{"id":94121,"date":"2024-07-24T00:00:00","date_gmt":"2024-07-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-abu-dhabi-to-roll-out-tech-ventures-this-year-adnoc-could-invest-in-another-us-lng-project-report\/"},"modified":"2024-07-24T00:00:00","modified_gmt":"2024-07-24T00:00:00","slug":"this-morning-abu-dhabi-to-roll-out-tech-ventures-this-year-adnoc-could-invest-in-another-us-lng-project-report","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/24\/this-morning-abu-dhabi-to-roll-out-tech-ventures-this-year-adnoc-could-invest-in-another-us-lng-project-report\/","title":{"rendered":"THIS MORNING: Abu Dhabi to roll out tech ventures this year + Adnoc could invest in another US LNG project -report"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Good morning, friends. <\/strong><span style=\"background-color: transparent;\">We have yet another busy issue for you, packed with investment news, more earnings, and fresh macro data on Dubai in 1Q 2024.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>Expect the mercury to peak at 41\u00b0C in <strong>Dubai <\/strong>today, before cooling to an overnight low of 34\u00b0C. <strong>Abu Dhabi<\/strong> will see a high of 38\u00b0C and a low of 34\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- Abu Dhabi to roll out tech-focused R&amp;D ventures this year: <\/strong>The Advanced Technology Research Council (ATRC) plans to launch three new R&amp;D ventures this year, focusing on data security in the quantum era, advancements in smart autonomous mobility, and agritech, according to the <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/crown-prince-news\/khaled-bin-mohamed-bin-zayed-chairs-advanced-technology-research-council-board-meeting-july-2024\/\" style=\"\" rel=\"noopener\">Abu Dhabi Media Office<\/a>. The ventures will be rolled out by ATRC's commercialization arm, VentureOne, aiming to transition research into products and services and expand the innovation economy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also on the agenda: <\/strong>Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan highlighted the importance of prepping national talent in STEM fields to edge up the emirate\u2019s global R&amp;D standing <\/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- Adnoc to invest in Woodside\u2019s LNG project? <\/strong>The Abu Dhabi National Oil Company (Adnoc) could be a potential investor in Australian oil and gas producer Woodside Energy\u2019s recently acquired US liquefied natural gas (LNG) project, alongside Saudi Aramco, Japanese buyers, and US infrastructure companies, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-23\/woodside-looks-to-build-dream-team-of-lng-at-acquired-us-plant\" style=\"\" rel=\"noopener\">Bloomberg<\/a> cites Sydney-based MST Marquee energy analyst Saul Kavonic as saying. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Woodside plans to talk with potential investors \u201cto put together the dream team of LNG\u201d <\/strong>for its Gulf Coast Driftwood project, CEO Meg O\u2019Neill told Bloomberg, adding that no binding agreements will be hashed out until the Australian company finalizes its acquisition of Tellurian, expected by 4Q 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Woodside purchased LNG export project developer Tellurian for USD 900 mn <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-21\/woodside-to-buy-us-lng-developer-tellurian-for-900-million\" style=\"\" rel=\"noopener\">earlier this week<\/a>, with the transaction including Tellurian\u2019s Gulf Coast Driftwood project, which has faced delays since its inception in 2016. The Australian company plans to sell up to 50% of the project, and aims to make a final investment decision by 1Q 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM ADNOC-<\/strong> <strong>Adnoc discussed collaborating <\/strong><strong>on joint projects in the gas sector with Turkmenistan\u2019s national oil company Turkmengaz<\/strong> in a video conference held between Adnoc CEO and Industry Ministry Sultan Ahmed Al Jaber and Turkmengaz\u2019s senior management, according to a <a target=\"_blank\" href=\"https:\/\/www.mfa.gov.tm\/en\/news\/4649\" style=\"\" rel=\"noopener\">statement<\/a> by the Turkmen Foreign Ministry. The talks focused on the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/d9a29c68-7f5e-42aa-b69e-6a15ba6fb951\/petrofac-lands-usd-200-mn-contract-for%253cmark%253e-galkynysh-%253c%2Fmark%253efield-operations\" style=\"\" rel=\"noopener\">Galkynysh gas field<\/a> and Adnoc\u2019s role in Turkmenistan\u2019s international energy projects.<\/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- Fortress Investment Group has ambitious growth plans:<\/strong> Mubadala-backed Fortress Investment Group expects to double its assets under management to USD 100 bn within five years, as it pushes into private wealth and ins., Fortress Investment Group co-CEO Drew McKnight told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-23\/mubadala-backed-fortress-sees-assets-doubling-to-100-billion\" style=\"\" rel=\"noopener\">Bloomberg<\/a> in an interview. \u201cFor us to compete with larger firms like Ares, Apollo and Sixth Street, we need to continue to grow assets, because if we don\u2019t then we\u2019ll be less relevant,\u201d McKnight said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The investment firm also plans to open an office in Abu Dhabi,<\/strong> and explore windows in venture debt and structured trades with the network brought by new hires.