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ENERGY-
NMDC’s ADX-listed EPC unit NMDC Energy secured an AED 5.05 bn contract from state-backed developer Modon Holding for marine dredging, reclamation and ground improvement works in Abu Dhabi, according to an ADX disclosure (pdf). No further details on the project were disclosed.
Background: NMDC has several projects in the pipeline across the GCC, with a backlog of AED 54 bn of projects as of the end of August. This includes a USD 254.6 mn contract with Adnoc to establish a new gas pipeline and its associated facilities. The company will also establish a USD 100 mn fabrication manufacturing facility in Abu Dhabi’s Khalifa Economic Zone (Kezad). The company’s EPC unit, NMDC Energy, raised AED 3.22 bn from its IPO on the ADX last month.
BANKING-
Abu Dhabi investment promotion agency The Abu Dhabi Investment Office (ADIO) has chosen HSBC as its banking partner in Asia, covering outbound and inbound investments and encouraging HSBC’s clients in the continent to set up shop in the capital, according to a press release. The two sides will organize events to promote investment prospects in Abu Dhabi.
HSBC will also help connect ADIO with business in Europe, the UK, and the Americas, the statement added.
TRANSPORT-
Abu Dhabi, Al Ain, and Al Dhafra will get taxi meter verification services at select locations before the end of this year under a new partnership between Abu Dhabi’s Integrated Transport Centre (Abu Dhabi Mobility), Abu Dhabi Quality and Conformity Council (QCC), and Adnoc Distribution, according to a statement from Abu Dhabi Mobility.
BUSINESS-
Dubai Chambers inked an MoU with Serbia’s Chamber of Commerce and Industry to facilitate cross-border cooperation between businesses, according to the Dubai Media Office. The partnership will see both work together on arranging trade missions, conferences, and business events. This came during a Dubai trade mission in Serbia, which included 13 private sector companies from sectors like electronics, food and beverages, IT, and energy.
HEALTHCARE-
The Sharjah Executive Council greenlit the establishment of the Sharjah Healthy Cities Network in the first initiative of its kind in the region, Sharjah 24 reports. The network aims to enhance collaboration in implementing health and well-being policies across the emirate in line with the World Health Organization’s Healthy Cities program.
INVESTMENT-
The Abu Dhabi Fund for Development pledged a AED 370 mn investment to support Jordan’s efforts in digitizing its healthcare sector, according to the fund’s press release. The initiative will see the deployment of an integrated system for health information management, in addition to establishing an advanced virtual hospital, which will act as a hub for peripheral hospitals.
ICYMI- State-run big data analytics firm Presight was tapped by Jordan’s Digital Economy and Entrepreneurship Ministry last month to support the digitalization of the country’s healthcare sector.
UTILITIES-
InfraX, Dicode set to facilitate gas companies’ migration to smart meters: Dubai Electricity and Water Authority’s IT arm InfraX partnered with IT services company Dicode to help gas companies replace analog meters with smart meters, according to a press release.
LOGISTICS-
#1- Sharjah International Airport onboarded UPS Global, which will now operate four weekly cargo flights to various destinations worldwide, Wam reports.
#2- Italy’s Raccortubi opens a warehouse in Sharjah: Italian steel supplier Raccortubi, a subsidiary of Commerciale Tubi Acciaio, inaugurated a AED 25 mn warehouse in Sharjah’s Hamriyah Freezone to support oil and gas projects in the region, Wam reports.
INS.-
Fitch Ratings assigned the UAE-based Union ins. a first-time ins. financial strength rating of BBB with a positive outlook, according to a statement from the credit rating agency. The company’s improved financial performance after discontinuing several unprofitable lines of business, in addition to strong capitalization and reins. protection underpinned Fitch’s rating. The agency expects Union’s profitability to further improve over the next 18 to 24 months.
