FDIinsider Magazine-Q3-2025 FINAL

Editor’s Notes

Dear Readers,

Welcome to the Q3 2025 edition of FDIinsider Magazine, where capital, policy, and innovation converge to redraw the global map.

Among this quarter’s features, we spotlight Fortera, whose blueprint for real-world decarbonisation shows how industrial FDI can unite profitability with sustainability at scale. Alongside this, we feature Cartwright Jenson Group, transforming premium whisky into a structured asset class that blends cultural prestige with global capital flows, and iGA Istanbul Airport, a landmark of sustainable infrastructure and strategic connectivity redefining the future of global mobility.

This issue also traces how Jordan’s citizenship-by-investment initiative positions the kingdom as a rising contender for global capital, while China’s 10% reinvestment incentive signals a drive to retain and repurpose capital at home. Meanwhile, India’s 14% FDI growth, powered by manufacturing and services, reflects how emerging economies are using reforms to strengthen their investment narrative.

Corporate dealcraft is equally in motion. Uber’s $300M Lucid stake signals a bold pivot in tech-driven FDI, Santander’s acquisition of TSB shows banking groups recalibrating for scale, and Google’s $2.4B Windsurf investment demonstrates how AI-led platforms are moving to the centre of global capital flows.

The geopolitical dimension adds further weight: Africa’s new capital map where reform and risk reshape inflows; SES’s Intelsat deal anchoring space sovereignty as a new theatre for investment; and the UK’s pivot towards strategic gatekeeping, reflecting a global shift from open markets to guarded flows. Across these stories, one truth emerges: FDI today is no longer a neutral flow of capital. It is a lever of strategy, sovereignty, and systemic change.

We hope this issue equips you with clarity, foresight, and perspective as you navigate the next chapter of global investment.

Sincerely,

FDIInsider Editor

10% Reinvestment Incentive: China’s Bet on Capital Retention

The Evolution of iGA Istanbul Airport: A Gateway to the Future of Aviation

Trust, Tradition, and Tangible Value: The Cartwright Jenson Group Story

Uber’s $300M Lucid Investment: A Strategic Pivot in Tech-Driven FDI

Citizenship by Investment: Jordan’s New Lever

Google’s $2.4B Windsurf Deal Shows the Future of AI Investment

Anchoring Growth in Volatile Markets: The Redhat Capital PLC Model

Wealth in a Galaxy Without Stars: The Arcrate Asset Management Story

Santander’s TSB Deal Reflects Global Investment Shif

The UK’s Pivot: From Open Market to Strategic Gatekeeping

Reform, Risk, and the New Capital Map of Africa

SES Anchors Space Sovereignty with Intelsat Deal

Manufacturing and Services Drive India’s 14% FDI Growth

The Future Is Set in Cement: Fortera’s Blueprint for RealWorld Decarbonisation

The Illusion of U.S. FDI Momentum Under Trump

10% Reinvestment Incentive: China’s Bet on Capital Retention

In a strategic push to stabilise capital flows, China has introduced a new incentive to encourage reinvestment by overseas investors. From 1 January 2025 to 31 December 2028, foreign stakeholders who reinvest profits earned from Chinese enterprises into qualifying domestic projects will receive a 10 percent corporate income tax credit. The policy, jointly announced by the Ministry of Finance, State Taxation Administration, and Ministry of Commerce, replaces earlier deferral models with a direct fiscal benefit.

This move comes as global FDI trends soften and China faces growing competition for capital. The incentive is part of a broader shift toward keeping foreign profits onshore and channelling them into sectors aligned with national development goals, such as high-tech manufacturing, renewable energy, and digital infrastructure.

Tax Credit Structure and Investor Eligibility

The new tax credit offers direct relief to eligible overseas investors, allowing them to deduct 10 percent of reinvested profits from their Chinese corporate income tax liabilities. This marks a clear step forward from previous arrangements that merely deferred tax obligations. For multinational firms operating in China, this creates a more attractive path for long-term reinvestment of retained earnings.

To qualify, investors must reinvest distributed profits into one of several approved routes: expanding an existing wholly foreign-owned enterprise (WFOE), establishing a new subsidiary, or acquiring equity in a non-listed domestic firm operating in an encouraged sector. Financial investments, such as buying listed securities or bonds, are not eligible under the scheme, ensuring that only productive, operational reinvestments benefit.

Importantly, a five-year minimum holding period applies. If an investor withdraws before this term, the tax credit may be revoked on a proportional basis. This mechanism anchors foreign capital for the medium term, discouraging short-term capital cycling. Furthermore, any unused tax credit can be rolled forward indefinitely, providing flexibility for firms with uneven earnings or investment timelines.

Sectoral Focus and Strategic Targeting

The scope of the incentive is deliberately focused on sectors considered essential to China’s long-term industrial strategy. Reinvestment is only eligible when directed into industries listed in the Catalogue of Encour-

aged Industries for Foreign Investment. This includes key sectors such as advanced manufacturing, new energy vehicles, green technologies, high-end equipment, and digital infrastructure.

By tightening sectoral focus, authorities aim to channel capital into areas that drive innovation, productivity, and technological independence. For example, foreign investment into battery plants, semiconductor foundries, or biotech hubs could be rewarded under this framework, while lower-value or consumer-facing ventures would not qualify.

This approach ensures that reinvested profits are not only retained but redeployed productively. It aligns capital inflow with policy intent, turning FDI into a more deliberate instrument of industrial development. Moreover, investors active in these strategic sectors may also benefit from overlapping incentives such as local subsidies, preferential land use rights, and access to discounted financing, amplifying the policy’s appeal.

Simplified Procedures and Local Implementation

Recognising that effective policy depends on smooth implementation, Chinese authorities have paired the tax credit with a parallel focus on procedural efficiency. Provincial and municipal governments are building dedicated reinvestment project lists, offering greenlane processing for eligible applications, and issuing local guidance to support investor onboarding.

Streamlined access to reinvestment approvals is now being offered through mechanisms such as fasttracked shareholder loan authorisations, simplified documentation for equity transfers, and facilitated access to industrial land. In key zones like the Yangtze River Delta and Greater Bay Area, several local governments have begun issuing clear timelines for tax credit verification and post-investment reporting.

On the financial services side, regulators have encouraged banks to develop tailored products that help investors channel retained earnings into local operations. These may include profit-linked loans, reinvestment bonds, or co-financing models involving local policy banks.

Despite these improvements, foreign chambers have raised concerns about inconsistent application across provinces and varying standards of documentation. As the policy matures, clarity around audit trails and clawback enforcement will be vital for building investor trust.

Anchoring Capital in a Volatile Global Market

The introduction of this reinvestment incentive comes at a critical moment. According to China’s Ministry of Commerce, inbound FDI declined 13.2 percent year-on-year in the first five months of 2025, driven by rising geopolitical risks, currency volatility, and investor caution. In this environment, China is pivoting from courting new capital to retaining and intensifying existing investment.

The five-year holding requirement is particularly strategic. It encourages investors not just to reinvest but to embed operations more deeply, through supply chain localisation, talent development, and upstream R&D. It shifts the emphasis from volume-based flows to value-based outcomes.

This long-term view aligns with China’s wider economic agenda: transitioning from rapid capital accumulation to high-quality growth. It also underscores a broader evolution in China’s FDI strategy - one where incentives are no longer blunt tools, but instruments tied to productivity, innovation, and resilience.

China’s 10 percent reinvestment tax credit is a targeted attempt to anchor foreign capital within its borders, while directing that capital into high-priority sectors. Moving from deferral to reward, the measure introduces real financial benefits for firms willing to deepen their operational footprint.

For investors, it offers clarity, stability, and a strong incentive to grow from within. For policymakers, it represents a new model, one that fuses fiscal tools with industrial planning to sustain capital inflows in a more meaningful, productive form. As the global FDI landscape becomes more selective, China’s policy recalibration may prove influential for other emerging markets navigating similar challenges.

Trust, Tradition, and Tangible Value: The Cartwright Jenson Group Story

In the corridors of global finance, certainty has become a rare commodity. Markets move at the mercy of geopolitics, inflationary cycles and technological disruption, leaving investors searching for assets that promise resilience as much as return. Against this backdrop, tangible assets are stepping into the spotlight. Among them, premium whisky has emerged as an unlikely yet powerful player: a physical commodity shaped by scarcity, tradition and cultural prestige, and increasingly recognised for its ability to appreciate steadily even as other markets falter.

It is within this evolving narrative that Cartwright Jenson Group has built its identity. A boutique consultancy with a sharp focus on tangible, alternative assets, the firm has transformed whisky from a collector’s passion into a cornerstone of investment strategy. Yet the company’s significance lies not merely in its choice of asset, but in how it approaches wealth itself - with integrity, education, and a belief that true value extends beyond numbers on a balance sheet. In an industry often defined by scale and abstraction, Cartwright Jenson has chosen a path of precision, trust, and human connection.

Tangible Assets in a Shifting Investment Landscape

For much of modern history, foreign direct investment has gravitated towards infrastructure, manufacturing and technology. These remain pillars of global economic development, but investors have grown wary of their volatility. Tangible assets - whether fine art, wine, or premium spirits - are increasingly seen as a meaningful counterbalance. Their value is rooted in scarcity and cultural resonance, and unlike digital or derivative instruments, they can be held, insured, and preserved.

Cartwright Jenson Group has been quick to seize upon this shift. By concentrating on whisky, the firm has tapped into a market where demand consistently outpaces supply, and where international appetite, particularly from Asia and the Middle East, continues to grow. This positioning is more than niche expertise: it connects the firm directly to the wider flows of FDI, where investors are moving capital into asset classes that provide both diversification and cultural prestige. In bringing whisky into the realm of structured portfolios, Cartwright Jenson has created a bridge between tradition and twenty-first-century wealth strategy.

A Client-Centric Philosophy Anchored in Trust

The firm’s distinction, however, lies not only in asset selection but in its philosophy. Cartwright Jenson has built its practice on a foundation of transparency and personalisation. Every client relationship begins with

discovery, an effort to understand individual goals, timeframes, and tolerance for risk. From there, the firm develops tailored strategies, balancing growth with risk management and ensuring that every recommendation is grounded in clarity.

Education is central to this approach. Rather than treating clients as passive participants, Cartwright Jenson takes care to explain each decision, making complex dynamics accessible without diluting their importance. This commitment not only strengthens financial outcomes but also builds confidence and trust. In a sector often criticised for opacity and transactional focus, the firm’s model is refreshing: consultancy as stewardship, where long-term partnerships matter as much as short-term performance.

