{"id":96763,"date":"2024-10-14T00:00:00","date_gmt":"2024-10-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-aircarbon-exchange-exits-abu-dhabi-us-approves-potential-usd-1-2-bn-arms-sale-to-uae\/"},"modified":"2024-10-14T00:00:00","modified_gmt":"2024-10-14T00:00:00","slug":"this-morning-aircarbon-exchange-exits-abu-dhabi-us-approves-potential-usd-1-2-bn-arms-sale-to-uae","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/14\/this-morning-aircarbon-exchange-exits-abu-dhabi-us-approves-potential-usd-1-2-bn-arms-sale-to-uae\/","title":{"rendered":"THIS MORNING: AirCarbon Exchange exits Abu Dhabi + US approves potential USD 1.2 bn arms sale to UAE"},"content":{"rendered":"

Good morning, lovely people. <\/strong>We start the week with an M&A and investment-heavy issue as Adnoc gears up to close its acquisition of Fertiglobe this week. With all approvals secured, the acquisition will boost Adnoc\u2019s stake in the ammonia-focused joint venture.<\/p>\n

(Parenthetically\u201d You can thank the Fertiglobe transaction for Friday\u2019s bumper AED 14 bn turnover on the ADX, with 44 block trades of Fertiglobe shares accounting for nearly AED 13.3 bn worth of that figure.)<\/p>\n

AND- DP World is moving forward with a GBP 1 bn investment at the London Gateway<\/strong> after resolving its dispute with UK officials. Further afield, Damac ramps up AI-driven investments, committing USD 1 bn to establish data centers in Thailand.<\/p>\n

MEANWHILE- <\/strong>Happy Thanksgiving to our Canadian readers. <\/p>\n

WEATHER- We\u2019re in for another cloudy week<\/strong>, with the National Center of Meteorology forecasting (pdf)<\/a> light to moderate winds over eastern and northern areas, along with a chance of rainfall on Wednesday and Thursday. Temperatures today will hit 39\u00b0C in Dubai, with an overnight low of 31\u00b0C, and 35\u00b0C in Abu Dhabi, before cooling to an overnight low of 31\u00b0C.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- US approves potential arms sale:<\/strong> The US State Department greenlit a sale of weapons to the UAE valued at up to USD 1.2 bn, Bloomberg<\/a> reports. The package includes guided-rocket systems and long-range missiles along with training and support for both systems. Diplomats also signed off on a USD 1 bn sale to Saudi Arabia. <\/p>\n

Remember:<\/strong> The UAE was designated a major US defense partner<\/a> in September during President Sheikh Mohamed bin Zayed Al Nahyan\u2019s meeting with President Joe Biden. The two leaders discussed potential investments in US defense systems.<\/p>\n

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<\/a> #2- AirCarbon Exchange to close Abu Dhabi operations:<\/strong> AirCarbon Exchange will close its Abu Dhabi operations on October 25, just a year after launching trading in the region, Bloomberg<\/a> reports. The company will phase out its regulated exchange and clearing operations in the Abu Dhabi Global Market (ADGM) but will retain its technology center and regional marketing team in the city, according to a company statement<\/a>. ACX plans to refocus its efforts on Singapore, its headquarters. <\/p>\n

The rationale: <\/strong>Low demand for carbon credits in the region, Bloomberg suggests, given there\u2019s no regulatory imperative to buy emissions offsets and some companies remain concerned they\u2019ll be accused of greenwashing if they go for voluntary purchases. Mubadala acquired a stake in ACX in November 2022.<\/strong><\/p>\n

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<\/a> #3- BRIEFLY NOTED-<\/strong><\/p>\n