chinese businesses in a bid to reportedly appease US partners, and there were suggestions it could also give up its use of Huawei telecom equipment. The second phase of the agreement entails Microsoft exporting large-scale AI components to the UAE, which will require licenses from the American government.

The US wants to make this work: The potential partnership gives a boost to Washington’s push to position US companies at the forefront of AI development and gives it reach in emerging markets where China has historically been dominant, such as Kenya, where Microsoft and G42 agreed to build a USD 1 bn geothermal data center.

But it will likely require a lot of diplomatic work: Several bipartisan staff delegations have already been to the UAE in recent weeks in an effort to ensure the UAE is aware of Washington’s concerns and is taking the necessary measures, with more expected to come, Bloomberg cites a House Foreign Affairs Committee Republican staffer briefed on the trips as saying.

SPEAKING OF THE US- The country added six companies to its trade restriction list, including two UAE firms, Mega Fast Cargo and Mega Technique General Trading, for “evasive conduct” and Mega Fast Cargo’s shipment of US goods to Russia, Reuters writes.

#2- Adia-backed consortium is among top bidders for DB Schenker: Global investment manager CVC, which is leading a consortium that includes Abu Dhabi Investment Authority (Adia) and Singapore’s GIC, and Denmark-based logistics firm DSV, have become the front-runners to acquire German Deutsche Bahn’s logistics subsidiary DB Schenker after Maersk withdrew its bid, Bloomberg reports, citing people it says are in the know.

Final bids are due to be submitted in August, the sources said, adding that Saudi shipping firm Bahri submitted one of the highest non-binding offers in the previous round, but it remains uncertain if it will make a final bid by the deadline. Meanwhile, the CVC-led consortium’s bid has reportedly valued DB Schenker at EUR 14 bn, but offered to allow the German government or a related fund to retain a 20% stake in the company.

REMEMBER- CVC tapped Adia and GIC in May to form the consortium. Deutsche Bahn is expected to make a decision by the end of the year, with the transaction expected to close sometime next year.

#3- FinMin is giving precedence to five sectors in upcoming PPPs: The Finance Ministry plans to prioritize the infrastructure, energy, healthcare, social services, and education sectors in the first phase of its upcoming public-private partnerships (PPPs), according to a statement. This comes as part of the ministry’s legislative framework for PPP regulation, which seeks to boost the private sector’s role in national projects.

#4- Dubai’s demand-side sustainability strategy for 2050 is getting an update: Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum issued an order to update Dubai’s Demand Side Management (DSM) Strategy 2050, which aims to achieve energy efficiency by managing demand for electricity, according to Dubai Media Office.

The updated strategy aims to save at least 86.8 Terawatt Hours (TWh) of electricity, 383.2 bn imperial gallons of water, and around 1.8 bn liters of transport fuel by 2050. It also includes 12 programs that cover net zero buildings, consumer behavior, water recycling, mobility, fuel, cooling, and lighting efficiency, among others.

THE BIG STORY ABROAD-

Picking up exactly where we left off yesterday, the global business press remains squarely focused on fallout from the US presidential debate and a court ruling on Trump’s presidential immunity.

Donald Trump’s sentencing in his hushmoney trial was delayed to 18 September, only weeks before US voters go to the poll, Reuters reports. The delay comes after the controversial Supreme Court ruling on his immunity from prosecution for “official acts” while in office. At question is whether the judge will now have to throw out evidence that bolstered prosecutors’ case.

Meanwhile, Biden is still blaming his debate performancejet lag as more Democrats raise concerns around his health and ability to serve a second term. See:

The bottom line: As Biden digs in, some top Democrats want him out of the race this week, writes CNN.

IN THE BUSINESS PRESS- It looks like a Paramount-Skydance merger is still on the cards despite earlier bids falling through. Shareholders have agreed with Paramount’s parent firm, National Amusements, on new merger terms that will see Skydance pay some USD 1.75 bn for the sale. The news sent Paramount’s shares up 9% in after hours trading. (CNBC | Reuters | WSJ)

AND- Tesla’s shares also rose 10% yesterday on better-than-expected deliveries.

***
DID YOU KNOW that we also cover Egypt and Saudi Arabia?

Do you want to subscribe? Tap or click here to get your own copy of EnterpriseAM UAE delivered every weekday before 7am UAE time — without charge, thanks to our friends at Mashreq.
***

CIRCLE YOUR CALENDAR-

Dubai will host the International Conference on Computer Vision (ICCV) in 2029, Crown Prince Sheikh Hamdan bin Rashid Al Maktoum said on X. Expected to convene over 15k industry players and experts in AI and computer vision, the event aims to support the UAE in its “efforts to be a major player in the AI revolution,” Al Maktoum said.

Check out our full calendar below for a comprehensive listing of upcoming news events, national holidays and news triggers.

Tags: