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HOSPITALITY-
Wynn Resorts invests USD 514.4 mn to date in Marjan gaming resort: High-end hotel developer and operator Wynn Resorts poured some USD 356.5 mn into its 40%-owned joint venture with local developer Marjan and RAK Hospitality in 2Q 2024, which is developing the USD 3.9 bn gaming resort Wynn Al Marjan, the company said in its earnings release for the quarter.
The details: The funds went towards the acquisition of its portion of the JV’s acquisition of 155 acres of land in Marjan Island, making up about a quarter of the island’s total land mass, including 70 acres earmarked for future development. The latest investment brings its total investments in the project to date to USD 514.4 mn, out of a forecast USD 900 mn share of investments.
The developer also made “substantial progress” on debt financing for the project, Zawya quotes CEO Craig Billings as saying during an earnings call, adding that it expects to finalize this by the end of the year.
!_Subhed_! INVESTMENT-
Adani Airports forms new Abu Dhabi-based subsidiary: Adani Group’s airport management arm Adani Airport Holdings established a wholly owned subsidiary, dubbed Global Airports Operator, in Abu Dhabi to oversee investments and operations outside of India, the company said in a filing (pdf) on India’s National Stock Exchange. The formation of the new subsidiary is part of Adani’s plan to expand its aviation network in Eastern Africa, South Asia, and Southeast Asia, Jeet Adani told Bloomberg.
!_Subhed_! M&A-
ADQ-owned F&B firm Agthia has earmarked AED 403 mn for potential mergers and acquisitions, Agthia’s president of the snacking segment and government relations, Mubarak Al Mansoori, told Al Etihad, highlighting that the company is actively seeking expansion opportunities across the region. Agthia primarily targets markets with large populations and high consumption trends for acquisitions, Al Mansoori added.
!_Subhed_! FINTECH-
UAE-based fintech Sav secured in-principle approval for a Category 4 license from the Dubai Financial Services Authority, enabling the company to integrate broader financial services once fully licensed, a press release reads. Sav will be able to expand its offerings to include arranging money services, advising on and arranging investments, and managing credit arrangements.
NBFS-
#1- Indian Andromeda + Dubai’s Wealth Link Solutions provide home loans for expat Indians: Indian loan distributor Andromeda has partnered with Dubai-based Wealth Link Solutions to expand into the Middle East, according to a press release. With this expansion, the lender is targeting the region’s 9.5 mn non-resident Indian population, offering them access to home loans for their properties in India.
#2- Corporate banking solutions firm Banqeta will provide Europe Emirates Group’s clients with corporate bank accounts that they can open online, as well as digital wallets, multi-currency accounts, and Visa payment cards, a press release reads.
#3- Network International expands into West Africa: Dubai-based financial services firm Network International has launched a USD 250 mn cloud-based and integrated payment suite, dubbed Network One, in Nigeria, the Cable cites the company as saying at a media briefing earlier this week. The platform will serve banks, telecommunications operators, fintechs, and mobile network operators in Nigeria and the West African region.
!_Subhed_! TECH-
#1- UAE-Vietnam tech skill development partnership: UAE-based Meerana Technologies and Vietnamese technology company FPT agreed to enhance digital skills among Emiratis with specialized AI and software training programs, the Dubai Media Office writes.
#2- InSky Robotics sets up shop in RAK: Australian tech company InSky Robotics is establishing its first GCC facility, dubbed VIM Solar Robotics, in Al Hamra, Ras Al Khaimah, according to a press release. The facility will assemble, store, and supply Voltimate robotic cleaners. The move comes as the company looks to cater to heightened demand in the GCC region for robotic solutions in the solar energy sector.
!_Subhed_! TRANSPORT-
Abu Dhabi has a new plan in place to improve traffic safety, launched by the Traffic Safety Technical Committee, comprising members from the Integrated Transport Centre, Abu Dhabi Police, and the Abu Dhabi Department of Health, Wam reports. The plan, dubbed Work Accelerators, will see the entities form teams to develop and implement plans focusing on traffic accident analysis, pedestrian and micro-mobility safety, delivery driver safety, freight transport safety, driver behavior, and road speed limits.
!_Subhed_! IPO-
Adia anchors Indian baby products retailer ahead of IPO: Abu Dhabi Investment Authority (Adia) invested USD 8 mn in Indian baby products retailer FirstCry ahead of its USD 501 mn IPO on the Bombay Stock Exchange, Reuters reports. FirstCry raised a total of INR 18.86 bn (USD 224.5 mn) from institutional investors, and USD 3.36 bn total, with the IPO receiving bids for some 606.4 mn shares, approximately 12x the shares available, according to exchange data.
!_Subhed_! MANUFACTURING–
FBB Tech to help ramp up Egypt’s exports: UAE-based company FBB Tech and electrical appliances manufacturer Hisense Egypt will develop a USD 38 mn manufacturing project in Egypt’s Suez Canal Economic Zone (SCZone), after inking a contract with Chinese industrial developer TEDA Egypt, Wam reports.
The game plan: The project will have a production capacity of 2.5 mn units, with the first phase focused on televisions, audio recorders, and monitors. Some 70% of production will be exported to countries in Europe, North and East Africa, and the Middle East, while the remaining 30% will be allocated to the Egyptian market.
!_Subhed_! INS.-
Phinsys sets up shop in DIFC: Phinsys, a London-based company offering intelligent automation services for finance and accounting in the ins. sector, opened a new regional office in Dubai International Financial Centre (DIFC), according to a statement.