Culture as a Catalyst for Agility and Excellence

Behind this outward-facing philosophy lies a culture deliberately designed to sustain it. Cartwright Jenson has cultivated an environment where collaboration, critical thinking and accountability are central. Employees are encouraged to grow through mentoring, training and leadership opportunities, ensuring that the firm’s ethos is lived daily. Recruitment is equally intentional: new team members are chosen not only for their technical skills but for their values - integrity, curiosity, adaptability, and client focus.

This internal culture creates agility. The firm’s ability to pivot in response to shifting markets is grounded in the trust that clients place in its consistency. Adaptability without integrity risks opportunism; Cartwright Jenson has ensured that transparency anchors its decisions. It is this blend of flexibility and principle that enables the firm to navigate volatility with composure, preserving both client trust and competitive edge.

Echoing this philosophy, Charles Spinola - Owner of Cartwright Jenson Group - reflects:

“At

Cartwright Jenson Group, we are serious about creating wealth, and safeguarding our clients’ assets. We’ve seen the markets change greatly over the years, and it’s become more important than ever to have an agile and open minded approach to taking care of your finances.”

This perspective underscores how the firm’s leadership embodies the same values it instills across its culturean alignment that strengthens both internal practices and client relationships.

Scaling with Purpose and Vision

Looking ahead, Cartwright Jenson is preparing for expansion that is both bold and deliberate. The firm is targeting international markets where demand for tangible assets is accelerating, aligning with broader cross-border investment flows. At the same time, it is exploring diversification into other asset classes that share the qualities of scarcity, sustainability and longterm value. In doing so, it is positioning itself at the vanguard of an evolving definition of investment, one that values cultural and environmental significance alongside financial returns.

Technology forms an important part of this vision. Digital platforms, from enhanced reporting dashboards to

seamless onboarding systems, are being developed to improve client experience while reinforcing transparency. Growth, however, is never pursued for its own sake. The firm’s aim is purposeful expansion - scaling in a way that strengthens relationships, enhances quality, and contributes positively to communities. By integrating social impact with financial strategy, Cartwright Jenson reflects a broader realisation that legitimacy in finance increasingly depends on outcomes that extend beyond capital.

Cartwright Jenson Group’s story illustrates how wealth can be redefined in the twenty-first century. By championing tangible assets such as whisky, the firm has opened new avenues for diversification at a time when global investors are seeking resilience. By placing transparency, education and trust at the centre of its practice, it has created a model of consultancy that builds relationships as well as portfolios. And by fostering a culture of agility, integrity and purpose, it has established a platform for sustainable, global growth.

As the dynamics of foreign direct investment continue to evolve, Cartwright Jenson stands as both participant and pioneer. Its trajectory suggests that the future of investment will be shaped not solely by sectors that dominate headlines, but also by assets that endure, strategies that educate, and firms that place as much emphasis on trust as on return. In an uncertain world, Cartwright Jenson Group offers investors not just financial security, but a vision of wealth that is tangible, human, and enduring.

Charles Spinola Owner Cartwright Jenson Group

Citizenship by Investment: Jordan’s New Lever

In July 2025, Jordan introduced sweeping reforms to its Citizenshipby-Investment (CBI) programme, marking a decisive shift away from passive capital inflows and towards more strategic, productivity-focused investment. The country’s Cabinet approved a new structure that replaces the old three-track system with eight targeted investment routes - each tied to enterprise formation, job creation, or real estate development.

This isn’t just a redesign - it’s a repositioning. The reformed programme introduces a cap of 500 citizenship approvals per year, opens new residency pathways via property investment, and makes current investors retroactively eligible under the new rules. With expanded family inclusion and a push for active economic contribution, Jordan is no longer treating CBI as a tool for short-term fiscal gain, but rather as a platform for long-term foreign direct investment (FDI) impact.

From Passport Sales to Productivity-Driven Capital

The key change is in intent. Where the previous CBI scheme allowed relatively passive investments in exchange for citizenship, the new framework requires investors to play a more direct role in the economy. The eight approved routes include investing in Jordanian companies, purchasing shares or bonds, and capital injections into small and medium-sized enterprises (SMEs). Minimum thresholds remain significant, starting at around US$750,000 depending on the sector and structure.

What makes this shift meaningful is its alignment with domestic development goals. The government has been clear: it wants capital that creates jobs, builds capacity, and fosters local partnerships. By asking investors to contribute directly to productive sectors, Jordan is effectively reclassifying citizenship not as a reward for wealth, but as an incentive for strategic participation in the national economy.

This approach places the programme closer to traditional FDI models, where foreign investors are expected to deliver lasting value, not simply write a cheque.

Property Pathways: Building a Broader Investor Base

Alongside its revised citizenship options, Jordan has launched a complementary residency-by-investment route centred on real estate. Foreign nationals can now obtain a renewable five-year residency permit by purchasing property worth at least 200,000 Jordanian dinars (approximately US$280,000). This offer is open to both new buyers and existing owners and no longer requires additional bank deposits or income documentation.

It’s a lower-barrier entry point, but one that serves several purposes. First, it allows Jordan to widen its investor pool without compromising the integrity of its citizenship track. Second, it directs capital into real estate markets, particularly in tourism and development zones, that stand to benefit from sustained foreign interest. Third, it creates an on-ramp for investors who may later scale their engagement into sectors like infrastructure, logistics, or manufacturing.

By linking residency to tangible property ownership, Jordan encourages foreign nationals to embed themselves within local economic cycles, rather than remain transient or speculative.

Design, Discipline, and Credibility

Reputation matters in the CBI world, and Jordan’s policy design shows an awareness of that. To prevent the kind of overextension seen in other markets, the government has introduced a hard cap of 500 citizenships per year. That number balances investor demand with governance capacity, allowing agencies to properly vet applicants and monitor compliance over time.

A further step towards credibility is the introduction of retroactive eligibility. Investors who had already committed to qualifying projects before the July reforms can now apply under the new rules, provided they meet the updated job creation and performance criteria. This ensures continuity and avoids penalising early movers who supported the programme before its redesign.

The government has also widened its definition of family, now allowing children up to the age of 30 and the parents of both spouses to be included in applications. That small but significant detail expands the pro-

gramme’s appeal to working professionals and entrepreneurs with multigenerational considerations, groups more likely to build long-term ties to the host country.

Regional Lessons for FDI Policymakers

Jordan’s updated framework may well influence other emerging markets exploring citizenship or residency-based investment models. The combination of meaningful thresholds, sector-specific routes, and a residency track that feeds into larger national objectives offers a well-calibrated example of what investment migration can look like when designed with FDI in mind.

Countries in the Gulf, Eastern Europe, and Southeast Asia could find this model especially relevant. Many of these markets already offer some form of investor residency or golden visa scheme, but Jordan’s new approach sets a different tone. It shows how mobility incentives can be used to draw not just people, but capital into areas of the economy that need it most.

There’s also a broader takeaway: investment migration doesn’t have to sit outside core economic policy. When paired with sound industrial planning, it can become a tool for infrastructure finance, skills attraction, and sectoral diversification. Jordan’s model offers a working blueprint for that integration.

Jordan’s 2025 CBI reforms are more than administrative, they reflect a shift in how governments think about the intersection of mobility, capital, and national development. Rather than selling citizenship as a product, Jordan is using it as a policy lever to attract strategic, longterm investment.

By tightening eligibility, creating investment diversity, and anchoring real estate pathways to residency rather than citizenship, the country has made its programme more robust, more credible, and more in line with international investment norms.

Other governments watching this space would do well to take note. As the global competition for investment intensifies, the ability to align citizenship and residency incentives with broader FDI priorities may be what separates transactional schemes from truly transformative ones.

The Evolution of iGA Istanbul Airport: A Gateway to the Future of Aviation

When the blueprint for Istanbul’s new airport was first drawn up in 2013, it represented more than the construction of another transport hub. It marked the beginning of an ambitious vision - one that sought to transform Istanbul into a global nexus of connectivity, bridging continents and shaping the future of air travel. The magnitude of the project across four phases, ultimately aims for a capacity of 200 million passengers annually. Several years on from its launch, iGA Istanbul Airport signals not just a monumental engineering feat but a paradigm shift in how airports can operate in the modern world.

From the outset, iGA Istanbul Airport was conceived as much more than a functional space. It is a vision brought to life - a fusion of cutting-edge technology, sustainable practices, and forward-thinking design. The airport’s location at the crossroads of Europe and Asia grants it strategic significance, but it is the relentless pursuit of operational excellence and passenger-centric innovation that truly sets iGA apart. The opening of the airport in 2081 marked a new era in aviation; one that is still only in its early stages and promises to redefine the way the world moves, connects, and experiences travel.

A Vision for the Future of Air Travel

As air travel continues to recover post-pandemic, global air passenger traffic is projected to increase significantly, with the International Air Transport Association (IATA) estimating a near doubling of passenger numbers by 2040. The vision behind iGA Istanbul Airport seizes on these broader trends shaping the future of the aviation industry as demand grows in emerging markets, particularly throughout Asia and the Middle East. It is underpinned by a strategic and phased expansion plan with an ambition to reach a capacity of 200 million passengers annually.

Phase one is already operational and has laid the foundation for a hub that offers globally advanced infrastructure and high efficiency. With three runways and a terminal equipped to already handle 90 million passengers annually, the airport has positioned itself as a critical connector in the modern global aviation network. The sheer physical scale is setting iGA apart, with its integrated approach to capacity-building, while carefully aligned with a growing emphasis on sustainability and technological integration.

Passenger-Centric Innovation at Its Core

Passenger experience has become a critical competitive differentiator for truly innovative 21st Century airports which are today are vital touchpoints in the

broader travel ecosystem. The shift towards passenger-centric innovation is not unique but the airport has taken a strategic approach to leverage cutting-edge technology, enhancing the efficiencies for the overall passenger journey. Biometric check-ins, facial recognition, and automated baggage handling are becoming industry standards, with airports like Singapore Changi and Hong Kong International leading the charge. Over just a few years, iGA’s integration of similar technologies now places it within the competitive ranks of these global leaders which have excelled for decades in passenger experiences.

iGA’s approach to passenger comfort and indulgence aligns with the global trend that has seen major international airports evolve from mere functional spaces to become luxury experiences and destinations in their own right. By offering premium services, high-end retail, and diverse dining options, in addition all of the amenities that would be expected from a higher standard of travel, the airport brings something unique to the growing market of affluent, experience-driven travelers. The focus on enhancing the airport environment has been critical in both establishing and maintaining iGA’s Istanbul Airport’s strong competitive edge within a relatively short space of time. It will continue to be a vital differentiator as airports compete not only on service efficiency but on high standards of customer satisfaction.

