{"id":105948,"date":"2025-07-28T00:00:00","date_gmt":"2025-07-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-enec-eyes-us-nuclear-energy-projects-opec-to-keep-oil-policy-steady-today\/"},"modified":"2025-07-28T00:00:00","modified_gmt":"2025-07-28T00:00:00","slug":"this-morning-enec-eyes-us-nuclear-energy-projects-opec-to-keep-oil-policy-steady-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/07\/28\/this-morning-enec-eyes-us-nuclear-energy-projects-opec-to-keep-oil-policy-steady-today\/","title":{"rendered":"THIS MORNING: Enec eyes US nuclear energy projects + Opec+ to keep oil policy steady today?"},"content":{"rendered":"

Good morning, lovely people, and welcome to the final workweek of July. <\/strong>Things have quieted down significantly on the news front as we head into August (the preferred month for annual leave for plenty of you). <\/p>\n

THE BIG STORY here at home<\/strong> is news that Dubai-based investment firm Beyond One<\/strong> is in talks to acquire<\/strong> Spanish telecoms giant Telef\u00f3nica\u2019s Mexican operations<\/strong>. Plus:<\/strong> Union Properties<\/strong> just made major headway in plans to settle its debt this year with a AED 700 mn sale of a project in Motor City. We also have some startup funding news and a few earnings for you to dig your teeth into\u2026<\/p>\n

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WEATHER<\/strong>-<\/strong> Stay indoors, people: <\/strong>Temperatures continue to rise today, with the mercury in Dubai<\/strong> peaking at 47\u00b0C today, with temperatures dropping to 34\u00b0C overnight. Abu Dhabi <\/strong>will see a daytime high of 48\u00b0C, falling to 35\u00b0C after dark.<\/p>\n

MORNING MUST-READS-<\/p>\n

While we disconnected for the weekend<\/strong>, it was an AI-heavy weekend in the rest of the world. <\/p>\n

#1- Donald Trump thinks stealing is just fine<\/strong>, saying as he announced a new, maximalist AI policy framework, \u201cYou can't be expected to have a successful AI program when every single article, book, or anything else that you've read or studied, you're supposed to pay for. We appreciate that, but just can't do it \u2014 because it's not doable.\u201d Wired<\/a> has more.<\/p>\n

#2- The head of Anthropic holds the Middle East in contempt, but he\u2019d sure like some of <\/strong>our money. <\/strong>\u201cUnfortunately, I think \u2018No bad person should ever benefit from our success\u2019 is a pretty difficult principle to run a business on,\u201d CEO Dario Amodei said in a note to staff obtained by Wired<\/a>. The maker of Claude will open to investment from our part of the world as it looks to double its valuation to USD 150 bn, the Financial Times<\/a> notes. <\/p>\n

#3- The Atlantic is the latest competitor in the \u201cAI may be bad for you\u201d sweepstakes. <\/strong>Its entry reads like something from Tipper Gore\u2019s 1985 campaign against heavy metal, punk, and rap: ChatGPT gave instructions for murder, self-mutilation, and devil worship<\/a>. \u201cOpenAI\u2019s chatbot also said \u2018Hail Satan,\u2019\u201d it adds, in case you didn\u2019t get the point.<\/p>\n

#4- Reuters Breakingviews warns that the 1995 IPO of Netscape is \u201ccasting a shadow\u201d <\/strong>over the AI boom.<\/strong> The parallels are there. If you want to know how OpenAI could create a market and then lose it, this is your morning must-read<\/a>.<\/p>\n

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WATCH THIS SPACE- <\/p>\n

<\/a> Enec and US\u2019 Westinghouse explore nuclear collaboration in the US: <\/strong>The Emirates Nuclear Energy Company (Enec) and US-based nuclear power firm Westinghouse Electric signed an MoU to assess collaboration on advanced nuclear energy projects in the US, according to a press release<\/a>. The two companies will look at new projects and potentially restarting existing ones, as well as operational services and fuel supply chains. The partnership will look specifically at deploying Westinghouse's AP1000 reactor technology, and comes amid a growing refocus on the US\u2019 nuclear energy sector under President Donald Trump.<\/p>\n

Enec has been eyeing global expansion: <\/strong>The firm has been in talks<\/a> to develop projects worldwide and is focused on the US, the Global South, Europe, and the Philippines.<\/p>\n

DATA POINTS- <\/p>\n

#1- The GCC's nominal GDP reached USD 587.8 bn in 4Q 2024<\/strong>, a 1.5% uptick from the USD 579 bn recorded in 4Q 2023, state news agency Wam<\/a> reports, citing data from the GCC Statistical Center (GCC-Stat). Non-oil activities accounted for 77.9% of GDP, with oil activities contributing the remaining 22.1%. <\/p>\n

By the sector: <\/strong>The manufacturing sector led the charge, representing 12.5% of GDP, followed by the wholesale and retail trade at 9.9%. Construction contributed 8.3% to the total, with public administration and defense accounting for 7.5%, finance and ins. came in at 7%, and 5.7% came from the real estate sector.<\/p>\n

#2- Some 395.3 mn people used Dubai\u2019s public transport in 1H 2025,<\/strong> a 9% uptick y-o-y, according to a press release<\/a> from Dubai\u2019s Roads and Transport Transport Authority. Daily ridership averaged 2.2 mn, up from 2 mn during the same period last year.<\/p>\n

The breakdown:<\/strong> 143.9 mn people used the Dubai Metro, representing 36.5% of total passengers, and BurJuman Station recorded the highest traffic with 8.6 mn riders. Public buses carried 95.7 mn passengers, while the Dubai Tram recorded 4.9 mn riders.<\/p>\n

PSAs- <\/p>\n

UAE + Pakistan implement diplomatic visa waiver agreement:<\/strong> The UAE and Pakistan activated a mutual visa waiver for diplomatic and official Pakistani passport holders, effective as of last Friday, according to a social media post<\/a> by the country\u2019s Deputy Prime Minister Mohammad Ishaq Dar. The waiver applies at all UAE and Pakistani airports. The development comes after the two countries signed a mutual visa exemption agreement last month<\/a>.<\/p>\n

THE BIG STORY ABROAD- <\/p>\n

The US and the EU have narrowly averted a trade war after reaching an agreement that <\/strong>will see the bloc face a 15% tariff on exports to the US.<\/strong> The agreement came following months of talks and just a few days before a Friday deadline will see higher tariffs take effect. <\/p>\n

There are still points of contention: <\/strong>European Commission President Ursula von der Leyen said the tariffs covered all exports, including automobiles, drugs, and chips, hitting back at Trump\u2019s claim that the agreement did not cover pharma and metals. The US is working on a probe into pharma that could see it implement a global tariff on drugs later. Conventional wisdom is that we\u2019ll see a low tariff imposed this year \u2014 and a much higher one next year after firms have regrouped. (Bloomberg<\/a> | Financial Times<\/a> | Reuters<\/a> | Wall Street Journal<\/a> | New York Times<\/a>)<\/p>\n

[wwtt4] ALSO- It\u2019s going to be a big week on Wall Street and in Washington, DC<\/strong>, with CNBC\u2019s Jim Cramer saying it could set the tone for markets through the rest of the summer. Here\u2019s what to watch out for: <\/strong><\/p>\n