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REAL ESTATE-
#1- Real estate developer Pantheon Development launched AED 1 bn mixed-use project One Central in Ras Al Khaimah, according to a press release. The development will encompass 450k square feet and include 312 residential apartments, an office building, and hotel apartments.
#2- Al Sayyah Group launched Butterfly Towers, a new residential development in Arjan, Dubai, with a total investment of AED 350 mn, according to a press release. With construction close to completion, the project consists of 434 residential units, as well as retail spaces.
MANUFACTURING-
Abu Dhabi National Oil Company (Adnoc) awarded AED 720 mn contracts to 11 companies for local manufacturing across its value chain, according to a statement. The state-run oil giant also inaugurated eight manufacturing facilities during Adipec, raising the total enabled by its ICV program to 16 this year and 33 since inception.
About ICV: Adnoc’s ICV program rewards companies that prioritize localizing supply chains and attracting foreign investments. It has reinjected AED 187 bn into the UAE economy since 2018 and created 14k private-sector jobs for Emiratis. It aims to contribute an additional AED 178 bn and create 13.5k jobs by 2028
FINANCE-
Wellington lands at the DIFC: Boston-based investment management firm Wellington Management has inaugurated its new office at the Dubai International Financial Center (DIFC), in an event attended by Wellington CEO Jean Heynes, and DIFC governor Essa Kazim, according to a press release. The new office received a regulatory license from the Dubai Financial Services Authority and will be led by Waleed Al-Rezooqi, who is responsible for business development and client relations in the Middle East.
About Wellington Management: Wellington Management is a global asset manager founded in Boston, US. The firm has been managing assets for Mena clients from its London office for 29 years and aims to expand its operations in the region.
ENERGY-
#1- Hodler Investments and China’s GCL Group subsidiary GCL Energy Investment partnered to develop a distributed energy infrastructure project, aimed at powering next-generation compute cluster data centers for AI, blockchain, and other applications, according to a press release.
Under the MoU, the companies will co-invest in energy projects that use energy optimization and sustainable technologies. GCL Group will provide critical energy infrastructure to monetize under-utilized energy resources in Ethiopia, facilitating the establishment of global data center operations while aiming to reduce carbon emissions.
#2- State-owned Dragon Oil inked an MoU with the Egyptian Oil Ministry to use AI tech in submerged oil fields in the Suez Gulf to improve the management of mature fields in the region, Wam reports. The AI application aims to boost data analysis and streamline field operations.
Dragon Oil is looking to sign more exploration agreements with Egypt, particularly in the Suez Gulf, as it aims to expand its operations in the country, Dragon Oil’s CEO Ali Rashid Al-Jarwan said during a meeting with Egyptian General Petroleum Corporation’s chairman Salah Abdel Kerim, according to a statement from the Egyptian Oil Ministry.
REMEMBER- Dragon Oil is doubling down on Egypt’s oil, with plans to invest some USD 500 mn in Egypt this year to drill new wells and maintain oil production levels at 61k barrels per day. The Dubai-owned company also started crude oil production from the Al Wasl field in Egypt earlier this year, and said it plans to invest USD 200 mn to drill seven new wells to double production capacity.
AGRICULTURE-
State-led initiative Food Tech Valley has secured multiple partnerships with food production firms and international investors, including Badia Farms, Spinneys, Indonesian Golden Leaf Farm, and French Bakery, aimed at achieving national and international food security, developing innovative agricultural tech, and collaborating with the private sector in sustainable food production, according to a press release. The project has also signed procurement contracts to advance local food production with Fit Fresh, Reform, and Imdaad.
TOURISM-
Ajman Tourism Development Department partnered with the tourism services provider Coral Touristik GmbH and the tour operator Vtours to develop the emirate’s tourism sector, Wam reports. The signed agreements involve cooperating with foreign entities to develop promotional plans, exchange data, provide advisory services, and participate in tourism-related events.
BANKING-
Emirates Development Bank (EDB) partnered with Commercial Bank International (CBI) to launch a joint credit guarantee program, aimed at improving financial inclusion for small and medium-sized enterprises in the UAE, according to a press release. This marks CBI as the 13th commercial bank to join EDB’s credit guarantee scheme, which has already facilitated over AED 1.5 bn in financing for SMEs.
Under the new program, EDB will guarantee up to 50% of the loan amount extended by CBI to eligible SMEs, reducing risk for both institutions. This will enable CBI to provide financing to a broader range of SMEs, particularly those in priority sectors identified by EDB that have faced challenges in accessing traditional financing options.
TECH-
#1- du launched Ultimate Plans in collaboration with Microsoft, a suite of digital solutions aimed at small and medium-sized enterprises (SMEs), according to a press release. Through this collaboration with Microsoft, du integrates cloud storage and collaboration tools into its offerings, ensuring that SMEs have access to tailored resources.
#2- Abu Dhabi’s Statistics Center has released its Data for Good (D4G) framework, to drive public-private partnerships, according to a statement. Developed in collaboration with local and global experts, the framework focuses on securely sharing real-time data to improve decision-making and sustainable economic growth.
D4G? Launched last year, the D4G initiative brings together over 60 public and private sector partners to collaborate on secure data collection to use the data for addressing socio-economic challenges and supporting the economy.
DEFENSE-
#1- Edge’s engineering arm EPI partnered with Airbus Defence and Space to produce C295 cargo compartment removable tanks (CCRT) over the next five years, according to a press release. The agreement also involves the integration of 300 fabricated parts, 16k fasteners, center of gravity testing, and leak testing. The CCRT tank’s functions include ground refueling operations, extended-range missions, and air-to-air refueling.
#2- Navy to get French mine clearance system: The UAE Navy awarded a contract to French robotics systems manufacturer Exail to supply its UMIS 3rd generation unmanned integrated mine countermeasures system, providing advanced remote mine clearance capabilities, according to a statement from Exail.
SUSTAINABILITY-
Mubadala Energy inked an MoU with Sarawak Forestry Corporation (SFC) to collaborate on a mangrove rewilding pilot project in Sarawak’s Kuching Wetland National Park, Dayak Daily reports. The agreement focuses on forest conservation and promotes knowledge exchange between energy producers to protect forests and habitats in Sarawak, particularly wildlife.
CAPITAL MARKETS-
The DFM saw three major transactions totaling AED 38.6 mn involving 35 mn of Al Ansari Financial Services and Ajman Bank’s shares, Wam reports. The trades included a single trade of 29.1 mn Al Ansari shares worth AED 28.5 mn, and two trades of 5.9 mn Ajman Bank shares valued at AED 10.2 mn.
