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DEBT-
Emirates NBD dual-lists USD 500 mn sustainability-linked loan financing bond on Nasdaq and Euronext Dublin: Emirates NBD bank listed its USD 500 mn sustainability-linked loan financing bond (SLLB) on Nasdaq Dubai and Euronext Dublin, according to the Dubai Media Office. The offering is deemed the world’s first SLLB issued under the new International Capital Market Association (ICMA) — headquartered in Zurich, London, Paris Hong Kong — and the Loan Market Association (LMA) framework.
Remember- The Emirati bank first launched the USD 500 mn five-year SLLB at initial price thoughts of 125 bps over US Treasuries back in November. The issuance was marked as the bank’s first sustainability-linked issuance.
This latest debt issuance increases Emirate NBD’s total value of bonds currently listed on Nasdaq Dubai to USD 5.8 bn, spanning nine different listings.
TRADE-
The Abu Dhabi Investment Office inks MoU with US’ Export-Import Bank: State-owned Abu Dhabi Investment Office (ADIO) inked an MoU with the Export–Import Bank of the United States (EXIM) during Abu Dhabi Finance Week to strengthen trade and investment ties between the two countries, a press release reads.
The details: The UAE and the US aim to focus on collaborating to support small-and medium-sized enterprises (SMEs), with a focus on women-owned businesses, and facilitating exports and imports of goods and services. The agreement targets the sectors of emerging technologies, critical minerals, infrastructure — including telecommunications and transport systems, with an aim to support the introduction of 5G networks.
Collaborations in the energy sector: The two countries also aim to work on enhancing renewable energy solutions, including green hydrogen and energy storage systems, strengthening critical mineral supply chains, and fostering innovation in biotechnology, AI, semiconductors and quantum computing.
CONSTRUCTION-
AD Ports taps Hassan Allam for construction of Safaga terminal in Egypt: Emirati, ADQ-owned port giant Abu Dhabi Ports has chosen Egyptian construction and contracting leader Hassan Allam Construction to build the infrastructure for its Noatum Ports at the Safaga terminal in the Red Sea, according to a statement (pdf). Details about the cost of the agreement are yet to emerge.
Remember: AD Ports will develop and operate the container terminal at Safaga Port under a USD 200 mn, 30-year concession agreement that has been in the works since at least 2021. The project — which was finalized in an agreement in late 2023 — was initially expected to kick off operations in 2Q 2025. The terminal is expected to be able to handle some 5 mn tonnes of dry bulk, 1 mn tonnes of liquid bulk, 450k TEUs of containerized cargo, and 50k car-equivalent units (CEUs) of roll-on, roll-off cargo. Needed infrastructure includes administrative buildings, warehouses, roads, utilities, security systems, and more.
Data point: AD Ports has invested some USD 349 mn in Egypt over the past three years when it really began to establish itself in the country. The global port operator has now acquired local logistics firms TCI and Transmar and maritime services provider Safina. It has also landed an agreement to develop, operate, and manage three cruise terminals in Hurghada, Safaga, and Sharm El Sheikh and another for a planned roll-on, roll-off ship terminal and cruise terminal in Ain Sokhna Port.
REAL ESTATE-
#1- Abu Dhabi-based Ohana Development launched a AED 4.7 bn beachfront residential project in partnership with US-based luxury watch and jewellery brand Jacob & Co., according to a press release. Jacob & Co. Beachfront Living by Ohana is located in Al Jurf district between Dubai and Abu Dhabi, and it features one- to three-bedroom apartments, as well as three- to six-bedroom villas. The project is scheduled for delivery by 2Q 2028.
ICYMI- Ohana Development launched its Eli Saab Waterfront on Abu Dhabi’s Al Reem Island in May.
#2- One Development broke ground on its flagship AED 2 bn Laguna Residence project in Dubai’s City of Arabia, according to a press release. The project, launched in October, is scheduled for delivery in 4Q 2027.
