Good morning, friends, and happy final FULL workweek of December. The Christmas news slowdown has come early this year, with only a couple of stories of note coming up over the weekend, including Adnoc’s USD 2 bn green loan from South Korea’s K-Sure.

Also, we break down why MGX’s investment in the US’ TikTok carve-out is important, and how it signals that MGX is more than just an AI investor.

One in, one out… As MGX continues to broaden its portfolio in the US, AI firm G42 seems to have divested its stake in US AI chipmaker Cerebras as the company prepares for a Nasdaq listing in 2026.

PSA

☁️WEATHER- It’s officially winter in Dubai. Expect a cloudy day ahead, with a high of just 23°C and a low of 15°C in Dubai, while in Abu Dhabi, the mercury rises to 23°C with a low of 14°C in Dubai.

Expect lighter traffic around the Trade Center Roundabout now that two new bridges were launched ahead of schedule as part of a wider AED 696 mn project. Vehicles going from 2nd December Street towards Sheikh Rashid Road and Al Majlis Street Al Mustaqbal Street, and Zabeel Palace Street will benefit from shorter journeys, while three more bridges set to open next year, including one in March between Sheikh Zayed Road and Sheikh Khalifa bin Zayed Street, and two from Sheikh Rashid Road and Al Majlis Street towards 2nd December Street.

Watch this space

INVESTMENT — G42 no longer an investor in Cerebras? Abu Dhabi-backed AI firm G42 is no longer named as an investor in US AI chipmaker Cerebras Systems in its latest IPO filing, as the firm looks toward a potential New York listing in 2Q 2026, Reuters reports, citing people familiar with the matter. No reason was disclosed, but the change comes following a US national security review that looked into G42’s investment in the chipmaker earlier this year.

The background: G42 has held a 1% stake in Cerebras since 2021 and earlier this year agreed to buy USD 335 mn in non-voting shares. The minority stake — and G42’s role as a major customer — drew scrutiny from US national security over fears non-US partners could give China indirect access to advanced American AI. We reported earlier that the review delayed Cerebras’ IPO, which was later withdrawn.

De-risking the cap table: Cerebras has since secured clearance from the US Foreign Investment Committee, paving the way for a refiling — this time without G42 on the shareholder list. Any strategic read-through remains unclear.

Cerebras still ❤️ the UAE: We reported in October that Cerebras plans to expand in Abu Dhabi and Dubai, lifting headcount to some 50 engineers from 18 and eyeing 40 MW of computing power in the capital, according to CEO Andrew Feldman. Feldman also said the firm plans to deploy “megawatts worth” of infrastructure for Stargate UAE — export controls permitting.

A familiar constraint for G42: G42 had previously recalibrated to meet US security demands — divesting Chinese holdings to unlock American tech and investments, including Microsoft’s USD 1.5 bn investment. The same security lens is now shaping progress at the UAE-US 5 GW Stargate AI campus.

DIPLOMACY — France’s Macron in the UAE to talk investment + tech ties: President Mohamed bin Zayed Al Nahyan met French President Emmanuel Macron in Abu Dhabi to discuss expanding cooperation in investment, culture, renewable energy, advanced technology, AI, and sustainability, state news agency Wam reports.

Background: The visit builds on existing UAE-France partnerships across technology and investment. In February, the two countries agreed to jointly invest USD 30-50 bn in a 1 GW data center and other AI projects in France, while UAE-based G42 is set to launch a sovereign AI cloud in France in the coming months. In October, Economy and Tourism Minister Abdulla bin Touq Al Marri met French counterparts in Paris to discuss expanding economic and tourism ties, with a focus on sustainable transport, smart infrastructure, AI, and startup initiatives.

The Big Story Abroad

Oil prices ticked up in Asia this morning after US forces tried to tighten their blockade of oil tankers coming into and out of Venezuela. The US coast guard is reportedly pursuing in international waters a tanker that was heading into Venezuela. The development comes barely two days after it raided a Panama-flagged ship and two weeks after it seized a third.

It’s otherwise a particularly quiet morning in the global business press — markets seem already to be sliding into the Christmas week news slowdown. That has the business pages serving up year-end fare including:

We’re not sure 2025 is going to give up the ghost quite so easily, but … we’ll take it.

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Circle your calendar

It’s a slow time for events and conferences in the last couple of weeks of December, but a flurry of events will take place in January.

Abu Dhabi Sustainability Week runs from Sunday, 11 January through Thursday, 15 January at the Adnec Center Abu Dhabi. The week brings together world leaders, investors, and innovators to accelerate solutions across energy, water, food, finance, and nature systems

ADSW Dialogues runs concurrently at the Adnec Center Abu Dhabi. Interactive sessions, workshops, and roundtables will focus on fostering collaboration on global sustainability challenges.

The Irena Assembly is also taking place as part of ADSW on Sunday, 11 January and Monday, 12 January at the Adnec Center Abu Dhabi. The assembly convenes global renewable energy leaders to discuss policy frameworks, technology deployment, and international partnerships aimed at scaling clean energy solutions worldwide.

The World Future Energy Summit kicks off on Tuesday, 13 January and runs until Thursday, 15 January at the Adnec Center. The summit will feature more than 700 global brands, a startup zone, a cleantech pavilion, and the debut of the Greenpeace Cinema, spotlighting breakthrough technologies in energy, water, and digital solutions.

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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