Sign in
DISPUTE WATCH-
Dubai-based developer Drake and Scull is set to receive AED 152 mn in damages, plus 5% interest, from its former CEO Khaldoun Rashid Tabari and former Managing Director Saleh Muradweij, the Dubai Court of Appeal ruled, according to a DFM disclosure (pdf). The two former executives will pay the sum as compensation for the material and moral damages the company incurred under their management.
REFRESHER- Drake & Scull is pursuing claims exceeding AED 2 bn against its former management, Vice Chairman Ahmed Kilani said in June.
REMEMBER- Drake & Scull returned to the DFM in May, after being suspended from trading in November 2018 due to excessive financial losses and reporting violations. The firm was re-listed after it completed its restructuring after raising AED 450 mn in a capital increase, which saw the contractor write off over AED 4.18 bn in accumulated debt.
FINANCE-
Germany’s HDI Global coming to Dubai: German insurer HDI Global is set to open its first office in the Dubai International Financial Center in 3Q 2024, after it received a license from the Dubai Financial Services Authority, according to a statement. The office will initially focus on engineering, construction, and property ins. and will be headed by Willem van Wyk (LinkedIn).
ENERGY-
CEO of the Dubai Electricity and Water Authority, Saeed Mohamed Al Tayer, met General Electric’s energy arm GE Vernova’s CEO Joseph Anis to explore cooperation in sustainable energy, according to the Dubai Media Office. They focused on applying advanced technologies to energy production and distribution, improving efficiency, and developing renewable energy projects, including the Mohammed bin Rashid Al Maktoum Solar Park.
MANUFACTURING-
#1- Abu Dhabi to get a new graphene facility: Tech firm Inovartic Investment has signed an MoU with the Abu Dhabi Department of Economic Development to establish a graphene factory in the emirate, according to a statement picked up by Zawya.
Uh, Enterprise, what is graphene? Graphene is a monolayer structure of carbon atoms, which is used in several industries, including the manufacturing of electronics, semiconductors, batteries, and solar panels.
#2- India’s Jagdamba to open its first offshore factory in Sharjah: Indian trailer manufacturer Jagdamba Trailers plans to establish its first offshore factory in Sharjah’s Hamriyah Free Zone with AED 30-35 mn in initial investments, after the company’s promoter Jagdamba Global Equipment Solutions signed an MoU with the Hamriyah Free Zone Authority (HFZA), Wam reports.
#3- Abu Dhabi-based Arabian Gulf Steel Industries (AGSI) has achieved net zero emissions at its steel plant, aligning with the UAE’s National Strategy for Industry and Advanced Technology and the goal of net zero by 2050, Wam reports. As the largest steel recycling company in the UAE, AGSI produces 600k metric tons of steel bars annually from locally sourced steel scrap and invests in carbon reduction technologies to support sustainability.
EMPLOYMENT-
The Abu Dhabi Misdemeanor Court slapped an undisclosed private company with a AED 10 mn fine for non-compliance with Emiratisation regulations and faking the appointment of 113 Emirati citizens by issuing fictitious work permits, Wam reports.
BANKING-
The Commercial Bank of Dubai has introduced special accounts for Virtual Asset Service Providers (VASP) which meet regulatory requirements issued by the Central Bank of the UAE and the Dubai Virtual Assets Regulatory Authority, according to a statement picked up by Zawya. Laser Digital was the first VASP client to get on board.
Uh, Enterprise, what is VASP? VASPs are companies that manage and transfer virtual assets — such as cryptocurrencies — on behalf of their clients. They also offer exchange services between virtual assets and fiat currencies.
TELECOM-
du boosts 5G network in Abu Dhabi: Telecom operator du, in partnership with Nokia and Taiwanese semiconductor firm MediaTek has boosted its uplink 5G internet speed by 70% and expanded indoor coverage for premium users in Abu Dhabi, according to a press release.
Sound smart: An uplink is the connection that transmits data from a user’s device or a local area network to the central wide area network.
BUSINESS-
Network to provide swift SME financing solutions: Dubai-based payments provider Network International has partnered with lending platform Biz2X to offer accelerated financing options for SMEs in the Middle East and Africa, according to a press release. Under the partnership, Network’s merchants will be able to access a range of credit offerings embedded via Biz2X, while loan underwriters will access the platform’s payment transaction data and credit information to prequalify applicants and monitor loans in real-time to ensure compliance and reduce default risk. The partnership will be active in 4Q 2024.
