{"id":90116,"date":"2024-03-18T00:00:00","date_gmt":"2024-03-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/mgx-could-invest-in-openais-chip-and-power-production-venture-eagle-hills-investment-in-budapest-could-reach-eur-10-bn\/"},"modified":"2024-03-18T00:00:00","modified_gmt":"2024-03-18T00:00:00","slug":"mgx-could-invest-in-openais-chip-and-power-production-venture-eagle-hills-investment-in-budapest-could-reach-eur-10-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/18\/mgx-could-invest-in-openais-chip-and-power-production-venture-eagle-hills-investment-in-budapest-could-reach-eur-10-bn\/","title":{"rendered":"MGX could invest in OpenAI\u2019s chip and power production venture + Eagle Hills\u2019 investment in Budapest could reach EUR 10 bn"},"content":{"rendered":"

Good morning, wonderful people, and happy Monday. <\/strong>It\u2019s a slow start to the week as we close out the first Ramadan weekend, but we have an engaging issue for you to kick off the workweek. <\/p>\n

So, when do we eat?<\/strong> Maghrib is at 6:32pm in Dubai, and 6:36pm in Abu Dhabi. Fajr prayers are at 5:07am in Dubai and 5:11am in Abu Dhabi.<\/p>\n

THE BIG STORY here at home<\/strong> is the merger of Nakheel and Meydan under Dubai Holding as part of a plan to boost the company\u2019s asset portfolio to \u201chundreds of bns\u201d worth of assets.<\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS- <\/p>\n

#1- ? Expect another humid and foggy day in the UAE today<\/strong>,according to the National Center<\/a>of Meteorology<\/a>. Light rainfall is also in the cards for those residing in Western areas and islands.<\/p>\n

#2- Give FinMin your two cents on tax policies:<\/strong> The Finance Ministry launched a digital national dialogue on implementing the Global Minimum Tax (GMT) and other tax matters, Wam<\/a> reports. This consultation, which kicked off last Friday and will continue until 10 April, specifically seeks input on policy design options for implementing GMT and potential substance-based incentives under the UAE Corporate Tax regime. Stakeholders such as multinational groups, advisors, and investors can share their thoughts through either the ministry\u2019s website or the UAE Government Portal<\/a>. <\/p>\n

<\/a> #3- If you\u2019re a citizen of Fiji, Bosnia and Herzegovina, Armenia, or Kosovo, you\u2019re now <\/strong>eligible to enter the UAE without a <\/strong>pre-entry visa<\/strong>, after the Foreign Affairs Ministry updated its list of visa exemptions. The new additions bring the total number of countries whose citizens can obtain a visa on arrival for up to 30, 90, or 180 days, depending on their country of origin, to 87. You can find the full list of visa requirements by nationality on Mofa\u2019s website<\/a>.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Newly formed Abu Dhabi-based AI investment company <\/strong>MGX<\/a><\/strong> is in preliminary <\/strong>talks to invest in <\/strong>OpenAI\u2019s new AI chip and power production venture<\/a><\/strong>, the Financial Times<\/a> reports, citing two people with knowledge of the matter. OpenAI boss Sam Altman has estimated that the project would require some USD 7 tn. <\/p>\n

Altman isn\u2019t alone in eyeing AI in the UAE:<\/strong> Tesla CEO Elon Musk could also be bringing an AI project to the UAE, AI Minister Omar Sultan Al Olama suggested to the FT. <\/p>\n

#2- Brazil\u2019s Petrobras is pushing ahead with potential partnerships with Abu <\/strong>Dhabi sovereign wealth fund Mubadala<\/strong>, with due diligence in progress for the company to re-acquire the Mataripe refinery in Brazil, AlKhaleej<\/a> reports. Petrobras is also mulling an unspecified agreement with Mubadala on a new biofuel refinery. The two sides have yet to sign any binding agreements.<\/p>\n

Background: <\/strong>Petrobras had said it hopes to settle the details of the potential acquisition by the end of 1H 2023, Reuters<\/a> reported earlier. The refinery was sold to Mubadala in 2021 for USD 1.65 bn, as part of Brazil\u2019s former administration\u2019s divestment strategy. <\/p>\n

<\/a> #3<\/strong>- Abu Dhabi officials are reportedly finalizing a perks program for finance<\/strong> professionals moving to the Abu Dhabi Global Market <\/strong>in a bid to lure more hedge funds to the city, says Bloomberg<\/a>, citing leader of market development at the ADGM, Arvind Ramamurthy. The program will include visas and lifestyle support, including coveted school admissions for children and memberships at country clubs, in a bid to \u201c[benchmark] against the likes of Hong Kong and Singapore,\u201d and London and New York.<\/p>\n

<\/a> #4- Eagle Hills\u2019 <\/strong>investment in a Budapest<\/a><\/strong> neighborhood <\/strong>could reach EUR 10 bn<\/strong>, following an initial investment of EUR 5.8 bn, Trade Minister Thani Al Zeyoudi told The National<\/a> last week. The figure could grow if \u201cthings go as per the full plan,\u201d Al Zeyoudi said, adding that the project will involve residential and commercial towers, with the Hungarian government planning to connect it to the railway network and the airport. The project is expected to take a couple of years to complete, he added.<\/p>\n

#5-<\/strong>Self-driving buses in Dubai? <\/strong>Dubai\u2019s Roads and Transport Authority (RTA<\/a>) is planning to roll out 40 electric buses by the start of next year, as part of the emirate\u2019s plan to boost zero-emission transports, Ahmed Bahrozyan, executive director of the RTA\u2019s Public Transport Agency, told Emarat Alyoum<\/a>. The authority has been testing out the latest autonomous electric bus models in a bid to push the number of self-driving trips in the emirate to 25% by 2030.<\/p>\n

ICYMI: <\/strong>RTA expects its self-driving transport strategy \u2014 launched in 2016 \u2014 to save Dubai some AED 22 bn by 2030, RTA Director-General Mattar Al Tayer previously said<\/a>.<\/p>\n

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WAR WATCH-<\/p>\n

Second UAE-funded aid shipment to leave Cyprus: <\/strong>A second aid cargo arranged by the UAE with US-based charity World Central Kitchen and Spanish charity Open Arms is set to set sail from Cyprus\u2019 Larnaca port to Gaza through the new aid maritime corridor<\/a>, Reuters<\/a> reports, citing Cypriot President Nikos Christodoulides.The recently launched UAE-funded maritime corridor saw the arrival of the first ship carrying 200 tonnes of food and supplies to Gaza from Cyprus over the weekend, according to a Foreign Affairs Ministry statement<\/a>. <\/p>\n

ALSO-<\/strong>The UAE and Egyptian Air Forces executed their ninth<\/a> and tenth<\/a> airdrops of humanitarian aid in Gaza over the weekend, and a group of 40 wounded Palestinian children and cancer patients arrived in Abu Dhabi last Saturday for treatment, Wam<\/a> reports. <\/p>\n

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

It\u2019s another sleepy Monday in the global business press, with geopolitics<\/strong> (Putin just won<\/a>reelection<\/a>, getting six more years in power) and tech<\/strong> (the White House is pushing the Senate to take up without delay a bill that would ban TikTok<\/a>) taking center stage<\/strong>. <\/p>\n

Sign of the TImes- So. Much. AI. Anxiety. <\/strong>This time, physical robots take center stage:<\/p>\n