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M&A-
Indian Cement Manufacturer UltraTech completed its acquisition of an additional 25% stake in Ras Al Khaimah White Cement (Rak White Cement) — equivalent to 133 mn shares — after meeting the conditions and requirements of the sale offer, according to a bourse disclosure (pdf). The additional stake purchase brings Ultratech’s total stake in Rak White Cement to 54%, equivalent to 272 mn shares.
ICYMI- Ultratech already owned a 29% stake in Rak White Cement, which it acquired in 2022 as part of a plan to expand the cement manufacturer’s operations locally and globally, and to introduce new products to Rak Cement’s production portfolio.
DEBT-
Fitch Ratings upgraded Abu Dhabi Future Energy Company’s (Masdar) long term foreign and local currency issuer default ratings to AA- with a stable outlook, from A+ previously, it said in a statement. The agency cited support from the Abu Dhabi government as the reason for the upgrade.
ENERGY-
#1- Adnoc autonomizes well control in offshore Nasr field: The Abu Dhabi National Oil Company (Adnoc) has deployed AIQ’s AI-powered RoboWell autonomous well-control solution across 10 wells in its offshore Nasr field, with plans to expand the technology to over 300 wells in Adnoc’s offshore and onshore operations within the year, according to a statement. The move comes as the oil giant looks to ramp up operational efficiency and reliability in energy supply.
Not Adnoc’s first time adopting RoboWell: Adnoc previously used RoboWell for its first smart field, dubbed NEB field, in 2023. The technology has optimized gas lift consumption by up to 30% and increased operating efficiency by 5%.
#2- Sewa to connect natural gas to Dibba Al-Hisn by year-end: The Sharjah Electricity, Water and Gas Authority (Sewa) is set to complete its AED 31 mn project to introduce natural gas services to the Dibba Al-Hisn city by the end of 2024, Wam reports. Expected to benefit 17k residents, the project includes building a gas storage facility, laying a 84km pipeline in four phases to distribute the gas, and connecting the gas to residences internally.
REAL ESTATE-
Iman Real Estate Development has broken ground on the AED 700 mn mixed-use development project One Park Central in Jumeirah Village Circle, according to a press release. The project will have 482 residential apartments, 38 commercial units, six retail spaces, five parking levels, 23 residential floors, and 60 recreational facilities including fitness and wellness facilities. The project is scheduled for completion in 2Q 2027.
STARTUPS-
E-hailing taxi startup Hala expands to Egypt: Hala, founded in 2019 by Careem and the Roads and Transport Authority (RTA) in Dubai, signed an MoU with MwaslaTech to expand into Egypt, according to a press release. The partnership will introduce advanced mobility solutions in Egypt, including in the New Administrative Capital and other cities.
ARBITRATION-
Ajman overhauls arbitration body: The emirate of Ajman has established the Ajman Arbitration Centre, aimed at offering alternative dispute resolutions for the emirate’s financial and business sectors, Wam reports. Formerly known as the “Ajman Centre for Commercial Conciliation and Arbitration,” the new center’s mandate includes increasing arbitration awareness, enhancing local expertise, and providing dispute resolution services. Existing arbitration agreements and processes will not be nullified and will remain valid under the mandate of the new body.
PAYMENTS-
Network + Mastercard enhance commercial payment digitization: Dubai-based payments provider Network International has introduced new business payments solutions in partnership with Mastercard tailored for UAE-based businesses and travel industry firms, according to a press release. Under the partnership, Network will offer virtual card and payment card products, as well as digital expense management services, geared towards enhancing corporate clients’ payment security, streamlining their financial operations, and improving their cashflow.
TRADE-
Ras Al Khaimah + Argentina to boost private-sector cooperation: Ras Al Khaimah Chamber of Commerce and the Argentine Chamber of Commerce and Services signed an agreement to encourage private-sector trade and joint investments between the emirate and Argentina, Wam reported.The partnership also aims to boost scientific and technical relations between the two sides.
BANKING-
Ajman Bank signed an MoU with Visa to launch a new credit card aimed at supporting small and medium enterprises and commercial projects in the UAE, according to a statement. The card — called the Visa AccelRight Business Card — will help businesses manage expenses and working capital requirements. It will also have an option to separate business and personal expenses to smooth account settlement, and will simplify the payment processes for taxes while integrating a system to protect against unauthorized transactions, Al Khaleej reports.
AVIATION-
Emarat to supply Emirates’ cargo flights with fuel at Al Maktoum Airport: Fuel distributor Emirates General Petroleum Corporation (Emarat) inked an agreement with Emirates Airline Group to provide the airline with aviation fuel for its cargo operations at Al Maktoum International Airport, Wam reports.
SOCIAL SUPPORT-
Abu Dhabi to get a child center to boost childcare: Abu Dhabi Early Childhood Authority, the Family Care Authority and the Development and Fallen Heroes’ Affairs signed a service level agreement and an MoU with four Abu Dhabi based entities to establish a child center in a bid to boost the safety and well being of children in the emirate, according to the Abu Dhabi Media Office. The center will provide services such as social and psychological support, medical examinations, care for at-risk children, and early detection and intervention for diseases.
LOGISTICS-
Belgium-based dutyfree retail distributor Overseas Distribution Company (ODC) is launching a commercial and logistic office in Dubai, headed by Paul Murray (LinkedIn) as CEO, according to Seatrade Cruise News. The opening of the new office is expected to be completed in the coming months, ODC’s commercial director Manuel Demaerel said. Murray — who will be officially appointed next month — has over 25 years of experience working within the travel retail industry, including 15 years as head of travel retail at Maritime and Mercantile International in Dubai.
