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INS.-
UK-based ins. firm Aventum Group managing general agent (MGA) unit Rokstone opened an office in the Dubai International Financial Center (DIFC), after obtaining a regulatory license from the Dubai Financial Services Authority, according to a press release. The new office, starting with a team of seven, plans to expand in coming months and will offer specialty risk solutions in direct and facultative property, construction, aviation, marine cargo, and surety. Rokstone’s move aims to capture MENA business outside London, addressing regional demand for specialty ins. products.
INVESTMENT-
Campbell Lutyens sets up shop in DIFC: Global private capital advisor Campbell Lutyens opened a new office in the Dubai International Financial Center (DIFC), marking its expansion into the Middle East and North Africa, according to a statement. The Dubai office will focus on private equity, infrastructure, and private credit, while also supporting the firm’s primaries, secondary advisory, and GP capital advisory services.
Meet the team: The Dubai office will be led by managing director Phiras Soubra (LinkedIn), with Tala Itani (LinkedIn) joining as vice president.
REAL ESTATE-
Al Zarooni Group’s real estate arm Al Zarooni Developments plans to launch three projects worth AED 3 bn in 2025, it said in a press release. The company is eyeing Dubai Silicon Oasis, Dubai Land, Ras Al Khor, and Sheikh Zayed Road for its upcoming projects next year. The company has just launched All Seasons Residence in Dubai Sports City, with handover slated for December 2027.
STARTUPS-
Popcorn AI, an AI chatbot solution for customer support, raised USD 500k in a pre-seed funding round that saw participation from Spring Studios ’ fund — backed by Salica Investments and Al Waha Fund of Funds — along with angel investors from Saudi Arabia, the startup said in a press release (pdf). The funding will be used to advance the platform’s AI capabilities and expand the team. The company has a Dubai office and a US office in the state of Delaware.
CRYPTO-
#1- Copper Securities to set up shop in Abu Dhabi: London-based financial services provider Copper Securities got the green light from the Financial Services Regulatory Authority to launch its operations in ADGM, according to a company statement. Copper Securities allows institutional investors to trade and store crypto assets.
#2- The Dubai Financial Services Authority added blockchain platform ZetaChain’s Zeta to its list of recognized crypto tokens last week, according to a notice from the authority.
TELECOMS-
#1- Dutch telecom operator Veon received a commercial license for its branch office in the Dubai International Finance Center (DIFC), according to a press release. Veon’s board approved a decision last month to relocate its main headquarters from Amsterdam to Dubai, which would make it the largest Nasdaq-listed company headquartered in Dubai.
About Veon: The company provides connectivity and internet services across six countries, namely, Bangladesh, Kazakhstan, Kyrgyzstan, Pakistan, Ukraine, and Uzbekistan.
#2- du launched Enterprise Plus, a broadband network management solution for businesses based on the Cisco Catalyst SD-WAN, according to a press release. The package provides high-speed internet connectivity, a smart networking architecture that allows connection to hybrid cloud environments, a unified security management system that allows the deployment of security measures from a single dashboard, and an advanced firewall.
MANUFACTURING-
#1- Pipetec Solutions Manufacturing signed a 50-year lease for a new AED 100 mn, 18k sqm steel pipe-bending plant in Abu Dhabi’s Kezad A, state news agency Wam reported. The plant, which is slated to commence operations soon, will use advanced induction-bending technology to produce precision-engineered pipe bending solutions for various industries, including oil and gas, construction, petrochemicals, power, automotive, aerospace, and shipbuilding.
#2- India’s Xpro Dielectric Film broke ground on its dielectric films manufacturing facility at Al Ghail FreeZone in Ras Al Khaimah Economic Zone, with an initial investment of over AED 100 mn, according to a press release. Operations are expected to begin in 2025 with an annual production capacity of 4.5k tonnes of dielectric films targeting markets in the USA, Europe, and the Far East.
OIL AND GAS-
Pakistani Oil and Gas Development Company (OGDC) wrapped up the drilling of two appraisal wells in Abu Dhabi offshore block 5, Pakistani news agency the Express Tribune reports, citing a company briefing. Meanwhile, drilling on a separate exploration well is underway. OGDC is part of a Pakistani consortium that formed Pakistan International Oil, which obtained a concession to explore, appraise, and develop oil and gas resources in Abu Dhabi in 2021, according to its website.
TRADE-
Rakez partners with Foshan to boost trade ties: Ras Al Khaimah Economic Zone (Rakez) signed an agreement with China’s Foshan city trade office to boost trade and investment ties, according to a post on X.
