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SPACE-
Bayanat, Yahsat launch the UAE’s first low-orbit, radar imaging satellite: Geospatial solutions firm Bayanat and Al Yah Satellite Communications Company (Yahsat) launched the UAE’s first low Earth orbit (LEO), synthetic aperture radar (SAR) satellite from California’s Vandenberg Space Force Base on Friday, according to a statement (pdf).
The satellite is up and running: The satellite — developed in partnership with European microsatellite manufacturer ICEYE and launched aboard SpaceX’s Transporter 11 — has successfully established communication, with initial operations underway.
What is an LEO, SAR satellite? LEO spacecraft orbit the Earth at low altitudes, while SAR is a technique for producing high-resolution images of the Earth’s surface using electromagnetic waves. SAR satellites are used for environmental monitoring, disaster response, military surveillance, and infrastructure analysis.
More plans in the pipeline: Bayanat and Yahsat plan to launch a SAR satellite constellation over the next three years, Yahsat’s CEO Ali Al Hashemi said.
ICYMI- Bayanat and Yahsat are looking to finalize their merger in 2H 2024, creating a new entity, Space42, after the two companies’ shareholders signed off on it in April.
BANKING-
#1- Dubai Chambers has inked an MoU with the Bank of China to boost trade ties by supporting investors and businesses in both markets and exchanging knowledge and services, Wam reported.
BUSINESS-
Abu Dhabi’s freelancer license now includes 100 activities: The Abu Dhabi Business Centre has expanded its freelancer license to include 30 new activities, raising the total activities covered under the license to 100, Wam reported. The new additions include AI development, software designing for electronic equipment and oil and gas fields production, data analysis, 3D imaging, and esports customer support, among others.
CAPITAL MARKETS-
DFM partners with China’s Shenzhen Stock Exchange: The Dubai Financial Market (DFM) and China’s Shenzhen Stock Exchange have inked an MoU to promote the development of both capital markets and support cross-border financing for listed companies, Wam reported. The partnership seeks to facilitate joint roadshows, seminars, research initiatives, and training programs, and it will also see both exchanges mull cooperation on potential dual listings, ETFs, and fixed-income instruments.
AUTOMOTIVE-
Samvardhana Motherson launches Abu Dhabi subsidiary: SMRC Automotive Holdings Netherlands, the Dutch arm of Indian auto parts maker Samvardhana Motherson, has launched an Abu Dhabi subsidiary with an authorized capital of AED 30 mn, according to a filing (pdf) to India’s stock exchange. The new company will focus on manufacturing, assembling, marketing, and trading automotive parts, in addition to components related to non-automotive industries.
CONSTRUCTION-
Belgian construction firm Besix has secured funding for the Khalifa University accommodation project, set to be the largest student housing project in the GCC under a public-public partnership (PPP) model, according to a statement from Besix. The project, named KUnnected Living, will be developed in partnership with Plenary Group, Mazrui International, and United Engineering Construction, with Besix as the largest equal equity investor and co-sponsor. The size of the funding was not disclosed.
About the project: Spanning 114k sq m across two sites, the development will feature around 3.3k beds and is slated for completion by winter 2026. Besix will be in charge of the project’s facilities maintenance for 20 years.
TECH-
Edge to back smart cities, education projects in Brazil: Emirati defense conglomerate Edge Group signed an MoU with the municipal government of the Brazilian city of São José dos Campos to boost cooperation in advanced technology, smart cities, education, and talent development, according to a statement from Edge. The move seeks to expand Edge’s presence in Latin America and support the Brazilian defense systems.
Edge is not new to Brazil: Edge Group acquired a 50% stake in the Brazilian arms company Siatt last year, and it later revealed plans to expand Siatt’s headquarters and manufacturing base in São José dos Campos.
HOSPITALITY-
Pinasbooking to set up shop in Dubai Silicon Oasis: Local travel agency Pinasbooking Travel and Tourism plans to open a new office in IFZA Dubai Silicon Oasis, after it registered its business in the IFZA free zone, the company said in a statement. Pinasbooking new office will offer flight booking, hotel reservations, and travel ins. services, among others.
ALSO- Pinasbooking inked an agreement with Dubai-based ABK Cosmetics and Perfumes to handle travel arrangements for the latter’s employees.
ENERGY-
Fitch affirms Adcop’s AA rating: Fitch Ratings has affirmed Abu Dhabi Crude Oil Pipeline’s (Adcop) long-term issuer default rating at AA with a stable outlook, according to a statement from the credit rating agency. The rating was backed by a 37-year use and operation agreement between Adcop and Adnoc Onshore, which guarantees long-term cashflows for Adcop.
DISPUTE WATCH-
UAE-based, South African defense company Paramount has filed for bankruptcy in the US, after losing a business dispute with an unnamed Middle Eastern company and being forced to pay an arbitration penalty, Bloomberg reports. The move would allow the company to reorganize its debts and manage the penalty while continuing its operations. The bankruptcy filing involves only a few non-operating entities and will not affect its global operations or the production of its military aircraft.
TRANSPORT-
Dubai gets 20 new air-conditioned rest areas for delivery riders: Dubai’s Roads and Transport Authority (RTA) has completed 20 out of 40 planned air-conditioned rest areas for delivery riders, accommodating up to 10 riders each, it said in a statement. The rest areas are dispersed across high-demand locations in the emirate, including Hessa Street, Al Barsha, Al Karama, Jumeirah, Dubai Marina, and Business Bay.
The move comes as Dubai sees rapid growth in its delivery sector, with over 2.5k companies operating near 40.1k delivery bikes as of June 2024.
