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FINANCE-
#1- Singapore-based hedge fund Dymon Asia Capital is the latest to open up its first Middle East office in Dubai, Reuters reports, citing a statement. The multi-strategy USD 3 tn hedge fund opened the office in November with two portfolio managers after receiving a category 3C license from the Dubai Financial Services Authority (DFSA), with plans to hire three more by January. The hedge fund’s deputy CEO Kenneth Kan cited Dubai’s favorable timezone and its attractiveness to investment professionals as the main drivers behind setting up the new office.
#2- US private equity firm Lone Star Funds expanded into the UAE with an Abu Dhabi office, Bloomberg reports. The company received in-principle approval to establish an office in the emirate’s financial center and plans to use the new office as a base to expand the presence of its portfolio companies in the Mena region, with investments taking place across equity, real estate, credit, and other assets.
DEBT-
Dubai toll operator Salik has received an A- issuer default rating from Fitch Ratings and an A3 rating from Moody’s, both with a stable outlook, according to a disclosure (pdf). The investment-grade ratings come on the back of Salik’s ties to Dubai’s economy and the emirate’s consistent traffic and population growth, its concession agreement ensuring long-term cashflow generation, and minimal need for capex spending, the disclosure said.
The company does not have immediate plans to issue debt, CEO Ibrahim Sultan Al Haddad said, adding that the public ratings offer the company “greater future flexibility in the financial markets.”
DEVELOPMENT FINANCE-
Emirates Development Bank (EDB) allocated AED 1.1 bn to the food security sector, accounting for 8% of its total cumulative financing of AED 14.7 bn since the launch of its strategy to support the sector in April 2021, Wam reports.
EDB also signed an MoU last week with Watermelon Ecosystem, a platform designed to integrate suppliers and stakeholders in the food and beverage industry.
BUSINESS-
#1- Abu Dhabi Investment Office and Abu Dhabi Chamber of Commerce and Industry partnered to increase investment and economic growth in the emirate, Wam reports. The partnership will create a framework to connect family offices to ADIO’s network, improve investor access to market insights, and connect local and global stakeholders. The entities will also create a strategy to amplify their impact through shared data, strategic outreach, joint initiatives, and economic diversification.
#2- We have more info on KFED’s new strategy for SMEs: The Khalifa Fund for Enterprise Development (KEFD) launched the MZN Hub, an AI-driven ecosystem to provide entrepreneurs with customized resources and programs, Wam reports. The hub looks to support SMEs and startups with diversified funding sources, including both financial and non-financial offerings.
The hub grants startups access to MZN Venture Studios in Al Ain, Abu Dhabi, and Al Dhafra, which provide support in technology transfer, R&D commercialization, matchmaking, and training, and feature manufacturing facilities, including maker spaces, testing fields, and raw material zones. Startups will also gain access to a sector-specific accelerator program, with MZN Venture Capital providing critical early-stage financing to address funding gaps.
Background: Earlier this week, KEFD said it had a new strategy in the works to support SMEs with growth measures and ecosystems.
BANKING-
Haifin, an e& enterprise company, signed an MoU with Vodacom Business, to support the digital transformation of South Africa’s banking ecosystem, according to a press release. The partnership aims to enhance the lending capacity of banks in South Africa with goals of increasing revenues and improving access to liquidity for SMEs and corporate borrowers.
DEFENSE-
Edge Group will provide Censipam with a new communications system: The UAE’s defense conglomerate Edge Group partnered with the Brazilian Defence Ministry’s Management and Operational Centre of the Amazon Protection System (Cenispam) to provide it with a securitized communications system, Wam reports. The system will be developed in collaboration with the Brazilian weapons and systems developer Siatt, which is 50% owned by Edge.
MANUFACTURING-
Adnoc partners with government entities to support local manufacturing: Adnoc inked a strategic collaboration agreement with the Industry and Advanced Technology Ministry, Abu Dhabi Department of Economic Development, Abu Dhabi Investment Office, and Abu Dhabi Chamber of Commerce and Industry to boost local manufacturing and industrial growth, Wam reports.
The agreement aims to explore opportunities to support local manufacturers and empower SMEs, with plans to integrate SMEs into Adnoc’s supply chain.
TRADE-
ADDED kicks off TIP for imports and exports: Abu Dhabi Department of Economic Development launched the Abu Dhabi Trade Information Portal (TIP) to streamline import, export, and re-export procedures, in collaboration with Abu Dhabi Customs and Maqta Gateway, Wam reports. TIP provides details on regulations, fees, taxes, and procedures across all trade stages, including permits, licenses, and certifications. The details on transactions are provided using harmonized system codes, considering product specifics and transit methods.
TIP’s main features: The new portal offers templates for essential trade documents like bills of lading and certificates of origin. It also evaluates timelines and costs, potentially reducing customs compliance time by 50% and cutting operational costs by USD 100-1k per transaction, according to the organisation for economic co-operation and development. It also integrates the Abu Dhabi Export Gateway to help local businesses identify international markets.
AVIATION-
Etihad Airways established a bilateral codeshare agreement with Kazakhstan’s flag carrier Air Astana to expand connectivity for both airlines’ customers, according to a press release. The partnership grants Etihad’s passengers access to 10 new destinations in Kazakhstan and neighboring countries through Air Astana’s network, including Almaty, Astana, Bishkek, and Tashkent. Meanwhile, Air Astana passengers gain access to Etihad’s routes to India, Bahrain, and Oman via Abu Dhabi.
ENERGY-
Adnoc Group’s AI joint venture AIQ partnered with Adnoc, Baker Hughes, and Corva to launch the AI rate of penetration (RoP) optimization initiative to improve drilling performance across Adnoc’s fields, according to a press release. The initiative uses AI-driven solutions to provide recommendations for optimizing drilling parameters, such as weight on bit and rotations per minute, reducing time-to-depth while improving performance.