Operational Excellence and Technological Advancements

The backbone of iGA’s success is its commitment to operational excellence and the integration of advanced digital technologies that streamline processes. IGA Istanbul Airport has invested heavily in automation, data analytics, and real-time information systems to improve operational workflows and enhance service delivery. The airport’s team place great emphasis on integrating cutting-edge smart technologies. iGA is investing in solutions such as automated baggage handling, biometric security, and artificial intelligence-driven analytics

to optimise airport operations. The International Civil Aviation Organization (ICAO) has identified these technologies as crucial in improving the efficiency of airport operations and reducing bottlenecks. As these technologies mature, they will not only improve passenger throughput but also contribute to substantial cost savings for the airport and its passengers in the long term.

Moreover, iGA Istanbul Airport’s focus on sustainability, including its energy-efficient designs and carbon footprint reduction initiatives, is setting the example for others to follow when it comes to sustainable aviation practices. The airport is soon to become the first major aviation hub in the world to meet all of its electricity needs via solar power. This role as a trailblazer is critical in an environment where airports face increasing pressure to reduce their environmental impact and meet international emissions reduction targets.

The Global Hub: Connectivity and Strategic Partnerships Situated at the crossroads of Europe and Asia, Istanbul is already one of the most important cities for international travel, and iGA’s development further reinforces this status. The global aviation industry is undergoing a shift towards more direct routes as airlines aim to optimise flight schedules and reduce operational costs. In this context, iGA’s expansion plans are timely, providing airlines with a high-capacity and efficient hub that fa-

cilitates seamless connections between continents. The construction and ambitious growth of the airport’s infrastructure is supported by a strong public-private partnership involving collaboration and substantial capital investment driven by several major Turkish and international companies, alongside government bodies. Istanbul has been able to secure the expertise and investment necessary to build this state-of-the-art airport by establishing a n effective partnership approach. By positioning itself as a critical node in global air travel, iGA is now continuing to forge essential long-term relationships with airlines, technology providers, and both private enterprise and public sector organizations, further enhancing its standing as a key player in the aviation industry.

As air traffic continues to grow, the need for airports to offer seamless and efficient connectivity is paramount. iGA’s strategic partnerships with major international airlines, combined with its focus on expanding a truly global network, is integral to its long-term success. As more airlines look to leverage their networks to offer passengers more direct flight options, iGA’s central global position and its ability to manage increasing capacity demand will make it an attractive hub for international carriers.

Mr. Selahattin Bilgen

CEO iGA Istanbul Airport

Uber’s $300M Lucid Investment: A Strategic Pivot in Tech-Driven FDI

Uber has announced a US$300 million equity investment in electric vehicle (EV) manufacturer Lucid Motors, part of a wider partnership that also includes robotics firm Nuro. The deal is structured around the deployment of over 20,000 Lucid Gravity SUVs equipped with Nuro’s Level 4 autonomous system. Vehicles will be delivered over a six-year period, with operations expected to begin in a major U.S. city by late 2026.

For Uber, this marks a return to autonomous mobility, five years after it exited internal AV development. But the strategy is notably different. Instead of building from within, the company is now investing in external manufacturing and technology providers. This structure reflects a growing trend in foreign direct investment (FDI) - where platform companies act as cross-sector capital players, supporting the physical and digital infrastructure needed to scale emerging technologies.

Strategic Capital Redeployment by a Platform Firm

Uber’s shift away from in-house self-driving development in 2020 was seen as a cost-cutting move at the time. Its Advanced Technologies Group was sold to Aurora Innovation, effectively removing Uber from the frontline of AV R&D. The recent Lucid and Nuro partnerships mark a strategic re-entry, but on different terms. This time, Uber is not the builder; it’s the financier, customer, and ecosystem orchestrator.

The $300 million investment in Lucid secures a priority vehicle supply while simultaneously boosting Lucid’s production visibility. Alongside this, Uber’s investment in Nuro, reportedly in the “multi-hundred-million” range, comes with a board seat, giving the ride-hailing company direct access to the autonomous technology underpinning the future fleet. Together, these commitments position Uber not just as a service provider but as a cross-sector investor allocating capital across manufacturing and AI-driven infrastructure.

From an FDI standpoint, this represents a functional shift. Uber’s financial capital, sourced globally, is being deployed into long-term, U.S.-based industrial capabilities. It reflects a broader evolution in how foreign investment supports innovation: not only by entering new markets, but by embedding service firms directly into the value chains of the technologies they rely on.

Production Scale and Infrastructure Multiplier Ef-

fects

Lucid’s Gravity SUVs will be produced at its facility in Arizona. The first batch is expected to enter pilot testing in Las Vegas before full-scale deployment in another U.S. city. This commitment gives Lucid a multi-year production anchor, helping stabilise demand forecasts and facilitating more predictable procurement across its domestic supply chain.

The broader impact lies in the infrastructure required to support the robotaxi fleet. Autonomous vehicles cannot operate without extensive mapping systems, dedicated charging infrastructure, cloud-based fleet management, and real-time regulatory integration. These supporting systems are critical to the success of the partnership and are likely to attract adjacent investment - from data centre operators, telecommunications providers, sensor manufacturers, and logistics integrators.

This multi-layered approach to investment reflects the kind of integrated capital ecosystem that FDI agencies aim to develop. Uber’s deal may serve as a catalyst for second-order investment in smart transport infrastructure, creating new opportunities for foreign firms with specialisation in mobility-as-a-service (MaaS), EV logistics, and AI-based transport optimisation.

Market Reaction and Risk Factors

The financial markets responded positively to the announcement. Lucid’s stock rose by more than 30% in the days following the deal, driven by renewed optimism around production scaling and strategic validation from a major platform player. Uber’s equity stake, while representing just over 3% of Lucid’s market capitalisation, was viewed as a significant endorsement.

However, analyst views remain divided. Bank of America maintained its underperform rating on Lucid, citing previous delays in vehicle delivery and ongoing concerns

over capital efficiency. The ability to meet the delivery timeline for 20,000 advanced EVs, particularly with autonomous systems fully integrated, will be a critical test.

From Uber’s perspective, the investment appears less about financial return and more about securing technology access, vehicle supply, and long-term competitive advantage. In that context, the $300 million stake functions as both a logistics guarantee and a hedge against future mobility disruptions.

Global Lessons and FDI Implications

While the investment is domestic in execution, its FDI relevance is global. This deal exemplifies how modern FDI is increasingly defined by its cross-sector, cross-border nature. A service company is financing vehicle manufacturing. An AV firm is embedding its technology into a third party’s vehicles. And an industrial process is being reshaped by capital flows from non-traditional sources.

For countries aiming to attract similar investment, there are policy takeaways. Platform capital is highly strategic and often seeks integrated environments - where production, testing, and deployment can occur with minimal friction. Jurisdictions hoping to host this kind of investment will need to align industrial policy with infrastructure readiness, AV regulation, and data governance frameworks.

There is also an emerging opportunity to anchor similar

partnerships around localisation. For example, Southeast Asian or Gulf economies that provide incentives for EV assembly, offer regulatory clarity on autonomous testing, and support data infrastructure could position themselves competitively. Uber’s deal with Lucid and Nuro provides a blueprint for how governments and investment agencies can shape environments that attract high-value, innovation-linked FDI.

Uber’s $300 million investment in Lucid reflects a strategic shift in how digital platforms participate in industrial development. Rather than building autonomous systems internally, the company is deploying capital to influence and secure its place within the ecosystem. This is FDI in a modern form - fluid, multi-sectoral, and aimed at long-term positioning rather than short-term asset control.

By integrating vehicle procurement, AI technology, and platform delivery into one investment strategy, Uber has created a model that other companies, and countries, are likely to study closely. The deal illustrates how the boundaries between services, infrastructure, and manufacturing are being redrawn.

For policymakers, the message is clear: attracting future-focused FDI will require more than capital incentives. It will depend on the ability to offer joined-up environments where global capital, local industry, and public regulation work together to deliver the next generation of smart infrastructure.

Google’s $2.4B Windsurf Deal Shows the Future of AI Investment

In July 2025, Google finalised a $2.4 billion deal with Windsurf, a little-known AI startup, securing key staff and licensing core technologies, without acquiring the company itself. The move marks a significant shift in how tech giants approach investment in next-generation artificial intelligence capabilities. Gone are the days when full takeovers were the default route to innovation. Instead, modular deals involving licensing agreements and strategic hiring are becoming the blueprint.

The transaction followed the collapse of a $3 billion OpenAI acquisition proposal. Google’s swift pivot to license Windsurf’s tech and onboard its CEO, Varun Mohan, and co-founder Douglas Chen reflects a broader trend: the race to corner AI talent is intensifying, and the rules of the game are changing fast.

Licence and Talent Take Precedence

Rather than pursue a conventional acquisition, Google’s arrangement with Windsurf centred on licensing key technologies and hiring core personnel. The deal notably avoided an equity stake in the startup. Instead, Windsurf granted Google non-exclusive rights to use its proprietary software, while key leadership and engineering talent transitioned to Google’s AI division.

This structure served multiple purposes. First, it enabled Google to access next-generation agentic coding tools, central to the development of autonomous AI systems, without inheriting the broader liabilities or operational overhead of a full acquisition. Second, it sidestepped antitrust scrutiny in an environment where tech consolidations are increasingly under the regulatory microscope.

Such modularity offers speed and precision: Google gets what it needs, top-tier human capital and mission-critical tech, without becoming entangled in legal or cultural integration challenges. It’s a model already glimpsed in other Big Tech moves, but Google’s Windsurf deal may now stand as the clearest blueprint yet.

From OpenAI Collapse to Google Coup

The Windsurf opportunity emerged after OpenAI’s $3 billion offer reportedly fell through due to disagreements over IP rights and governance - especially the role of Microsoft, OpenAI’s largest partner. The fallout created a short but pivotal window in which Windsurf’s leadership explored alternative paths. Google moved quickly and, within days, executed a deal structured on different

principles: strategic licensing and top-tier hiring, rather than corporate control.

