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CAPITAL MARKETS-
Mubadala trims its GlobalFoundries stake: Mubadala Investment Company, a subsidiary of the Abu Dhabi sovereign wealth fund, reduced its stake in semiconductor manufacturer GlobalFoundries by 4.1% in 3Q 2024 to 81.63%, MarketBeat reports. Mubadala’s current stake, which accounts for 96.3% of its holdings, is valued at around USD USD 18.1 bn.
We knew this was coming: Mubadala Tech was looking to sell a portion of its stake in GlobalFoundries on Nasdaq earlier in May in a bid to raise USD 950 mn by offering shares at USD 50.75-52.50 apiece. Mubadala was GlobalFoundries’ majority shareholder with an 85% stake prior to the sale.
STARTUPS-
Ireland and US-based venture capital firm Continuous Ventures agreed to support the Economy Ministry’s NextGen FDI initiative aimed at attracting innovative companies from around the world to the UAE, Wam reports. The partnership will see Continuous Ventures evaluate the program’s potential entrants, offer go-to-market strategies, and connect their startups to the program. The firm will initially support UAE-based startups from its Dubai and Abu Dhabi offices, before expanding to a larger facility in the Dubai International Financial Center as the initiative grows.
ENERGY-
#1- Enec to conduct studies to identify nuclear tech for Adnoc: The Emirates Nuclear Energy Company (Enec) signed an agreement with Adnoc to conduct technical and economic assessments for identifying suitable nuclear reactor technologies for the state-run oil giant, according to a press release. The two companies will also conduct feasibility studies on the potential applications of excess heat from the Barakah Nuclear Energy Plant.
#2- Basf to expand gas treatment in the UAE: German chemicals giant Basf partnered with Dubai-based engineering firm Kent to advance its gas treatment operations in the UAE, Gas World reports. Kent will provide engineering and design services, including developing process design packages for Basf’s OASE gas treatment technology. Under the agreement, Kent will also optimize process schemes for gas treatment at Basf’s facilities and ensure compliance with industry standards.
SOUND SMART- Basf’s OASE technology uses a liquid absorption process with chemical solutions to separate specific gases from gas mixtures, such as CO2. These gases are then released for reuse, improving efficiency and reducing emissions. The technology is widely adopted in industries such as natural gas processing and carbon capture.
TECH-
Gov’t launches tech training initiative: The UAE’s Artificial Intelligence, Digital Economy, and Remote Work Applications Office launched a tech training initiative to upskill 5k Emirati students over the next five years in collaboration with the Emirati Human Resources Development Council, Wam reports. The council signed MoUs with LinkedIn, SAS, and several local universities for the initiative.
HOSPITALITY-
Shaner Hotels partnered with Dubai-based The First Group to expand branded hotels across the Gulf and Mena region, Greece, and Cyprus, according to a press release. The partnership will focus on hotel management agreements, and will include services like site selection, operations, and eventual sale. Future hotels may feature brands like The First Collection, Tribute Portfolio, and other Marriott International brands.
As part of the agreement, the two companies will launch The First Collection at Jumeirah Village Circle, a Tribute Portfolio Hotel, marking the debut of Marriott Bonvoy’s Tribute Portfolio in the Middle East.
AGRICULTURE-
Abu Dhabi-based agri-food and technology company Silal partnered with China’s Shouguang Vegetable Industry Group to boost the UAE’s agricultural product supply capacity, focusing on agricultural innovation, Wam reports. The agreement involves two key initiatives: the Seed Development Program, aimed at advancing seed breeding, and the Greenhouse Demonstration Park, which will showcase advanced technologies based on the Shouguang Model, including greenhouse systems, seedling cultivation, grafting, pollination, and plantation management.
EVs-
Dubai’s taxi operator National Taxi partnered with EV manufacturer Skywell UAE to add EVs to its taxi fleet in Dubai, according to a press release.
Remember- The UAE is improving EV infrastructure: There are currently 380 green charging stations for EVs in Dubai, with plans to expand the network to 1k in 2025. The Energy Ministry and Etihad Water and Electricity set up a joint venture in May to boost EV charging infrastructure in the UAE.
FINTECH-
Global fintech Exante opened an office in the Dubai International Financial Center (DIFC), following regulatory approval from the Dubai Financial Services Authority (DFSA), according to a company statement. The office will provide UAE clients access to over 50 global financial markets and more than one mn instruments via Exante’s customizable trading platform. Exante is regulated in five jurisdictions: the UK, Hong Kong, UAE, Cyprus, and Malta.
AVIATION-
The National Center of Meteorology partnered with Ras Al Khaimah International Airport to provide forecasts and real-time weather monitoring to the airport to ensure aviation safety, Wam reports.
