FINANCE-

#1- US-based asset manager Polen Capital received preliminary approval from the ADGM to establish an office at the financial hub, according to a press release. The firm, which managed USD 63 bn in assets as of 30 September, according to Reuters, follows the trend of global asset managers and hedge funds expanding to ADGM, drawn by the region’s strong demand and favorable incentives, such as streamlined license approvals.

#2- US-based private credit asset manager Golub Capital also received preliminary approval to set up an office at the ADGM, it said in a statement. The company, which according to Reuters had around USD 70 bn in assets under management as of 1 October, tapped Naser Almutairi to be the managing director for the Middle East operations.

CAPITAL MARKETS-

Trading platform eToro partnered with the Abu Dhabi Securities Exchange (ADX) to allow users to invest in ADX-listed companies on the platform starting next year, according to a press release. The new offering will include stocks from sectors such as energy, real estate, banking, finance, technology, and healthcare.

Remember- eToro added 10 DFM stocks to its platform back in August under a similar agreement with the Dubai Financial Market (DFM).

INVESTMENT-

#1- Shorooq eyes expanding financial services offerings under partnership with Hanwha Life: Homegrown investment manager Shorooq partnered with South Korean life ins. firm Hanwha Life to scale up its financial services offerings while backing Hanwha’s expansion in the Mena region, according to a press release. “This partnership with Hanwha Life fortifies our ability to scale, innovate, and support emerging businesses in critical sectors, including AI and fintech,” Shane Shin, founding partner at Shorooq, said.

#2- India’s largest early-stage accelerator VC 100Unicorns opened its first offshore office in the ADGM, according to a press release. The new office aims to draw Mena investors to “high-growth” prospects in the Indian market.

CRYPTO-

Dubai-based crypto trading platform BitOasis secured a full Virtual Asset Service Provider license to operate in the emirate, after meeting all regulatory requirements, according to a company statement. The firm will work to secure additional approvals from Dubai Virtual Assets Regulatory Authority and other regulators to further expand its product portfolio.

MANUFACTURING-

#1- Space42 + ICEYE form a JV to manufacture SAR satellites in the UAE: State-owned AI-powered space tech firm Space42 and Finnish microsatellite manufacturer ICEYE have formed a joint venture to manufacture synthetic aperture radar (SAR) satellites in the UAE, according to a company statement. The JV’s operations will be based at Space42’s new facilities in Abu Dhabi, addressing the growing demand for high-resolution SAR data for applications such as environmental monitoring and disaster response.

REFRESHER- Space42 was formed after the merger of Bayanat and Al Yah Satellite Communications (Yahsat) in October, with Bayanat holding 54%. Bayanat and Yahsat launched the UAE’s first low Earth orbit (LEO), synthetic aperture radar (SAR) satellite, developed in partnership with ICEYE back in August.

#2- Emirates Global Aluminium broke ground on 10 pilot reduction cells at Al Taweelah for its smelting technology EX, according to a company statement. The first production from the pilot cells is expected to be rolled out by mid-2025, with full-scale industrialization targeted for 2028.

DEVELOPMENT FINANCE-

The Abu Dhabi Fund for Development agreed to allocate AED 183.5 mn (USD 50 mn) to finance the first phase of Ivory Coast’s Social Housing Program in Abidjan, state news agency Wam reports. The project’s first phase will cover the construction of 25k housing units, and marks the fund’s first venture in the Ivory Coast.

AGRICULTURE-

UAE agri-tech food company Silal and global enterprise Bayer have inked an MoU outlining a collaboration program in advanced agricultural practices in desert environments, addressing climate change challenges, according to a statement. The MoU builds on a partnership which began in December 2023.

The program will run until 2028 and focusing on:

  • Developing advanced digital farming solutions tailored to regional agricultural needs;
  • Creating a demonstration site for the ForwardFarming initiative at Silal’s “Innovation Oasis” Research and Development Center;
  • Supporting sustainable farming in arid climates through Bayer’s BayG.A.P program and research to improve vegetable seeds for local conditions.

STARTUPS-

The Khalifa Fund for Enterprise Development has chosen startups to receive financial support, mentorship, and resources to further develop their projects after the conclusion of its first Entrepreneurship Competition, Wam reports. The categories included were robotics and AI, agritech and aquatech, and biolife and healthcare.

The startups are: VIAI Technologies, which came out on top for the robotics and AI category for their AI-powered smart glasses; HyveGeo, which secured the top position in the agritech and aquatech category for their biolife and healthcare technology; and Nutrigenics Care, which was top for biolife and healthcare for their AI-driven nutritional platform.

TRADE-

The China-UAE Economy and Trade Exchange Center opened in Expo City Dubai, offering a platform to boost cooperation in trade, science, technology, education, and culture, according to a press release. The center aims to capitalize on Expo City’s strategic location and innovative business environment to advance China’s Belt and Road Initiative (BRI).

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