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AI-
#1- G42 partnered with Nvidia to develop AI-driven weather forecasting solutions, according to a statement. The collaboration will see the two companies establish a Climate Tech Lab in Abu Dhabi, focused on R&D and innovation, and will use over 100 petabytes of geophysical data to create tailored climate solutions.. It will also use Nvidia’s Earth-2 platform, which uses high-resolution simulations for more accurate climate predictions.
#2- US-based IntellectAI launched WealthForce.AI, a wealth management platform tailored for the Middle Eastern market, Al Bayan reports. The platform uses AI to provide relationship managers with personalized, data-driven insights, aiming to improve operations and client interactions.
TRADE-
Rakez and UICC sign MoU to boost UAE-India economic ties: Ras Al Khaimah Economic Zone (Rakez) inked an MoU with the UAE-India CEPA Council (UICC), to strengthen India and the UAE’s economic partnership and raise awareness of potential economic opportunities, Wam reports. Rakez and UICC will also collaborate on information exchange and joint events.
BUSINESS-
Dubai Chamber of Commerce launched the Georgian Business Council to support bilateral trade and private sector investments between the two, Wam reports. This joint entity will make it easier for Georgian businesses to expand in Dubai and support their operations in the emirate, Vice President of Business Advocacy at Dubai Chambers Maha Al Gargawi mentioned.
BANKING-
ADHA, ADCB to top-up housing loans: Citizens can now secure additional financing of up to AED 500k on their original housing loans of AED 1.75 mn, or extend their loan repayment period by up to 25 years, courtesy of a new partnership between the Abu Dhabi Housing Authority (ADHA) and Abu Dhabi Commercial Bank (ADCB), Wam reports. The collaboration will see the entities offer top-up loans on existing housing loans, including interest and Murabaha options, with the Abu Dhabi government chiming in to cover 50% of the interest and gains on these additional loans.
How can I apply? Citizens can explore financing options via the ADHA mobile app or by visiting the ISKAN Abu Dhabi office directly. Eligibility applies to those with monthly incomes exceeding AED 30k who already benefit from ADHA housing loans under the new policies, including those who have activated their loans but have not yet started paying contractors.
REAL ESTATE-
#1- Real estate company LMD will develop a AED 750 mn residential project dubbed the Pier Residence, in Dubai Maritime City, Trade Arabia reports. Set for completion in 2Q 2027, the project will feature 274 homes and amenities including sports and leisure facilities. The company partnered up with the National Bank of Fujairah and the business consultant Devmark to act as the sales partner for this project.
#2- Dubai-based real estate developer Samana Developers will establish a new AED 150 mn contracting company, CEO Imran Farooq told a newswire. The company’s new establishment comes in anticipation of resource constraints in the emirate, including a shortage of contractors, machinery, and labor camps for the growing workforce.
More tactics to combat resource shortages will follow: Samana Developers is finalizing negotiations with two contractors to form a joint venture (JV) which will be handed some of its projects. The firm will also take on a white-label strategy to secure concrete and steel supplies.
The company currently has 42 real estate projects in various stages of development, as it announced in March ongoing plans to invest AED 12.5 bn in new residential projects in Dubai and the awarding of 18 construction contracts in 2024.
#3- Dubai-based property agency Keymax Real Estate plans to open offices in 18 countries in a bid to grow its global presence and promote Dubai’s real estate, according to a press release. The expansion will be accompanied by the launch of a new corporate identity, aiming to “provide highest returns on investment,” for both international and local investors, the agency said.
FINANCIAL SERVICES-
Astra Tech launches pay later remittance service on Botim: Astra Tech, UAE-based calling app Botim ’s parent company, rolled out a new send now and pay later (SNPL) remittance service, CEO Abdallah Abu-Sheikh said in a statement on LinkedIn. This feature enables users to instantly transfer money internationally and to defer payments in installments.
LOGISTICS-
#1- DP World Trade Finance partners with Nedbank CIB for working capital solutions in sub-Saharan Africa: DP World Trade Finance teamed up with Nedbank CIB to roll out a supply chain finance program for DP World suppliers, according to a press release. The partnership includes a risk-sharing agreement designed to enhance credit availability. The initiative aims to alleviate trade finance challenges and bolster regional businesses.
#2- DP World added India’s Chennai Free Zone to its roster, boosting its total number of economic zones to 10 across more than 8k hectares, according to Emarat Al Youm. DP World is developing new zones in Senegal, Egypt, and Saudi Arabia.
ENERGY-
Sobha Realty launches an energy solutions arm: Real estate developer Sobha Realty established a new cooling services subsidiary, Sobha Energy Solutions, according to a company press release. The new division will manage a 40k-tonne cooling plant which will support 14k apartments within Sobha Realty’s developments by 2027.