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Mubadala finalized its acquisition of 90% of US asset manager Fortress in May, after agreeing to concede operational control and promised concessions regarding data security. <\/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> #4- The UAE will participate in planned US-mediated ceasefire talks between Sudan\u2019s <\/strong><strong>rival parties as an observer <\/strong><strong>in Switzerland on Wednesday, 14 August<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.state.gov\/the-united-states-invites-the-sudanese-armed-forces-and-the-rapid-support-forces-to-ceasefire-talks-co-hosted-by-the-kingdom-of-saudi-arabia-and-switzerland\/\" style=\"\" rel=\"noopener\">statement by the US State Department<\/a>. An invitation was extended by the US to the Sudanese army and the Rapid Support Forces to attend the talks, which will be co-hosted by Saudi Arabia and will also see Egypt, the African Union, and the UN as observers. The war in Sudan has displaced nearly 10 mn people since April 2023.<\/p>\n<p class=\"tag-border-left\"> DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>#1- The UAE\u2019s economy is expected to grow 3.7% in 2024<\/strong>, outpacing Saudi Arabia\u2019s projected 1.3% growth, as it ramps up oil production and continues to focus on tourism, according to a <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-arabias-growth-this-year-marred-by-lower-longer-oil-output-2024-07-22\/\" style=\"\" rel=\"noopener\">Reuters<\/a> poll of economists. The UAE is expected to remain the fastest-growing economy in the GCC next year as well, with growth expected to come in at 4.2% in 2025. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong>The Central Bank of the UAE (CBUAE) projected in its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/93a9d034-606f-4c8e-9334-5c5dbefa3ef6\/cbuae-revises-its-gdp%253cmark%253e-growth%253c%2Fmark%253e-forecast-for-2024-downward\" style=\"\" rel=\"noopener\">June<\/a> forecast that the economy will grow at a 3.9% clip in 2024.The World Bank also said in its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/fed426d3-64e3-48f2-af73-fc826d9885a4\/uae-economy-to-be-a-top-performer-in-the-gcc-this-year-%25e2%2580%2593world-bank\" style=\"\" rel=\"noopener\">May<\/a> forecast in that the UAE is poised for a 3.9% growth rate in 2024, primarily driven by the oil sector, while the non-oil sector is also expected to demonstrate strong performance across sectors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>More than 34k companies joined Dubai Chamber of Commerce in 1H 2024,<\/strong> marking a 5% y-o-y increase compared to the previous year, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b4b1lwe-over-34000-companies-become-members-dubai-chamber\" style=\"\" rel=\"noopener\">Wam<\/a> reports. During the first six months of the year, the chamber\u2019s members saw their exports and re-exports jump 6.7% y-o-y to AED 145.9 bn. The chamber also issued over 372.7k certificates of origin and processed a total of 2.4k ATA Carnets (international customs and temporary export-import documents), collectively valued at approximately AED 1.6 bn. <\/p>\n<p class=\"tag-border-left\"> HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Economy Minister Abdulla bin Touq Al Marri arrived in India yesterday, <\/strong>leading a high-level delegation to explore ways to boost economic cooperation between the two countries, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b4ag6dc-bin-touq-leads-uae-delegation-india-tomorrow\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Discussions will focus on establishing new partnerships in the areas of logistics, advanced industries, entrepreneurship, SMEs, environment, and investment across government and private sectors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new round of Investopia Global Talks will be held<\/strong> in Chennai, in southern India, in tandem with the visit, with the participation of over 300 investors, entrepreneurs, and economic experts from India and UAE. <\/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>Our politics-heavy summer continues, with the presidential candidacy of Kamala Harris <\/strong><strong>again dominating front pages<\/strong> after her debut rally saw her bash Trump \u2014 who she says is \u201cfocused on the past\u201d and would lead a country \u201cof chaos, fear, and hate\u201d \u2014 and a <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/harris-leads-trump-44-42-us-presidential-race-reutersipsos-poll-finds-2024-07-23\/\" style=\"\" rel=\"noopener\">Reuters \/ Ipsos poll<\/a> sees her fractionally ahead of Agent Orange with voters. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Harris led Trump 44% to 42%<\/strong>, while Joe Biden polled two points behind his archrival just before dropping out of the race. (The caveat: The Reuters poll has a margin of error of \u00b13%\u2026)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Harris now has a shortlist of frontrunners from which to pick her running mate<\/strong>, according to Democrat donors, who say Pennsylvania governor Josh Shapiro, Arizona senator Mark Kelly (a former Navy combat pilot and astronaut), and North Carolina governor Roy Cooper are front-runners. Possible VP candidates are being vetted by Barack Obama\u2019s former attorney-general, Eric Holder, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/be6fda7e-6ec5-494a-a8ea-fa57a7a1c9f5\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- US Senator Bob Mendnez said he would resign on 20 August<\/strong> after he was convicted on corruption charges, which included bribery