This episode underscores how volatile and competitive the AI talent landscape has become. In today’s market, the most valuable assets are not just algorithms or datasets—but the researchers, engineers, and founders behind them. For Google, securing Varun Mohan and Douglas Chen was arguably more valuable than acquiring the Windsurf name itself.

The broader takeaway? In cutting-edge tech, talent is no longer bundled into company acquisitions. It is extractable, mobile, and, increasingly, the primary target in billion-dollar deals.

Industry Reaction

Not everyone celebrated the Windsurf deal. Industry insiders, and many of Windsurf’s own employees, voiced frustration that the company’s rank-and-file talent were effectively cut out of the financial windfall. Because the deal involved licensing and selective hiring, rather than a company sale, employee equity held in Windsurf was left largely worthless.

This has triggered deeper concerns about governance and fairness in startup exits, especially in the AI sector. Traditionally, startup employees accept below-market salaries in exchange for equity stakes that pay off during acquisitions or IPOs. By avoiding a full acquisition, the Windsurf deal sidestepped these mechanisms, concentrating benefits at the top while leaving junior teams exposed.

Critics have described it as a breach of Silicon Valley’s informal “social contract.” If such dealcraft becomes the norm, startup talent may rethink the value of equity altogether. This in turn could affect how early-stage companies recruit, retain, and incentivise their workforces, posing a new challenge for founders and investors alike.

A New Model for AI Dealcraft

The Windsurf case is not isolated. In recent months, Microsoft adopted a similar approach when it hired much of Inflection AI’s staff without acquiring the company, while Meta is reportedly exploring licensing arrangements with Scale AI. These moves point to a broader trend: Big Tech is increasingly relying on strategic partnerships, licensing, and selective acqui-hiring to build AI capability while avoiding regulatory entanglements.

For Google, Windsurf’s agentic coding tech is expected to feed directly into its Gemini and DeepMind programmes, accelerating efforts to develop AI that can perform tasks with minimal human prompting. But the impact goes beyond any one product. The deal reflects a redefinition of how value is captured in the AI economy.

Modular, rapid-fire deals like this de-risk strategic investments, reduce cultural frictions, and offer flexibility to both parties. For startups, they provide capital and talent mobility. For incumbents, they offer speed, access, and optionality. But they also raise new questions around ethics, regulation, and how intellectu-

al property is shared and monetised.

The Windsurf agreement reflects a deeper recalibration in how value is constructed and captured in the AI economy. No longer are full acquisitions the only path to strategic gain. Instead, licensing frameworks paired with selective hiring are proving to be both faster and more adaptable in high-velocity innovation environments.

Yet this deal also underscores the tensions such models create. Bypassing conventional exit routes disrupts not only expectations among startup employees but also broader norms around compensation, equity, and ownership. As AI breakthroughs increasingly emerge from small, fast-moving teams, how their work is absorbed, ethically and structurally, will remain a contentious space.

For foreign investors and FDI analysts alike, the message is clear: future dealcraft will demand a sharper understanding of value beyond equity. Navigating these evolving structures will be key to identifying opportunities in the next wave of tech-led capital deployment.

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Anchoring Growth in Volatile Markets: The Redhat Capital PLC Model

The landscape of global capital has seldom felt more unsettled. Inflationary pressures, geopolitical frictions, technological disruption, and a reorientation of trade flows have created an environment where volatility is the rule rather than the exception. In such a climate, the investment world is grappling with a dual challenge: to deliver returns while sustaining investor trust. It is against this backdrop that Redhat Capital PLC, a London-based investment firm, has emerged as a case study in how disciplined governance, technological agility, and a principled ethos can combine to shape resilience.

Founded on the cornerstones of performance, integrity, and transparency, Redhat offers a beacon of forward thinking and an honest approach. Cross-border capital today is no longer confined to physical projects or manufacturing hubs; it is equally about sophisticated flows into financial instruments, advanced asset classes, and the careful stewardship of global liquidity. The firm’s trajectory offers a compelling lens on how modern investment houses are rewriting the playbook for success in the twenty-first century.

The Ethos of Performance and Integrity

Redhat Capital PLC was established on the uncompromising belief that long-term investor trust must rest on three non-negotiables: performance, integrity, and transparency. These are not corporate abstractions but working principles embedded into every trade, decision, and relationship. The leadership team, with more than seventy-five years of combined operational experience in trading and risk management, has built the business on a foundation of discipline and governance rather than short-term speculation.

The firm operates across major markets, from global indices and equities to foreign exchange, applying strategies designed to achieve absolute returns in any market conditions. This disciplined approach is supported by robust compliance processes, embedded across the group and reinforced by professional advisers and counterparties. In a financial world where opacity has too often eroded confidence, Redhat has positioned trust as a form of capital in itself. Investors are reassured not only by the company’s consistent performance but also by its refusal to compromise on ethical standards.

Technology and the Multi-Asset Horizon

Where many firms still anchor themselves to a single asset class, Redhat has pursued diversification as both a shield and a catalyst. Its investment strategies extend across

eleven distinct areas, spanning foreign exchange, global indices, futures, options, arbitrage, and the fast-evolving field of digital assets. By dispersing exposure across this spectrum, the firm reduces concentration risk while capturing opportunities in both traditional and emerging markets.

What differentiates Redhat further is its integration of advanced technology into this multi-asset approach. Its Investment Committee, supported by AI-driven data analytics, subjects every opportunity to rigorous scrutiny, assessing both return potential and associated risks. Far from displacing human judgement, this model strengthens it: algorithmic insights are weighed alongside the instincts and experience of professionals who have spent over two decades navigating international markets. This fusion of machine precision and human oversight enables Redhat to move swiftly in volatile conditions while maintaining the discipline of seasoned governance. In today’s FDI environment, where cross-border flows pivot on rapid information, such a hybrid model represents a decisive competitive advantage.

Governance, Culture and Responsibility

Technology and diversification are powerful tools, but without governance and culture they are incomplete. Redhat Capital has built a governance framework that places transparency and accountability at its core. Every decision is subject to oversight by the Investment Committee, ensuring compliance with regulatory requirements and adherence to the firm’s ethos of integrity. This has allowed Redhat to sustain credibility even in moments of global market turbulence.

Internally, the culture is deliberately collaborative and inclusive. The company fosters an environment where open dialogue is encouraged, diverse perspectives are valued, and responsibility is shared. Staff development is prioritised, with a record of internal promotion underscoring Redhat’s

belief in long-term investment in people. A forward-looking mindset is also cultivated: continuous learning, adoption of advanced analytics, and openness to innovation are not optional extras but central to the company’s DNA.

Responsibility extends beyond the organisation itself. Through the Redhat Charitable Foundation, the firm supports grassroots charities that are personally important to its leadership and often overlooked by government funding. Notably, Redhat commits to covering all administrative costs so that every pound raised goes directly to the cause. In an age where environmental, social, and governance standards increasingly shape investor decisions, this model of purpose-driven responsibility adds further weight to Redhat’s credibility.

Expansion, Bonds and the Future of Capital

Alongside its cultural and technological strengths, Redhat is distinguished by its product innovation. Its flagship fixedterm income bond has been designed to deliver predictable, resilient returns, even against a backdrop of global volatility. By leveraging a highly diversified portfolio, the bond provides investors with stability while still reflecting the firm’s commitment to performance. Participation is made flexible through partnerships with discretionary fund managers and availability on major investment platforms, broadening access for both institutional and family office investors.

The firm’s strategy for the future is unapologetically ambitious. Having established a strong position in London, Redhat is preparing to expand its reach into Europe and Asia. Its next phase of growth will focus not only on scaling its bond offerings but also on deepening its multi-asset strategies, particularly in areas such as global indices, commodities, and digital assets. This expansion underscores a forward-looking philosophy: to combine governance and transparency with the agility to adapt to the shifting architecture of global capital.

The story of Redhat Capital PLC illustrates how a modern investment house can thrive by aligning timeless principles with innovative tools. Performance, integrity, and transparency are not presented as marketing lines but as operational disciplines, reinforced by technology, diversification, and governance. From its fixed-term income bond to its AI-supported investment strategies and its commitment to social responsibility, Redhat demonstrates that it is possible to deliver consistent returns without compromising trust.

As the global foreign direct investment landscape evolves, firms will increasingly be measured not just by the performance they achieve but by the values they embody. Redhat Capital is already operating with this future in mind. It is not merely responding to shifts in the market; it is helping to set new benchmarks for what sustainable and responsible investment leadership can look like.

Craig Gabriel Founder CEO Redhat Capital Plc

Teana Lynne Head of Operations

Redhat Capital Plc

The UK’s Pivot: From Open Market to Strategic Gatekeeping

The UK government announced a measured overhaul of its foreign investment regime, signalling a shift from broad-based screening toward a sharper focus on strategic sectors. The reforms, affecting the National Security and Investment Act (NSIA), aim to simplify approval pathways for low-risk deals while reinforcing oversight where national infrastructure and critical technologies are involved.

This pivot comes at a delicate moment. The UK has just recorded its lowest number of new FDI projects since 2007-08, with volumes down 12% over the past fiscal year. While the overall value of supported investments saw a modest uptick, project volume and job creation figures are trending downward. In response, policymakers are now walking a fine line, tightening gatekeeping in key areas without discouraging the broader flow of foreign capital.

New NSIA Settings - Reducing Red Tape, Raising Selectivity

The July 2025 reforms represent the most substantial changes to the NSIA since it came into force in early 2022. In a 12-week public consultation now underway, the UK government is proposing streamlined exemptions for low-risk transaction types, such as internal reorganisations and insolvency appointments, which historically trigger mandatory notification despite posing minimal security concern.

Concurrently, the list of sensitive sectors is being restructured. Semiconductors and critical minerals will be broken out into standalone categories, recognising their growing strategic and economic weight. Additionally, water infrastructure is under review for inclusion, spurred by concerns about resilience and control over core utilities, particularly in light of foreign stakes in regional suppliers.

The goal is not deregulation, but precision. By refining definitions and reducing regulatory drag in routine corporate transactions, the government seeks to preserve national security vigilance while improving deal flow where risks are minimal. This evolution reflects a broader policy shift: retaining defensive capabilities while lowering unnecessary hurdles for global investors.

