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M&A-
TJX acquires minority stake in Brands for Less: US budget retailer TJX — which operates TJ Maxx and Marshalls — finalized its acquisition of a 35% stake in Dubai-based Brands for Less (BFL) for USD 344 mn, TJX said in its 3Q earnings release. TJX does not see this acquisition having a ”material impact” on its 4Q or FY 2025 earnings.
BFL shuffles board: Following the completion of the transaction, two senior executives from TGX will join BFL’s board, Al Khaleej reports, citing a statement. Co-founder and current CEO Toufic Kreidieh (LinkedIn) will transition to executive chairman, while Deputy CEO and Group COO Ayman Beydoun (LinkedIn) will take on the CEO role while maintaining his board membership.
Background: TJX inked a definitive agreement to acquire the 35% stake for USD 360 mn last August, with the acquisition granting the retail company access to TJX’s 5k stores globally, fueling its expansion into new markets in the Gulf and Southeast Asia.
ENERGY-
#1- Abu Dhabi National Oil Company (Adnoc) broke ground on its liquified natural gas (LNG) project in Al Ruwais Industrial City at Al Dhafra Region, Wam reports.
About the facility: The company plans to start exporting from the Ruwais site in 2028. The project is expected to more than double Adnoc’s LNG production capacity in the UAE to 15 mn tons per year. Adnoc handed a USD 5.5 bn engineering, procurement, and construction contract to a JV between engineering companies Technip Energies and JGC Corporation, and National Marine Dredging Company.
REMEMBER- Adnoc Gas is set to acquire a 60% stake in the project from its parent group Adnoc in 2H 2028 for an estimated USD 5 bn.
#2- Kowepo breaks ground on Al Ajban solar project: Korea Western Power (Kowepo) has broken ground on the 1.5 GW Al Ajban solar PV IPP plant in Abu Dhabi, Al Mal reports. Kowepo is developing the project with France’s EDF Renewables and Masdar. The project — set to be operational in 3Q 2026 — will deploy three mn solar panels mounted on single-axis trackers, which power nearly 160k homes across the UAE while slashing 2.4 mn tons of emissions annually.
FINANCE-
Bank of New York Mellon Corporation obtained a category four license from the Financial Services Regulatory Authority, allowing it to expand its services in ADGM, according to its press release. The new offerings will include arranging custody, managing collective investment funds — including fund accounting and transfer agency services — and arranging credit and transactions in investments.
BANKING-
#1- Sharjah Publishing City-registered businesses will have easier access to Emirates NBD services: Sharjah Publishing City (SPC) Free Zone entered a two-year partnership with Emirates NBD to facilitate banking services for its members, where they will have a dedicated channel at the bank for applying for business accounts and credit facilities, according to a press release.
ALSO- The two parties will integrate their systems through an application programming interface (API) to transmit applications for opening business bank accounts. SPC has recently introduced an initiative ensuring that members have access to a new bank account within three business days.
#2- MSCI upgraded the Abu Dhabi Commercial Bank (ADCB)’s ESG rating to AA from A, placing the lender in the MSCI industry leader category for managing ESG risks, according to a press release. Sustainable finance initiatives, ESG due diligence, and data privacy management prompted MSCI’s rating revision of ADCB.
AVIATION-
#1- Sanad, GAL extend their partnership with AED 73.5 mn contract: Mubadala’s aerospace engineering arm Sanad and aviation maintenance firm Global Aerospace Logistics (GAL) signed a AED 73.5 mn agreement to extend their partnership, allowing Sanad to continue providing maintenance services for the Rolls-Royce Trent 700 engines that power the A330 Multi-Role Tanker Transport fleet of the UAE army.
#2- UAE could be getting a new green aviation ecosystem: The China-UAE Industrial Capacity Cooperation Demonstration Zone (JOCIC Park) has inked an MoU with Hong Kong-based Volar Air Mobility to explore the development of a comprehensive green aviation ecosystem in the UAE, according to a press release. This follows an MoU inked between UAE’s General Civil Aviation Authority and Hong Kong-based Volar Air Mobility back in September to develop the UAE’s first green aviation tech hub, which will support R&D for sustainable aviation technologies.
The details: The partnership will focus on developing environmentally friendly next-generation aircraft and infrastructure. The collaboration will also focus on developing a comprehensive program to support green aviation startups and accelerate their development in cooperation with Abu Dhabi University as well as facilitating the establishment of the International Green Aviation Organization’s (IAGA) headquarters in Abu Dhabi.
REAL ESTATE-
Marjan to develop an office park that will house its own and Rakez’s new HQs: Ras Al Khaimah-based developer Marjan partnered with Ras Al Khaimah Economic Zone (Rakez) to build an office park that will house the headquarters of both Marjan and Rakez, among others, according to a press release. The project is slated for completion in 4Q 2026.
INVESTMENT-
Mubadala gets a piece of Odoo? Mubadala Investment Company participated in a EUR 500 mn capital transaction for Belgian business software provider Odoo, according to a press release. The funding round, which was led by Google’s CapitalG and Sequoia Capital, also saw participation from BlackRock, HarbourVest Partners, AVP, and Alkeon.
The details: As part of the secondary capital transaction, Odoo’s existing investors Summit Partners, Noshaq, and Wallonie Entreprendre will sell a portion of their shares. However, details of the new share allocation were not disclosed.
The rationale: The sovereign wealth fund’s decision to invest in Odoo was driven by Odoo’s potential as “an exceptional partner for companies adapting to cloud and AI megatrends,” as the UAE cements its position as a tech hub, Mubadala’s Head of Growth Faris Al Mazrui said.
