{"id":96139,"date":"2024-09-25T00:00:00","date_gmt":"2024-09-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/taqa-to-work-on-europe-middle-east-power-connector-emsteel-eyes-celsas-european-mills\/"},"modified":"2024-09-25T00:00:00","modified_gmt":"2024-09-25T00:00:00","slug":"taqa-to-work-on-europe-middle-east-power-connector-emsteel-eyes-celsas-european-mills","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/25\/taqa-to-work-on-europe-middle-east-power-connector-emsteel-eyes-celsas-european-mills\/","title":{"rendered":"Taqa to work on Europe-Middle East power connector? + Emsteel eyes Celsa\u2019s European mills"},"content":{"rendered":"

Good morning, lovely people, and happy hump day. <\/strong>This week\u2019s news flow has yet to let up, with today\u2019s issue bringing you a batch of M&A updates from e&, Magrabi, Masdar, and more, along with more updates from the president\u2019s trip to the US. <\/p>\n

ON THAT NOTE- President Mohamed bin Zayed Al Nahyan met with the CEOs of Nvi<\/strong>dia, Microsoft, and BlackRock<\/strong> to discuss their cooperation in AI and other advancements in the sector, state news agency Wam<\/a> reports. <\/p>\n

REMEMBER- The three companies are at the center of the UAE\u2019s partnership with the US in AI. <\/strong>State-owned AI firm G42 started receiving<\/a> AI chips from US chipmaker Nvidia after the US government greenlit the exports earlier this year, getting the ball rolling on the second phase of Microsoft's USD 1.5 bn investment<\/a> in G42. Meanwhile, BlackRock is leading on a new USD 30 bn AI infrastructure fund backed by Abu Dhabi-based investment firm MGX and Global Infrastructure Partners. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- <\/strong>Abu Dhabi\u2019s Taqa voiced its interest<\/strong> in taking part in a EUR 1.9 bn power <\/strong>interconnection project that will link Europe\u2019s power grids with the Middle East\u2019s<\/strong>, according to a statement<\/a> from Cypriot government Spokesperson Konstantinos Letymbiotis. The energy firm\u2019s potential participation in the project was discussed during a meeting between Cypriot President Nikos Christodoulides and Taqa executives in New York.<\/p>\n

More soon: <\/strong>Delegations from Taqa and Cyprus are set to meet in the coming weeks to outline a roadmap for the next steps of the potential partnership, according to Letymbiotis.<\/p>\n

Taqa has been in the running to join the project since <\/strong>December<\/a><\/strong>, when the energy firm inked an MoU to explore joining Greece\u2019s transmission system operator Independent Power Transmission Operation and Cyprus as a stakeholder in the 900-km Great Sea Interconnector project, connecting Greece\u2019s grid network to Cyprus.<\/p>\n

Where is the project currently at? <\/strong>Last week, Greece and Cyprus signed an MoU<\/a> to resume work on the project, with future plans to extend the interconnector to Israel. Slated for completion by 2030, the fully extended 1.2k km-long, 3k meter-deep cable is set to be the world\u2019s longest and deepest high-voltage direct current interconnector.<\/p>\n

ALSO- Taqa partners on<\/strong> desalination<\/strong> initiative:<\/strong> Taqa, along with French utility firm Suez<\/a> and German technology conglomerate Siemens<\/a>, will participate in a desalination initiative targeting emerging markets, Reuters<\/a> reports, without disclosing further details.<\/p>\n

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<\/a> #2- Emsteel eyes Celsa\u2019s European mills: <\/strong>ADQ-owned Emirates Steel Arkan (Emsteel) is in talks with senior officials from Spanish steelmaker Celsa to voice its interest in acquiring its mills in Poland, the UK, and Norway, Spanish newspaper el Economista<\/a> reports, citing anonymous sources. While it\u2019s not yet clear whether the three mills would be sold in a single transaction, the sale could be valued at around EUR 1 bn euros (USD 1.11 bn), according to the newspaper.<\/p>\n

Background: <\/strong>Celsa onboarded Citi earlier in February<\/a> for the possible divestment of the three overseas businesses, as part of the company\u2019s restructuring plan. The Polish unit was expected to generate the most at around EUR 800 mn, followed by the Nordic unit (EUR 300 mn) and Celsa Steel UK (EUR 200 mn). <\/p>\n

