THIS MORNING: Paramount’s WBD takeover is pushed back + Dewa looks to overseas collaboration

Good morning, everyone. The UAE’s trade diplomacy machine keeps humming along, with our big story today covering news that the UAE and Canada have wrapped up Cepa negotiations in record time. Both sides are targeting investment flows in sectors like agri-food, data centers, LNG, and critical minerals.

Elsewhere, ADGM businesses running sales or promotions now need to check whether they require a permit before launching. On the earnings front, while Emirates Islamic posted a modest rise in 2Q net income, the weight of regional instability sat heavy on DTC’s results.

Over in Hollywood, Paramount's USD 110 bn takeover of Warner Bros. Discovery has had its closing deadline pushed to June 2027 on the back of an antitrust lawsuit, with the delay costing Paramount a hefty USD 7 mn per day.

WEATHER- The mercury will reach 39°C in Abu Dhabi today, before cooling to 29°C overnight, while Dubai is in for a 41°C high and a low of 31°C.

L’imad-backed Paramount takeover put in limbo till June 2027

Paramount’s L’imad-backed USD 110 bn Warner Bros. Discovery (WBD) buyout is getting its closing deadline pushed to June 2027, after a federal judge in Oakland approved a delay tied to a lawsuit filed by California and several other states seeking to block the agreement, according to a New York State Attorney General press release. The two sides are expected to submit proposed trial schedule recommendations by the end of July, with Paramount likely to push for a timeline that allows a verdict well before the June deadline.

Paying the price for delay. Under the terms of the acquisition agreement, Paramount is on the hook for roughly USD 7 mn per day in payments to WBD shareholders, meaning the tab could exceed USD 1.6 bn by the time the agreement closes. This comes on top of the USD 2.8 bn it already paid Netflix to walk away. Paramount could also be staring down a USD 7 bn termination fee to WBD if the agreement falls apart at next year’s June deadline.

ICYMI- This is a direct outcome of a move earlier this month by 12 US states to file an antitrust lawsuit claiming that the proposed merger would hamper competition and harm cinemas and television distributors.

Dewa takes its operating model overseas

The Dubai Electricity and Water Authority’s (Dewa) international arm began laying the groundwork for cross-border infrastructure plays with a London investor push, following Dewa International’s Chairman Saeed Al Tayer’s visit to London to meet with ING and Actis, according to state news agency Wam.

Also on the international drive: Dewa International met with representatives of European energy heavyweights, including TotalEnergies, Engie, and EDF, Gulf Today reports.

REMEMBER- Dewa set up a new growth engine for expanding globally last month, launching the wholly owned subsidiary Dewa International to develop conventional and clean-energy projects overseas and export the emirate’s energy and water infrastructure services.

Britain’s first state school heads to Dubai

Dubai is about to welcome a different kind of British school. Queen Elizabeth’s School in Barnet, one of the UK’s top-performing state schools, will open its first overseas campus in the emirate next month, becoming the first government-funded British school to expand internationally, the Financial Times reports. Annual tuition at QE Dubai will cost just under GBP 28k, slightly higher than Harrow International School Dubai.

The overseas expansion is designed to generate new revenue as UK public funding comes under pressure. Since state money cannot be used, the Dubai campus is being launched through the school’s charitable foundation in partnership with UK education company GEDU Global Education.

Headmaster Neil Enright said Dubai was a natural choice given its strong demand for British education, large Indian community, and growing network of QE alumni living in the UAE. He added that several other UK state schools have already expressed interest in pursuing similar international expansion.

The UAE topped the world in international trade

The UAE ranked first globally in both international trade and economic performance in the IMD World Competitiveness Yearbook 2026, state news agency Wam reports.

The rest of the GCC also secured top positions. Qatar ranked second worldwide for labor market performance under the business efficiency pillar, while Bahrain placed third for price stability, reflecting its success in containing inflation. Saudi Arabia came third globally for basic infrastructure. Kuwait ranked third for public finance under the government efficiency pillar, while Oman placed sixth globally for tax policy.

Fuel price increases are leading to higher school bus fees

UAE families are facing another increase in education-related costs as school bus fees rise, with some schools upping costs by 3-5%, Arabian Business reports. GEMS Winchester School and Delhi Private School Dubai are among those that have raised transport costs so far.

Background: The rise in school bus fees comes amid broader inflationary pressures across the UAE, with higher operating costs, including fuel and transportation expenses, affecting businesses and service providers.

ChatGPT is back up after outage

ChatGPT users will be happy to learn the service is back up and running after a temporary outage across different regions, including the UAE, Gulf News reports. OpenAI later said it was investigating the reason for the disruption.

The big story abroad

Last night marked the second consecutive day of quiet following a nearly two-week Campaign of US strikes on Iran. US President Donald Trump reportedly halted the assault to rekindle diplomatic talks, with advisors citing the shortage of viable targets and a growing strain on Washington’s arsenal. Negotiations reportedly involve efforts from Oman and Qatar.

Iran’s response? Tehran will also hold fire as long as the US does not renew its assault, a senior Iranian official told Reuters, reiterating that the Islamic Republic's policy remains “attack for attack.”

Houston, we have a rival: Europe’s The Exploration Company is seeking at least USD 300 mn in funding — a round that could push its value to USD 2 bn — to build reusable space capsules capable of challenging Elon Musk’s SpaceX. Among the suitors is the European Commission-backed Scaleup Europe Fund. Talks remain ongoing and no final decisions have been made.

Private equity’s brewing showdown: Bain Capital and Carlyle are the final bidders vying to acquire wealth management and advisory firm Wealth Enhancement, whose owners are targeting a valuation of around USD 7 bn. As a leading PE-backed registered investment adviser, Wealth Enhancement is riding a wave of industry consolidation as it competes with banks to manage portfolios of wealthy clients.

Chinese memory chipmaker CXMT’s shares jumped 472% on their Shanghai debut this morning, following the company’s IPO — the second-largest in China’s history — that raised CNY 66.6 bn. The company is the world’s fourth-largest maker of dynamic random-access memory, possibly serving as China’s ticket to reducing its reliance on foreign suppliers.

Destination Sahel is back for a second edition — and this year, it's not just about the beach.

Gulf sovereign wealth funds are pouring billions into the North Coast, Gulf buyers keep showing up despite regional headwinds, and a new 400km master plan could reshape the whole coastline before summer’s out.

Over this season’s series, stay tuned to see who's really buying Sahel, where the money's coming from, and what could still go wrong.

Plus, the hotels, restaurants, and openings worth checking out this summer.

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