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BUSINESS-
Epson sets up shop in Dubai: Japanese electronics company Seiko Epson Corporation (Epson) set up a new regional subsidiary in Dubai, aimed at serving businesses and consumers in the Middle East, Turkey, Africa, and Central and West Asia, according to a press release. The new subsidiary will offer technology solutions to several sectors, including education, healthcare, financial services, construction, tourism, hospitality, retail, and entertainment.
Meet the team: Neil Colquhoun (LinkedIn) will serve as Epson Middle East FZCO’s president.
PHARMA-
#1- UAE and South Korea boost pharma collaboration: The Emirates Drug Establishment inked an MoU with the South Korean Food and Drug Safety Ministry aimed at boosting collaboration in the manufacturing of pharma and medical products, Wam reports. The agreement focuses on sharing expertise in drug regulation, clinical trials, and pharmacovigilance. It aims to expedite the registration of meds through a fast-track approval process, as well as bolster post-marketing surveillance, and promote joint research initiatives. It also includes plans for mutual training programs to improve efficiency in the pharma sector.
#2- European pharma firm Neuraxpharm Group launched Neuraxpharm Middle East to serve GCC countries as part of its international expansion strategy, according to a press release. Based in Dubai, the new subsidiary will focus on distributing a prescription brand for relapsing multiple sclerosis (RMS) and other CNS treatments. The RMS product was submitted for approval in the UAE and Saudi Arabia and is expected to launch in 2025.
CRYPTO-
Ripple secured in-principle approval from the Dubai Financial Services Authority to expand its operations in the UAE and introduce cross-border payments services, according to a press release. The move puts Ripple on track to become the first blockchain-enabled payment services provider licensed by the DFSA, the DIFC said.
FINTECH-
Wio Bank’s SME clients to access Magnati’s financing platform: Payment solutions provider Magnati partnered with Wio Bank to provide SME clients quicker access to financing through its merchant financing platform, Wam reports. Loans obtained through the platform are repaid automatically, with equated monthly installments (EMIs) deducted from daily payouts.
REAL ESTATE-
#1- Swissôtel residences coming to Dubai Islands: Dubai-based real estate developer The Summary Executive Properties partnered with French hospitality group Accor to develop Swissôtel -branded residences on Dubai Islands, according to a press release from Accor. The project is scheduled for completion in 2027 and features 105 private homes, in addition to apartments and a penthouse.
#2- AND- Accor-owned French hotel chain Sofitel launched its first branded residential development in Downtown Dubai district in partnership with Azha Properties and Dubai Sotheby’s International Realty, according to a press release. Sofitel Residences will feature 64 residences and six penthouses. The project is slated for completion in 4Q 2026.
MANUFACTURING-
Nayyer Carpets lands in the UAE: Pakistani carpet producer Nayyer Group is set to launch its flagship subsidiary Nayyer Carpets, along with a production facility, in Ras Al Khaimah’s Al Ghail Industrial Zone, according to a press release. The new facility will produce carpets, needle loom felt, geotextiles, wall-to-wall carpets, and grass carpets, targeting markets, with a planned production capacity of 50 mn sqm per year. It will target markets in the GCC, Africa, India, and Pakistan.
NBFS-
Du Pay’s users will be assigned virtual IBANs to streamline their financial transactions within the UAE under a new partnership with Emirates NBD, according to a press release. The partnership will also allow them to conduct cardless withdrawals from Emirates NBD’s ATM network.
INVESTMENT-
Agility to invest in new fund: ADX-listed Agility Global ’s venture capital arm plans to invest in a new fund that will provide capital to early-stage startups in the Middle East and Africa, according to a press release. The fund will be managed by Dubai-based investment firm Global Ventures.
EDUCATION-
India’s Symbiosis International lands in Dubai: India’s Symbiosis International launched its first offshore campus in Dubai, according to a press release.