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#2- R<\/strong>eal estate, financial, industrial, and utilities stocks are expected to become the best <\/strong>performing sectors on<\/strong> UAE bourses over the next 18 months<\/strong>, economists told Al Bayan<\/a> in a poll. Returns on investments in stocks are averaging 5.5%, the economists said. DFM-listed stocks in particular are expected to grow 12% by the end of 2024, with shareholders now reeling in a dividend yield of 5.71%, John said.<\/p>\n

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<\/a> #3- UAE-backed Catalytic Transition Fund (CTF) will pull the trigger on the first round of <\/strong>investments as soon as this year<\/strong>, having already secured half of its USD 5 bn fundraising target, Brookfield\u2019s Chair and Head of transition investing Mark Carney said during a high-level roundtable hosted by the UAE\u2019s Alterra fund during New York Climate Week, according to a statement (pdf)<\/a>. The fund aims to bridge the financing gap in emerging markets while driving \u201ccollaboration between public and private finance to accelerate net zero transition,\u201d Carney added. <\/p>\n

ICYMI- Brookfield closed a <\/strong>USD 2.4 bn<\/a><\/strong> funding round for CTF<\/strong> from investors, including Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec (CDPQ), GIC, Prudential, and Temasek, earlier this week. CTF is anchored by a USD 1 bn commitment from Alterra fund set up by UAE-backed USD 30 bn Alterra.<\/p>\n

About Alterra:<\/strong> The vehicle was launched last year at COP28 to mobilize USD 250 bn globally by 2030 to finance the new climate economy and accelerate the climate transition, the statement notes. Alterra\u2019s initial commitment \u2014 along with BlackRock, Brookfield, and TPG \u2014 was USD 6.5 bn to climate-dedicated funds. Alterra recently said it will direct an extra USD 200 bn<\/a> to investments over the next six years, after saying it aims to mobilize USD 250 bn in green investments by 2030.<\/p>\n

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PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n

WEATHER- The weather is much like yesterday in Dubai today<\/strong>, with a high of 39\u00b0C and a low of 29\u00b0C, according to our favorite weather app. It\u2019s a couple of degrees cooler in Abu Dhabi<\/strong>, with a high of 35\u00b0C and a low of 30\u00b0C.<\/p>\n

#1- Several UAE airlines suspended Beirut flights amid escalating violence between <\/strong>Israel and Hezbollah<\/strong>, which saw at least 569 people killed in Lebanon since Monday. Emirates suspended flights between Dubai and Beirut yesterday and today, it said in a travel update<\/a>, while budget carrier Flydubai also canceled Beirut-bound flights for both days, Khaleej Times<\/a> reports. Abu Dhabi-based Etihad Airways halted flights to and from the Lebanese capital yesterday, with the three airlines now monitoring the situation. <\/p>\n

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#2- Overstayers who were granted amnesty status will have until 31 October to leave the <\/strong>country<\/strong>, whereas they were previously given only 14 days to leave once receiving their exit permit, Director of the Client Happiness Department Salem Bin Ali told Khaleej Times<\/a>.<\/p>\n

Overstayers are also not required to renew their passports if they are valid for longer than one month<\/strong>, after the Federal Authority for Identity and Citizenship eased its previous requirement to renew passports if validity will expire within six months, state news agency Wam reports<\/a>. The decision came in a bid to overcome long passport renewal processing times. <\/p>\n

Remember:<\/strong> The government kicked off a visa overstay amnesty program at the start of September to allow anyone overstaying their visa to get their paperwork in order or to leave the country without fines.<\/p>\n

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#3- The Abu Dhabi Housing Authority launched a field survey campaign to inspect <\/strong>government-provided housing units for violations<\/strong>, such as illegal rentals or misuse of properties, according to the Abu Dhabi Media Office<\/a>. Vacant units will also be inspected. A one month grace period will be provided to violators to rectify their current conditions, after which prosecution measures will be initiated, Khaleej Times<\/a> reports.<\/p>\n

The campaign will also communicate financing solutions to the owners<\/strong>, offering loans for maintenance, demolition, and reconstruction.<\/p>\n

HAPPENING TODAY- <\/p>\n

#1- <\/strong>The World Congress on Rehabilitation (WCR)<\/a><\/strong> 2024 is on its final day <\/strong>at the Abu Dhabi National Exhibition Centre, Wam reports<\/a>. The event aims to address global challenges faced by people with disabilities in the job market and promote awareness of their rights and capabilities.<\/p>\n

