Good morning, friends. The news flow has slowed slightly ahead of what’s going to be a big day for news here at home, as US President Donald Trump heads to Abu Dhabi for the final leg of his regional tour.

We’re on the lookout for more specifics for the USD 1.4 tn investment pledge made during Deputy Abu Dhabi Ruler and National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan’s visit to Washington, and for an agreement to expand the UAE’s access to advanced chips.

Speculation in the foreign press so far have pointed to a potential agreement that could give the UAE access to mns of Nvidia chips, with only a portion going towards state AI firm G42, and the rest going towards US firms looking to expand in the UAE.

Among the companies who could be getting chips to expand? OpenAI, Oracle, and Microsoft. All three are said to be eyeing more data center capacity in the UAE, and will need to secure chips to make that happen.

STAY TUNED- We’ll have all the details from the US president’s visit to the capital of capital in tomorrow’s issue.

In today’s issue, the big story at home is Adnoc’s low-carbon investment arm XRG securing a stake in a gas block in Turkmenistan. ALSO- We have more debt issuances, this time from Sobha Realty and Masdar, and more companies added to MSCI’s indexes.

🌤️WEATHER– Expect a slight decrease in temperatures today and for the coming week. Temperatures in Dubai will hit a high of 41°C before cooling to 29°C overnight, according to our favorite weather app. In Abu Dhabi, temperatures will peak at 35°C, with an overnight low of 27°C.

WATCH THIS SPACE-

#1- The UK is planning to allow state-owned investors to own up to 15% of British newspapers in a move that could allow Abu Dhabi-backed RedBird IMI to maintain its ownership of The Telegraph, Reuters reports. A 15% stake owned by foreign sovereign wealth funds or state pension funds would be “targeted exceptions” and would help sustain British media while limiting foreign influence, the newswire cites the UK government as saying.

So what’s next? US private equity firm RedBird — which owns a 25% stake in RedBird IMI — was looking to form a consortium to dilute IMI’s stake to a level acceptable by government and take control of the newspaper.

REMEMBER- The UK’s previous administration had banned foreign state-owned investors from owning stakes in British newspapers, capping foreign investment at 5%, after RedBird IMI had taken control of The Telegraph and its sister magazine The Spectator. They later withdrew their bid and put both magazines up for sale, selling The Spectator to b’naire and founding partner of Marshall Wace, Paul Marshall.

#2- FAB eyes India’s GIFT City expansion: First Abu Dhabi Bank (FAB) is in talks to open a branch in India’s Gujarat International Finance Tec-City (GIFT City), Bloomberg reports, citing people familiar with the matter. The bank is engaging with the UAE regulator to secure approvals. If successful, FAB would be the second Middle East lender in the low-tax zone after Qatar National Bank, joining a growing list of global banks using the hub for cross-border financing and acquisition lending.

REMEMBER- The UAE has been ramping up investments in India: In February 2024, the Abu Dhabi Investment Authority received regulatory approval to establish a local subsidiary and launch a USD 4-5 bn fund in GIFT City. In October, the UAE and India also announced a USD 2 bn food corridor initiative and agreed to set up joint investment offices in both countries. The two sides were also in talks to raise UAE foreign direct investment in India to USD 100 bn, up from around USD 75 bn in existing commitments.

#3- Envirol eyes waste-to-biofuel plant in Uzbekistan: UAE-based waste management company Envirol met with Uzbekistan’s Investments, Industry and Trade Minister Laziz Kudratov to discuss the possibility of constructing a waste-to-biofuel plant in Uzbekistan, according to a statement. The plant would be the first in Central Asia.

UAE-based telecom group e& is also in talks with the Uzbek government on joint investments in telecommunications infrastructure and data centers, according to a separate statement from Uzbekistan’s Investment Ministry. The discussions come as Uzbekistan continues to liberalize its telecommunications sector. The two sides agreed to advance work on potential joint projects.

e& would be joining the ranks of other Emirati firms working in Uzbekistan, including Taqa, which will develop a USD 545 mn water infrastructure project, and Masdar, which inaugurated a 500 MW windfarm in Zarafshan last December.

PSAs-

#1- The UAE is allowing 180-day multiple entry for individuals applying for the blue residency visa, Gulf News reports. Issued by the Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP), the visa enables applicants abroad to enter the UAE and complete procedures tied to their blue residency bid.

REFRESHER- Rolled out in February, the 10-year Blue Visa residency program is designed for members of international organizations, environmental NGOs, award-winning sustainability advocates, researchers, and corporate leaders who have made significant contributions to environmental work.

