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LOGISTICS-
#1- DP World to build Egypt’s new freezone? Dubai port operator DP World signed an MoU with Egypt’s Administrative Capital for Urban Development (ACUD) and the General Authority for Investment and Freezones to mull the establishment of a new public freezone in Egypt’s new capital, according to a statement. Technical and economic studies will be conducted before signing the final agreements.
What we know: The freezone is set to serve companies operating in the manufacturing, trade, and logistics sectors, with a focus on electronics, vehicles, and clothing.
#2- AD Ports to help Somalia upgrade its fish port infrastructure: AD Ports Group inked an MoU with the Somali Fisheries and Blue Economy Ministry to mull potential collaboration on upgrading Somalia’s fish ports and processing plants, and establishing a maritime monitoring center and a technical vocational training school, according to a press release.
DEBT-
Fitch upgrades Fertiglobe’s ratings by one notch following Adnoc’s acquisition: Fitch Ratings upgraded Fertiglobe’s long-term issuer default rating and senior unsecured rating to BBB from BBB- with a stable outlook, it said in a statement. The upgrade comes in the wake of Adnoc’s USD 3.62 bn acquisition of a 50%+1 stake in the Dutch ammonia producer, which Fitch said will be strategic for Adnoc’s diversification and decarbonization plans due to the growing market for ammonia as a fuel and hydrogen carrier.
ALSO- Fitch removed Fertiglobe from Rating Watch Positive, under which it was placed in February due to the then-pending Adnoc’s acquisition. “We view [Adnoc] as stronger than Fertiglobe based on our assessment of strong linkage between [Adnoc] and its sole shareholder, Abu Dhabi (AA/Stable),” Fitch said.
REAL ESTATE-
#1- AGI Palace Group taps a US designer for its debut project: AGI Palace Group, a real estate JV between Abu Ghazaleh Investments (AGI) and Palace Group, tapped US-based architecture firm Kohn Pedersen Fox to be the lead designer for its USD 1 bn debut project The Cliffs, according to a press release. Located on the southern side of the Dubai Water Canal, The Cliffs will feature luxury residences.
#2- Binghatti Developers launched AED 5 bn Binghatti Skyrise in Dubai’s Business Bay area, according to local media reports (here and here). The project is part of Binghatti’s strategy to double its portfolio to over USD 27.2 bn (AED 100 bn) over the next 18 months.
#3- Expo City appoints Ginco for Expo Valley project: Expo City Dubai tapped Ginco General Contracting to be the main contractor for the Expo Valley residential project, according to the Dubai Media office. The development will include 484 residential units. Residents are expected to move in 2026.
RETAIL-
Dubai-grown gym wear brand Squatwolf opened its first brick-and-mortar store in Dubai Mall, according to a press release (pdf). The company plans to launch more stores by the end of 2025 as it eyes expansion across the UAE and GCC region.
About Squatwolf: Squatwolf has expanded its sales to over 120 countries since its launch in 2016. The brand has raised USD 30 mn from ASCA Capital to support its growth and product offerings along with a USD 2.3 mn investment from Disrupt.
INFRASTRUCTURE-
UAE, Egypt explore water cooperation: Emirati Ambassador to Cairo Maryam Khalifa met with Egypt’s Water Minister Hani Sewilam to discuss bilateral cooperation and explore potential investments in water management, according to a statement from the Egyptian Water Ministry. The two sides also discussed knowledge-sharing in modern irrigation techniques and solar-powered desalination for intensive food production, as both countries face similar water scarcity challenges.
AVIATION-
Dubai South getting another MRO facility: Dubai’s aerospace platform Mohammed Bin Rashid Aerospace Hub (MBRAH) inked an agreement with France-based aerospace and transport firm Liebherr-Aerospace to establish a new maintenance, repair, and overhaul (MRO) facility in Dubai South, according to statement.The MRO facility will be built at MBRAH’s Aerospace supply chain hub over 2.4k sqm and is slated to be completed by the end of next year. The investment ticket has not been disclosed.
TECH-
Indian Web3 developer String Metaverse secured three licenses in the UAE, namely an AI License, a Blockchain Node Operator License, and a DEpin License from Ras Al Khaimah Digital Assets Oasis, Siliconindia reports.
About String: String Metaverse develops integrated Web3 solutions that combine AI, blockchain, and gaming technologies, with a focus on practical applications for digital commerce and regulatory compliance. The company also introduced an Agentic Economy framework that enables AI agents to autonomously conduct cryptocurrency transactions and execute smart contracts.
CAPITAL MARKETS-
NMDC Energy joined ADX’s new Shariah-compliant index, FADXI15, alongside 14 other listed companies, Wam reports. Launched in partnership with FTSE Russell, the index will enable new ADX entrant NMDC Energy to access “a wider investor base,” CEO Ahmed Salem Al Dhaheri said.
Remember- ADX and FTSE Russell launched the FTSE ADX 15 Islamic Index on Tuesday. The latest addition to the FTSE ADX Index Series provides Islamic finance investors with access to the top 15 ADX-listed, Shariah-compliant companies, screened by IdealRatings. NMDC Energy debuted on ADX in September, raising AED 3.22 bn and receiving over AED 88 bn in orders from investors.
TRADE-
#1- Dubai-based NGO World Governments Summit partnered with the International Chamber of Commerce (ICC) to support global business, economy, and trade, Wam reports. The partnership will see the ICC leverage its network of over 45 mn companies across 170 countries to drive international cooperation. No further details were provided about the agreement.
#2- Dubai Chambers also partnered with ICC to promote trade digitalization and improve financing access for SMEs, according to a statement. This partnership includes the development of a benchmarking tool to assist ICC’s global member chambers, along with joint efforts in dispute resolution, sustainability, and the digital economy.
BUSINESS-
Adani Group’s airport management arm Adani Airport has set up another UAE-based subsidiary, this time based in Dubai and dubbed Celeritas International, with an investment of AED 100k, according to a bourse filing (pdf). The new firm has been registered at Jebel Ali freezone, with Adani Airport holding a majority 74% stake.
REMEMBER- Last August, Adani Airport established Global Airports Operator, a wholly-owned subsidiary in Abu Dhabi to oversee investments and operations outside of India.
AI-
MBZUAI releases Hindi LLM: The Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) launched Nanda, an open-source Hindi large language model (LLM), developed in collaboration with state-owned AI firm G42, Wam reports. This release follows G42’s initial unveiling of the LLM last September.
BANKING-
FAB, Gilded launch gold investment product: FAB Private Banking has partnered with fintech firm Gilded to allow UAE clients to directly invest in institutional-grade physical gold via Gilded’s digital platform, according to a press release. The new service will enable investors to directly own the Swiss-sourced gold bars, unlike ETFs where the investments are pooled. The offered gold bars are Shariah-compliant and each transaction is recorded on a distributed ledger to ensure permanent ownership, with the gold stored in vaults in the UAE.
MANUFACTURING-
UK-based optical fiber and microducts manufacturer Emtelle opened a USD 50 mn innovation and manufacturing facility in Khalifa Economic Zones Abu Dhabi, according to a press release. The facility will produce passive telecommunications network solutions, including microduct tube bundles and pre-connectorized fiber solutions.
HEALTHCARE-
The Dubai Health Authority launched Hasana, a digital platform for tracking and management of vaccine stocks and doses across the emirate, Wam reports. Hasana also maintains and updates individual health records for patients.
