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MANUFACTURING-
EBS bags AED 225 mn in contracts: Dubai Investments subsidiary Emirates Building Systems (EBS) was awarded contracts worth over AED 225 mn to supply steel to projects in the UAE and Saudi Arabia, according to a press release.
The projects include:
- A manufacturing plant for Lucid Motors in Saudi Arabia;
- The catering central building and laundry building for Saudi Catrion ;
- Adnoc’s Habshan gas processing facility in Abu Dhabi;
- Part of the steel structure for the 82-floor Habtoor Tower in Dubai.
WATCH THIS SPACE- The steel manufacturer is also in talks for contracts worth “hundreds of mns” to supply several major projects, EBS said in the press release.
INFRASTRUCTURE-
Parkin expands its private developer portfolio: Dubai’s state paid public parking provider Parkin, signed an agreement to operate and manage c.7.5k new privately owned parking spaces across six additional locations in Dubai for four years, according to a DFM disclosure (pdf). The parking spaces — which will be sprawled across areas in Arjan, Jaddaf, Al Sufouh, Majan, and Liwan — will boost the parking operator’s portfolio to 17.5k parking spaces.
HEALTHCARE-
#1- Abu Dhabi’s Health Department (DoH) and biopharma company AstraZeneca will establish a center for rare diseases in the emirate, according to a press release published on the DoH website. The center will provide comprehensive diagnosis, treatment, and research for haematological, neurological, and metabolic disorders.
#2- The DoH also inked an MoU with US biotech company Illumina to develop expertise, infrastructure, and a skilled workforce for integrating genomics into clinical practice and research locally and internationally, Wam reports.
COMMODITIES-
The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) issued a decision to regulate the sampling of food and fodder in Abu Dhabi through the authority’s general director and appointed staff, according to a statement. The decision aims to facilitate “re-analysis of samples taken from food establishments and fodder handling facilities for control and inspection purposes,” according to ADAFSA.
BUSINESS-
#1- Abu Dhabi streamlines business setup: Abu Dhabi Department of Economic Development and Abu Dhabi Free Zones Council launched a unified economic license in Abu Dhabi, unifying procedures for economic license registration across the emirate and its freezones, according to an Abu Dhabi media office statement. The initiative introduces a standardized reference number for all licenses and integrates company data within a new Abu Dhabi registry, in a bid to simplify data management and speed up the digital setup process for investors and entrepreneurs while ensuring transparency and fostering collaboration between freezones and mainland authorities.
Helping roll out the initiative: AD Ports Group subsidiary KEZAD Group, Abu Dhabi Airports Free Zone, Masdar City Free Zone, and Creative Media Authority.
#2- Dubai Multi-Commodities Centre wrapped its global trade roadshow, Made For Trade Live, in Vietnam yesterday in a bid to ramp up trade, investment, and business connectivity with Vietnamese and Southeast Asian markets, according to the Dubai Media Office.
SPORTS-
Palms Sports tapped as official operator of Egyptian sports infrastructure: Abu Dhabi-based global sports management company Palms Sports was selected as the official operator of Egypt’s El Qalaa El Hamraa Mega Sports Complex, located in Cairo’s Sheikh Zayed City, it said in an ADX disclosure (pdf). The project is owned by Egypt’s Al Ahly FC.
INVESTMENT-
Chinese CMB opens DIFC office: China Merchants Bank (CMB) International has launched its new representative office in Dubai International Financial Centre (DIFC), after obtaining a license in April from DIFC regulator, the Dubai Financial Services Authority (DFSA), Citywire reports, citing DFSA’s public register. The lender had announced in March its plans to establish a presence in DIFC, with CNY 50 mn (AED 25 mn) in working capital.
Is CMB the fifth Chinese lender to set up shop in DIFC? DFSA CEO Ian Johnston had revealed in May that a fifth Chinese bank will soon establish an office in the business center.
TECH-
DIFC, CMT to ramp up tech analysis training: Dubai International Financial Centre (DIFC)’s education center DIFC Academy inked an MoU with technical analysis education provider Chartered Market Technician Association to develop training programs in technical analysis, behavioral finance, market strategy, and fintech integration, it said in a statement. The programs will target finance professionals, and cover cross-asset relationships, market trends, risk management, and trading strategies.
FINTECH-
Digital bank Zand Bank and blockchain Mantra signed an MoU to facilitate the tokenization of real-world assets, including by developing frameworks and providing clear guidelines for tokenization, a press release reads.
DISPUTE WATCH-
Drake & Scull’s engineering arm will receive an AED 36.7 mn payment from a major Dubai company after receiving a favorable ruling from the Dubai Court of Appeal, according to a DFM filing (pdf).
REAL ESTATE-
Binghatti to boost DLD’s Dubai Real Estate Broker Program: Dubai-based property developer Binghatti inked an MoU with the Dubai Land Department (DLD) to support its Dubai real estate broker program, Mubasher reports. Binghatti will design and implement supportive projects, and provide job windows for young citizens as part of the agreement.
REFRESHER- DLD launched the Dubai Real Estate Broker Programme earlier in March to encourage young citizens to participate in the real estate sector.
TRADE-
UAE, India to ramp up business ties: The Ras Al Khaimah Economic Zone (Rakez) inked an MoU with the Indian Chamber of Commerce (ICC) to enhance business ties between the UAE and India, Wam reports. This partnership aims to connect Rakez with the Indian business community through the ICC’s network, providing ICC members with the chance to engage and expand in the UAE market. The move comes after RAKEZ hosted a business delegation from India’s PHD Chamber of Commerce and Industry to explore business windows in healthcare, agri-food processing, leather, information technology, and AI sectors.
India ❤️ UAE for trade: The UAE is India’s third-largest trading partner and second-largest export destination, with some 6k Indian companies currently operating within RAKEZ.
