More UAE-France cooperation, M42, Adia, Hotpack lock in overseas, BlackRock + Emirates NBD take their partnership to retail

Abu Dhabi makes a new AMI in Paris

Abu Dhabi lines up behind former Meta AI scientist’s AI lab: Three Abu Dhabi entities — G42, Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), and G42 subsidiary Analog — signed separate MoUs yesterday with Paris-based AMI Labs during French President Emmanuel Macron’s visit, the Abu Dhabi Media Office says.

AMI? AMI is the world-model startup founded by former Meta chief AI scientist Yann LeCun. It raised USD 1.03 bn at a USD 3.5 bn valuation in March, Europe’s largest-ever seed round, wagering on AI that learns from video and the physical world rather than from language. Each MoU covers a different area: G42’s covers cloud infrastructure and AI models; MBZUAI’s covers research; and Analog’s covers putting AMI’s models into robots and other physical AI.

On the energy side, Adnoc signed the agreements with actual contracts: Adnoc Refining signed two contracts with Technip Energies, one for a project to expand refining capacity and one for a sustainable aviation fuel project. Adnoc Gas also signed an MoU with Schneider Electric to assess technology for improving its operations. No values were disclosed for any of the agreements.

BlackRock’s CLO desk, now for Emirates NBD retail clients

Emirates NBD and BlackRock take their partnership to retail: Emirates NBD Asset Management and BlackRock launched two income funds for the bank’s retail and wealth clients, marking a year since they partnered to offer alternative investments to professional investors, according to a press release.

The breakdown: The FundStar Emirates CLO AA Fund, sub-managed by BlackRock, invests in investment-grade CLOs backed by US and European corporate loans and targets an average AA rating. The Emirates Systematic Income and Growth Fund, with BlackRock as adviser, targets a 7% annual payout net of fees, paid quarterly. The partnership’s first-year products drew USD 350 mn in assets under management.

SOUND SMART- A collateralized loan obligation (CLO) bundles hundreds of corporate loans, usually to companies with sub-investment-grade ratings, and slices them into tranches. The top tranches get paid first and carry high ratings. The AA fund sits near the top of that structure.

Adia snaps up 2.96% in Jio’s IPO

The Abu Dhabi Investment Authority secured 2.96% of the total shares allotted for anchor investors at Jio Platforms’ USD 3.2 bn IPO, according to a BSE filing (pdf). Some 1.3 mn shares, or 1.85% of the anchor investor allotment, came via its India-focused unit Monsoon for nearly INR 1.5 bn, while Adia Stable secured 1.11%, or 804.3k shares, for just shy of INR 900 mn. BlackRock and Fidelity also took anchor positions.

Why it matters: The check is small, but it protects Adia’s position. Its existing 1.16% stake is worth c. INR 115.8 bn at the top of the price band (Kotak Neo), so this purchase adds only about 2% to its holding. Jio is issuing only new shares, with no offer-for-sale, which means every existing shareholder gets diluted. By our math, the c. 2.1 mn shares Adia picked up in the anchor round win back most of that dilution. That leaves its stake at c. 1.15% after listing, compared with c. 1.13% had it stayed out.

ICYMI- The institutional tranche of the offering saw around USD 25 bn in orders, making it nearly 30x oversubscribed. Anchor investors were allocated 72.5 mn shares, or 30% of the total offering, with shares priced at INR 1.119 each. Adia already holds a 1.16% stake in Reliance’s telecom and digital arm, which is on track to become one of India’s four most valuable listed firms should it pull off the remainder of the IPO successfully.

More from M42 in Bahrain

M42 is following up its Bahrain entry with a new multidisciplinary facility covering 20 specialties, according to a press release. Mubadala Health Bahrain will be developed in partnership with Bahrain-based entity HealthVision, and M42 also inked an agreement with Bahraini sovereign wealth fund Future Generation Reserve to secure the land plot for the development. No timeline or investment ticket has been disclosed yet.

ICYMI- G42’s healthcare arm initially entered the country last December with a specialized hospital in a move that saw it collaborate with Bahrain’s sovereign wealth fund Mumtalakat.

Hotpack packs up for Oman

UAE-based packaging manufacturer Hotpack acquired a major stake in Oman’s Pride Packaging, with plans to develop an integrated packaging complex in Barka, according to a company statement. Pride Packaging, a subsidiary of Omani fisheries group Sea Pride, specializes in corrugated cartons, while the planned complex will bring multiple packaging production lines under one roof. The stake size, transaction value, and construction timeline weren’t disclosed.

From selling to making: Hotpack has been operating in Oman since 1998, but the move would give it its first manufacturing foothold in the country. That would put production closer to local customers and reduce reliance on supplying the market from abroad. The company already operates 25 manufacturing facilities worldwide, including 13 in the UAE, and exports to 107 markets.

And Oman isn’t the last stop: The move comes under Hotpack’s AED 1 bn expansion program launched in 2023, which has already seen it push into Saudi Arabia, India, the US, and Malaysia. We’ve previously covered its food packaging industry project in Saudi Arabia , while Jordan is among the markets earmarked for further investment over the next five years.