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BANKING-
#1- Islamic banking is coming to Mashreq Pakistan: Our friends at Mashreq ’s Pakistani arm obtained in-principle approval from the country’s central bank to launch Islamic banking services, the lender said in a statement.
What’s next? Mashreq is on track to receive a restricted license from the State Bank of Pakistan to introduce digital retail banking services.
#2- Ajman Bank to use Magnati’s platform to offer payment solutions for businesses: Ajman Bank has teamed up with Emirati payment solutions firm Magnati to roll out online and in-store payment services for its business clients, Al Bayan reports.
INFRASTRUCTURE-
Dubai Harbour is getting a AED 431 mn bridge: Dubai’s Roads and Transport Authority awarded a AED 431 mn contract to an undisclosed company to build a two-lane bridge that will connect Dubai Harbour to Sheikh Zayed Road, according to a statement from Dubai Media Office. The bridge will accommodate 6k vehicles per hour and cut travel time to three minutes from 12 minutes.
REAL ESTATE-
Dubai International Financial Centre (DIFC) kicked off construction on DIFC Square, a project consisting of three interconnected buildings, according to a press release. The new development will offer Grade A office spaces and retail units, slated for completion in 1Q 2026, according to the statement.
The details? Developed on a 113k sqft plot with a total built-up area of 1mn sq ft, DIFC Square includes 600k sqft of office space and 17,2k sq ft of retail space, featuring a curated selection of shops and F&B outlets.
Not the first major development project in the DIFC this year: Dar Group broke ground on its AED 1.1 bn immersive tower in the DIFC back in May. The 37-storey development 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.
PHARMA-
Pharmalink to distribute Sky Premium Life supplements in the UAE: Dubai-based Pharmalink signed an agreement with US-based healthcare company Cosmos Health to become the exclusive distributor of its supplements line Sky Premium Life in the UAE, according to a statement from Cosmos Health. Under the agreement, Pharmalink will be in charge of selling, marketing, and logistics management of the products. The company aims to sell over 500k units in the first year and more than 3 mn units in the next five years.
INVESTMENT-
Reborn Coffee to set up shop in the UAE: US-based specialty coffee roaster and retailer Reborn Coffee plans to make its debut in the Middle East by opening its first store in Dubai’s Jumeirah within a year under a licensing agreement it has signed, a statement (pdf) from the company showed. The company plans to open 20 more stores across the country.
TECH-
Freshworks launches new data center in the UAE: US cloud-based software provider Freshworks launched a new Amazon Web Services-powered data center in the UAE to extend its services to 72 countries in the Mena region, according to a company statement.
TRADE-
AD Ports, ITC team up to boost global trade: AD Ports inked an MoU with the International Trade Center (ITC), a joint agency of the UN and the World Trade Organization, to facilitate trade, logistics, and transport services in developing countries by reviewing policies, upgrading border services, and making global trade more accessible to small and medium enterprises, according to a statement.
CAPITAL MARKETS-
UAE and Tajikistan cooperate to boost transparency in financial markets: The UAE’s Securities and Commodities Authority (SCA) signed an MoU with the Agency of Securities and Special Registration of Tajikistan’s Finance Ministry to boost cooperation on supervision and transparency in both countries’ financial market, according to a statement from the SCA. The agreement will facilitate the joint enforcement of financial regulations, addressing investor complaints, and coordinating investigations into market violations.
AUTOMOTIVE-
EV distributor and UAE luxury car distributor New Energy Vehicles subsidiary Smart Mobility International secured an exclusive distribution agreement with Avatr Technology, a press release reads. The transaction marks Avatr’s first expansion outside China, and will see it open its first showroom in a location on Sheikh Zayed Road. Avatr, backed by Chang’an Automobile, CATL, and Huawei, will debut its flagship products in the UAE, with plans to introduce more battery electric vehicles and extended-range EV models in 2025.
AVIATION-
#1- Passengers can now fly directly from Sharjah Airport to Greece’s Athens, the Sharjah International Airport Authority and Air Arabia said, according to Al Etihad. The first of these flights took off last week to Athens International Airport. The new line will operate four flights weekly, with more to be added in the future.
#2- Writer Relocations and Private Jet Charter have partnered to enhance relocation services for high-profile clients in the GCC, Trade Arabia reports. Writer Relocations will handle the logistics, while Private Jet Charter provides private flights.
