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M&A-
Emirates Reem Investments acquires majority stake in two companies: Dubai-based bottled water company Emirates Reem Investments (ERC) acquired 55% stakes in Abu Dhabi-based import and distribution firms Worldwide General Trading and Pallets General Trading for AED 15.4 mn, according to a DFM disclosure (pdf). The transaction, which was self-funded by ERC, aims to diversify the company’s portfolio and boost supply chain integration.
EVs-
Nio taps into the Mena region via the UAE: Chinese EV manufacturer Nio partnered with Abu Dhabi-owned smart mobility-focused investment firm Cyvn Holding to launch its brand in the MENA region, with the UAE chosen as the initial market for its EVs, the company said in a statement. The partnership will also see Nio and Cyvn establish a research and development center in Abu Dhabi focusing on autonomous driving technologies and AI.
TECH-
Salesforce inaugurates new office in Dubai: Salesforce, a US-based AI-powered customer relationship management firm, opened a new office in Dubai Internet City, according to the Dubai Media Office. The company introduced its cloud platform Hyperforce in the UAE last year, which received the Cloud Service Provider Security Standard certificate from the Dubai Electronic Security Center.
TRADE-
Ras Al Khaimah Economic Zone (Rakez) signed an MoU with China’s Tianjin Pilot Freetrade Zone (Tianjin FTZ) to facilitate trade and investment between the two zones, Wam reports.
F&B-
Spinneys to build a food processing facility in Dubai: DFM-listed supermarket chain Spinneys will build a food processing plant at the Food Tech Valley ’s production zone in Dubai under a 27-year agreement signed between the two, according to the Dubai Media Office. The value of the agreement was not disclosed.
AVIATION-
Greece’s Aegean Airlines adds Abu Dhabi flights: Greece’s flag carrier Aegean Airlines is launching a new route connecting Athens to Abu Dhabi starting 27 October, Travel and Tour World reports. The service will feature three direct flights a week.
INFRASTRUCTURE-
Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum approved a new master plan for developing Expo City Dubai, according to the Dubai Media Office. The site, which hosted the 2020 World Expo and COP28, is expected to accommodate over 35k residents and 40k professionals.
