{"id":105219,"date":"2025-07-04T00:00:00","date_gmt":"2025-07-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-eu-antitrust-regulators-resume-the-review-of-adnocs-covestro-bid-adia-eyes-a-minority-stake-in-utilities-firm-aggreko\/"},"modified":"2025-07-04T00:00:00","modified_gmt":"2025-07-04T00:00:00","slug":"this-morning-eu-antitrust-regulators-resume-the-review-of-adnocs-covestro-bid-adia-eyes-a-minority-stake-in-utilities-firm-aggreko","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/07\/04\/this-morning-eu-antitrust-regulators-resume-the-review-of-adnocs-covestro-bid-adia-eyes-a-minority-stake-in-utilities-firm-aggreko\/","title":{"rendered":"THIS MORNING: EU antitrust regulators resume the review of Adnoc\u2019s Covestro bid + ADIA eyes a minority stake in utilities firm Aggreko"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends, and happy FRIDAY. <\/strong>It has been a particularly busy week as far as local news is concerned, and today is no exception. We close out the week with a slew of debt, M&amp;A, maco, and capital markets updates. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A handful of big stories are vying for your attention this morning: <\/strong><\/p>\n<ul>\n<li><strong>The UAE\u2019s non-oil sector was hit by a demand slump<\/strong> following the escalation of regional tensions, but it maintained its growth trajectory; <\/li>\n<li><strong>Abu Dhabi\u2019s GDP grew 3.4% in 1Q 2025<\/strong>, propelled by the non-oil sector; <\/li>\n<li>First Abu Dhabi Bank is issuing the <strong>MENA region\u2019s first ever digital bond<\/strong>, with the help of our friends at HSBC and ADX; <\/li>\n<li>and<strong> Burjeel Holdings acquired a Riyadh-based physiotherapy center <\/strong>as part of its ongoing expansion drive. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have everything on these stories and more in the news well, below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong><strong>Dubai<\/strong> will see a high of 42\u00b0C, before cooling to 31\u00b0C overnight. Temperatures in <strong>Abu <\/strong><strong>Dhabi<\/strong> will hit 35\u00b0C, before cooling to an overnight low of 32\u00b0C. <\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>#1- EU antitrust regulators have resumed their review of Adnoc\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/4677e812-bf72-46a8-bfd2-231c8903b041\" style=\"\" rel=\"noopener\">EUR 14.7 bn acquisition<\/a><\/strong><strong> of chemicals firm Covestro and pushed the deadline <\/strong>for its decision to 28 July, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/eu-antitrust-regulators-resume-foreign-aid-probe-into-adnocs-covestro-deal-2025-07-03\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing an update on the European Commission website. Regulators had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/391980ae-10bd-456a-960e-8d7f2721b73c\/irh-acquires-majority-interest-in-congo-tin-mine-firm-for-usd-367-mn\" style=\"\" rel=\"noopener\">suspended<\/a> the review earlier in June as it awaited additional information from the two companies, which it has now received. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> The pending acquisition, which was approved under EU merger rules in May, is now being reviewed under the bloc's foreign subsidies regulation, which examines potentially unfair government support to companies<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a><strong> #2- The Abu Dhabi Investment Authority (ADIA) and PE firms KKR and CVC are among <\/strong><strong>several parties eyeing a minority stake in utilities firm Aggreko<\/strong> in a transaction that could value it at some USD 12 bn, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-07-02\/adia-cvc-said-among-firms-eyeing-stake-in-12-billion-aggreko?embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing people familiar with the matter. Aggreko\u2019s owners, TDR Capital and I Squared Capital, are looking to sell up to 30% of the firm, though talks are still at early stages. The firm is the world\u2019s biggest supplier of modular power, heating, and cooling equipment, which it provides to energy and construction firms, as well as events. It has some 9.6 GW in fleet capacity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not clear if ADIA would approach the potential acquisition as part of a consortium with the PE firms or independently<\/strong>, though it would not be the first time ADIA partners up with either firm. Alongside CVC, it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e9955a68-90bc-4e91-9106-8b5ffdb09f39\/adia-consortium-acquires-hargreaves-in-gbp-5.41-bn-takeover\" style=\"\" rel=\"noopener\">acquired<\/a> UK Hargreaves Lansdown for GBP 5.4 bn as part of a consortium with Nordic Capital; and attempted a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/acc121ed-72c7-48e7-982f-6619378fed96\/adia-backed-consortium-offers-eur-14-bn-to-take-over-db-schenker\" style=\"\" rel=\"noopener\">EUR 14 bn takeover<\/a> of DB Schenker, the logistics subsidiary of Germany's Deutsche Bahn. It also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/01f689f3-8de7-41e3-81e5-e447215fce82\/adia-to-invest-usd-750-mn-in-gmr-group'\" style=\"\" rel=\"noopener\">teamed up<\/a> with KKR for a USD 1.5 bn investment in India\u2019s Reliance Retail\u2019s warehousing assets. