$20bn Problem
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Here’s what we’re serving today:
- UAE launches a $30B Climate Fund
- Adobe's $20bn bid for Figma is in trouble
- Why did the US block Saudi Investment in AI Chips?
- India's Aviation Industry takes off
- Telegraph Deal leads to big drama
Week in Brief
👗 Shein is eyeing an American IPO, banking on its fast-fashion success, rivalling h&m and Zara. With strong U.S. market presence and headquartered in Singapore, this move could mark the largest Chinese-origin stockmarket debut since Didi Global in 2021.
💶 Euro Zone's Inflation fell to 2.4% in November, down from 2.9%. ECB faces mounting pressure to stabilise or reduce interest rates, but it has to balance this against premature victory declarations over inflation.
🚗 Nissan and AESC invest £2bn in Sunderland, UK, for electric vehicle and battery production including a new gigafactory that will add 20 gigawatt hours of capacity by 2030.
🤖 Amazon's iRobot Takeover faces EU antitrust objections, concerning competition in the robot vacuum cleaner market. The FTC is also scrutinizing the deal, amidst broader antitrust actions against Amazon.
🛻 Tesla's awaited Cybertruck launched on Thursday with a starting price of $60,990.
🏠 UK house prices unexpectedly rose 0.2% higher in November from the month earlier to £258,557 according to Nationwide. Economists had expected a drop of 0.4%.
UAE's new $30B Climate Fund
In Short: The UAE is launching a $30 billion climate investment fund with global financial giants, marking a significant shift from its oil-rich legacy to green investments.
What is Going On?
The United Arab Emirates is making a bold move into climate finance by launching a new fund.
Here's all you need to know:
- The UAE has partnered with financial heavyweights such as BlackRock, TPG, and Brookfield to establish a $30 billion fund dedicated to climate-related investments.
- This initiative is led by Lunate Capital, a new asset manager from Abu Dhabi, which already boasts $50 billion in assets.
- Interestingly, a significant portion of this fund, $5 billion, is earmarked specifically for investments in the Global South, highlighting a commitment to global climate efforts.
Why Does It Matter?
This fund could have a huge potential global impact. The UN estimates that $125 trillion will be needed by 2050 to meet the goals set out in the Paris Agreement, and the UAE’s contribution could be a critical piece of this puzzle.
The move also puts the UAE at the centre of the climate finance discussion, especially as it hosts thousands of delegates and heads of state at COP28. The success or failure of this fund could influence how countries around the world approach the financing of green initiatives, particularly in developing regions where funding is most needed.
⚖️ How does this impact Law Firms?
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