#2- <\/strong>The <\/strong>World Freezones Organization\u2019s Annual International Conference and Exhibition<\/a><\/strong> is on its final day<\/strong> in Dubai.<\/strong> The event will discuss zones and the shifting dynamics of global economic structures to open up new avenues for investment.<\/p>\n

#3- The <\/strong>Freight Summit Global Conference<\/a><\/strong> continues today and runs until <\/strong>Thursday.<\/strong> The conference is slated to bring together over 400 international freight forwarders to network and boost partnerships globally.<\/p>\n

#4- The UAE National Committee for Anti-Money Laundering and Combating t<\/strong>he Financing of Terrorism and Illegal Organizations is hosting the 2024 Asia Pacific Group on Money Laundering (APG) annual meeting<\/strong>, which kicked off on Sunday and will run until Friday, marking the first time the forum is held in the Middle East, state news agency Wam<\/a> reports. <\/p>\n

#5- <\/strong>Gulfood Green<\/a><\/strong> is on its second day today<\/strong>, and runs until tomorrow at the Dubai World Trade Centre. The event connects startups and investors in the FoodTech and AgriTech sectors, exploring new methods of food production, trade, and consumption. You can register here<\/a>.<\/p>\n

#6- The <\/strong>Global Aerospace Summit<\/a><\/strong> kicks off today and will run until tomorrow<\/strong> in Abu Dhabi.<\/strong> The summit will gather key players in the global aerospace supply chain industry along with high level industry and government officials to discuss industry services, legal structure and resource sharing.<\/p>\n

#7-<\/strong> The Middle East Treasury Summit 2024<\/a><\/strong> kicked off yesterday at the Grand Hyatt <\/strong>Dubai. <\/strong>Wrapping up today, the conference gathers treasury professionals and financial experts from across the region to engage in finance-focused discussions.<\/p>\n

#8-<\/strong> Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan, is heading the UAE <\/strong>delegation at the UN General Assembly<\/strong>, which kicked off yesterday and will wrap up on 30 September, Wam<\/a> reports.<\/p>\n

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

Israel\u2019s bombardment of Lebanon is still the top story in the international press \u2014 the <\/strong>business press included <\/strong>\u2014 with the barrage of attacks<\/a> having killed at least 569 people, including 50 children, over the course of the last two days. While Israeli airstrikes targeted Beirut\u2019s southern suburbs \u2014 claiming to have killed<\/a> Hezbollah\u2019s missiles division head Ibrahim Kobeissi \u2014 and the border region, Hezbollah targeted military targets, including a military and naval base, in northern Israel.<\/p>\n

Speaking in New York on the sidelines of yesterday\u2019s UN meetings, <\/strong>Lebanon\u2019s foreign minister Abdallah Bou Habib called US President Joe Biden\u2019s address to the UN \u201cnot strong\u201d and \u201cnot promising,\u201d adding that the US \u2014 Israel\u2019s biggest arms supplier and key ally \u2014 \u201cis the key\u2026to our salvation.\u201d The UN Security Council will meet today to discuss the escalating violence between Israel and Hezbollah today.<\/p>\n

WHILE IN OIL NEWS- No peak oil yet, says OPEC<\/strong>, with the oil cartel saying<\/a> they expect world oil demand to increase<\/a> 18% to 120.1 mn barrels per day by 2050, in stark contrast to other international organizations \u2014 including those within the petroleum industry \u2014 that expect<\/a> to see oil demand fall as the world transitions to low carbon and green fuels. <\/p>\n

AND- EU officials raided Nasdaq and Deutsche Borse offices in two EU member states <\/strong>yesterday,<\/strong> as the European Commission investigates possible anti-competitive practices related to financial derivatives, the FT<\/a> reports. Both companies said that they were cooperating with EU authorities on the investigation.<\/p>\n

ALSO- UniCredit\u2019s battle to take over Commerzbank is heating up<\/strong>, with the German government throwing its weight against Italian UniCredit\u2019s proposed takeover<\/a> of German Commerzbank. German Chancellor Olaf Schulz said Monday that the government \u201csupports Commerzbank\u2019s strategy of independence,\u201d adding that it does not support a takeover, which would cede financial clout<\/a> to Italy and lead to a raft of job cuts<\/a> in Germany.<\/p>\n

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