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BANKING-
Rothschild & Co to offer wealth management services in Dubai: US financial advisory giant Rothschild & Co opened a wealth management office in Dubai International Financial Center in a bid to broaden its services for local clients and wealthy individuals in the region, it said in a statement. The office — already operational — will focus on serving ultra-high-net-worth families, entrepreneurs, charities, and foundations.
Meet the team: Head of Wealth Management for the Middle East at Rothschild & Co Sascha Benz (LinkedIn) took the helm at the Dubai office, supported by a local senior client adviser and a compliance officer. Three additional hires are expected to be onboarded over the next 18 months.
Dubai’s First Deputy Ruler Sheikh Maktoum meets Rothschild & Co’s Alexandre de Rothschild: First Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum met with Rothschild & Co executive chairman Alexandre de Rothschild to discuss the firm’s expansion into Dubai, with Al Maktoum congratulating the chairman on the expansion, Wam reports.
FOOD SECURITY-
UAE pledges USD 100 mn out of new aid agency to combat hunger and poverty: The UAE plans to allocate USD 100 mn to the Global Alliance against Hunger and Poverty through its newly set up UAE Aid Agency, according to a statement. The multilateral initiative was drafted by Brazil and adopted by the G20 countries, among other international institutions.
INS.-
West P&I Club launches Dubai office: Global ins. provider West P&I Club launched its first office in the Middle East in the Dubai International Financial Center, according to a press release. The new office will focus on claims handling and member support for the UAE, Gulf region, and Indian subcontinent, collaborating with West’s existing claims teams in London and Piraeus. This marks West’s seventh office worldwide, along with Hong Kong, London, Luxembourg, New York, Piraeus, and Singapore.
HEALTHCARE-
Abu Dhabi licenses the world’s first healthy longevity medicine clinic: The Institute for Healthier Living Abu Dhabi (IHLAD) obtained a license from Abu Dhabi’s Department of Health to become the first specialized healthy longevity medicine center in the world, according to the Abu Dhabi Media Office. The center aims to boost the health span of its patients by slowing down the aging process and the development of chronic diseases, using preventative and therapeutic practices.
REAL ESTATE-
#1- Emaar Properties set up a JV with Dubai World Trade Center to develop Expo Living, a new residential community in Expo City Dubai, according to a press release. The project’s first phase, Terra Heights, is lined up for launch. No financial details or construction timelines for the project were disclosed.
#2- Deyaar’s debut Abu Dhabi project sold out: Dubai-based developer Deyaar Development’s first residential project in Abu Dhabi, Rivage, was completely sold out on the back of “overwhelming demand from both investors and homebuyers,” the developer said in a press release (pdf). Launched earlier this month, the project is located on Al Reem Island and features one- to three-bedroom residences, duplexes, and villas, with construction scheduled to wrap up in 4Q 2027.
STARTUPS-
Dubai-based tech infrastructure firm Ahoy launched the Startup Builder Initiative to support 10k entrepreneurs and upskill 30k software developers by 2030, according to a press release. The initiative aims to provide startups with resources, mentorship, and technology to develop their solutions, with a focus on sectors like transport and mobility, aviation, and smart cities development. The participating entrepreneurs will have access to startup community platform 24SIX9.
SUSTAINBILITY-
Ambipar sets up shop in the UAE: Brazil-based environmental services provider Ambipar launched its first MENA regional office, Ambipar Mena, in Abu Dhabi, with operations slated to kick off in January 2025, according to a press release.
CAPITAL MARKETS-
Retail investors subscribing to DFM IPOs can now seek up to five times leverage for certain listings through a new partnership between Dubai Financial Market (DFM) and Al Maryah Community Bank, improving their chances for a potentially higher allocation, according to Dubai Media Office.
TECH-
e& UAE established an AI lab in collaboration with Open Innovation AI, which will focus on developing advanced AI technologies and fostering innovation in sectors such as government services, healthcare, finance, and academia, according to a press release.
ENERGY-
Mubadala, EGA, Khalifa University to establish the UAE’s first high-temperature materials lab: Mubadala Investment Company, Emirates Global Aluminium (EGA), Mubadala’s aerostructures manufacturing arm Strata Manufacturing, and Khalifa University of Science and Technology will develop the UAE’s first national laboratory and research program focused on high-temperature materials, Wam reports. The facility, set to open at Khalifa University’s Abu Dhabi campus, aims to localize high-temperature materials research to support both industrial applications and academic study.
