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BANKING-
#1- Fitch affirms FAB’s AA rating: Fitch Ratings affirmed First Abu Dhabi Bank (FAB)’s long-term issuer default rating (IDR) at AA- with a stable outlook, and its viability rating (VR) at “a-”, according to a statement from the credit rating agency. FAB’s IDR is supported by the potential backing from both UAE (AA-/Stable) and Abu Dhabi (AA/Stable) authorities.
#2- Fitch also affirmed Emirates NBD Bank’s IDR at A+ with a stable outlook and raised its VR to bbb from bbb-, according to a statement. The VR upgrade “decreased concentration to the Dubai government in recent years”. It also highlights improved asset quality, solid profitability boosted by high interest rates, and the bank’s strong funding and capital position.
#3- MSCI upgraded Abu Dhabi Islamic Bank’s environmental, social, and governance (ESG) rating to AA from A previously, Wam reports. This move puts ADIB in MSCI’s Leadership category—the only bank in the region to make the cut. The upgrade is thanks to ADIB’s strides in disclosing sector-specific credit policies, establishing ESG risk escalation procedures, and sharper ESG due diligence.
ENERGY-
The Emirates Nuclear Energy Corporation kicked off commercial operations at the 1.4 GW fourth reactor of the Barakah Nuclear Energy Plant, according to a statement. The plant is expected to offset approximately 22.4 mn tonnes of emissions annually and generate 40 TWh of electricity, the equivalent of about 25% of the UAE’s total electricity needs.
IN CONTEXT- The government is reportedly mulling a second nuclear power plant and could hand out first contracts as early as this year. It’s unclear where it might be based — near the Barakah plant or at a location near the border with Saudi Arabia. The plant could be operational by 2032.
BACKGROUND- The plant became fully operational after the fourth reactor was successfully connected to the national grid in March.
REAL ESTATE-
#1- Aldar Properties launched the residential development Yas Riva along the coast of Yas Island in Abu Dhabi, according to a disclosure to ADX (pdf). The villa community will start putting up units for sale from 13 September.
#2- UK developer Leos Developments launched a AED 1.75 bn luxury residential development in Dubai’s Meydan called Knightsbridge, according to a statement. The first phase of the project will include 66 residential units, including townhouses and villas. The delivery date of the project was not disclosed.
#3- Australian developer Loutraki launched AED 200 mn Santorini Residences in Dubai, according to a statement. The project, located in District 2 of Jumeirah Village Triangle, is expected to be completed by July 2026.
MANUFACTURING-
Aluminum producer Emirates Global Aluminum (EGA) implemented a digital greenhouse gas emissions tracking system at its facilities, complying with UAE’s National MRV Transparency System, according to a statement from the company. The move makes EGA the first company in the UAE to adopt this digital tracking system, it claims. The system allows the digital tracking and third-party validation of scope 1 and 2 carbon emissions.
BACKGROUND- Abu Dhabi rolled out a decree in April requiring businesses licensed by Abu Dhabi’s Environment Agency to report their environmental data — including power usage and emissions — every year.
TECH-
Dubai-based family office tech firm Eton Solutions has launched EtonGPT, a GenAI model for family offices, according to a press release. The GenAI platform will be available exclusively to the 750 family offices on Eton’s wealth management software AtlasFive. Eton claims the model will help offices better make use of data and improve their portfolio analysis.
TOURISM-
Adnec Group’s tourism subsidiary Tourism 365 will provide ground handling services for Resorts World Cruises in several Gulf locations — including Sir Bani Yas, Abu Dhabi, Dubai, Muscat and Khasab, Oman, and Doha, Qatar— under a new partnership, Wam reports.
HEALTHCARE-
Abu Dhabi’s Burjeel Holdings received an AAA provisional environmental, social, and governance (ESG) rating from MSCI, according to a statement (pdf). Burjeel’s management of environmental impact, safety and quality in healthcare services, labor management, and privacy and data protection measures underscored MSCI’s rating.
AUTOMOTIVE-
Deepal EVs to come to the Emirates: Homegrown luxury car dealership Al Tayer Motors will distribute Chinese EV maker Deepal ’s vehicles, per a statement from Al Tayer. The agreement will see Al Tayer Motors establish a network of sales and service centers for Deepal, with the first showroom scheduled to open by 1Q 2025.
About Deepal: Deepal is a subsidiary of Chinese automaker Changan Automobile focusing only on EVs, The company currently has 3 models including the L07, S07, and G318.
AVIATION-
Emirates launched its first flight to Antananarivo, Madagascar, from Dubai yesterday, according to Aviation Business. The flight marks the start of a new route connecting the two cities via four linked weekly flights, passing by Seychelles.
BUSINESS-
Global advisory firm Concerto opened a new regional office in Dubai, according to Campaign Middle East.
DEFENSE-
Edge to develop Brazilian anti-ship missiles: Emirati defense conglomerate Edge Group has inked a partnership agreement with the Brazilian Navy to finalize the development of the Navy’s national anti-ship missile (Mansup) by late 2025, state news agency Wam reports. In collaboration with Brazilian arms firm Siatt, the agreement will see Edge use Mansup’s tech to develop an extended-range version of the missile.
Background: Edge Group acquired a 50% stake in Siatt last year and later revealed its plans to expand Siatt’s headquarters and manufacturing base in São José dos Campos.
TRANSPORT-
ADQ takes over DARB and Mawaqif operations: Abu Dhabi-based sovereign wealth fund ADQ has assumed control of managing, operating, and developing the DARB toll system and Mawaqif parking system, according to an Abu Dhabi Media Office statement. While ADQ will now oversee the two services, operations will continue as usual under the regulatory supervision of Abu Dhabi Mobility.
SUSTAINABILITY-
Dnata transitions entire Dubai fleet to biodiesel: Global air and travel services provider Dnara has transitioned its full non-electric airside vehicles and ground support equipment in Dubai to biodiesel, according to a Dubai Media Office statement. This move will cut CO2 emissions by over 3.5k tonnes annually, it said. Covering 2.5k vehicles across Dubai International and Al Maktoum – Dubai World Central airports, the shift supports over 220k flights a year.
