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BANKING-
Emirates NBD is joining Partior’s blockchain-based, interbank network for clearing and settlement of cross-border payments, becoming the first regional bank to offer settlements in AED, SAR, and INR on the platform, according to the Dubai Media Office. The lender will aim to support settlements for major foreign currencies.
ALSO- Emirates NBD is mulling an equity investment in Paritor, the statement said, without disclosing the investment size. The platform, launched in 2021, is backed by DBS Bank, JP Morgan, Standard Chartered, Temasek, and Peak XV.
ENERGY-
Douglas OHI lands civil works contract for an Abu Dhabi gas compressor facility: UK energy services company Petrofac awarded Omani construction firm Douglas OHI a contract to carry out civil works for a gas compressor plant at Abu Dhabi’s Habshan Complex, Douglas said in a post on LinkedIn. The plant is owned by Adnoc, and is set to ramp up gas output from the Habshan Complex.
MANUFACTURING-
International Energy Resources to build an MRO facility for aircraft gas turbines: Dubai-based energy services company International Energy Resources partnered with Mohammed Bin Rashid Aerospace Hub to set up a maintenance, repair, and overhaul (MRO) facility for aircraft gas turbine engines at Dubai South, according to the Dubai Media Office. The facility will also feature an engine test cell for aero engines and aero-derivative industrial engines, with an initial annual capacity to test up to 50 engines.
The facility will be constructed in two phases, scheduled to be completed by 4Q 2026 and 3Q 2027.
REAL ESTATE-
#1- Sharjah-based developer Arada has launched sales for W Residences at Dubai Harbour in partnership with Marriott International, which will operate the mixed-use complex, according to a press release. The AED 5 bn seafront development features three towers housing over 400 apartments. The project is scheduled to be delivered in 2027.
#2- Kasco Group’s real estate arm Kasco Developments will kick off construction on its debut project, the ONDA tower in Dubai’s Business Bay, in 4Q 2024, according to a press release (pdf). The AED 500 mn, 23-story, freehold community building features 348 units. It includes studios, and one- to three-bedroom apartments. Construction is set to wrap up by 2Q 2027.
Remember- The developer said last month it plans to invest an initial AED 1.2 bn in three projects primarily in Business Bay and Al Jaddaf as it plans to develop and sell 1 mn sq ft of residential space by 2025.
#3- Arista Properties contracted construction firm New System Engineering to develop Wadi Villas project in District 11, Dubai Meydan City, according to a press release. The AED 500 mn development will feature 30 residences, including four- to six-bedroom villas. Construction began in July this year, with the architectural design being handled by HbArchitecture and the landscaping by Coopers Hills.
HEALTHCARE-
Swiss data-driven healthcare firm Sophia Genetics will launch its services in the UAE, among other Gulf markets through its partnership with Gulf Scientific Corporation (GSC), according to a press release. The partnership will see GSC represent Sophia across the UAE, Saudi Arabia, Oman, Qatar, and Bahrain. The company uses AI to assist healthcare providers in prescribing treatment options for patients of rare and inherited diseases, including cancer.
INVESTMENT-
Real estate investment and advisory firm Medallion Associates launched an institutional investor desk in Dubai as it seeks to capitalize on the city’s real estate boom, according to a press release. The move aims to draw institutional capital through collaboration with investment consultants, advisors, and placement agents.
TECH-
#1- US blockchain platform Sui opened a web3 hub in Expo City Dubai in partnership with Ghaf Group to offer local Web3 startup founders access to workshops, technical support, community events, funding, and needed expertise, according to a press release. The hub is the first in a series of global hubs to support blockchain developers and entrepreneurs.
More to come: Sui plans to launch an accelerator program in 4Q 2024 in collaboration with Brinc, CoinList, Sui and Ghaf Group.
STARTUPS-
The Dubai International Financial Centre launched Ignyte, a digital platform aimed at supporting over 100k start-ups, according to a statement. The initiative connects startups with 5k venture capitalists and investors, 5k vetted mentors, and over 500 corporate and government partners, and features 5k exclusive perks, including cloud credits, and productivity tools. It aims to help startups save over USD 100 mn.
