Good morning, friends, and happy hump day. It’s now raining M&A news after weeks of near silence on that front — atypical of the UAE — which means we’re officially back to business after the holidays.
Two big M&A stories are worth your attention this morning: Overseas regulators cleared one major acquisition, namely Emirates NBD’s planned takeover of India’s RBL Bank, while another over in the Netherlands blocked Orascom Construction’s planned merger with OCI Global to create an entity in Abu Dhabi.
Plus, other UAE firms are making smaller steps overseas, including AD Ports, with its acquisition of a shipyard dedicated to SOVs — vessels needed for offshore wind farms — and Dubai Holding’s acquisition of a hotel in Mallorca.
Happening today
It’s Davos week: World leaders, bankers, and global business leaders are in Switzerland this week for the World Economic Forum Annual Meeting, which runs through to Friday. You can go deeper on the meeting’s microsite here.
The UAE is sending what it says is the fifth biggest delegation at Davos this year, with some 100 officials, ministers, and senior executives from major private companies set to attend, according to Wam. The delegation will be led by Chairwoman of Dubai Culture and Arts Authority Latifa bint Mohammed bin Rashid Al Maktoum.
Besides a pavilion which is set to host a series of sessions, meetings, and media engagements, several officials are taking the stage for panels throughout the week. Keep an eye out for Damac’s Founder and Chairman Hussain Sajwani, who takes the stage alongside other regional leaders on Friday for a session focused on the “Prosperity Agenda for the Middle East.”
Also happening today:
- The Sharjah Real Estate Exhibition (also known as Acres), which runs until Saturday at Expo Center Sharjah;
- UMEX Abu Dhabi, which runs until Thursday, 22 January at Adnec Center Abu Dhabi;
- The Abu Dhabi Department of Economic Development is leading a delegation to Italy until Thursday, 22 January.
WEATHER- It’s a little cooler this morning, with temperatures peaking at 23°C in Dubai and Abu Dhabi, with Dubai seeing an overnight low of 15°C and the mercury falling to 14°C in the capital.
PSA
Autonomous vehicle regulation is coming to Ras Al Khaimah, with the emirate issuing a dedicated law for self-driving vehicles, Wam reports. The law will take effect upon publication in the official gazette.
Ras Al Khaimah Transport Authority is in charge, designated as the sole regulator and responsible for setting up a legislative and technical framework for safe usage. It is also tasked with licensing, operational control, defining parameters of responsibility for operators and users, and enforcing monitoring, reporting, and safety standards.
For operators, the law requires vehicles to default to a safe mode if autonomous operation cannot continue, stay connected to control centers, and keep operational and incident records.
Similar legislation exists only in Dubai and Abu Dhabi for now. Dubai introduced the UAE’s first framework for autonomous transport — covering licensing, liability, and commercial operation — in 2023, followed by regulations for self-driving heavy vehicles last year. Abu Dhabi included provisions determining registration, licensing, and renewal procedures for self-driving vehicles in 2024.
DIPLOMACY — The UAE is holding its ground as a global soft-power heavyweight: The country retained 10th place worldwide in the Brand Finance Global Soft Power Index 2026, standing out as major Western nations slid down the rankings. With a score of 59.4 out of 100, the UAE ranked eighth for influence, ninth for international relations, and 10th for business and trade. The index ranks countries according to other international perceptions of them, as well as their ability to influence these.
That brand strength is showing up at the corporate level: Abu Dhabi National Oil Company (Adnoc) became the first Emirati brand to enter Brand Finance’s global top 100, while remaining the UAE’s most valuable brand for the eighth consecutive year, according to a statement. Adnoc now ranks as the Middle East’s second-most valuable brand and the sixth-most valuable oil and gas brand globally, with brand value up 11% y-o-y to USD 21.13 bn — a more than 350% increase since 2017.
Speaking of soft power… The UAE has signed onto US President Donald Trump’s Board of Peace, a planned organization that will look to address global conflicts, starting with a peace plan for Gaza, according to a Foreign Ministry post on X.
The move puts the Emirates among the first countries to publicly sign up to join the board, joining only Hungary, as other leaders have stopped short of committing to it amid concerns over the details. This includes the fact that the US published a draft charter for the initiative, which some global leaders have criticized as an attempt to step on the UN’s toes, and that while it aims to move toward halting other global conflicts after implementing peace in Gaza — that extension of the mandate wasn’t greenlit by the UN Security Council in November.
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Trump has also included some interesting caveats, including a three-year limit on membership — unless, that is, countries shell out USD 1 bn to fund the project — and a lifelong chairmanship for Trump himself.
The news comes hot on the heels of more UAE-US collaboration, after the Emirates signed onto the US-led Pax Silica framework which aims to secure supply chains vital for the artificial intelligence sector. The framework is essentially a trust network for the entire AI pipeline, including advanced semiconductors, energy, and critical minerals, and is the UAE’s latest effort to secure advanced chips for its data center projects — like the 5 GW Stargate UAE AI campus — as well as abate US fears of historic ties to China in AI.
