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REAL ESTATE-
Damac expands in Asia Pacific: Real estate developer Damac Properties opened new offices in Beijing and Singapore, in a bid to cater to high-value individuals in the Asia Pacific region, it said in a statement. The company opened a sales office in Shanghai, China last December. It has set up a “significant” number of agent partnerships to meet demand within the new markets, the company said.
HOSPITALITY-
#1-Rotana expands its geographical footprint: Abu Dhabi-based real estate developer Rotana announced the launch of three new properties in Saudi Arabia, Qatar, and Turkey on the sidelines of the Arabian Travel Market, it said in a statement. The company also revealed plans to add 30 properties to its portfolio by 2026, focusing on new markets globally.
The breakdown: Rotana will debut two properties in the UK — as part of a wider agreement to develop up to 1.5k keys across greater London — and a five-star property in Georgia that is slated for handover in 2026. The developer plans to double its key count in Saudi Arabia over the next four years with the launch of nine new properties, and launch in Bahrain with one new property. Rotana is also expanding into Africa, with plans to debut in the Algerian market in 3Q 2024 and launch three new properties across Egypt.
The UAE is also in the developer’s expansion plans, with Rotana’s Bloom Arjaan on track to offer 217 hotel apartments on Abu Dhabi’s Saadiyat Island this year. Mangrove Rotana is also slated for handover in Ras Al Khaimah, offering 240 keys.
#2- Abu Dhabi launches carbon calculator: Abu Dhabi’s Department of Culture and Tourism launched its carbon calculator on the sidelines of the Arabian Travel Market on Monday, reports Wam. The tool allows hotels to track and quantify carbon emissions and energy and water consumption, with the aim of decarbonizing the tourism industry. Abu Dhabi-based hotels are mandated to use the calculator for monthly reporting. It can be accessed here.
BANKING-
#1- Emirates NBD taps new council member for Digital Asset Lab: Emirates NBD has appointed American blockchain data platform Chainalysis as a key council member of its Digital Asset Lab, which launched in May 2023 to foster digital asset and financial services innovation in the UAE, according to the Dubai Media Office. The council includes PwC, Fireblocks, and R3.
#2- Fitch maintained Bank of Sharjah’s long-term issuer default rating at BBB+ and upgraded the lender’s viability rating to b- from ccc+ previously, according to a Fitch Ratings report. The upgrade reflects reduced risks from its exposure to Lebanon and improved financial health for the lender, according to the credit rating agency. However, areas such as asset quality and profitability still require attention for further improvement.
FINTECH-
#1-Beltone + Comera partner up on consumer finance: Beltone Holding and Abu Dhabi-based tech company Comera Financial Holding have inked a strategic partnership to work together to launch payment, consumer finance, SME finance, and supply chain finance solutions in Egypt and other countries in the MENA region, according to a statement (pdf) by Beltone.
#2- Finance Minister discusses collaboration with industry players at DFS: Finance Minister Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum potential collaboration efforts with global fintech leaders, including Seoul’s Mayor Oh Se-hoon and Revolut’s CEO Nikolay Storonsky, during the Dubai Fintech Summit, according to Dubai’s Media Office statement. Talks with Mayor Oh Se-hoon focused on potential investments in urban infrastructure development, technology innovation, wealth management, and financial technology. Storonsky expressed interest in expanding in Dubai, citing its infrastructure and investor-friendly policies as key factors.
PRINTING-
E7 inked an MoU with German Diletta Maschinentechnik to print “high-security travel and identity documents” for Diletta’s clients, the printing firm said in a press release (pdf).
AGRICULTURE-
Abu Dhabi rolls out new regs for small farms: The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) issued a decision regulating plant production and agricultural produce quality on small farms in the emirate, according to a statement. The new rules target “improving the quality of local agricultural products and increasing the competitiveness of local agricultural products on the market” to ramp up the returns on investment in the agriculture sector.
The new rules require small farms to obtain permits for operating packing houses as well as adhere to using approved materials for food processing. They also cover conditions pertaining to hygiene, trade names, documenting agricultural operations and the establishment of a traceability system for plant product identification.
INFRASTRUCTURE-
Sharjah to develop Al Badayer area: Sharjah Executive Council (SEC) greenlit the proposal for implementing a development and organization project in Al Badayer area, Sharjah24 reports. The project will include the establishment of tourist, service, and recreational facilities geared towards “stimulating the economic environment in Al Badayer area.”
HEALTHCARE-
Burjeel Holdings inaugurated its new comprehensive laboratory, OncoHelix-CoLab, developed in cooperation with Canada-based OncoHelix, the healthcare services provider said in a press release. The new laboratory will offer advanced molecular, cellular, and transplant diagnostics, along with services such as cancer genomic profiling and specialized immunology testing.
