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BANKING-
Property developers will now have escrow account solutions at Emirates NBD after the bank inked an agreement with the municipality of Ras Al Khaimah, according to a Dubai Media Office statement. The agreement will allow the bank to offer escrow services in Ras Al Khaimah as an account trustee.
AVIATION-
Dubai Aerospace Enterprise (DAE) will lease Indian regional carrier FLY91 two aircraft after the two finalized an agreement, according to a company statement. The aircraft, of DAE’s ATR 72-600 make, are set to be delivered in 2024, and will be the first additions to newly founded FLY91’s fleet. The statement did not mention the value of the lease.
INS.-
DFM-listed Sukoon Ins and US-based tech ins. company WAX Ins. Servicesare launching an ins. collector application for luxury, collector items, according to a DFM disclosure (pdf) The app — dubbed WAX Collectibles — will allow individuals to request ins. coverage, pay directly on the app, and access ins. coverage plans for items like jewelry, watches and fine art.
FINANCE-
#1- Fitch maintains Adnoc Murban AA rating, outlook ‘stable’: Fitch Ratings has affirmed its AA rating for Adnoc’s debt issuing arm, Adnoc Murban, with a stable outlook, according to the action commentary. Adnoc Murban is expected to raise up to USD 10 bn in debt, according to Fitch, but cashflow is expected to be “more than sufficient to service debt it may raise, even under very conservative oil prices,” the ratings agency said.
Background: The parent company revealed in 2022 that Adnoc Murban is set to become Adnoc’s primary debt issuer in the bond market in 2024.
#2- Abu Dhabi Commercial Bank (ADCB) plans to set up its Saudi office in Riyadh,the company said in an ADX disclosure (pdf) yesterday a day after receiving in-principle regulatory approval from Saudi Arabia’s cabinet on Tuesday.
REAL ESTATE-
Egyptian real estate company Ora Developers and US operator Discovery Land Companyare building Discovery Dunes, a 2.5 mn sqm, 400 family luxury community with a private 18-hole golf course. The statement does not specify the timeline or value of the project.
AGRICULTURE-
More agriculture investments for Sharjah: Sharjah Chamber of Commerce and Industry and the Arab Authority for Agricultural Investment and Development discussed ways to encourage investment, information sharing and trade in the agriculture sector, reports Sharjah 24. The two also discussed the potential of streamlining the authority’s services for agricultural companies running under its umbrella.
FISHERIES-
The Sharjah Cooperative Society will distribute fish caught by local fishermen in Sharjah, after inking an agreement with The Sharjah Cooperative Society for Fishermen (CSF), Sharjah24 reports.
MANUFACTURING-
Edge and Turkey’s Baykar are partnering to enhance UAV capabilities: Abu Dhabi-baseddefense conglomerate Edge will integrate its smart weapons on Turkish defense company Baykar’s unmanned aerial vehicle (UAV), Bayraktar TB2, state news agency Wam reports. The integration is set to conclude by year-end.
HEALTHCARE-
Controlling contagious diseases on ships: The Ports, Customs, and Freezone Corporation and Dubai Health Authority will conduct regular joint inspections on arriving ships, reporting back on health violations and issuing non-objection certificates to ships with medical cases in a bid to control the spread of contagious diseases on ships arriving in Dubai, according to a press release.
EDUCATION-
Abu Dhabi University and United Al-Saqer Group will set up a scientific research center focused on training specialized researchers across several sectors, according to a press release. The center is designed to provide students with advanced research training and secure research funding, as well as facilitate partnerships between academia and industries, with a specific focus on research initiatives with economic potential.
FINTECH-
IBS brings its iKiosk Solution in Rwanda: Dubai-based Jordanian-Emirati company Infinite Business Solutions IBS partnered with Centrika to expand to Africa, according to a press release. The 23 self-service kiosks will accept banknote and cashless payments 24/7 for 18 different services, according to a company statement.
