Solar photovoltaic panels and wind turbines. Energy concept

Good morning, friends, and happy almost-FRIDAY. As we’ve teed up earlier this week, the UAE has joined the US’ tech supply chain coalition, Pax Silica, with the first signs of action already underway as IHC plans to invest alongside the US’ international investment arm in critical minerals, energy, and other strategic sectors for the two countries.

The move could stand to be a big boon for the UAE’s AI ambitions, paving the way for more cooperation with other countries in the coalition, including South Korea — a major player in the supply chain, and for easier access to US compute.

Sovereign wealth fund Mubadala is also quietly growing its influence in global financial markets, as subsidiary CI Financial snaps up some CAD 26 bn in assets through its latest acquisition.

Meanwhile, the local retail and industrial markets were tighter than ever in 3Q 2025, according to Cavendish Maxwell, as supply remains scarce and tenants are forced to make tough decisions if they want to capitalize on the population boom in Dubai.

Happening today

Abu Dhabi Sustainability Week kicked off earlier this week and wraps up today at the Adnec Center, bringing together global leaders to discuss sustainability action across interconnected systems. Heads of state including the Philippines’ Ferdinand Marcos Jr, South Africa’s Cyril Ramaphosa, and Nigeria’s Bola Tinubu are among those attending.

The week’s program includes:

Other conferences coming up this week:

WEATHER- We’re in for a mostly cloudy day, with a chance of light rainfall in some areas, according to the National Center of Meteorology. The mercury is set to peak at 27°C in Dubai and Abu Dhabi, with Dubai seeing an overnight low of 17°C, and Abu Dhabi seeing a low of 16°C.

Watch this space

RENEWABLES — Amea Power is in talks with local and international institutions for a capital increase in 2026 that is set to double its capital, and which would help finance new projects, Chairman Hussain Al Nowais told CNBC (watch, runtime: 3:21). The move is a precursor to a potential IPO on the Abu Dhabi Securities Exchange within two years, where it aims to float a 50-60% stake.

Where the money is going: The company is expanding its portfolio across Africa and Asia, with following projects underway or in the final preparation stages:

  • Amea will connect roughly 1 GW to Egypt’s grid by April or May, and finish construction on its wind and battery projects in Uzbekistan and South Africa before year’s end;
  • In Morocco, the company will start developing its 150 MW wind farm;
  • It is also in final discussions to develop wind projects in Kenya and Ethiopia, as well as a solar project in Senegal, and is looking to expand into Kazakhstan and Azerbaijan.

ENERGY — Masdar eyes Balkan power play: Abu Dhabi renewables major Masdar and Montenegro’s state utility EPCG are exploring a joint venture to develop large-scale renewables in Montenegro, including projects in solar, wind, hydropower, battery storage, and hybrid systems, Reuters cites Montenegro’s energy ministry as saying.

Background: The talks build on a UAE-Montenegro energy cooperation agreement signed in November and Masdar’s existing investment in the 72 MW Krnovo wind farm — Montenegro’s largest.

What’s in it for Masdar? The plan supports Masdar’s wider expansion push as it scales toward a 100 GW renewable portfolio by 2030. As we reported earlier this week, the firm just reached a global clean energy capacity of 65 GW.

For Montenegro: The projects would help meet domestic demand and position Montenegro as a green power exporter to the Balkans and Southeast Europe, tapping its undersea electricity link to Italy. Officials say the partnership could boost energy security, create jobs, and accelerate the country’s shift away from coal.

MONETARY POLICY — Kicking off the first M-bills auction of the year: The Central Bank of the UAE will offer up to AED 13.4 bn in monetary bills at its 19 January auction, according to an auction notice (pdf). The sale includes a AED 2.75 bn 28-day new issuance, an AED 3 bn 70-day tap issuance, an AED 2.2 bn 126-day tap issuance, and a 294-day tap issuance worth AED 5.2 bn, with all bills set to settle on 21 January.

Decoding central bank speak: M-bills are short-term, zero-coupon securities issued in AED and sold via competitive tenders to licensed dealers. New issuances create fresh lines, while tap issuances reopen existing ones to manage liquidity without launching a new series.

Data point

USD 35.1 bn — that’s the value of sustainable bond issuances in MENA in 2025, led by UAE and Saudi banks, according to a Bloomberg Intelligence report. Saudi Arabia emerged as the region’s largest issuer, accounting for some USD 19.7 bn in bonds, while banks like First Abu Dhabi Bank and Emirates NBD play a big role in underwriting and green-bond lending, as local banks work to meet the UAE Banking Federation’s 2030 AED 1 tn sustainable finance target.

The sector was mostly led by financial institutions and energy-linked players, who now account for 50% of issuances, marking a shift from the more historically sovereign-led market.

The big story abroad

We’re getting déjà vu with all of the new tariff announcements coming our way from the US (plus: its move to halt immigration visas for 75 countries, including a few from the region like Egypt and Sudan, in a sweeping crackdown on immigration).

The latest — following the threat of a 25% tariff on Iran’s “business partners” earlier this week — is a 25% tariff on AI chips like Nvidia’s H200 and a similar chip from AMD, which rely heavily on manufacturing in Taiwan Semiconductor Manufacturing Company (TSMC) before they are imported into the US and transshipped elsewhere. US President Donald Trump described it as getting a 25% cut on the sales of those chips to China, after the government reversed a policy prohibiting the export of chips to the country last year.

^^The must-read on the topic: White House sets tariffs to take 25% cut of Nvidia and AMD sales in China

Meanwhile, US banks are reeling from Trump’s call for a 10% cap on credit card interest rates, with executives from Citigroup and JP Morgan saying it could be detrimental to the economy.

PLUS- OpenAI is continuing its diversification drive, as it agrees to source chips from AI startup Cerebras in a USD 10 bn multi-year agreement, following similar moves securing agreements with AMD and Broadcom earlier. Also: Luxury retailer Saks has now filed for bankruptcy after finalizing a USD 1.75 bn financing package to keep its stores open.

OVER IN IRAN- The US has pulled some of its personnel from its bases in the Middle East after Iran threatened to retaliate if the US strikes Iran.

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Circle your calendar

Our fellow photo nerds in the UAE will want to circle 29 January to 4 February on their calendars. This year’s Xposure, the global celebration of visual storytelling, features a who’s who of talented photographers — including our friend Romany Hafez, whose haunting analog work explores memory, presence, and sacred spaces. Romany will be giving a talk on Saturday, 31 January headlined Between Memory and Light. Don’t miss it if you love black and white photography as much as we do.

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

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