Watch this space
AI — G42’s AI buildout is picking up pace: The first 200 MW of the state AI firm’s planned 5GWAbu Dhabi AI campus — part of Washington’s USD 500 bn Stargate program — will come online “in the next couple of months,” CEO Peng Xiao told Bloomberg (watch, runtime: 11:15). Capacity is then expected to scale at 200-500 MW per quarter, pulling the timeline forward from earlier guidance which pointed to initial capacity starting from 3Q 2026.
Chips are next, with guardrails: Xiao said the first batch of advanced US chips, “mostly Nvidia,” alongside Cerebras and AMD, is also due to ship to the UAE in the coming months after the company secured export license approvals. Those approvals came with security conditions from the US. “It was not just a theoretical pledge,” he said, citing safeguards against diversion and unauthorized remote access that G42 says it has already put in place.
On AI capex and power demand, Xiao pushed back: While acknowledging concerns around electricity use, spending, and job displacement, he argued the bigger risk is delay, saying, “If we pause [...] many other nations are not stopping their development.” Xiao pointed to inference demand outstripping supply, upstream supply-chain coordination through the new Pax Silica initiative, and plans to expand AI infrastructure across the Global South, including Africa — describing the continent as a “frontier market” and Abu Dhabi as a “key node on this global AI network.”
US investment bank Piper Sandler now has an official base in Abu Dhabi, after closing its acquisition of Abu Dhabi-based merchant bank MENA Growth Partners, according to a press release. The transaction, the terms of which were not disclosed, gives Piper Sandler an immediate on-the-ground platform in the Emirates, granting it local access to regional dealflow without having to build a Gulf franchise from scratch.
What’s next: The move will see the MENA Growth Partners team, led by founder Eric Wilson (LinkedIn), transition into a consulting role for Piper Sandler. Meanwhile, the US bank’s Nabeel Siddiqui (LinkedIn) will relocate to Abu Dhabi from London to head its regional operations.
ADVISORS- Al Tamimi & Co acted as advisors for Piper Sandler, while Charles Russel Speechlys and TMF Group provided counsel for MENA Growth Partners.
MINING — Abu Dhabi is also eyeing investments in mining projects in Uzbekistan: Abu Dhabi and Tashkent have signed an MoU to invest in Uzbekistan’s mining sector, including exploration, development, and downstream manufacturing, state news agency Wam reports. The agreement sets up a framework linking government bodies, state investors, and private capital, with an emphasis on mobilizing FDI, structuring PPPs, and upgrading enabling infrastructure, including power, water, and logistics.
Our take: Mining appears to be the next leg of the UAE’s Uzbekistan push after a run of energy agreements. Uzbekistan is a major player in the sector, with soil rich in critical minerals like lithium, graphite, and more, and is a big producer of copper, uranium, and silver. The mining sector remains largely controlled by state-owned enterprises such as Almalyk Mining and Metallurgy Complex (Almalyk MMC) and Navoi Mining and Metallurgy Complex (NGMK).
The bigger backdrop: UAE investments in Uzbekistan hit USD 1.3 bn in 2024, including USD 700 mn in renewables, with more than USD 4 bn in joint projects currently in the pipeline, according to the news agency.
Data point
6% — the y-o-y uptick in Ras Al Khaimah’s overnight visitors last year, reaching nearly 1.4 mn, Wam reports, citing Ras Al Khaimah Tourism Development Agency data. Tourism revenues were up 12% y-o-y, supported by a broader inbound customer base, increased income from the meetings, conferences, and weddings segment, which rose by over 25% y-o-y, and new hospitality openings.
The largest inbound tourism growth came from Russia, up 20%, followed by China (+19%), India (+14%), and the UK (+10%). Domestic tourism stats were up 7% y-o-y, and better air connectivity led to upticks in traveler numbers from Romania (+41%), Belarus (+26%), Poland (+22%), and Uzbekistan (+19%).
The big story abroad
Is “Sell America” back? A massive selloff hit Wall Street last night, as US President Donald Trump stood his ground on plans to take over Greenland despite European opposition.
All three Wall Street indices fell to their lowest since October, with the S&P 500 down 2.1%. At the same time: The USD slid 0.9% against a basket of six peers, gold surged to a record high, and long-term US yields hit a four-month high.
Meanwhile, a historic rout in Japanese bonds sent yields above 4% for the first time ever on concerns over the country’s fiscal health, after Prime Minister Sanae Takaichi called for a snap election which could hand her a mandate to pursue stimulus plans, including the removal of a food sales tax.
Adding fuel to the fire: Danish pension fund AkademikerPension said it will exit US Treasuries by the end of the month on the back of concerns that the current administration has created too many credit risks.
What to watch: Trump will be landing in Davos today, where he is set to schedule a few meetings to discuss Greenland.
ALSO- Netflix is tightening its screws in the Warner Bros takeover race: The streamer is converting its bid for Warner Bros. Discovery into an allcash offer, matching one key advantage offered by Paramount Skydance’s Gulf-backed bid, Bloomberg reports, citing a filing. Netflix had previously proposed USD 27.75 per share using a mix of banknotes and stock for Warner’s studio and streaming assets. Investors are set to vote on the transaction in April.
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