Marhaba folks! 🌟

Today we will discuss,

• 🇦🇪🤝🇦🇺 UAE and Australia Finalize Landmark Trade Deal: CEPA Agreement 🌍💼

• 🧠💼 Groq Teams Up with Aramco to Power AI in Saudi Arabia 🌍🤖

• 🇪🇬🤝🇸🇦 Saudi Arabia's PIF to Invest $5 Billion in Egypt: First Stage 🌍💼

Let’s dive in!

🇦🇪🤝🇦🇺 UAE and Australia Finalize Landmark Trade Deal: CEPA Agreement 🌍💼

📰 What is it about?

• The UAE and Australia have finalized negotiations on a Comprehensive Economic Partnership Agreement (CEPA).

• It is Australia’s first trade agreement with a country in the MENA region, aiming to eliminate tariffs, streamline trade, and boost investment.

• The agreement covers priority sectors like construction, agriculture, financial services, and more.

💡 Why it matters?

• Bilateral non-oil trade between the UAE and Australia reached $2.3 billion in H1 2024, reflecting a 10% increase from 2023.

• This CEPA is set to increase Australian exports by $460 million annually and open up new MENA markets for Australian businesses.

• For the UAE, the agreement aligns with its goal of achieving $1.1 trillion in non-oil foreign trade by 2031, further diversifying its economy.

🔜 What’s next?

• Ratification and implementation of the CEPA will enhance private-sector collaboration and investment between the two nations.

• Australian companies will gain a gateway to MENA, while UAE businesses can access new Asia-Pacific markets.

• Both countries will strengthen their partnership, facilitating economic growth and positioning Australia as a potential renewable energy superpower.

📈 Markets

🧠💼 Groq Teams Up with Aramco to Power AI in Saudi Arabia 🌍🤖

📰 What is it about?

• AI startup Groq Inc. partners with Aramco Digital to build a giant data center in Saudi Arabia.

• The data center will feature 19,000 language processing units and aims to support AI systems across the Middle East, Africa, and India.

• Aramco will fund the project, estimated to cost in the range of nine figures, with plans to expand the center’s capacity to 200,000 language units.

💡 Why it matters?

• Saudi Arabia aims to diversify its economy beyond oil by becoming a hub for AI and technology.

• Groq’s data center leverages Saudi Arabia’s low energy costs and strategic location, with access to 4 billion peoplewithin milliseconds of data transfer.

• This initiative supports Aramco’s AI ambitions in energy and broader tech applications, aligning with Saudi Arabia’s modernization goals.

🔜 What’s next?

• The data center is set to be operational by the end of this year.

• Groq plans to expand its presence in Saudi Arabia with a regional headquarters in Riyadh.

• Potential future partnerships between Groq and Aramco could see more AI projects launched across the region.

Quote of the day
“I love deadlines. I like the whooshing sound they make as they fly by.” -Douglas Adams, Writer, screenwriter and humorist

🇪🇬🤝🇸🇦 Saudi Arabia's PIF to Invest $5 Billion in Egypt: First Stage 🌍💼

📰 What is it about?

• Saudi Crown Prince Mohammed bin Salman has instructed the Saudi Public Investment Fund (PIF) to invest $5 billion in Egypt, marking the "first stage" of the investment plan.

• The announcement followed a meeting between Egyptian Prime Minister Mostafa Madbouly and the Crown Prince in Riyadh to discuss strengthening bilateral relations.

• Specific details about the timeline, investment sectors, and the number of stages were not provided.

💡 Why it matters?

• The investment signifies strong economic ties between Saudi Arabia and Egypt, enhancing cooperation.

• It follows the creation of the Saudi Egyptian Investment Company (SEIC) in 2022, a subsidiary of PIF, emphasizing Saudi Arabia's long-term economic commitment to Egypt.

• This move may aid Egypt's economy, which has been supported by $5.3 billion in Saudi deposits with Egypt's Central Bank as of 2023.

🔜 What’s next?

• Further details on the investment stages and areas of focus are expected.

• The investment may target infrastructure, energy, or real estate, aligning with Egypt’s economic development goals.

• Ongoing collaboration between the two nations could foster additional investments in future stages.

In other news…

1. There is an easier way to get Saudi Riyals during your Umrah!

2. Abu Dhabi’s Mubadala-backed UK fintech giant Revolut is going to India.

3. Idris Elba is telling the world to bring their ‘crazy’ ideas to the UAE for the ‘Invest in the Emirates’ initiative.

4. HH Sheikh Hamdan meets CNN CEO, says “Dubai is a global media hub shaping industry’s future.”

5. Dubai-based entrepreneur Umar Kamani and superstar model Naomi Campbell have announced a talent agency in Dubai.

6. Read about Dubai’s security policy to build trust in Artificial Intelligence.

7. Dubai is funding 20 cutting-edge research projects. If you have a project in these sectors, apply away!

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