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INVESTMENT-
Dubai-based financial services company Barjeel Geojit is poised to launch an India-focused fund of funds, along with other investment funds, after receiving approval from the Securities and Commodities Authority, Gulf News reports, citing a press release from the company, without adding an exact timeline.
What’s a fund of funds? In simple terms, a FoF chooses to invest in other funds — whether equity or debt — rather than individually vetting specific companies or debt issuances it may want to back. The fund managers to whom the FoF hands AUM are then trusted to generate returns that pass back to the managers of the fund of funds.
The company is also planning to invest in the Human Resources and Emiratisation Ministry’s End-of-Service Benefit Funds, Gulf News added.
“Productive families” in Fujairah are getting a boost with licensing + other support measures: Fujairah’s municipality and the Ghars center signed an MoU to engage citizens in income-boosting initiatives for beneficiary families linked to Ghars center projects, AlKhaleej reports. The collaboration offers families the chance to secure “My Project” home licenses, supporting SMEs and promoting economic and social development.
TOURISM-
The Emirates Tourism Council has launched the National Tourism Charter to coordinate the efforts of the seven emirates to boost tourism, according to a press release. The charter made strategic partnerships with airlines such as Emirates and Etihad Airways, as well as a number of hospitality companies such as Emaar Hospitality Group, Jumeirah Group, and InterContinental Hotels and Resorts Group across the Middle East, Africa, and India region.
FINANCIAL SERVICES-
Budget retailer Union Coop has signed Network International as its digital payments services provider,according to a company statement. Union Coop will integrate Network International’s payment terminals across its UAE-based branches and outlets, offering customers multi-channel digital payment options, including biometrics and QR codes.
AVIATION-
Emirates to sponsor all four Grand Slams: After inking a multi-year partnership with the Wimbledon Championships, Emirates will now act as the official airline partner of all four tennis Grand Slam tournaments, according to a statement from the Dubai Media Office. Prior to the partnership, the carrier was sponsoring the US Open, Roland-Garros and the Australian Open.
MANUFACTURING-
The Emirati Human Resources Development Council will staff Mubadala-backed Emirates Global Aluminum with qualified Emirati nationals to help fulfill its target to hire 500 Emiratis within the next three years, according to a press release.
MINERALS-
The Gemological Institute of America (GIA) has opened a lab in the Dubai Multi Commodities Centre, according to a Dubai Media Office statement. The new lab will initially serve clients but will expand later on to international customers. The GIA site will grade diamonds ranging from D to Z, weighing up to 3.99 carats.
SPORTS-
Sharjah’s first women’s olympic sports center is now open: Sharjah Women’s Sports chairperson Sheikha Jawaher Bint Mohammed Al Qasimi inaugurated the emirate’s first Women’s Olympic Sports Centre in Al Falah, Wam reports.
REAL ESTATE-
Emaar Properties is expanding its flagship residential project, The Oasis, by 108%, bringing its total value up to AED 73 bn, according to a press release.
TECH-
Moro + Siemens team up on Dubai’s cybersecurity: Dewa Digital’s subsidiary Moro Hub expanded its partnership with Siemens to adopt its RuggedCom software and hardware products to bolster Moro Hub’s internet connectivity and upgrade its cybersecurity infrastructure, according to a statement.
AUTOMOTIVE-
Ali & Sons to bring Chinese EVs to the local market: Abu Dhabi-based conglomerate Ali & Sons Holding entered into a partnership with Chinese EV manufacturer XPeng Motors as part of the Chinese firm’s regional expansion plan, according to a statement. Starting from 3Q 2024, XPeng will offer its G6 and G9 SUV models through Ali & Sons.
