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M&A-
#1- ADNH Catering expands operations in KSA: Abu Dhabi National Hotels’ catering arm, ADNH Catering, entered into a sales and purchase agreement to increase their stake in their Saudi joint venture with Compass Group, Compass Arabia, according to an ADX disclosure (pdf). The transaction, which will see ADNH Catering hold a controlling stake in the company alongside Al Rushaid Group, will be completed in 1Q 2025.
The Saudi JV will be rebranded following the completion of the acquisition, with ADNH Catering managing and controlling its operations as part of the agreement.
#2- Direct Debit acquires UK’s Elsware: Central bank-regulated marketplace Direct Debit acquired Elsware, a UK-based direct debit platform, for an undisclosed sum, according to a press release (pdf). The acquisition marks the first phase of the company’s broader international expansion strategy.
What’s next for Direct Debit? The company is eyeing Saudi Arabia and Pakistan as the next destinations for expansion, founder and CEO Umair Butt said.
About Direct Debit: The platform facilitates recurring payments — like school fees, rent, etc — for users by streamlining payments.
FINANCE-
The Central Bank of the UAE greenlit the establishment of Nebras Open Finance, a subsidiary tasked with managing open finance activities and developing a digital Know Your Customer platform, during its latest BoD meeting, Wam reports.
The state bank also approved its 2025 budget, which projects a 22% y-o-y increase in its assets, bringing total assets to an all-time high of AED 877 bn. The bank saw a 9% y-o-y increase in assets to AED 4.5 bn in 2024.
WATCH THIS SPACE- A number of regulations, legislations, and policies are on the cards to support the financial and ins. sectors, including…
- Five new fintech legislations;
- A general disclosure regulation for ins. companies;
- A regulation for health ins. claims management for third party providers;
- A regulation for foreign ins. and reins. companies representative offices.
INVESTMENT-
#1- EFOA, MEVCA to link VCs and family offices: The Emirates Family Office Association (EFOA) and the Middle East Venture Capital Association (Mevca) inked an agreement to foster ties between family offices and the venture capital industry in the Middle East, according to a statement (pdf). The partnership focuses on knowledge-sharing and networking through events and workshops covering wealth preservation, asset class allocation, and early- and growth-stage investments, as well as providing secure platforms for discussing prospects and challenges in private markets.
ALSO FROM EFOA- The association also partnered with Chinese financial data provider Wind Information to ramp up cross-regional ties between family offices and businesses in the Middle East and China, according to a press release. The collaboration will focus on knowledge sharing, producing family office-focused reports, and hosting events and initiatives, including private sessions to explore co-investment in the Mena region.
#2- The Endowments and Minors Funds Management Authority (Awqaf Abu Dhabi) launched Awqaf Capital, an initiative aiming to deploy capital across diverse asset classes, with a focus on future-oriented sectors, according to a press release. The fund will target investments that generate robust returns while creating social benefits, including educational scholarships, healthcare services, and social welfare initiatives.
SUSTAINABILITY
Witthal to build battery recycling plant in Kezad: Witthal Gulf Industries signed an MoU with Kezad Group to establish the UAE’s first lithium battery recycling plant in Kezad, according to a press release. The facility, set to be operational by 2Q 2027, will recycle 5k tons of battery waste annually, cutting 20k tons of emissions each year.
Not the first lithium battery plant in Kezad: Kezad inked an agreement with Dubai-based manufacturer Titan Lithium to establish a lithium processing facility with a total investment of AED 5 bn earlier this year. The facility will produce battery-grade lithium carbonate and lithium hydroxide for use in EV production plants worldwide.
GAMING-
EsportsXO to set up shop in Abu Dhabi: India’s e-sports startup EsportsXO partnered with Abu Dhabi Gaming to open a regional headquarters in Abu Dhabi as part of its expansion into the Mena region, according to a press release.
REAL ESTATE-
Saudi’s Bonyan REIT, has offloaded Citywalk 2B — a 69-unit residential property in Dubai, in a sale worth more than SAR 279.9 mn (USD 74.5 mn), Zawya reports. The property was initially acquired for SAR 262.5 mn, and has generated SAR 54.9 mn in rental income for the REIT. The proceeds will primarily be used to repay a Sharia-compliant loan.
CONSTRUCTION-
Modon and Emsteel Group formed a strategic partnership to make Modon the UAE’s first real estate developer to use sustainable steel, according to a post from Emsteel. The steel is produced through a green hydrogen project between Emsteel and Masdar, marking the first such initiative in the Mena region.
BANKING-
Abu Dhabi Islamic Bank’s Adib Ventures partnered with Lean Technologies, a Saudi-based fintech infrastructure provider to offer tailored products and services to fintech companies and corporate clients, expanding Adib’s digital banking offerings, according to a press release. The partnership will see Adib ventures employing Lean Technologies’ platform, which offers tools for programmatic automated payouts, reconciliation, account verification, and stronger financial operations solutions.
MANUFACTURING-
Fujairah Ruler Sheikh Hamad bin Mohammed Al Sharqi launched the Middle East’s first integrated basalt fibre and rebar production facility, Wam reports. The world’s highest-output facility of its kind will span 42k sqm, with an annual production capacity of 5k tons of basalt fibres and 7k tons of basalt rebars. The product will be used to address local demand for basalt fibres, which is essential for industries like construction, transportation, aviation, energy, and advanced technologies.
CRYPTO-
Crypto-based e-commerce platform AiMalls obtained a license to operate in Dubai, according to a press release. The firm will launch a new online shopping application in 1Q 2025 and it is in discussions with a centralized exchange for a potential token listing.
