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TELECOMS-
Telecom group Veon is set to delist from Amsterdam and relocate its global headquarters to Dubai, per a company statement. That would make it the largest Nasdaq-listed firm headquartered here, according to Reuters.
The details: The company will delist from Euronext Amsterdam by the end of 2024 to cut costs, relocating to Dubai by 2Q 2025. It plans to establish its presence in GCC markets, prioritizing 4G networks over 5G expansion, and providing additional digital services for healthcare and banking.
AVIATION-
Dubai Airports says it will roll-out a biometric system to allow no-document travel: Dubai Airports is set to introduce “very soon” a biometric system that will allow passengers to travel through the airport without presenting physical documents, Khaleej Times cites officials from the General Directorate of Residency and Foreigners Affairs (GDRFA) as saying. The system is now in the pilot phase.
The details: Cameras installed throughout the airport will capture passenger images as they walk by and automatically match them with their credentials, eliminating the need for passenger checks at immigration counters.
Abu Dhabi Airports launched a similar project in July, integrating automatic biometric authentication systems at Zayed International Airport to identify departing passengers.
ENERGY-
#1- Siraj Power joins GCC energy consortium bid for Rub’ al Khali Power Plant Project: Saudi Arabia’s National Center for Privatization & Public Private Partnerships (NCP) identified Dubai-based Siraj Power for Renewable Energy, along with Saudi’s Alfanar and The Olayan Group, and Bahrain’s Lamar Holding, as qualified bidders for the Rub’ al Khali power plant project, according to TradeArabia. The project will follow a design, build, finance, operation, maintenance, and transfer model, and cover construction and 25 years of operations and maintenance.
#2- India’s Gensol Engineering secured an AED 81.6 mn contract for a rooftop solar photovoltaic (PV) project in Dubai, the Business Standard reports.
AI-
#1- Big data analytics firm Presight launched the Presight Intelli platform at Gitex Global in Dubai, according to a press release (pdf). The platform targets municipal governments.
#2- Sharjah partners with Microsoft for AI training: The Digital Sharjah Department is joining forces with Microsoft to boost AI skills among government employees, Wam reports. The two parties inked an MoU to facilitate training programs for Sharjah’s government staff at all levels—from top executives to developers and IT specialists. The initiative aims to leverage AI technology to enhance productivity.
REAL ESTATE-
#1- Construction on the One Maryah Place project , a two-tower office complex located on Al Maryah Island, started yesterday, according to a press release (pdf). Co-developed by Aldar and Mubadala Investment Company and located within the Abu Dhabi Global Market, the project will offer 98k sqm of office space.
REMEMBER- Aldar and Mubadala confirmed the continuation of their strategic partnership through joint ventures aimed at managing assets across Abu Dhabi valued at over AED 30 bn, last month. The One Maryah Place will be included in Aldar’s investment properties, which are currently valued at AED 27 bn in income-generating assets.
#2- Real estate developer Nakheel launched Bay Grove Residences, a beachfront development on Dubai Islands, featuring four interconnected residential buildings, Arabian Business reports. With an anticipated handover date set for 3Q 2028, the project includes 296 units.
INVESTMENT WATCH-
Indian beauty retailer Purplle extended its Abu Dhabi Investment Authority (ADIA)-led funding round to USD 178.5 mn, Economic Times reports. Other participants include existing investors such as Premji Invest and Blume Ventures and new investors such as Sharrp Ventures.
Background: The funding round was initially set at USD 120 mn with the possibility of another tranche being made available.
Use of proceeds: Around 70% of the amount was dedicated to buying shares of early investors, with some employees liquidating a portion of their shares through buyback programs. The remaining funds will be invested as primary capital for the company’s growth.
LOGISTICS-
7X launches SME-focused logistics platform: 7X, formerly Emirates Post Group, launched Waslah, a logistics platform designed to streamline operations for SMEs, according to a press release. The platform includes features like optimized route planning, shipment consolidation, and smart tracking.