#3- Mr. Eight Development set to launch five residential projects next year: Dubai-based Mr. Eight Developments is gearing up to launch five new “boutique-inspired” residential projects on Dubai Islands in 2025, according to a press release. “We plan on investing around [AED 1 bn] across all our projects on Dubai Islands, Mr. Eight’s Director Emils Daujats said. The team behind Mr. Eight has spent 20 years developing projects in Europe.
The developer secured eight new plots of land developed by Dubai-based developer Nakheel, on which the five projects will be launched.
TECH-
Vertical Data set to launch flagship service in the UAE under partnership with Hodler: Dubai-based digital assets investment firm Hodler Investments partnered with US-based data center infrastructure firm Vertical Data to bring the latter’s GPUaaS solution in a box service to the UAE and the wider Mena region, according to a press release (pdf).
The details: The partnership will see Vertical Data work with Hodler’s subsidiary PermianChain to deploy modular and portable data center solutions, which can be tailored to each company’s needs and available real estate space.
ICYMI- Hodler Investments partnered with Gewan Holdings in August to establish a closed-ended digital energy infrastructure fund, targeting USD 250-500 mn. The fund has already received soft commitments and contributions from undisclosed lead investors.
INFRASTRUCTURE-
Enoc and Terra partner up to establish e-bike battery swapping stations in the UAE: Emirates National Oil Compan (Enoc) inked a partnership agreement with Dubai-based battery-swapping refueling and electric scooters platform Drive Terra to build a battery swapping stations network nationwide for e-bikes, according to a press release from Enoc. The battery-swapping network aims to accelerate the adoption of e-bikes in the country.
Terra teamed up with Flyby back in March to provide it with e-bikes powered by the Middle East’s first swappable battery network in a bid to reduce emissions.
AVIATION-
Air Arabia adds new flights to Russia: Sharjah-based budget airline Air Arabia plans to launch a direct route between Sharjah International Airport and Sochi International Airport in Russia. The service will kick off from 27 June, 2025, with three non-stop flights scheduled each week on Mondays, Wednesdays, and Fridays, according to a press release. With this new route, Sochi is set to become the sixth Russian city served directly by Air Arabia from Sharjah, along with Moscow, Kazan, Samara, Ufa, and Yekaterinburg.
EDUCATION-
ADGM Academy, the educational arm of Abu Dhabi Global Market, inked seven MoUs during the Future of Talent Summit which it hosted on the sidelines of the Abu Dhabi Finance Week, according to a press release. A rundown of the MoUs:
- An agreement was signed with Massachusetts Institute of Technology to leverage its expertise in research and education;
- with Ray Dalio to establish frameworks for thought leadership and training initiatives;
- Wealth Management Institute to launch the School of Wealth & Asset Management in Abu Dhabi;
- Visa to support fintech innovation, research, and curated training programs;
- Sandooq Al Watan targeting capacity building for Emiratis via initiatives supporting entrepreneurship and SME mentorship;.
- Standard Chartered to advance joint research and governance in AI within financial service;.
- and Abu Dhabi Youth Business Council to organize mentorship programs and initiatives to develop the professional skills of young entrepreneurs.
DISPUTE WATCH-
Three individual shareholders of Fujairah-based Brooge Energy have filed a complaint in a US federal court against EY, alleging the auditor failed to detect what they claim were fabricated revenues in Brooge Energy’s annual reports for two years, Reuters reports. The plaintiffs were once investors in a special purpose acquisition company that acquired Brooge in 2019. Brooge’s assets are now being acquired by DFM-listed Gulf Navigation.
PAYMENTS-
Turkish fintech firm Dgpays partnered with Mastercard to co-develop digital payment and loyalty solutions for Eastern Europe, the Middle East, and Africa (EEMEA), according to a press release.
Remember- Dgpays, which acquired a 65% stake in Mashreq’s payment subsidiary NeoPay earlier this year, has been eyeing expansion beyond the UAE into other GCC countries, Egypt, and Pakistan.
