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EVs-
Nio to set up shop in the UAE by year’s end: Chinese electric vehicle manufacturer Nio is planning to start offering its products and services in the UAE by the end of this year, in a bid to expand in the Middle East, CNBC cites Nio CEO William Li as saying on an earnings call last week.
REMEMBER- Abu Dhabi-backed CYVN Holdings pledged a USD 2.2 bn equity investment in Nio back in December 2023, following an initial investment of USD 738.5 mn earlier in the year. The holding company’s EV subsidiary Forseven also signed a technology licensing agreement with Nio, granting Forseven the rights to use Nio’s software, technical information, and intellectual property rights to manufacture and develop Nio-branded EVs.
HEALTHCARE-
#1- DoH, Etihad, AD Ports partner to boost pharma capabilities in Abu Dhabi: Abu Dhabi’s Health Department (DoH), the Abu Dhabi Investment Office, Etihad Airways and AD Ports partnered to attract more pharma, life sciences, and biotech firms to set up shop in the emirate, the Abu Dhabi Media Office writes. The entities will work together to boost regulatory support, logistics capabilities, and local manufacturing and packaging for manufacturers.
#2- DoH also inked an MoU with the Children’s Hospital of Philadelphia to ramp up research and program development in rare diseases, pediatric oncology, and gene therapy, Wam reports. The agreement will see the two healthcare players swap faculty, researchers, and students in exchange programs, as well as conduct online learning, conferences, seminars, and workshops.
#3- Dubai Health has partnered with The Royal Marsden NHS Foundation Trust to facilitate the clinical and operational development of the Hamdan Bin Rashid Cancer Hospital (HBRCH), Dubai’s first integrated comprehensive cancer hospital, according to the Dubai Media Office.
TECH-
Edge Group’s robotics and autonomous systems developer arm, Milrem Robotics, has set up a new Abu Dhabi office set to help boost its global footprint, Wam reports. The new office in Abu Dhabi will act as a center for R&D, product innovation, and strategic partnerships with government agencies, academic institutions, and local businesses.
REAL ESTATE-
#1- Binghatti Development Company is set to launch 12 real estate projects in the UAE with an investment of AED 10 bn in 2H 2024, Khaleej Times quotes Chairman Mohammed Binghatti as saying, without disclosing further details. The developer is planning to invest some AED 30 bn in real estate over the next two years.
Binghatti is also planning to set up a training academy to train Emiratis working in the sector, Arabian Business quoted Binghatti as saying. The developer inked a strategic partnership agreement with the Dubai Land Department to boost the role of UAE nationals in the sector by offering incentives and attractive payment plans to Emirati investors. It will also support the Dubai Real Estate Brokers Program, by offering an extra 1% transaction fee for transactions made by Emirati agents.
#2- Imtiaz Developments begins construction on Cove Residence in Dubailand: Imtiaz Developments has broken ground on the AED 600 mn Cove Residence project in Dubailand, adding over 700 apartments to Dubailand Residential Complex, Gulf News reports. The project is scheduled for delivery in 2Q 2027.
#3- Construction firm Vision Developments is launching two new residential projects, Karma and Platinum, in Dubai’s Liwan area, slated for handovers in 4Q 2024, according to a press release.
E-COMMERCE-
Majid Al Futtaim partners with Checkout.com: Retail giant Majid Al Futtaim has partnered with digital payments services provider Checkout.com to integrate its checkout service into its platforms, according to a press release (pdf). .
PORTS-
Fitch Ratings affirmed DP World’s long-term credit rating at BBB+ with a stable outlook, according to a statement. The credit rating agency cited the company’s stable cash flow and diversified business profile as main drivers for the rating, while downgrading its subordinated perpetual certificates by two notches.
FOOD-
Abu Dhabi has a new agrifood cluster: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan approved the launch of the AgriFood Growth and Water Abundance (AGWA) cluster in Abu Dhabi yesterday, according to the Abu Dhabi Media Office. The cluster, which is being led by the Abu Dhabi Department of Economic Development and the Abu Dhabi Investment Office, seeks to promote alternative proteins, algae, and reverse osmosis technologies to address global food shortages and water scarcity.
AGWA in numbers: The new cluster is expected to attract AED 128 bn in investments and create over 60k jobs by 2045, contributing AED 90 bn to the emirate’s GDP during the period.
MANUFACTURING-
Adnoc inked an agreement with Dubai-based steel manufacturer Kadris Group to manufacture pressure vessels, fabricate structural steel and package industrial products at the Make it in the Emirates forum last month, Gulf News reports. Adnoc had inked some AED 8.8 bn in local procurement agreements at the forum, and boosted its local procurement target to AED 90 bn, up from the initial AED 70 bn.
AVIATION-
#1- Emirates airlines and Germany’s Condor signed a codeshare agreement, a press release reads. Emirates passengers will get improved connectivity via Condor flights in Germany to Majorca, the Canary Islands, and other destinations in North, Central and South America starting October of this year.
#2- Air Arabia resumes Sharjah-Basra flights: Budget carrier Air Arabia has reinstated its direct flights between Sharjah and Basra, Iraq, with a frequency of four flights per week, Wam reports. Initially launched in March, the resumed route marks Air Arabia’s fourth direct route to Iraq from Sharjah International Airport, following Baghdad, Najaf, and Erbil.
EDUCATION-
Advancing fintech education: The DIFC Academy and the Chartered Market Technician Association have signed an MoU to develop training programs in technical analysis, behavioral finance, and FinTech integration, aimed at strengthening financial expertise for professionals in the region, a press release reads.