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- French multinational aerospace and defense firm Thales is in talks to open an <\/strong><strong>artificial intelligence research center<\/strong> in Abu Dhabi, the firm\u2019s International Development vice-president Pascale Sourisse told <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/aviation\/2025\/07\/03\/frances-thales-eyes-radar-factory-in-saudi-arabia-and-ai-centre-in-uae\/\" style=\"\" rel=\"noopener\">The National<\/a>. This would be the French defense group\u2019s first AI center in the Middle East. The centers, dubbed cortAIx labs, come as the firm works on the construction of a UAE-based <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/0105708b-2063-4650-be0d-8dcdd50be427\/make-it-in-the-emirates:-day-three-brings-defense,-maritime,-and-tech-partnerships\" style=\"\" rel=\"noopener\">Ground Master radar factory<\/a> announced in, set to launch operations in 2027.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#4- Flying taxis coming to Ajman next? <\/strong>Ajman\u2019s Transport Authority has inked an agreement with UK-based eVTOL infrastructure provider Skyports Infrastructure to explore smart air mobility solutions, including flying taxi services, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/ar\/article\/bkhwrkx-%D8%AA%D8%B9%D8%A7%D9%88%D9%86-%D8%A8%D9%8A%D9%86-%D9%86%D9%82%D9%84-%D8%B9%D8%AC%D9%85%D8%A7%D9%86-%D9%88%D8%B3%D9%83%D8%A7%D9%8A%D8%A8%D9%88%D8%B1%D8%AA%D8%B3-%D8%A5%D9%86%D9%81%D8%B1%D8%A7%D8%B3%D8%AA%D8%B1%D9%83%D8%AA%D8%B4%D8%B1%D9%84%D8%AA%D8%B9%D8%B2%D9%8A%D8%B2\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The agreement covers collaboration on research, infrastructure planning , site identification, and drone applications in critical sectors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE is on an eVTOL roll<\/strong>, with Joby Aviation and Dubai\u2019s Roads and Transport Authority completing the region\u2019s first Joby air taxi test flight <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a3f81505-aec8-4afc-ae40-057116745b35\/this-morning:-fuel-prices-up-in-july-%2B-joby-aviation-completes-first-air-taxi%253cmark%253e-test%253c%2Fmark%253e%253cmark%253e-flight%253c%2Fmark%253e-in-dubai\" style=\"\" rel=\"noopener\">earlier this week<\/a>. The Abu Dhabi Investment Office also tested their passenger eVTOL aircraft <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c871d423-4204-4f84-b2f6-695c0bb428e6\/this-morning:-g7-summit-kicks-off-against-the-backdrop-of-escalating-middle-east-tensions\" style=\"\" rel=\"noopener\">last month<\/a>, and Archer Aviation completed the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/67210f4b-6e86-48dd-bb41-f632185b75f7\/this-morning:-more-pe-giants-eye-abu-dhabi-%2B-india%25e2%2580%2599s-rbl-bank-denies-reports-of-emirates-nbd-acquisition-talks\" style=\"\" rel=\"noopener\">first test flight<\/a> for its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/b6a565b6-4782-4bfc-a388-ce574901a40e\/this-morning:-us-energy-secretary-visits-adnoc-hq,-explores-more-us-uae-cooperation\" style=\"\" rel=\"noopener\">Midnight eVTOL<\/a> aircraft set to launch in Abu Dhabi soon. The GCAA granted design approval for the country\u2019s first hybrid heliport at the Abu Dhabi Cruise Terminal in Zayed Port back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/5e2520f4-35fc-467d-93d0-6b2c272a96c2\/abu-dhabi-cruise-terminal-in-zayed-port-will-see-the-uae%25e2%2580%2599s-first-hybrid-heliport\" style=\"\" rel=\"noopener\">April<\/a> and passed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/1e0ca58f-dcba-4f12-9cda-77c62f0cc2ac\/uae-sets-rules-for-hybrid-evtol-helicopter-operations\" style=\"\" rel=\"noopener\">regulations<\/a> for the shared use of infrastructure by helicopters and eVTOLs.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#5- New proptech hub lands in DIFC: <\/strong>Dubai International Financial Center (DIFC) and Dubai Land Department (DLD) have launched the region\u2019s first PropTech hub at the DIFC Innovation Hub, according to the <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2025\/july\/03-07\/difc-and-dld-unveil-dubai-proptech-hub\" style=\"\" rel=\"noopener\">Dubai Media Office<\/a>. The Dubai PropTech Hub will support over 200 start-ups and scale-ups, create over 3k jobs, and attract more than USD 300 mn in investment by the end of the decade. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A closer look: <\/strong>The hub will offer flexible licenses, physical workspace, and end-to-end support from concept to commercialization \u2014 including venture building, regulatory sandbox access, pilot programmes, and early-stage incubation \u2014 as it looks to bring more startups and investment to the proptech market. The hub will also include a multi-stakeholder collaboration model, including investors, regulators, and developers, and founding partners like Binghatti, Majid Al Futtaim, Sobha Realty, and Union Properties are already exploring collaboration with DIFC Innovation Hub-led pilots. <\/p>\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>New social media rules for UAE student visa applicants:<\/strong> UAE residents applying for F, M, or J class US visas must now set all social media profiles to public before their appointments, the US Embassy in the UAE said in a <a target=\"_blank\" href=\"https:\/\/ae.usembassy.gov\/announcement-of-expanded-screening-and-vetting-for-visa-applicants\/\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why? <\/strong>The