THIS MORNING: UAE earmarks AED 1 bn investment for space sector + Is a GCC-UK trade agreement coming our way today?

Good morning, lovely people, and happy hump day. We’re only two sleeps away from the weekend, and although the government has confirmed that Monday will not, in fact, be off for the private sector, we hope you’re among the many who will be bridging regardless.

We have a mixed bag of news for you this morning, with plenty of fresh investments, including in a Dubai-born gym operator by none other than BlackRock’s HPS Investment Partners — marking BlackRock’s second investment in the UAE in as many weeks. We also take note of a major mixed-use project coming to Dubai South, valued at AED 62 bn, courtesy of Majid Al Futtaim, a planned USD 150 mn push into Africa from Yango Group, and an AED 1 bn government investment in the space sector.

The Big Story Today, though, is that the UAE is really doubling down on the east coast now that the Strait of Hormuz blockade stretches into its third month. After Adnoc said it’s accelerating plans for its West-East pipeline last week, its petrochemicals arm Borouge is now also exploring the development of an export hub on the east coast.

As for your regularly scheduled miscellaneous aerial attacks update…

The Defense Ministry has identified the source of the drones that hit the Barakah Nuclear Power Plant earlier this week, saying that — along with three others it has intercepted over the past two days — they came from Iraqi territory. It wasn’t just us: Saudi Arabia’s Defense Ministry also said earlier this week that it intercepted three drones entering the Kingdom from Iraqi airspace, without specifying what the drones were targeting or who launched them.

The good news is: Power has now been fully restored at the power plant, the International Atomic Energy Agency said on X yesterday. That means the reactor no longer needs emergency diesel generators — an important nuclear safety step, the agency said, while again stressing that nuclear sites “must never be targeted by military activity.”

Six more drones destroyed: Air defenses have intercepted six drones that targeted “civilian and vital areas” over the past two days, according to a statement from the Defense Ministry. The statement did not specify the source of the attacks.

WEATHER- It’s warming up again in Dubai, with a high of 40°C, while Abu Dhabi will see a slightly cooler high of 37°C, with both emirates seeing a low of 28°C.

Happening today

A GCC-UK trade agreement could be finalized today as representatives from both sides meet in London, Bloomberg reports, citing comments made by GCC Secretary-General Jasem Albudaiwi that were picked up by Saudi media. From the UK side, officials said talks were ongoing but steered clear of specifying whether the agreement would come today.

ICYMI- Earlier this week, sources familiar with the matter said an agreement would be wrapped up “within days,” after Albudaiwi said last week that talks had made “significant progress.” Financial services, health, and industrial growth were among the sectors cited for cooperation efforts.

A long time coming: Talks have been ongoing for around four years now, with reports of an imminent agreement going as far back as 2024. More recently last October, UK Finance Minister Rachel Reeves had said one would be reached “very soon.”

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Watch this space

INS. — The UAE is rolling out universal health ins.: A new unified health ins. scheme will be adopted for all Emirati citizens under a directive from President Mohamed bin Zayed Al Nahyan, state news agency Wam reports. No timeline for the rollout has been disclosed.

Where things stand now: Currently, the Abu Dhabi government offers health ins. cover to UAE nationals in the emirate under the Thiqa program, while Dubai has the Enaya unified health coverage program. It remains to be seen how the new federal scheme will interact with or potentially absorb existing emirate-level ins. schemes.

REMEMBER- Health ins. became mandatory for all UAE employees in January 2025 — shortly after the Human Resources and Emiratization Ministry launched a basic health ins. package targeting workers in the private sector.

INVESTMENT — Yango is pouring more money into its African business: Dubai-based ride-hailing operator and tech company Yango Group plans to invest at least USD 150 mn to expand its ride-hailing platform into 10 new African countries this year, Bloomberg reports. The company already operates in more than a dozen African countries, including the DRC, Ghana, and Morocco, and expects its African business to grow by over 60% this year.

Yango is focusing on expanding in West and Central Africa while looking into “smaller markets” including Namibia, Botswana, and Mozambique, CEO Adeniyi Adebayo told the business information service. It is also speeding up its electric vehicle rollout, with plans to deliver 1k EVs to Ivory Coast’s Abidjan this year.

Yango’s strategy: While much of the industry targets large African countries, such as Nigeria, Kenya, South Africa, and Egypt, Yango has been expanding into secondary cities, where competition is thinner and local transport firms already dominate the streets, Adebayo said. The strategy leans heavily on partnerships with local transport operators rather than recruiting drivers directly — a model the company says reduces subsidy spending and lowers the cost of entering new markets.

AED 1 bn is now heading into the space sector as part of an R&D-focused space program, according to a post on X. The initiative will fund R&D, bring advanced technologies into the country, and build up Emirati talent in the sector.

BACKGROUND- The move comes as the UAE looks to double its space economy revenues and infrastructure investments, as well as the number of export markets, and pushes to cement its place among the world’s top 10 space economies. Currently, the UAE’s space sector is valued at AED 44 bn. On the ground, the Emirates has been steadily localizing its space stack — from launching its first locally powered sounding rocket through TII to building sovereign infrastructure like the Eshara ground segment and a national Earth-observation hub.

Private-sector players have also been getting involved, with Abu Dhabi-based Marlan investing USD 1 bn to expand its satellite network via its JV, Orbitworks.

The Etihad Rail rollout is pushing ahead, with Abu Dhabi’s Mohamed bin Zayed station, Dubai’s Jumeirah Golf Estate station, and Fujairah station set to be the first to open, Etihad Rail Mobility’s Adhraa Almansoori said in comments picked up by Khaleej Times. The Fujairah station is already ready, with the wider rail network set to launch passenger services this year.

REFRESHER- The UAE’s national passenger railway network will initially connect 11 cities, with another seven stations to be rolled out in phases. French transportation firm Keolis will operate the network, which will also include a parallel high-speed rail line to cut journeys between Abu Dhabi and Dubai down to 30 minutes.

PSA

British Airways is pushing back the return of flights to Dubai, Doha, and Tel Aviv by another month, Reuters reports. The carrier now expects services to resume on 1 August, extending suspensions that have been in place since the conflict erupted earlier this year.

The big story abroad

With Kevin Warsh poised to take the helm of the Federal Reserve this Friday, business headlines are focusing on rising treasury yields that could complicate his expected dovish agenda. Investors may demand higher returns for long-term debt, especially amid rising energy prices, a resilient economy, and the highest yield on treasuries in almost 20 years.

Meanwhile, in the tech world: Google is further integrating AI in its search function while introducing what it calls Gemini Spark, an AI “agent” that is designed to function independently and act on a user’s behalf. The tech giant is also rolling out smart glasses that will include a camera and speaker in a bid to challenge moves made by its rival Meta.

And speaking of AI: Standard Chartered is looking to slash some 8k jobs in favor of relying more heavily on AI, with cuts affecting its human resources and risk and compliance functions. The company’s CEO Bill Winters has characterized the move as a shift away from “lower-value human capital.”

ALSO: Elon Musk’s SpaceX has reportedly tapped Goldman Sachs to lead its highly anticipated IPO, with the bank set to assume the most prominent spot among the underwriters involved. Goldman and Morgan Stanley will reportedly be serving as lead bankers.

Good news for Arsenal fans: For the first time in 22 years, Arsenal FC took home the Premier League championship after Manchester City tied in yesterday’s showdown with Bournemouth. The Gunners, under the leadership of Mikel Arteta, have secured a total of 82 points.

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