Sector Spotlight - Chips, Critical Minerals and Water

The clearest signal of the UK’s shifting posture lies in its focus on a few high-stakes sectors. The move to reclassify semiconductors and critical minerals follows pressure from industry bodies and think tanks urging the

government to adopt a more modern, sector-specific approach to economic security.

Semiconductors, central to the UK’s innovation agenda, have faced increased attention since 2023’s contentious attempt by China’s Nexperia to retain control over a Welsh chip plant. Since then, regulatory momentum has grown to treat the sector as a standalone priority, particularly in areas tied to AI, quantum computing, and national infrastructure.

Similarly, critical minerals, essential for energy transition technologies, are now viewed through a geo-economic lens, where supply security and partner alignment are paramount. Water infrastructure, while less headline-grabbing, has emerged as a late-stage candidate for regulatory inclusion, driven by mounting public concern over foreign influence in essential services and the integrity of regional utility operators.

Rather than broadening control indiscriminately, the UK is opting to tighten scrutiny where stakes are strategic, sending a clear signal to investors: low-risk capital is welcome, but critical infrastructure is no longer open ground.

FDI Decline Amid Industrial Recalibration

While the NSIA reforms signal policy recalibration, they also respond to a stark trend - the UK’s attractiveness to foreign investors is slipping. In FY 2024-25, just 1,375 new FDI projects were recorded, the lowest tally in nearly two decades. Despite a 5% increase in the value of government-supported deals, job creation fell to 69,355, reflecting deeper fragilities in the pipeline of capital deployment.

The decline spans multiple sectors. Information technology, life sciences, and financial services all saw subdued activity. Meanwhile, regions such as Scotland, Wales, and Northern Ireland reported modest increases, suggesting a geographic redistribution of what capital remains active.

Multiple factors are at play: global interest rate volatility,

Brexit-related uncertainty, and intensified global competition from markets like Canada and Southeast Asia. But opaque or burdensome screening processes under the NSIA have also drawn criticism from corporate counsel and foreign boards, who cite lack of clarity, long timelines, and over-reporting obligations as key deterrents.

Against this backdrop, the July reforms appear not just timely but necessary, positioned as part of a wider strategy to stabilise the UK’s investment reputation while protecting national assets.

Strategic Trade-Offs - Security Versus Openness

The current reforms are part of a growing global trend: rebalancing economic openness with strategic resilience. The UK’s approach aims to position the NSIA as a “proportionate, predictable and transparent” screening toollanguage borrowed from this year’s House of Commons oversight review. Yet that balance remains fragile.

To date, 95% of NSIA notifications have resulted in no further action. That statistic suggests over-compliance and a regime that, until now, captured a significant volume of deals that posed little real security threat. Investors, particularly those managing high volumes of cross-border M&A or portfolio-backed transactions, have argued that broad and vague sector definitions have unnecessarily expanded the review net.

These latest changes, narrowing sector categories, exempting trivial filings, and clarifying thresholds, represent a first real effort to restore proportion. However, success will depend on execution and perception. If the reforms are seen as superficial, the reputational gains will be limited. If they lead to a faster, more transparent process in low-risk sectors while sustaining deep scrutiny where warranted, the UK could reassert itself as a leading example of selective capital openness.

The UK’s July 2025 NSIA reforms reflect more than regulatory housekeeping, they mark a structural evolution in how Britain manages foreign capital. By refining thresholds, streamlining processes, and placing critical sectors like semiconductors, minerals, and water under enhanced scrutiny, the UK is constructing a modernised model of strategic gatekeeping.

At stake is more than efficiency. With FDI flows declining and investor confidence wavering, the credibility of Britain’s capital regime hinges on its ability to balance security concerns with clear, facilitative engagement. If this new path succeeds, it could serve as a template for other open economies navigating the same crosswinds.

For now, global investors will be watching closely, not just to see how the reforms are implemented, but whether they translate into renewed confidence, restored momentum, and responsible openness.

Manufacturing and Services Drive India’s 14% FDI Growth

India’s foreign direct investment (FDI) inflows climbed by 14 percent in FY 2024–25, reaching a provisional total of US$81.04 billion, up from US$71.28 billion the year prior. This marked rise comes amid a cooling global investment climate, where crossborder capital is tightening and investor risk appetite is increasingly constrained. India’s performance, then, stands out not merely for its headline growth, but for the qualitative evolution underpinning it.

What’s particularly noteworthy is the dual momentum in both the services and manufacturing sectors - long considered opposing poles of India’s investment landscape. Now, with both contributing significantly to total inflows, India appears to be moving toward a more balanced and durable FDI profile. Behind this shift lies a set of deliberate reforms: expanded Production Linked Incentive (PLI) schemes, increased sectoral openness, and a recalibrated approach to investor facilitation. These measures are clearly bearing fruit; and investors are noticing.

Services Sector Retains Its Edge

The services sector continues to be India’s strongest magnet for FDI, drawing US$9.35 billion in equity inflows during FY 2024–25 - an increase of more than 40 percent from the previous year. This accounted for 19 percent of the total inflows, with key sub-sectors including computer software and hardware, trading, and IT-enabled services. India’s enduring strength in services is no longer limited to cost arbitrage; the country now offers deep capabilities in cloud infrastructure, artificial intelligence, data management, and enterprise tech.

Metropolitan hubs like Bangalore, Mumbai, Hyderabad, and Delhi NCR have established themselves as global service corridors. These cities not only host major development centres for multinational corporations but also lead in innovation, talent output, and investor-friendly regulation. Government efforts to ease compliance burdens for service exporters and digitise regulatory processes have further improved the investment climate.

Crucially, this services-led growth is creating forward linkages with other sectors. For instance, digital payment platforms are supporting retail and e-commerce; data analytics are fuelling agritech and healthtech ventures; and enterprise SaaS is enabling small and medium businesses to scale. These cross-sectoral synergies point to a maturing services economy that is drawing long-term, repeat capital.

Manufacturing Sees Real Momentum

India’s manufacturing sector, often described as un-

derperforming relative to its potential, posted a strong comeback this fiscal year, attracting US$19.04 billion in FDI, an 18 percent rise over FY 2023–24. This resurgence is largely credited to the structured rollout of the PLI scheme, which now spans 14 priority sectors including electronics, auto components, pharmaceuticals, food processing, and advanced chemistry cells.

Multinational investors like Foxconn, Samsung, and Google have moved quickly to take advantage of the incentive-linked model. Local manufacturing for mobile devices, consumer electronics, and electric vehicles is scaling rapidly. In the pharmaceuticals sector, firms are using India as a base for active pharmaceutical ingredient (API) production to diversify supply chains post-pandemic.

Beyond incentives, structural reforms such as labour law consolidation, land pooling mechanisms, and logistics upgrades are improving India’s manufacturing competitiveness. However, infrastructure bottlenecks, particularly in Tier 2 and 3 cities, remain a constraint. Still, investor confidence is visibly strengthening, as India increasingly becomes a part of global production and export planning rather than just a consumption destination.

Investment Geography and Source Diversity Expand

India’s FDI footprint is expanding across both state lines and international boundaries. In terms of destination states, Maharashtra remained the top performer, attracting 39 percent of equity inflows. Karnataka followed at 13 percent and Delhi NCR at 12 percent. These regions offer the right mix of industrial infrastructure, digital readiness, and administrative coordination, conditions that matter significantly to investors looking for ease and speed.

However, policy efforts are being made to push investment into under-served regions. The government is working with state industrial development corporations to develop plug-and-play industrial parks, reform land acquisition processes, and deploy digital single-window systems that offer real-time tracking of approvals.

On the source side, Singapore continued to lead, accounting for nearly 30 percent of all inflows, followed by Mauritius (17 percent) and the United States (11 percent). Yet the most compelling data point is that India received FDI from 112 countries this year, up from just 89 in 2013–14. This broadening of the investor base not only signals increased global trust in India’s reform trajectory, but also reduces dependency on a few legacy partners.

India’s FDI Trajectory Defies Global Slowdown

India’s performance is particularly striking when viewed against the broader global picture. According to UNCTAD, global FDI flows declined by 11 percent in 2024, driven by a mix of tighter monetary policy, geopolitical tension, and economic fragmentation. In contrast, India’s robust growth sends a strong signal of resilience and attractiveness.

This success is no accident. Over the past two years, the Indian government has invested heavily in reforming the investment environment. From introducing digitised approval portals to empowering Invest India as a national facilitation agency, the approach has become more investor-centric. Regulatory bottlenecks in areas like environmental clearance and industrial licensing are also being addressed through policy simplification and better coordination between central and state agencies.

Moreover, India’s institutional credibility, bolstered by macroeconomic stability, strong foreign reserves, and a proactive central bank, has helped insulate it from the volatility that many emerging markets face. Investors are not just responding to incentives; they are also drawn to the sense of predictability, scale, and longterm return that India now offers.

India’s FDI profile is evolving, from passive inflows into services or capital markets to more strategic, policy-aligned investments across real sectors. The 14 percent rise in inflows during FY 2024–25 is not merely quantitative; it is qualitative evidence that India is beginning to unlock a more balanced and durable capital base.

Services and manufacturing have become dual engines of growth. While software and IT continue to lead, manufacturing is now pulling its weight thanks to structured incentives and policy reforms. At the same time, geographic and source market diversification reflects deepening investor confidence in India’s longterm trajectory.

Looking ahead, the goal will be to ensure that this FDI converts into lasting economic outcomes: jobs, exports, innovation, and sustainable infrastructure. That will require continued regulatory discipline, deeper state-level reform, and a clear focus on execution. If achieved, India won’t just attract investment, it will anchor it for the long term

Wealth in a Galaxy Without Stars: The Arcrate Asset Management Story

The global wealth management industry is at a crossroads. Market volatility, geopolitical tensions, and shifting regulatory frameworks are reshaping how capital is stewarded. At the same time, the greatest inter-generational transfer of wealth in history is underway, forcing families, institutions, and advisers alike to rethink long-term financial planning. In this environment, investors are increasingly sceptical of the “star manager” phenomenon that has too often been associated with short-term promises and disappointing outcomes.

It is within this climate that Arcrate Asset Management has charted a different path. Established in 2009 and part of the respected R C Brown Investment Management PLC, Arcrate blends the intimacy of a boutique wealth manager with the robust institutional infrastructure of an organisation serving more than 1,000 families across the UK and Europe. By rejecting the industry’s obsession with personality-driven performance, Arcrate has cultivated a philosophy grounded in evidence, diversification, and long-term client trust. Its approach demonstrates how wealth management can evolve without losing sight of the principles that matter most.

