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REAL ESTATE-
#1- One Development inaugurated its AED 2 bn flagship project, Laguna Residence, in Dubai’s City of Arabia, days after selecting architectural engineering group AE7 as a consultant for the project, according to a press release. Laguna Residence will be AI-integrated and will offer studios, three-bedroom apartments, duplexes, and sky-homes.
#2- Abu Dhabi’s Department of Municipalities and Transport (DMT) launched a program to certify buildings according to their compliance to certain safety benchmarks, according to the Abu Dhabi Media Office. The program will be implemented in three stages, starting with the issuance of a Conditional Occupancy Certificate for buildings complying with essential standards, such as fire safety, gas installation safety, structural integrity, elevator safety, and child protection measures.
Existing villas will be exempt from the requirements for a full occupancy certificate unless their design life has been exceeded and the villas pose safety risks to their residents, the statement said.
#3- Saif Al Ghurair Real Estate Group’s newly established subsidary P.O.B1 Properties will develop Serenova, in Dubai Silicon Oasis, as its debut project, according to a press release. Slated for completion in 2Q 2027, Serenova is valued at AED 206 mn and spans a 7.8k sqm plot.
BANKING-
Payment solutions provider Magnati and Ajman Bank will introduce an embedded finance solution that allows SME merchants to use real-time point of sale transaction data to access various financing options from Ajman Bank, according to a press release. These options include Shariah-compliant business financing, invoice financing, equipment financing, receivables financing, and POS financing.
MANUFACTURING-
Edge group and Assan partnership: Edge Group’s munitions subsidiary Lahab signed three agreements with Turkish arms manufacturer Assan Group at Saha Expo 2024 in Istanbul to supply Assan with MK munitions, co-develop Warsaw-configured versions for existing customers, and strengthen Lahab’s supply chain with NATO-standard components, according to a company statement.
AVIATION-
Emirates partnered with the engine supplier GE Aerospace to support the airline’s Boeing 777 electrical load management system, according to a press release (pdf). This 10-year “multi-[mn-USD]” agreement includes providing repairs, stock holding, inventory management, engineering control, technical documentation, obsolescence management, and reliability trend analysis. The partnership also indicates that GE Aerospace’s Dubai inventory will be consolidated with Emirates and housed at the airline’s facilities, improving inventory availability and lead times.
STARTUPS-
Dubai Future Foundation launched two new sandboxes — one for the gig economy and the other for proptech — under the Dubai Sandbox initiative, with the goal of easing regulatory access and encouraging innovation, according to the Dubai Media Office.
