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TRANSPORT-
Uber to add self-driving vehicles to its fleet: Uber partnered with WeRide to introduce WeRide’s self-driving vehicles on the Uber app, starting in the UAE, according to a company statement. The partnership is set to kick off in Abu Dhabi later this year, where select WeRide vehicles will be available for Uber users.
About WeRide: The company boasts the largest robotaxi fleet in the UAE, accessible via its TXAI app. It was awarded the UAE’s first national license for self-driving vehicles in July 2023, allowing it to test and operate its autonomous fleet nationwide.
INVESTMENT-
Sovereign wealth fund Mubadala’s asset management arm Mubadala Capital participated in a USD 65 mn series A funding round for UK-based GC Therapeutics (GCTx), according to a press release. The round was led by Cormorant Asset Management, with participation from Andreessen Horowitz, Medical Excellence Capital, Cercano Management and Pear VC.
The funding will allow GCTx to expand its cell therapy platform, which uses advanced technology to develop treatments for gastrointestinal, neurological, and immunological diseases.
Mubadala Capital ❤️ biotech: Mubadala Capital poured USD 680 mn to acquire Belgian biopharma firm UCB’s carved out neurology and allergy business in China back in August. Mubadala Capital also invested in three US biotech startups — Outpace Bio, Metsera, and Capstan Therapeutics — with a combined USD 617 mn.
DEBT-
Real estate developer Arada completed a USD 150 mn tap into its USD 400 mn sukuk issuance on both the London Stock Exchange and Nasdaq Dubai, bringing the total issuance to USD 550 mn, according to a statement.
The tap issuance saw strong demand from investors: The issuance was 3.2x oversubscribed, receiving over USD 480 mn in orders. The tap was priced at USD 102.54, with an average yield of 7.35%, 15 basis points (bps) down from the initial guidance.
ICYMI- Arada took a five-year USD 400 mn sukuk to market in June — part of its USD 1 bn sukuk program — with the proceeds allocated for general corporate purposes and to support its projects. The issuance was 3.5x oversubscribed, drawing some USD 1.45 bn in orders.
FINANCE-
DMCC partners with Palestine Islamic Bank to facilitate Islamic finance via its Tradeflow platform: The Dubai Multi Commodities Centre (DMCC) signed an MoU with Palestine Islamic Bank (PIB) to enable secure Sharia-compliant transactions via the DMCC Tradeflow platform, according to a press release.
E-COMMERCE-
iDeals sets its eyes on Mexico: Dubai-based e-commerce platform iDeals partnered with Al Fajer family, owner of Al Fajer Enterprises conglomerate, to launch its business in Mexico, according to a press release. Raul Fager will serve as iDeals’ CEO in Mexico.