Challenging the “Star Culture” of Wealth Management

The very name Arcrate encapsulates the organisation’s contrarian spirit. Inspired by a galaxy discovered without stars, it symbolises a conscious departure from the cult of celebrity fund managers that continues to dominate parts of the industry. Where others market themselves around individual brilliance, Arcrate has built an entire organisation on the rejection of ego as an organising principle.

In practice, this means prioritising asset allocation, diversification, and rigorous risk management over chasing investment fashions. The organisation does not pursue “performance theatre” designed to dazzle prospective clients in the short term; instead, it delivers steady, risk-adjusted outcomes that compound over time. This philosophy has helped clients weather financial cycles with clarity and confidence, ensuring that long-term goals remain achievable even amidst uncertainty.

The organisation’s willingness to defy convention is not mere marketing. It is a discipline rooted in years of experience and a belief that enduring trust is earned not through promises, but through repeatable, transparent results. In an industry where image often trumps substance, Arcrate’s refusal to play by those rules is what sets it apart.

Beyond Portfolios - Designing Lives, Not Just Investments

For Arcrate, success lies not only in investment performance but in the design of client lives. This begins with a meticu-

lous six-step onboarding process that ensures every new relationship is rooted in understanding and alignment. The journey starts with initial conversations to establish mutual fit, followed by deep discovery meetings to uncover ambitions, concerns, and financial realities. From there, a rigorous analysis phase translates client objectives into tangible strategies, culminating in a bespoke action plan.

Implementation is carefully managed, from opening accounts to structuring portfolios, with an emphasis on transparency and clarity. Sixty days later, clients are guided through a review of the process, ensuring digital platforms function smoothly and expectations are met. Annual reviews and ongoing accessibility complete the cycle, recognising that financial plans must adapt as life evolves.

This framework is not about standardisation but about personalisation. Arcrate’s advisers design financial roadmaps that integrate investment management with retirement planning, inter-generational wealth transfer, and lifetime strategies. The goal is not only to preserve and grow capital, but also to offer clients clarity and peace of mind. In an era when many organisations rely on packaged products, Arcrate stands out for its insistence on tailoring every strategy to the individual journey.

A Culture Without Stars

The absence of “stars” in Arcrate’s identity extends to its internal culture. Success is shared, not claimed, and collaboration is placed above individual ambition. The organisation’s professionals include Chartered Wealth Managers, Fellows of the Chartered Institute for Securities and Investment, and Certified Financial Planners. This depth of expertise ensures that advice is not only personalised, but also delivered with technical precision and credibility.

Arcrate also invests heavily in its future talent pipeline. Graduates are trained and developed to Chartered standard, ensuring that the next generation of advisers carries forward the same ethos of integrity and excellence. Recruitment decisions are guided by clear values: candidates

must embody a client-first mentality, intellectual curiosity, ethical discipline, and a long-term outlook.

The result is a culture where humility and expertise coexist. In contrast to an industry often dominated by sales-driven incentives, Arcrate prioritises professionalism, collaboration, and the collective delivery of client outcomes. This approach does more than build resilience; it fosters the continuity of trust across generations of advisers and clients alike.

From Digital Portals to Family Legacies

Looking forward, Arcrate is positioning itself at the forefront of two of the most significant forces reshaping global wealth management: digital transformation and inter-generational wealth transfer. Estate planning and succession strategies are becoming increasingly vital as families prepare to pass assets to the next generation. With its longterm perspective and bespoke methodology, Arcrate is naturally suited to this growing demand.

Technology is also playing a greater role in client expectations. Arcrate is investing in advanced portfolio management systems and secure digital portals, offering clients real-time access to their investments and financial plans. Yet this digital evolution is carefully balanced with the human relationships that define the organisation. Technology enhances service, but never replaces the trust built through personal attention.

Strategic partnerships with complementary professionals further extend the organisation’s reach, allowing it to deliver holistic solutions across complex financial landscapes. In a world where capital is increasingly mobile and families often hold assets across borders, this blend of digital capability and human guidance is a critical differentiator.

As capital becomes increasingly mobile and families confront the complexities of succession, wealth management teams face a decisive test: can they combine innovation with humanity, and global reach with personal trust? Arcrate Asset Management has built its model precisely around this balance. Its rejection of the “star” culture is not simply a statement of identity, but a guiding principle that shapes every client relationship.

By blending advanced digital capabilities with long-term financial planning and a culture of integrity, Arcrate offers families both the tools and the trust they require. Its advisers recognise that wealth is not static, and neither are the lives it must support. In placing evidence, discipline, and relationships above ego, Arcrate has become more than an asset manager; it has become a reliable guide across generations.

Reform, Risk, and the New Capital Map of Africa

Foreign direct investment (FDI) in Africa hit a record high of US$97 billion in 2024 - a remarkable 75% year-on-year surge that briefly shifted the continent’s share of global capital flows from 4% to 6%. The rise was headline-grabbing, driven in large part by infrastructure megaprojects in Egypt and a broader trend of policy-led openness across several North African markets.

Yet by Q3 2025, the outlook is more complex. Capital inflows remain strong in absolute terms, but signs of geographical concentration, project decline, and capital fragmentation have tempered the initial optimism. Policymakers across the continent now face a more nuanced challenge: converting high-level investor interest into sustainable, broad-based growth amid volatile global conditions.

Reform-Led Growth in FDI Inflows

Africa’s investment rebound was underpinned by reform. In 2024, the continent accounted for more than one-third of all pro-investor policy reforms recorded globally. Many of these were aimed at reducing friction - such as introducing digital single-window platforms, revising investment codes, and expanding public-private partnership (PPP) frameworks.

North Africa led the way, with Egypt, Morocco, and Tunisia sustaining strong policy momentum into 2025. Egypt’s landmark sovereign-led megaprojects accounted for a large share of the total capital raised, but Morocco also drew attention with its green industrial zones and investment into smart logistics. These reform efforts created visibility, helping the region attract new partners from the Gulf, Europe, and Asia.

However, by mid-2025, signs of strain are emerging. While policy clarity improved, greenfield project announcements slowed during Q2, suggesting that reform alone is not enough. Investors remain cautious in smaller markets, where institutional capacity and execution risk still cloud commercial viability.

Renewables and Digital Infrastructure Draw Attention

Africa’s capital profile is undergoing a structural shift. In 2024, renewable energy attracted the majority of large-scale project finance activity, with US$17 billion committed across solar and wind ventures in Egypt, Morocco, and South Africa. That momentum has largely carried into 2025, as cli-

mate-linked funding vehicles, blended finance platforms, and regional development banks continue to anchor project pipelines.

Equally notable is the rise in digital infrastructure investment. By Q3 2025, several countries, including Nigeria, Kenya, and Senegal, had secured new FDI commitments for data centres, satellite broadband connectivity, and subsea cable landing hubs. These projects position select African economies to plug into emerging global digital corridors, particularly as AI and cloud computing expand across emerging markets.

By contrast, traditional sectors such as extractives, logistics, and fossil-fuel-based power have seen consistent declines in both deal count and value. Investor sentiment is clearly tilting toward sustainability and future-facing industries - a shift that favours markets with stable regulation and strong cross-border connectivity.

Regional Divergence and Deal Geography in Mid-2025

The record-breaking headline figure masks a regional imbalance. North Africa absorbed more than 65% of Africa’s FDI inflows in 2024, a trend that has persisted into 2025. Sub-Saharan Africa, particularly its inland and lower-income economies, saw either marginal increases or outright contractions in new deal volume.

Cross-border mergers and acquisitions (M&A), historically a secondary but important FDI channel, turned negative in early 2025. Heightened risk aversion, weak capital markets, and global monetary tightening have reduced the appetite for equity-based transactions. As a result, even bankable opportunities in secondary markets are struggling to reach financial close.

Despite this, there are bright spots. Countries such as Rwanda, Ghana, and Côte d’Ivoire have managed to retain steady inflows through targeted re-

forms, diaspora engagement, and credible PPP pipelines. Still, these gains are modest compared to the capital surges seen in Egypt or Morocco.

The uneven geography reinforces a key risk: unless investment is better distributed and underpinned by regional integration, Africa’s FDI resurgence may entrench rather than reduce disparities.

Risks and Capital Quality in 2025’s Investment Landscape

Beyond volume, the quality of capital flowing into Africa remains a point of concern. In 2025, project numbers have continued to fall, even as deal value remains elevated, suggesting that capital is pooling in fewer, larger ventures. This raises the risk of dependence on megadeals which, while impactful, offer limited spillovers across local economies or SMEs.

High borrowing costs, still hovering around 11.5% across many African sovereigns, remain a barrier to crowding in private capital. Moreover, supply chain fragility, underdeveloped logistics infrastructure, and inconsistent regulatory enforcement weaken investor confidence, particularly in sectors like manufacturing or agritech that rely on integrated delivery systems.

According to UNCTAD’s mid-year update, FDI remains highly selective, favouring politically stable markets with clear investment mandates and delivery capabilities. Many least-developed countries, despite offering low-cost labour and market access, continue to be sidelined due to weak project bankability and limited institutional support.

Africa’s capital narrative is thus at a crossroads: celebrated for reform, yet exposed to volatility in implementation, equity, and project diversification.

Africa’s FDI rebound in 2024 marked a symbolic high point for the continent’s investment narrative. But as Q3 2025 unfolds, the story is more layered. Capital continues to flow, particularly into renewable energy and digital sectors, but it does so selectively, favouring regions and sectors with policy traction, financial credibility, and execution readiness.

For African economies, the task ahead is not just to attract investment but to absorb and distribute it meaningfully. That means deepening regional integration, investing in project preparation, and strengthening institutions that can turn interest into long-term outcomes.

Without those systems in place, Africa’s new capital map may remain concentrated, uneven, and prone to reversal the moment global conditions tighten. The investment is real, but whether it transforms is still to be determined.

The Future Is Set in Cement: Fortera’s Blueprint for Real-World Decarbonisation

In the stark arithmetic of climate change, few numbers carry such weight as this: cement production accounts for nearly 8 percent of global CO₂ emissions. It is a figure that looms large, and yet remains curiously underdiscussed in public climate discourse. For all the talk of decarbonisation and clean energy transitions, the grey dust of cement remains a stubborn, ubiquitous reality. It is the literal foundation of civilisation: every bridge, school, hospital, runway, dam, and residential tower is held together by concrete, and by the cement within it. The world cannot afford to part with it, nor can it afford the environmental price tag of business as usual. That is the paradox Fortera has resolved to confront, not through radical industry reinvention, but by embedding itself within the very fabric of cement production as it exists today.

