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REAL ESTATE-
New office tower lands in DIFC: Dar Group — now known as Sidara — has broken ground on a new AED 1.1 bn tower in Dubai International Financial Centre (DIFC), conceptualized by Abu Dhabi-based architect Aedas, it said in a statement. The 37-storey development, dubbed Immersive Tower, will sit adjacent to Daman Tower, covering 115k sqm with over 58.5k sqm of office space, and 10.5k sqm of retail space. It is slated for handover in April 2027.
Abu Dhabi Real Estate Centre relocated its Real Estate Transaction Center and Customer Service Hall to its new headquarters in Al Markaziyah, aiming to improve and streamline service delivery by placing both facilities in the same building, according to a statement.
CAPITAL MARKETS-
Dubai Financial Market (DFM) has launched an upgraded iVestor App, offering financial management services to investors, the Dubai Media Office reports. The app now allows direct subscription to IPOs and complements the newly launched Arena. Some of the new features include tracking portfolios, managing dividends, and facilitating easy money transfers.
More on iVestor: The iVestor is an investor card developed in 2010 by Emirates NBD and Network International which tracks user’s assets.
BANKING-
ADIB enables buy now, pay in installments option: Abu Dhabi Islamic Bank (ADIB) integrated Visa’s real-time API-based platform Visa Installments Solution (VIS) into its services, allowing ADIB-covered cardholders in the UAE to pay back their purchases in smaller, equal installments at checkout, according to a statement (pdf) by Visa. ADIB will roll out VIS through NeoPay — the payment subsidiary of our friends at Mashreq — available at select retail stores including Sharaf DG, Jacky’s, and iStyle. ADIB is the first Shariah-compliant banking group globally to enable VIS.
Background: In October 2023, Visa announced it was working with local issuers and acquirers here at home to enable VIS for UAE customers by early 2024.
HOSPITALITY-
#1-Austrian AI customer engagement platform Chatlyn opened its new office in Dubai, a press release reads. The platform is designed to automate client communication, reduce workload, and enhance customer engagement in the hospitality sector.
#2- Sharjah-based real estate developer Arada has set up a new hospitality and entertainment unit, consolidating its lifestyle assets under it to oversee the firm’s growth across the wellness, hospitality, F&B operations and events segments, the developer said in a press release. The new division will be headed by Amit Arora, Arada’s new CEO, who enters the role with 28 years of experience in the hospitality sector.
INFRASTRUCTURE-
National Petroleum Construction Company, a subsidiary of National Marine Dredging Company, was awarded a USD 653.17 mn project contract, according to an ADX disclosure (pdf). The company stated that the engineering and construction phase would be completed within 30 months. No further details were provided.
INDUSTRIALS-
ARJ Holding will establish a composite fertilizer production plant in Baiji, Salah Al Din in Iraq, after inking an agreement with the Iraqi government, according to a statement from the Iraqi Prime Minister’s office. The plant will have an annual production capacity of 249k tons of phosphate fertilizer.
