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M&A-
It’s a wrap for Enersol’s acquisition of EV Holdings: Enersol, a joint venture between Adnoc Drilling and Alpha Dhabi, finalized its USD 45 mn acquisition of drilling visualization and analytics firm EV Holdings, according to an ADX disclosure (pdf).
Background: The JV also snapped up a 51% stake in manufacturing solutions provider NTS Amega for USD 58 mn in July and raised its stake to 67.2% in US oil engineering firm Gordon Technologies in a USD 270 mn transaction earlier in June. It also acquired a 95% stake in US-based energy tech firm Deep Well Services (DWS) for approximately USD 223 mn.
REAL ESTATE-
Aldar acquires DIFC tower for AED 2.3 bn: Abu Dhabi-based real estate developer Aldar Properties acquired a 40-story commercial tower under construction in the Dubai International Financial Center (DIFC) for AED 2.3 bn from Dubai-based H&H Development, according to a statement (pdf). The tower, which features commercial and retail spaces, is set to be completed by 2028. This acquisition makes Aldar the only UAE developer with assets in both ADGM and DIFC.
The developer has been making a push in Dubai: The Abu Dhabi developer set aside AED 1 bn earlier this year to expand its logistics operations in Abu Dhabi and Dubai, and AED 5 bn for commercial, retail, and hospitality assets set to open between 2025 and 2027. In July, it also committed AED 1.8 bn to scale its commercial presence in key Dubai business districts. It is also introducing a mixed-use development to Dubai’s Expo City beside the Dubai Exhibition Center under a new joint venture with Expo City Dubai.
INVESTMENT-
Saudi SME Bank’s VC arm Saudi Venture Capital (SVC) committed an undisclosed sum to Aliph Fund I, a USD 250 mn target private equity vehicle managed by Aliph Capital, it said in a press release (pdf). The sector-agnostic fund targets medium-sized companies in the Kingdom and the broader GCC. It secured a USD 125 mn investment from the UAE’s sovereign wealth fund ADQ back in 2022, and a separate investment from Saudi wealth fund PIF-backed Jada Fund of Funds in 2023.
LOGISTICS-
NMDC Group taps into logistics, technical services market: NMDC Group launched a new business arm, NMDC LTS, focusing on marine logistics and technical operations, according to an ADX disclosure (pdf). The move comes as part of the company’s strategy to diversify its portfolio.
REMEMBER- The company is also planning to set up a construction unit, NMDC Construction, with plans to use proceeds from NMDC Energy’s AED 3.22 bn IPO for geographical expansion.
CONSTRUCTION-
Ramhan Development awarded NMDC Group a AED 170 mn contract for excavation and backfilling work at Ramhan Island, a luxury development by Eagle Hills located off the coast of Abu Dhabi, according to a disclosure to the ADX (pdf). The project is scheduled for completion by December 2025.
ENERGY-
#1- Adnoc Gas awarded Worley Engineering a front-end engineering and design contract for new gas processing facilities at Bab Gas Cap, according to a press release (pdf). The project is expected to add 20%, or 1.8 bn standard cubic feet per day, to Adnoc Gas’ current processing capacity. The facilities are expected to enhance production of natural gas liquids, condensate, sulfur, and sales gas, and will incorporate CO2 capture technology. A final investment decision is expected in 2026. The contract value was not disclosed.
#2- Empower commences operations on new district cooling plant: Emirates Central Cooling Systems Corporation (Empower) kicked off operations for the first phase of its new district cooling plant in Jumeirah Beach Hills, according to a press release (pdf). The plant is expected to reach a total production capacity of 48k refrigeration tons once all its phases are up and running.
The plant will serve some of Dubai’s most iconic hospitality projects in Jumeirah, including Burj Al Arab, Jumeirah Beach Hotel, Marsa Al Arab, Madinat Jumeirah Living, and Jumeirah Al Naseem Hotel, as well as future developments like Souk Madinat Jumeirah and Jumeirah Al Qasr Hotel.
BANKING-
Dubai Chambers partnered with HSBC Middle East to help local companies expand internationally and assist international firms looking to grow in Dubai, state news agency Wam reports. Under the MoU, Dubai Chambers will support HSBC’s global clients with investments in the emirate, while HSBC will provide banking services such as global trade finance and local account opening to businesses operating in Dubai.
TELECOMS-
#1-State-owned telco du partnered with Spanish telecom giant Telefónica to explore potential opportunities in sectors like B2B, B2C, innovation, procurement, and digital services, according to a press release.
ALSO- Du said it’s joining international telecom alliance Alaian, which will provide the Emirati company with access to a network of leading telecom firms, as well as disruptive startups.
FINTECH-
UAE-based digital payment platform Comera Pay partnered with MoneyGram International to allow Comera’s customers to send cross-border remittances, according to a press release. The transactions will take place through MoneyGram’s network, providing access to over 200 countries. Comera Pay recently obtained the UAE Central Bank’s approval to offer cross-border payment solutions.
INFRASTRUCTURE-
Enoc’s subsidiary Horizon Terminals wrapped up the Horizon JPUT Pipeline Connectivity Project in Singapore, according to a press release. The project, executed by Horizon Singapore Terminals and Jurong Port Universal Terminals, involved constructing a new pipe rack that connects the two terminals and aims to reduce operational risks and transfer times.
MANUFACTURING-
Siemens to help Kezad companies boost their sustainable manufacturing readiness: Siemens agreed to work with clients of the Khalifa Economic Zones Abu Dhabi (Kezad) to boost their digital and sustainable manufacturing readiness in line with the Industrial Technology Transformation Index launched by the Industry Ministry, Wam reports. The partnership will see Siemens organize workshops, virtual factory tours, and knowledge-sharing initiatives.