and acting as a foreign agent for Egypt\u2019s government. (<a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29bfbf26-0ffd-431c-a578-b7f1f0cfd040\/that%25e2%2580%2599s-a-wrap-on-the-bob%253cmark%253e-menendez%253c%2Fmark%253e-saga\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OVER IN FRANCE- French President Emmanuel Macron <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/6ed83e9f-09b2-4a81-b183-4e9f1b4e14d5\" style=\"\" rel=\"noopener\">said<\/a><\/strong><strong> he will not name a new <\/strong><strong>government until after the Olympics are over to avoid \u201cdisorder,\u201d <\/strong>rejecting the left\u2019s pick for a prime minister, a civil servant named Lucie Castets. He said the New Popular Front does not have a majority within the National Assembly to ensure a \u201cstable government capable of action\u201d during a TV interview. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND IN GAZA- Israeli President Benjamin Netanyahu is in Washington, where he signaled <\/strong><strong>that a ceasefire could be near<\/strong> as he prepares for talks with Biden (<a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/07\/23\/us\/politics\/trump-netanyahu-mar-a-lago-meeting.html\" style=\"\" rel=\"noopener\">and Trump on Friday<\/a>) after making an address to Congress. Senior Hamas officials say he\u2019s still stalling, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israels-netanyahu-says-deal-could-be-nearing-hostages-gaza-2024-07-23\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. Israeli strikes have killed at least 80 people this week as tanks advanced deeper into Khan Younis.<\/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>IN THE BUSINESS PRESS- Earnings and AI news are getting the most ink: <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Tesla reported its lowest net income margin in five years<\/strong> and lower-than-expected earnings on the back of a drop in automotive sales. (<a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/07\/23\/tesla-tsla-earnings-q2-2024.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/tesla-revenue-sees-surprise-rise-second-quarter-revenue-2024-07-23\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Google parent Alphabet beat analyst expectations<\/strong> as a rise in digital ad sales and higher demand for cloud computing boosted revenues. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-23\/alphabet-s-revenue-boosted-by-cloud-computing-search-ads?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/google-parent-alphabet-beats-quarterly-revenue-estimates-2024-07-23\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- ON THE AI FRONT- Meta has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.semafor.com\/article\/07\/23\/2024\/meta-releases-its-most-powerful-ai-yet\" style=\"\" rel=\"noopener\">released<\/a><\/strong><strong> a new version of its AI model, Llama,<\/strong> that it claims rivals offerings from OpenAI and Google \u2014 with Mark Zuckerberg saying it can solve complex math problems and digest books in one go. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zuckerbeg penned a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/zuck\/posts\/pfbid0ddkWnE2JhSCRSqw4FSzua3FxaQo5Hvz1VWxaT3HELq36Ju4BJ4GcpTycBRE9tWUHl\" style=\"\" rel=\"noopener\">letter<\/a><\/strong><strong> defending open source AI and arguing that it will \u201cmake the <\/strong><strong>world more prosperous and safer\u201d <\/strong>and that what\u2019s more dangerous is keeping AI in the hands of a small number of companies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO WORTH KNOWING- Sunday was likely the world\u2019s hottest day on record<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/environment\/article\/2024\/jul\/23\/world-temperature-records-shattered-hottest-day-climate-crisis\" style=\"\" rel=\"noopener\">preliminary data<\/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\"><a href=\"https:\/\/uaeformar.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/13.jpg?ssl=1\"><\/a> <\/p>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The annual jiu-jitsu tournament, the Abu Dhabi Extreme Championship, is <\/strong><strong>returning to Abu Dhabi at the Mubadala Arena on 2 August, <\/strong><a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b47h0o5-abu-dhabi-extreme-returns-its-starting-point\" style=\"\" rel=\"noopener\">Wam<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi will play host to a big night for mixed martial arts fans <\/strong>on 3 August at Etihad arena. The UFC Fight Night will see the return of MMA champion Nick Diaz, who has been out of the limelight since 2021, as he goes head to head with Tony Ferguson. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also set to clash: <\/strong>Former flyweight champion Deiveson Figueiredo will face bantamweight title challenger Marlon Vera, while world number 2 bantamweight contender Cory Sandhagen will headline against Umar Nurmagomedov.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/worldesgsummit.com\/\" style=\"\" rel=\"noopener\">World ESG Summit<\/a><\/strong><strong> is scheduled to take place on 20-21 August at Dusit Thani in <\/strong><strong>Dubai.<\/strong> The two-day business conference will gather public and private sector players from key sectors like energy, utilities finance, and manufacturing to explore ESG integration across all industries. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: The UAE\u2019s economy is expected to grow 3.7% in 2024, a Reuters poll 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