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AVIATION-
Dubai Aerospace Enterprise expands fleet with ten new planes: Global aviation services firm Dubai Aerospace Enterprise (DAE) signed a USD 500 mn agreement to acquire 10 narrow-body aircraft to its fleet, expected to close by the end of the year, according to a statement. These planes will be leased to four airlines across four countries.
DAE also facilitated the sale of 36 managed aircraft, transferring equity interests from existing to new investors.
REFRESHER- DAE is on a plane buying spree: This latest acquisition comes on the heels of DAE’s purchase of 23 aircraft from several entities for USD 1.1 bn.
DEVELOPMENT FINANCE-
Abu Dhabi Fund for Development partners with Caf to promote sustainability in Latin America: Abu Dhabi Fund for Development and the Development Bank of Latin America and the Caribbean (Caf) signed an agreement to establish a framework for co-financing projects focused on sustainable growth and addressing inequalities in Latin America, Wam reports. The size of the funding was not disclosed.
MANUFACTURING-
Acube Developments launched an interior design and manufacturing arm, Acube Industries, according to a press release. The new arm’s manufacturing facility — located in Umm Al Quwain — is capable of producing 1.5k to 2k doors, 250 complete kitchens, and fully furnishing up to 50 one-bedroom apartments monthly. Acube Industries targets AED 25 mn in annual revenue.
FINTECH-
Dubai-based payments provider Network International tapped Singapore-based Ant International to add its Alipay+ digital wallet solution to its platform in a bid to facilitate the creation of e-wallet apps via Network’s platform, according to a press release. Network will also work to allow international debit and credit cards issued in the UAE on Ant International’s payment and digitisation services platform Antom.
BUSINESS-
#1- Gallagher to provide alternative risk management services in Abu Dhabi: UK brokerage Gallagher is set to grow its presence in the Middle East and Africa after its subsidiary, Artex, secured a license to launch alternative risk management services in the Abu Dhabi Global Market (ADGM), according to a press release. The expansion will boost Gallagher’s existing footprint in the region, building on its partnership with Ace Ghallagher, which has presence across the UAE, Saudi Arabia, Bahrain, Kuwait, Lebanon, and Greece.
#2- The Securities and Commodities Authority licensed Australian trading platform and financial consultation and analysis service provider AUS Global, according to a post on LinkedIn.
TELECOMS-
e& International partnered with Huawei, Ericsson, Nokia, and Intel to support its target of achieving Level 4 autonomy across its mobile networks by 2030, according to a press release. This means e& will be able to run most operational tasks automatically — including detecting and fixing issues — with human intervention reserved only for complex decisions.
