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REAL ESTATE-
#1- Dubai Investments adds another tower to its portfolio: Dubai Investments’ real estate arm Dubai Investments Real Estate is building an AED 300 mn residential tower in Jumeirah Village Circle (JVC), aiming to match the “escalating demand for upscale residential developments within JVC,” according to a press release.
The timeline: Construction for the tower will kick off in 2Q 2024 and is expected to take two years to complete.
#2- Real estate developer Bloom Holdings awarded a construction contract for its Casares complex to local contractor Emirates Link Maltauro, reports Wam. The development marks the third phase of the Bloom Living Spanish-style community in Abu Dhabi. It will feature two- and three-bedroom townhouses, scheduled for handover in 1Q 2026.
How things are going for Bloom Living: The project’s first phase, Cordoba, is 60% complete and scheduled for total completion by 4Q 2024. Its second phase, Toledo, is slated for a later handover in 2Q 2025, with 23% of overall construction work wrapped.
#3- Emaar awards USD 223 mn to South Korean contractor: Emaar Properties awarded two construction contracts to South Korean contractor Ssangyong Engineering & Construction Co (Ssangyong E&C), according to Ssangyong E&C’s website. The contracts are for Emaar’s Creek Waters 1 and 2 luxury residences in Dubai’s Creek Harbour area. The Korea Economic Daily pegs the contract’s value at USD 223 mn.
Dubai ❤️s SSangyong E&C: Since entering Dubai’s property market in 1997,the South Korean contractor has secured a total of 14 projects, worth a total of USD 2.9 bn, according to the Korean outlet.
COMMODITIES-
India extends onion export ban: India’s extension of the onion export ban ahead of elections has stirred traders and affected global prices, Reuters writes. Initially set to end on 31 March, the ban now continues indefinitely.
Why this matters: The UAE, a major importer of Indian onions, faces soaring prices due to the ban.
FINANCE-
Grant Thornton branches out to China: Professional services firm Grant Thornton ’s UAE office is expanding its operations by opening a regional desk in China, Reuters reports. The desk will focus on facilitating cross-border business between China and the Mena region, aiming to draw demand from clients across various sectors. The desk will be headed by the firm’s Advisory Director Alex Tsui (LinkedIn).
TECH-
Alibaba Cloud inaugurated the Alibaba Cloud Academy Training Center in Dubai Internet City, with plans to train 5k individuals in the MEA region over five years, according to a Dubai Media Office statement. The center’s services will include training sessions, workshops, and certification programs for more than 3.5k clients, including Fortune 500 companies, SMEs, and startups. In partnership with Aladdin Cyber Security, the center will host monthly programs focusing on AI, database management, and elastic computing.
AVIATION-
Etihad Cargo and Kenya-based cargo airline Astral Aviation signed an MoU to strengthen Etihad Cargo’s presence in African markets and improve cargo services, especially for perishable goods,according to a press release. Etihad Cargo will enhance belly capacity to Nairobi starting 1 May. It already operates a weekly freighter service connecting Amsterdam, Nairobi, and Abu Dhabi.