move follows a US State Department directive mandating \u201ccomprehensive and thorough vetting\u201d of applicants\u2019 entire online presence \u2014 not just on social media \u2014 to flag potential derogatory content or signs of \u201chostile attitudes\u201d toward the US, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/trump-administration-resuming-student-visa-appointments-state-dept-official-says-2025-06-18\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. It comes ahead of the resumption of student and exchange visa scheduling, which had been paused since <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2025\/05\/27\/politics\/state-department-embassies-pause-student-visa-appointments\" style=\"\" rel=\"noopener\">late May<\/a> under orders from the Trump administration.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It could be harder to get an appointment: <\/strong>Visa officers have been instructed to reduce appointment volumes if needed due to heavier vetting workloads, with priority given to certain medical exchange programs and students heading to US universities with less than 15% international enrollment, <a target=\"_blank\" href=\"https:\/\/www.khaleejtimes.com\/uae\/students-us-visa-social-media-accounts-public-vetting?_refresh=true\" style=\"\" rel=\"noopener\">Khaleej Times<\/a> reports.<\/p>\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US President Donald Trump\u2019s \u201cbig, beautiful bill\u201d is officially on its way to his office for <\/strong><strong>ratification<\/strong> after the House narrowly passed it ahead of their Friday deadline. The bill marks a massive victory for Trump, who is using it to fund his domestic agenda, which includes new military spending plans, tax cuts, and a crackdown on illegal immigration. It will also see cuts to spending on healthcare and a reversal of most of former president Joe Biden\u2019s clean energy subsidies and breaks. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bill is set to add some USD 3.4 tn in debt to the economy<\/strong>, raising concerns over the US\u2019 fiscal trajectory. The debt ceiling will be raised by USD 5 tn to avoid a default. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-07-03\/trump-wins-economic-policy-shift-as-house-passes-one-big-beautiful-tax-bill?srnd=homepage-middle-east&amp;embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/government\/us-house-republicans-head-toward-final-vote-trumps-sweeping-tax-cut-bill-2025-07-03\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/policy\/trump-pushes-republicans-to-pass-stalled-megabill-dc84b7fc?mod=WSJ_home_mediumtopper_pos_1\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ff773093-a747-4e94-98e6-09e941ab2134\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2025\/07\/03\/us\/trump-news-policy-bill\" style=\"\" rel=\"noopener\">New York Times<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- Trump says he will begin to notify countries of their reciprocal tariff rates today<\/strong> ahead of the 9 July deadline when the 90-day pause on the tariffs expires. The UAE, along with the rest of the GCC, will see a 10% tariff slapped on their exports to the US. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-07-03\/trump-says-he-may-start-telling-nations-new-tariff-rates-friday?srnd=homepage-middle-east&amp;embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Closer to home, Israel is reportedly ramping up airstrikes on Gaza<\/strong> and ordering more mass evacuations as a potential 60-day ceasefire hangs in the balance. Israel has already accepted the proposal, Trump said previously, with the proposal now with Hamas, who is reportedly looking to secure guarantees that the ceasefire will pave the way for a permanent end to the war. Yesterday\u2019s attacks have killed at least 60. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-07-03\/israel-pushes-for-gains-in-gaza-as-hamas-weighs-trump-ceasefire-proposal?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/hamas-seeks-ceasefire-guarantees-scores-more-killed-gaza-2025-07-03\/\" style=\"\" rel=\"noopener\">Reuters<\/a>) <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You\u2019re reading EnterpriseAM UAE<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We\u2019re out Monday through Friday by 7am UAE time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM UAE is available without charge <\/strong>thanks to the generous support of our friends at Mashreq.&nbsp;<a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" rel=\"noopener\">Tap or click here<\/a><span style=\"background-color: transparent;\"> to get your own copy of EnterpriseAM UAE.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? <\/strong>Reach out to us on  <a target=\"_blank\" href=\"mailto:UAE@enterpriseAM.com\" style=\"\" rel=\"noopener\">UAE@enterpriseAM.com<\/a> .<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong>, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>,<\/strong> and the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\" style=\"\" rel=\"noopener\">climate<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics<\/a> industries?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Thales is in talks to open an artificial intelligence research center in Abu 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