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Edouard Philippe, France’s Prime Minister is on the verge to looking to rich sovereign funds in the United Arab Emirates, as his country requires further investments. This weekend Philippe will pay a visit to Dubai and Abu Dhabi with his ambitious initiative "France is back," as one government source uncovered on Friday.
Among the crucial investors the minister is going to meet with are Mubadala Investment Company as well as the chiefs of the Abu Dhabi Investment Authority.
Headed by an ex-investment banker and today’s President of France, Emmanuel Macron, the authorities have reduced corporate tax and also passed a fresh flat-rate levy on capital revenues. Additionally, the government eased labor rules just to stimulate surge and restore the country’s image among key investors.
As the source familiar with the matter informed, the government’s key objective is to attract huge investments, which would bring tons of benefits to the French economy, generating surge and creating jobs.
Besides this, the source told that ADIA's investments dominated real estate. The French authorities pledged to be as open as possible to investments by these Emirati funds as well as many others no loss productive in this regard.
When in November Macron came to Abu Dhabi, Mubadala along with French state-backed investment companies Bpifrance and CDC International Capital came an agreement to inject 1 billion euros in the economy of France.
The first part of the initiative suggests increasing the scope and size of a currently existing co-investment partnership, dubbed FEF that was started in 2014 by CDC International Capital and Mubadala. CDC appears to be a subsidiary of France’s state-owned Caisse des Dépôts Group traditionally pumping funds in sovereign wealth funds.
In Abu Dhabi Philippe is expected to meet investors on Saturday prior to shifting to the World Government Summit held in Dubai just a day later.
Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.
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