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M&A-
An undisclosed buyer acquired AED 4.38 bn in shares in the International Holding Company (IHC)’s in a block transaction on the ADX on Friday, Wam reports. The 10.7 mn shares were sold at AED 409.3 a piece. Further details on the transaction were not disclosed.
AVIATION-
#1- The UAE set to get its first sustainable aviation hub: The General Civil Aviation Authority inked an MoU with Chinese aviation tech firm Volar Air Mobility to establish the UAE’s first green aviation technology hub in a bid to bring the sector’s carbon emissions down, Wam reports. The hub will promote clean energy solutions, advance research and development in sustainable aviation tech, and fast-track collaboration with international stakeholders.
#2- Homegrown budget carrier flydubai renewed its ground handling agreement with Saudi Ground Services for another three years, Wam reports. The initial agreement, worth over AED 100 mn, was signed in September 2021.
SPACE-
Bayanat, Yahsat have more satellite plans in the pipeline: Geospatial solutions firm Bayanat and Al Yah Satellite Communications (Yahsat) plan to launch eight synthetic aperture radar (SAR) satellites over the next three years, after launching the UAE’s first low Earth orbit SAR satellite from California’s Vandenberg Space Force Base last month, Bayanat’s Managing Director Hasan Al Hosani told Al Etihad. The recently launched satellite — called Foresight-1 — is expected to become fully-operational by early 2025, Al Hosani said.
REMEMBER- Bayanat and Yahsat are looking to finalize their merger in 2H 2024, creating a new entity, Space42, after the two companies’ shareholders signed off on it in April.
ADVERTISING-
#1- VeraViews chooses Dubai for its main headquarters: Blockchain-powered advertising platform VeraViews will set up its global headquarters in Dubai’s Media City, under the Economy Ministry NextGen FDI initiative, Wam reports. The digital ad platform, which is currently beta-testing its product, uses distributed ledger tech to ensure ad view accuracy, combat harmful content, and curb supply chain fraud using its Proof of View fraud identification tech.
NextGen FDI? Launched in 2022, the program helps startups set up shop and scale in the UAE by speeding up licensing processes, facilitating bulk visa issuances, and providing them with lease incentives and banking support.
Enter Mada Media Company: Dubai has set up a new firm to manage and develop its advertising sites, including those previously overseen by the Roads and Transport Authority (RTA), naming it Mada Media, according to a statement. RTA’s Director General and Chairman of the executive directors board Mattar Al Tayer was appointed as Mada’s Chairman.
What are Mada’s responsibilities? Mada Media will also invest in tech and research around advertising, with the authority to form partnerships. The RTA and Dubai Municipality will transfer their advertising functions and assets to Mada.
DEBT-
#1- Moody’s upgraded United Arab Bank’s (UAB) long-term deposit rating to Baa3 from Ba1, and short-term deposit rating to P-3 from NP, maintaining a positive outlook, according to a statement. The credit rating agency also upgraded the bank’s Baseline Credit Assessment (BCA) to ba3 from b1 and Adjusted BCA to ba2 from ba3. UAB’s improved governance, asset quality, and risk management practices underpinned the ratings boost.
#2- Sobha Realty takes its overall sukuk issuance to USD 500 mn after a recent extension: Real estate developer Sobha Realty completed a USD 230 mn tap into its existing sukuk, bringing its total sukuk issuance so far to USD 500 mn, according to a statement from the company. The tap is an extension of the company’s inaugural USD 300 mn sukuk issuance, which took place in July last year and currently has an outstanding balance of USD 270 mn.
Strong demand tightened the price by 95 basis points, with 25% of the interest coming from international investors.
ADVISORS- Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, Sharjah Islamic Bank, and Standard Chartered Bank acted as joint global coordinators, lead managers, and bookrunners on the transaction. Clifford Chance and Dentons offered legal counsel, while Grant Thornton acted as auditors.
TECH-
US-based multi-cloud security firm F5 launched a new point of presence in the UAE, featuring a high-speed capacity of over 15 terabits per second (Tbps), a press release reads. The new facility simplifies app management and provides high-performance workload offloading and multi-layer security.
TRANSPORT-
State-owned Dubai Taxi secured 300 new plates at the latest Roads and Transport Authority auction, boosting its fleet to nearly 6k taxis and expanding its market share to 46%, according to a statement (pdf). The expanded fleet is projected to add AED 100 mn in annual revenue. Of the 300 new taxis, 75 will be electric, Dubai Taxi’s CEO Mansoor Rahma Al Falasi said.
PUBLIC POLICY-
Abu Dhabi-based think tank Trends Research and Advisory opened its eighth global office in Seoul at the Korea University, Wam reports. The new Seoul office aims to foster scientific dialogue with Korea’s academic community on tech, AI, and cybersecurity.
LOGISTICS-
Abu Dhabi-based Gulf Marine Services (GMS) secured a new five-year GCC contract for one of its vessels, according to a press release, which did not disclose the financial terms of the contract. The five-year transaction boosts GMS’s backlog to USD 464 mn. The company also updated its 2024 adjusted EBITDA forecast to USD 95-100 mn, up from a previous guidance of USD 92-100 mn.
EDUCATION-
Dubai to fund up to 20 research projects under a new initiative: Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched the Dubai Research, Development, and Innovation Grant Initiative to fund up to 20 research projects advancing key economic sectors in Dubai, according to the Dubai Media Office. Targeted research areas include cognitive cities, health and life sciences, and AI and robotics.
The initiative is part of the broader Dubai Research and Development Program aiming to ramp up R&D activities and infrastructure to address local and global challenges.
