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CRYPTO-
AE Coin has become the UAE’s first AED-pegged stablecoin to receive final approval from the Central Bank of the UAE for launch, according to a press release. AE Coin received in-principle approval back in October. The move comes a few days after the Financial Services Regulatory Authority issued a regulatory framework for the issuance of stablecoins in ADGM.
About AE Coin: The blockchain-securitized AE Coin issued by AED Stablecoin is pegged to fiat currency and backed by reserves and regular audits, aiming to reduce the volatility of traditional cryptocurrencies. AED Stablecoin says it’s looking to integrate its AE Coin into e-commerce payment platforms and mobile wallets, among other applications.
M&A-
Dubai-based real estate developer Arada is expanding its fitness portfolio with the acquisition of three gym brands: FitnGlam, The Platform Studios, and Fitcode. These brands will be integrated into Arada’s fitness and wellness division, raising its total value to AED 1 bn, which also includes the Wellfit brand. Arada, currently operating 15 gyms across Dubai, Abu Dhabi, and Sharjah with 30k memberships, plans to add 11 more locations and grow memberships to 73k.
Looking ahead: By 2027, the developer aims to operate 40 gyms with 100k memberships.
ALSO- The company tapped industry expert George Flooks (LinkedIn) to lead the fitness and wellness division as CEO.
REAL ESTATE-
Dubai-based developer Aqua Properties launched a AED 477 mn residential project, The Community Sports Arena, in Dubai Sports City, according to a press release. The 22-story development will feature 396 apartments, ranging from studios to three-bedroom units, and is set for completion in 4Q 2027.
AVIATION-
Edge Group subsidiary Epi extended its contract with Airbus Atlantic for manufacturing class 1 flight-critical airframes for the A320 and A330 models until 2031, Wam reports. The partnership will utilize EPI’s Computer Numerical Control machining technology and special painting procedures at EPI’s automated facilities.
BUSINESS-
MVS Real Estate Development launched its operations in Dubai, according to a press release. The global developer has a portfolio of over 40 commercial properties and more than 22k apartments in Russia and the UK. MVS said it will be announcing the details of its first residential tower in Dubai soon.
BLOCKCHAIN-
ADGM partnered with US software developer Polygon Labs to collaborate on developing international blockchain disclosure standards in a bid to boost trust and transparency in the Web3 and blockchain ecosystem, according to a statement (pdf).
PAYMENTS-
Network International has launched Apple’s Tap to Pay on iPhone for UAE merchants, allowing them to accept contactless payments directly through their iPhones via the N-Genius One iOS app, according to a press release. The service supports payments from credit and debit cards, Apple Pay, and other digital wallets, without the need for additional hardware.
CONSTRUCTION-
AARK Developers tapped Atlas Foundations Co. as the enabling contractor for its AED 4 bn Sora Beach Residences project on Al Marjan Island in Ras Al Khaimah, according to a press release.
STARTUP-
Hub71 has teamed up with Abu Dhabi Islamic Bank (ADIB) to support startup growth by providing mentorship and commercial opportunities, according to a press release. ADIB will assist startups through initiatives like paid pilot projects, focusing on sectors such as fintech and data security. The collaboration also offers sector-specific advice, particularly in risk management and compliance, helping startups scale and address regulatory challenges.
SUSTAINABILITY-
#1- Taqa Water Solutions awarded an AED 95 mn contract to Abu Dhabi-based Electro Mechanical Company to implement an advanced supervisory control and data acquisition (Scada) system across its wastewater treatment infrastructure in Abu Dhabi, according to the Abu Dhabi Media Office. This project aims to increase wastewater treatment capacity by 20% and reduce carbon emissions by up to 13%, equivalent to 6.5k tons annually. The system is expected to deliver AED 10 mn in annual savings by reducing energy consumption and maintenance costs.
#2- Parkin partnered with Awqaf Dubai to launch joint investment projects, Wam reports. This partnership will include Awqaf Dubai financing the development of multi-storey parking facilities, while Parkin will handle the project’s implementation, operation, and management, offering smart and general parking services.
TELECOMS-
du partnered with Nokia to integrate 5G private networks and generative AI with Nokia’s Airscale Portfolio, according to a press release. The partnership aims to enhance automation and remote machinery control, ensuring operational continuity and developing technological integration in industrial settings. This agreement can potentially drive transformation in sectors like manufacturing, chemicals, pharmaceuticals, and utilities, du’s Chief Commercial Officer Karim Benkirane said.
The two companies also collaborated on the deployment of the first 5G Standalone Cloud Radio Access Network solution in the Middle East and Africa earlier this week, according to a press release.
DEBT-
Moody’s issued AD Ports an A1 credit rating with a stable outlook, marking the first time the group has been rated by the agency, Wam reports. The agency highlighted the group’s robust infrastructure, business resilience, and sensible financial policies.
PHARMA-
Ras Al Khaimah-based Pharma firm Julphar will develop a SAR 300 mn medicine manufacturing plant in Saudi Arabia, according to an ADX disclosure (pdf). This facility will develop complex biological medicines, sterilizing medicines, and general formulas. The project will commence its construction phase in 1Q 2025.