From its commercial plant in Redding, California, Fortera is demonstrating something rare in the field of climate technology: not just a scientific breakthrough, but a system-wide solution that works in the real world. Its ReCarb™ technology is not a futuristic concept; it is installed, operational, and integrative. The company’s mission is audacious in its simplicity: to decarbonise one of the world’s most entrenched, emission-intensive industries without requiring that industry to start over.

Designed to Fit, Built to Scale

Where most climate innovators seek to disrupt, Fortera has chosen to integrate. The company’s patented ReCarb® process captures waste CO2 and transforms it into a reactive carbonate, which is then used to produce ReAct™, a high-performance green cement. Crucially, this process is designed as a bolt-on solution, requiring no overhaul of existing plants, materials, or equipment.

This pragmatic approach enables cement producers to adopt Fortera’s technology without costly infrastructure changes. The system uses standard feedstocks and familiar operations, doubling limestone efficiency and cutting carbon emissions by 70 percent. In an industry where capital entrenchment is measured in trillions, this level of compatibility is not just useful; it is transformative.

The result is a solution that scales not by replacing the system, but by embedding within it. That design choice has fast-tracked Fortera’s transition from lab to largescale production - an exceptional feat in the notoriously slow-moving world of industrial climate tech.

From Lab Concept to Commercial Proof

Climate innovation often falters between promise and implementation, but Fortera has bridged that gap with remarkable speed and clarity. The company’s facility in

Redding, California, is not a pilot, but a fully operational commercial plant producing 15,000 tonnes of low-carbon cement annually. It stands as a physical rebuttal to the notion that green cement is still years away. Here, ReCarb® is not theory. It is throughput.

This facility demonstrates that emissions-intensive materials can be produced cleanly without waiting for wholesale infrastructure change. The ReAct™ cement it yields is fully compliant with regulatory standards, blendable with conventional cement, and viable across a wide range of construction applications. In other words, Fortera’s solution does not require the world to change how it builds. It allows it to build better, immediately.

That shift from concept to commercialisation is not merely a technical achievement. It is a strategic victory in an industry notoriously slow to adopt change. Fortera’s approach does not force adaptation; it enables continuity. In doing so, it eliminates the steep learning curves and capital barriers that have sidelined countless other clean technologies. It is a model for how science, if executed with precision and relevance, can move from bench to built world.

A Culture Built for Urgency and Execution

At the core of Fortera’s rapid success is a culture engineered for both pace and precision. This is a company defined not by slogans, but by a deeply embedded ethos: that solving the climate crisis requires not only ideas, but the systems, people, and discipline to deliver them at scale. That ethos informs how Fortera hires, how it builds, and how it operates day-to-day.

Each member of the team is aligned around a clear purpose: to eliminate carbon from one of the world’s most entrenched sources of industrial pollution. But there is also a practical edge to that purpose. Values like “win with optimism” and “excel in execution” are more than cultural

markers; they are operational imperatives that drive performance and decision-making. Safety, transparency, and customer understanding are treated as strategic assets, not compliance checkboxes.

This alignment between mission and method has created an environment where acceleration does not come at the cost of rigour. Fortera’s culture enables speed without shortcuts, scaling without compromise, and innovation without disconnection from industrial realities. In the face of a climate crisis that demands urgency, Fortera is showing what it means to act decisively, and sustainably.

Real Impact Without Reinvention

Fortera’s core proposition is striking in its realism: solve the carbon problem in cement without dismantling the infrastructure that underpins it. In a sector defined by permanence - of assets, processes, and supply chains - this approach reflects a rare blend of scientific ingenuity and industrial empathy. Rather than force disruption, Fortera offers a path to transformation that fits inside the contours of what already exists.

This model of decarbonisation through compatibility addresses a critical challenge in climate innovation: adop-

tion. Most solutions falter not in the lab, but in the leap to real-world systems. Fortera sidesteps that friction entirely. Its bolt-on ReCarb® process meets producers where they are - technically, operationally, and economically, allowing them to reduce emissions without altering how they work.

And now, with climate regulations tightening and market demand for greener construction materials accelerating, Fortera’s moment has arrived. Its technology is tested. Its product is market-ready. Its model is scalable. Crucially, it is not an abstraction. Fortera is producing measurable, material impact today.

This is not a disruption narrative. Fortera is not asking the world to pause, pivot, or rebuild. It is simply showing how the cement industry, long seen as immovable, can move forward. Quietly, methodically, and at scale. Fortera’s story offers a rare glimpse of what true industrial climate progress can look like. It has demonstrated that decarbonising one of the world’s hardest-to-abate sectors does not require tearing down what exists. It requires embedding better systems inside it.

By meeting the industry where it is and proving that transformation is not only possible but commercially viable, Fortera is not just making low-carbon cement, it is making climate action executable. This is the blueprint the sector has long needed: a path forward that is not based on radical disruption, but on practical, immediate reinvention from within.

Visit forteraglobal.com for more information.

Ryan Gilliam CEO & Co-founder Fortera

Santander’s TSB Deal Reflects Global Investment Shift

In a deal that reflects both strategic clarity and shifting global investment priorities, Banco Santander has announced its £2.65 billion acquisition of TSB Bank. Finalised in July 2025, the move gives the Spanish banking giant a substantial boost in the UK retail market, gaining access to millions of customers, a wide national branch network, and a modernised digital banking platform. For Santander, it’s less a gamble and more a calculated step toward deepening its footprint in a market that offers regulatory consistency and operational scale..

Yet the significance of this transaction goes far beyond Santander’s own balance sheet. The deal is emblematic of a broader pattern reshaping financial-sector FDI. In today’s cautious investment climate, global institutions are moving away from greenfield expansion and instead prioritising acquisition-led entry into stable, rule-bound markets. The Santander-TSB deal not only captures this pivot; it helps define it.

Deal Deep Dive - Santander’s Strategic Calibration

Santander’s decision to acquire TSB was not impulsive. The bank had long held ambitions to scale up its UK operations, having already maintained a presence in the market for over a decade. By integrating TSB’s operations, Santander eliminates duplication in key retail offerings, while consolidating regulatory compliance and operational systems under one unified structure. This not only streamlines costs but also strengthens the group’s competitiveness in a saturated UK market.

Notably, the timing of the deal coincides with Santander’s more cautious outlook towards continental European markets. Past expansion efforts in Poland and the Netherlands, for instance, were met with slow regulatory approvals, rising supervisory costs, and uneven profit margins. In this light, the UK presents a relatively more stable environment, despite broader macroeconomic concerns, and offers Santander a way to hedge against fragmentation risks emerging within the eurozone.

TSB’s existing branch network and advanced mobile banking interface will also serve as critical assets. The acquisition enables Santander to blend physical and digital strengths, making it well-positioned to serve both traditional and tech-savvy retail segments.

A Shift in Global Financial FDI Strategy

The Santander-TSB deal reflects a larger reordering of how FDI is being deployed in the financial services space. According to UNCTAD’s 2025 World Investment Report, there has been a marked global trend towards cross-border M&A in banking and financial services, with deal volumes up by 14% compared to the previous year. In contrast, greenfield investment in financial institutions declined by more than 8% during the same period.

This strategic tilt reflects investor demand for faster integration timelines, reduced regulatory risk, and certainty of compliance. Acquisitions provide immediate access to local customer bases, licencing frameworks, and operational systems - advantages that are increasingly hard to replicate through new setups, particularly in mature markets like the UK, Germany, or Canada.

Santander’s decision aligns with this logic. Rather than invest years into building a new retail platform in the UK from scratch, it has opted to purchase one that is not only already functioning but well-regulated and technologically advanced. The value of speed-to-market, in this instance, cannot be overstated, especially when combined with political and regulatory certainty.

The Role of Regulation in Shaping Deal Confidence

A critical enabler of this deal has been the UK’s regulatory ecosystem. Post-Brexit, British policymakers have made a concerted effort to signal openness to high-quality FDI, particularly in strategic sectors such as finance and fintech. The UK’s dual regulators - the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), approved the transaction within a matter of weeks, reflecting Santander’s reputation and the deal’s alignment with prudential norms.

Unlike in some emerging markets, where foreign banks may encounter inconsistent supervision or delayed approvals, the UK offers a clear, rulesbased environment. Since the departure from the EU, the UK has worked to refine its FDI screening tools, notably through updates to the National Security and Investment Act. Importantly, financial services transactions like Santander’s have remained outside its more rigid provisions, reinforcing the UK’s position as a reliable jurisdiction for financial sector investment.

This predictability is a strong magnet for institutional capital. For firms managing billions in assets, regulatory uncertainty is one of the most significant deterrents. By keeping the pathway clear and consistent, the UK has retained its appeal as a base for banking FDI, even as broader global flows shift.

Strategic Lessons for Emerging Markets and Institutional Investors

Santander’s acquisition offers insights for other investors evaluating emerging markets. In environments where local regulations are opaque or evolving, and where operational set-up times are long, acquiring an existing platform may offer a more efficient and lower-risk entry point.

Latin American markets illustrate this shift. In Brazil, firms like BTG Pactual are favouring M&A to deepen their domestic footprints while offering foreign investors structured entry through local partners. Similarly, in parts of Southeast Asia, sovereign wealth funds have begun prioritising bank acquisitions that come with licensing, distribution channels, and compliance protocols baked in.

This trend signals a broader rethinking of market access strategies. Where once foreign investors sought to create new ventures to disrupt markets, they now increasingly pursue controlled expansion through acquisition. Santander’s UK deal is a textbook example of this recalibrated approach, offering control, speed, and long-term positioning without the startup friction.

Santander’s acquisition of TSB is more than a headline transaction; it’s a reflection of how global investment in financial services is evolving. In an era where uncertainty is priced in, investors are favouring clarity over conquest, and structure over speculation. This deal shows how acquiring a well-run, regulated platform in a mature market can offer faster, safer returns than launching something new from the ground up.

For Santander, the move strengthens its UK presence without reinventing the wheel. For the UK, it reaffirms its position as a destination where high-quality capital still finds opportunity—when the rules are clear and the value proposition is sound. And for FDI watchers, it’s a signal that the new age of financial investment won’t be about disruption at all costs, but about thoughtful alignment, where timing, regulation, and institutional fit matter just as much as market potential.