#2- Hong Kong passport holders can now enter the UAE and Qatar without a visa for up to 30 days, according to a government statement from Hong Kong Chief Executive John Lee. The changes took effect today, replacing the previous visa-on-arrival arrangement.

HAPPENING TODAY-

#1- Cabsat is on its third and final day today at the Dubai World Trade Center. The event will exhibit the latest trends and technologies in the media, entertainment, and communications sectors in the MEASA region.

#2- The HODL Summit — the rebranded World Blockchain Summit — is on its second and final day today at Madinat Jumeirah in Dubai. The summit will gather stakeholders from across the Web3, blockchain, and crypto ecosystems for discussions on investment, regulation, and innovation. More than 30k C-suite attendees and 5k investors are expected, along with over 1k exhibitors and sponsors and 1.2k speakers.

#3- The inaugural SATExpo Middle East is on its third and final day at the Dubai World Trade Center. Spun off from CABSAT, the new satellite and space-focused exhibition will bring together over 140 exhibitors and 80k professionals across the aviation, maritime, government, telecom, energy, and emergency response sectors, according to a press release. The event offers networking sessions for businesses, governments, and investors in the MEASA region.

#4- The IUHPE World Conference on Health Promotion is on its third day and continues until tomorrow at the Adnec Center in Abu Dhabi. The conference will bring together over 2k global health leaders, policymakers, and advocates to address planetary health challenges, including non-communicable diseases, digital health, precision health, and emergency preparedness.

#5- The World Police Summit is on its third and final day at the Dubai World Trade Center. The summit brings together over 110 police chiefs and more than 300 speakers from over 110 countries. Key topics include AI in law enforcement, cross-border cybercrime, human trafficking, and digital transformation.

#6- The Economy Middle East Summit will take place today at the ADGM in Abu Dhabi, according to a press release (pdf). The event will feature discussions on the economy, banking and finance, technology, cybersecurity, AI, hospitality and tourism, real estate, and energy.

#7- India-UAE: Partners in Progress Conclave will be held today at Taj Exotica Resort & Spa in The Palm in Dubai. The event will bring together policymakers, business leaders, and innovators, with an aim to accelerate collaboration across trade, energy, tourism, tech, and startups.

#8- Integrate Middle East is on its second and final day today at the Dubai World Trade Center. The event will showcase advancements in audio-visual technology and media for the broadcasting, communications, and entertainment industries.

HAPPENING THIS WEEK-

Investopia Europe will take place tomorrow at Palazzo Mezzanotte in Milan. Approximately 60 Emirati delegates government entities and private sector firms — including the Abu Dhabi Investment Office, Dubai’s Department of Economy and Tourism, Ras Al Khaimah Economic Zone, Invest in Sharjah, G42, ADQ, NG9, and Marjan — will engage with Italian and European business leaders to explore potential investments and partnerships.

THE BIG STORY ABROAD-

US President Donald Trump headed to Qatar yesterday on the second leg of his regional tour, where he met with Emir Tamim bin Hamad. The visit saw the signing of USD 243 bn in agreements (per the White House’s tally), including defense purchases for drone and counter-drone capabilities from US companies, Qatari investments at Al Udeid Air Base, and a tall, USD 96 bn order for up to 210 Boeing jets.

The president is set to land in the UAE today for the third and last stop, which is set to conclude his four-day Middle East trip.

ALSO- Trump met with Syrian President Ahmed Al Sharaa earlier yesterday, just before the GCC summit in Riyadh, while Turkey’s President Erdogan joined over the phone. Trump urged Al Sharaa to join the so-called Abraham Accords, while the latter invited American companies to invest in Syria’s oil and gas, the US Press Secretary said.

AND- Trump and Russia’s Vladimir Putin will be skipping the first direct Russia-Ukraine peace talks to be held in Turkey today, with Russia opting to send a group of technocrats instead. The talks — proposed by Putin — are unlikely to see a breakthrough in the absence of the two leaders.

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MARKET WATCH-

Opec maintained its global oil demand forecast for 2025 at 1.3 mn barrels a day in its latest Monthly Oil Market Report (MOMR) (pdf). Demand in Organization for Economic Co-operation and Development (OECD) countries is projected to rise 0.1 mn bbl / d, while non-OECD demand is expected to grow by nearly 1.2 mn bbl / d. The outlook for 2026 also remains unchanged from last month at 1.3 mn bbl / d, with OECD demand projected to increase by 0.1 mn bbl / d and non-OEC demand by 1.2 mn bbl / d.

Meanwhile, it expects supply to rise by some 800k bbl / d, down from its earlier forecast of 900k bbl / d, on the back of lower capital spending due to a decline in oil prices. The oil cartel is set to hike supply by 411k bbl / d in June for the second month in a row.

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