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MANUFACTURING-
NMDC Energy to set up AED 367 mn manufacturing facility in Abu Dhabi: Abu Dhabi’s Khalifa Economic Zone (Kezad) and National Marine Dredging Company (NMDC) subsidiary NMDC Energy inked a 50-year lease agreement for a new manufacturing facility in Abu Dhabi, targeting modular fabrication, according to an AD Ports statement. The agreement, which was signed on the sidelines of the Make It In The Emirates Forum, will see NMDC Energy invest some AED 367 mn (USD 100 mn) into the facility, which is expected to create 3k new jobs.
About the facility: The 224k sqm facility will offer top-tier services such as engineering, procurement, project management, fabrication, installation, and commissioning to the local oil and gas sector.
INFRASTRUCTURE-
Dubai allocates AED 355 mn for beach development: Dubai’s Higher Committee for Urban Planning and Well-Being awarded AED 355 mn worth of contracts to fund the development of 5.7 km of public beaches at Al Mamzar and Jumeirah 1, according to the Dubai Media Office. The projects are scheduled for completion within 18 months, according to the statement.
The project includes the establishment of Dubai’s first 24/7 night swimming beach in Deira, a 5 km pedestrian path connecting the beaches, 11 km of cycling and running tracks, and the introduction of a 200-m-long floating bridge at Al Mamzar Beach — a first in the emirate.
TECH-
WWT and NXT to build UAE’s first AI Integration Centre: US-based tech services company World Wide Technology (WWT) and NXT Global signed an MoU to launch the UAE’s first AI Integration Center, according to a press release. The partnership will be known as WWT NXT Global and will see the development of a facility in Abu Dhabi’s Masdar City to develop and export plug-and-play AI infrastructure to the world.
ICYMI- This is not the first US-UAE investment in AI: Microsoft invested some USD 1.5 bn in G42 in May. The two firms will also jointly set up a USD 1 bn fund to support AI developers, geared at strengthening the AI infrastructure and capabilities in the UAE and the wider MENA region, building on a previous partnership between G42 and Microsoft to expand existing data center infrastructure in the UAE.
M&A-
ADX-listed Rak Ceramics fully acquired Rak Porcelain for an undisclosed sum, as part of plans to focus on “core business segments,” according to an ADX disclosure (pdf).
STARTUPS-
Dubai-based rental services startup Colife has kickstarted its expansion into Asia with operations in Hong Kong, Trade Arabia reports. The startup plans to expand into 10 major cities across the world by 2028, Trade Arabia cites a statement as saying, adding that it usually budgets some USD 350k to set up operations in a new region, before ramping up investments to USD 2 mn in the first year, CEO Ilnara Muzafiarova said. Colife already operates in Dubai and Istanbul.
The details: The startup plans to focus on co-living space rentals, with a target to create more than 100 units and open a full-scale co-living house for about 60 units.
SUSTAINABILITY-
#1- Emirates Driving received a 9.7 out of 10 ESG rating from global index provider MSCI, a bourse disclosure (pdf) reads. The AAA rating is the highest in the consumer services industry as of March 2024.
#2- World Smart Sustainable Cities sets up regional office in Abu Dhabi: The Abu Dhabi Municipalities and Transport Department (DMT) has inaugurated a Mena office for the Seoul-based World Smart Sustainable Cities Organisation, after signing a friendship city agreement with the Seoul Metropolitan Government, according to the Abu Dhabi Media Office. The new office aims to foster collaboration and knowledge exchange for regional urban development.
More details: The friendship city agreement covers urban planning, transport, and smart technologies collaboration. This partnership also extends to initiatives such as autonomous vehicles, AI utilization, and open data.
REAL ESTATE-
Real estate developer Azizi Developments awarded a design contract to Dubai-based architectural and engineering consultancy National Engineering Bureau (NEB) for 11 residential towers in Azizi Venice, Trade Arabia reports. Azizi is the project’s master developer, responsible for building construction, roads, and infrastructure.
About Azizi Venice: Launched in September 2023, the AED 30 bn mixed-use development comprises over 30k residential units across 100 apartment complexes in Dubai South, plus 400 luxury villas and mansions.
INVESTMENT BANKING-
Australian investment bank Barrenjoey has introduced its fixed-income sales and trading services in Abu Dhabi, marking its first overseas expansion, Bloomberg reports. The company currently has ten people staffed in its Abu Dhabi office. The move follows investment banks Rothschild & Co and Morgan Stanley’s expansion into Abu Dhabi last year.
HEALTHCARE-
#1- ADSCC bags FACT accreditation: The Abu Dhabi Stem Cells Center (ADSCC) received the Foundation for the Accreditation of Cellular Therapy (FACT) accreditation for its cellular therapy program, in recognition of its hematopoietic cellular therapy product processing, according to the Abu Dhabi Media Office. The healthcare institution is the first in the UAE and one of only two centers in the Middle East recognized by FACT, which is considered the leading accreditation organization for cellular therapy programs on a global scale, according to the statement.
#2- Dubai Health Authority extended its partnership with National Training (Jaheziya) to enhance the emergency and health crisis management systems within Dubai’s healthcare sector, Wam reports.
INS.-
S&P Global affirmed Orient Ins. and its subsidiaries’ A+ long-term issuer credit and insurer financial strength ratings, with a stable outlook, according to a press release. The decision was based on the company’s robust capitalization, careful underwriting strategies, and reliable reins. collaborations, according to the statement.
CAPITAL MARKETS-
The ADX added ADSS as its latest brokerage, increasing the bourse’s total number of market participants to 33, according to an ADX statement.
BANKING-
S&P Global upgraded Emirates Development Bank’s (EDB) long-term issuer credit rating to AA from AA-, assigning it a stable outlook, according to a statement. The ratings agency affirmed the lender’s long-term Gulf Cooperation Council (GCC) regional scale rating at gcAAA. S&P attributed the upgrade to the UAE’s favorable macroeconomic look and credit conditions that are expected to sustain the growth of government-related entities (GREs), including EDB.
EDB now holds the highest credit rating among issuers in the UAE and the Mena region, with the upgrade representing the highest credit rating ever awarded to a financial institution across the region, Wam reports.
BUSINESS-
Dubai Chamber to draw more Polish investments: Dubai Chamber of Commerce has officially launched the Polish Business Council to bolster bilateral trade and investment relations between Dubai and Poland, according to a statement.
SMEs-
Emirates Airlines has partnered with business discovery platform HiDubai to give local businesses access to travel links that can help grow their business through the carrier’s business rewards program, a press release reads. Emirates plans to engage with more than 180k SMEs on HiDubai’s platform to onboard them onto its rewards program.