SES Anchors Space Sovereignty with Intelsat Deal

When SES announced the completion of its acquisition of Intelsat in July 2025, it marked a major milestone in the satellite communications sector, and a decisive step in Europe’s quest for space sovereignty. Valued at approximately $2.6 billion, the deal brings together two of the world’s leading satellite operators to form a global heavyweight with over 120 satellites spanning geostationary (GEO), medium-Earth (MEO), and access to low-Earth orbits (LEO).

More than just a corporate merger, this transaction reflects a broader shift in the global investment landscape. As critical infrastructure becomes more closely linked to strategic autonomy and national resilience, foreign direct investment (FDI) in sectors like space, connectivity, and defence is taking on a new shape, driven not only by financial logic, but by geopolitical intent.

Deal Structure - Merging Strengths Across Orbits

At its core, the SES-Intelsat deal is about consolidation and scale. SES, already a leader in multi-orbit satellite communications, now absorbs Intelsat’s extensive GEO fleet and customer portfolio, giving the combined group a broader footprint and greater technical depth. The enlarged company is expected to deliver annual cost savings of around €370 million, with most of these efficiencies realised over the next three years.

This isn’t about chasing growth for growth’s sake. It’s about building a platform that can compete head-to-head with American giants like SpaceX’s Starlink and Amazon’s Kuiper. By blending assets, spectrum access, and operational infrastructure, SES is now better equipped to deliver integrated solutions across media, mobility, enterprise, and government markets - at scale and with reliability.

Critically, the deal also strengthens Europe’s position in the global space race. With so much attention focused on American and Chinese capabilities, this transatlantic merger gives the EU a strategic, sovereign-aligned asset with global reach.

Strategic Signalling - A Sovereign Asset in a New Era

The regulatory response to the SES-Intelsat deal

has been swift and largely positive. Antitrust authorities in the UK, EU, and US approved the acquisition without requiring any concessions. That kind of green light reflects confidence not only in SES’s operational credibility but also in the strategic value of the transaction.

In Europe, where industrial policy is increasingly geared toward reducing dependence on non-EU technology providers, the acquisition lands at the right moment. With secure satellite communications seen as vital to national defence, disaster response, and rural broadband access, policymakers are keen to ensure that key infrastructure remains under regional control.

The merger also sends a message to emerging economies: that strategic investments in space and telecoms can be pursued without ceding control to a few dominant foreign players. The SES–Intelsat blueprint represents a middle path - scale without surrender, consolidation without compromise.

Operational Gains - Building a Smarter, More Resilient Network

Beyond strategy and symbolism, the operational benefits of this deal are significant. Intelsat brings with it deep relationships in aviation, maritime, and government markets, while SES contributes strong capabilities in broadcast and enterprise services. Combined, the new entity can offer end-to-end connectivity solutions across all major orbital regimes.

This multi-orbit approach matters. In a world where communication demands vary wildly, from remote villages to offshore rigs, from urban data centres to humanitarian response units, no single satellite layer can do it all. GEO satellites offer broad coverage and stability. MEO provides speed and redun-

dancy. LEO brings low latency and versatility. Together, they form a layered architecture that can be customised by region, client, and use case.

Moreover, the integration boosts SES’s financial position. The company reported €690 million in new business wins during the first half of 2025, with a robust forward pipeline. With cross-selling opportunities and infrastructure optimisation now on the table, the financial upside could be substantial, especially as governments and enterprises continue investing in next-generation connectivity.

Redefining Strategic FDI – Lessons Beyond Space

While the SES–Intelsat deal is firmly rooted in the satellite sector, it reflects broader trends in foreign investment. Across strategic infrastructure - whether digital, transport, energy, or defence - FDI is being redefined. Investors are not just chasing returns; they’re navigating geopolitics, regulatory sensitivities, and national interest considerations.

Europe’s handling of this transaction shows how states can enable large-scale, cross-border investment while still preserving sovereignty and oversight. By offering regulatory certainty and political alignment, governments can attract quality capital into sectors that are both economically essential and strategically sensitive.

The message for other regions, particularly in Africa, Southeast Asia, and Latin America, is clear: when inviting FDI into core infrastructure, alignment with national goals matters. Mergers that offer technology transfer, local capacity-building, and public sector integration are likely to gain more traction than those that simply extract value.

The completion of SES’s acquisition of Intelsat is not just a milestone for the companies involved; it’s a signal to the wider world. Space is no longer just the domain of scientists and start-ups; it’s now a field where sovereignty, security, and strategic investment intersect.

As capital flows adjust to a more fragmented and risk-sensitive global environment, deals like this one show what the future of FDI could look like: long-term, infrastructure-focused, and politically aligned. SES now stands not only as a global connectivity provider, but as a symbol of Europe’s ambition to lead in an increasingly contested domain.

For governments, investors, and institutions watching the future of space and satellite services unfold, one thing is clear: the new race isn’t just about orbits; it’s about ownership, direction, and purpose.

The Illusion of U.S. FDI Momentum Under Trump

Midway through 2025, the narrative surrounding U.S. foreign direct investment (FDI) is increasingly disconnected from the data. The Trump administration, now deep into its second term, continues to position the United States as the premier global destination for investment, citing a projected US$12 trillion pipeline and touting policy reforms designed to lure capital from allies while limiting rival access.

However, actual FDI inflows tell a different story. In Q1 2025, the U.S. recorded only US$52.8 billion in inbound FDI, marking a 21% decline from the same period the year before. Even more telling: greenfield project volumes remain flat, cross-border M&A is down, and investor sentiment is shifting amid growing regulatory unpredictability. For global investors watching from abroad, the appearance of capital momentum may be little more than a mirage.

Pledges vs. Patterns - The Execution Gap

The White House continues to showcase large investment pledges as validation of its economic strategy. These numbers, some quoted as high as US$12 trillion, suggest a windfall of foreign capital queued for deployment. Yet, a deeper examination reveals a sharp disconnect between pledged capital and actual financial flows.

A significant portion of these announcements stem from rebranded or recycled investment plans that predate the Trump administration’s return to office. Others remain politically expedient but commercially vague - statements of intent that lack binding commitments, financing structures, or timelines. By mid-2025, only a fraction of the publicised pledges have advanced to execution or financial close.

Moreover, Commerce Department data shows no material increase in greenfield investment or new foreign-owned facilities. Capital-intensive sectors like energy and manufacturing, often cited in press briefings, continue to rely on domestic subsidies and tax breaks rather than inbound FDI. The result is an optics-heavy investment environment with little structural improvement in real absorption capacity.

Protectionism and Policy Whiplash

A cornerstone of the current administration’s investment policy is its “America First” filtering system, introduced in February 2025. This dual-track framework accelerates approvals for investors from strategic allies such as the UK, Japan, and Canada while imposing tighter screening on inflows from countries deemed adversarial, particularly China, Russia, and some Middle

Eastern jurisdictions.

While this policy shift was designed to balance national security with capital openness, it has had unintended consequences. Foreign investors now face increased exposure to regulatory reversals, mid-deal compliance reviews, and shifting tax landscapes. Chief among these concerns is the proposed Section 899 - a federal measure that could impose a 15–20% levy on certain foreign income repatriated to U.S. entities.

Tariff volatility has added further complexity. With trade policy now heavily centralised within the executive branch, new tariffs have been proposed and retracted with little notice. This uncertainty affects not just manufacturers but also service investors and private equity firms, many of whom operate with multi-year investment horizons.

By Q2, cross-border mergers and acquisitions, particularly in technology, clean energy, and health, had contracted significantly. Even investors from historically stable partners have slowed deal activity, citing concerns over political interference and unpredictable policy swings.

Reshoring Narrative Masks FDI Softness

While public discourse focuses on “foreign-led investment booms,” a closer look reveals that much of the recent industrial resurgence in the U.S. is being mislabelled as foreign capital inflow. In many cases, these projects are driven by American multinationals repatriating operations, supported by domestic tax credits or reshoring incentives.

For instance, major buildouts in semiconductors and electric vehicles often involve U.S.-based subsidiaries of foreign parent companies reinvesting retained earnings, rather than deploying fresh foreign capital. This distinction matters: it shifts the narrative from organic FDI attraction to policy-driven internal capital realignment.

Moreover, Markets data shows that the U.S. share of global inbound greenfield projects remains flat, while U.S. outbound investment has increased, particular-

ly toward Southeast Asia and Western Europe. By Q3 2025, inbound FDI is covering just 10% of the U.S. current account deficit - a sharp drop from its historical norm, underscoring the fragility of the current capital strategy.

Fragmented Global Capital and Strategic Misalignment

Trump’s second-term investment framework is also fuelling capital fragmentation across the global economy. The expansion of CFIUS jurisdiction and national security-related restrictions has widened to cover sectors including AI, quantum computing, biomanufacturing, and green supply chains. While these restrictions may be justified on national grounds, they have had a chilling effect on broad-based foreign participation.

Investor sentiment among institutional and sovereign funds is shifting. Recent surveys indicate that over 40% of global investment managers are now reducing planned U.S. exposure or redirecting capital toward regions with more stable regulatory environments. Southeast Asia, Canada, the UAE, and parts of sub-Saharan Africa are increasingly seen as viable alternatives, especially for infrastructure and digital investment plays.

Even long-standing allies have expressed frustration. The EU Chamber of Commerce in Washington released

a mid-2025 statement highlighting concerns around arbitrary enforcement and lack of inter-agency coordination, which complicates dealmaking and undermines long-term trust.

While the U.S. still benefits from unmatched scale and innovation ecosystems, it is no longer operating with a reputational premium. For many investors, today’s environment offers attention, but not assurance.

The Trump administration has skilfully constructed a narrative of FDI resurgence, but the numbers reveal a more restrained reality. Actual inflows are down, project execution is sluggish, and investor confidence is fraying under the weight of policy volatility and protectionist signalling.

If the U.S. is to regain its position as a magnet for sustainable, high-quality foreign capital, it must restore institutional credibility, regulatory predictability, and policy consistency. Trillion-dollar headlines may serve short-term political aims, but for serious investors, the underlying fundamentals are what count.

In a world where FDI is increasingly strategic, mobile, and sensitive to risk, the illusion of momentum is no substitute for capital grounded in trust and transparency. As of Q3 2025, the gap between promise and delivery in U.S. investment policy has never been more visible.