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DEBT-
Our friends at Mashreq were among several banks that acted as sustainability coordinators for a USD 870 mn syndicated loan obtained by VakıfBank, according to a press release. Also offering their services as sustainability coordinators: Emirates NBD Capital, First Abu Dhabi Bank, and Dutch ING Bank. Meanwhile, Abu Dhabi Commercial Bank and Emirates NBD Capital were joint coordinators, mandated lead arrangers, and bookrunners for the transaction.
A dual-currency loan: The one-year on-lending credit facility will see Turkey’s second-largest bank by assets access a USD 518.5 mn tranche and a second EUR 331.4 mn tranche. The loan will be allocated to funding sustainable assets and projects.
REAL ESTATE-
Abu Dhabi-based developer Modon and Four Seasons inaugurated a five-star hotel on the Atlantic coast of Morocco’s capital, according to a statement from Modon. Four Seasons Hotel Rabat at Kasr Al Bahr features 11 buildings, with a total of 200 keys.
FOOD AND BEVERAGE-
Emirates Entrepreneurship Association (EEA) partnered with two UAE startups to support businesses’ expansion in the F&B and e-commerce sectors. One MoU was signed with Growdash, a Dubai-based provider of restaurant analytics and business intelligence, a statement showed, while the other was signed with Foodics, a Saudi cloud-based restaurant management technology platform, allowing EEA members to benefit from commission-free access to the Foodics platform, according to a separate statement.
INVESTMENT-
UAE state-run Sharjah Asset Management Holding signed an MoU with Dubai-based Melt and the Rwanda Development Board to build an auto service center offering car maintenance, repair, remanufacturing, and parts distribution, according to a post on X from the Rwandan Development Board. The agreement will also see the three parties mull potential cooperation in the hospitality and real estate sectors.
FINANCE-
The Finance Ministry and the Eurasian Development Bank (EDB) discussed potential cooperation on projects and investments in infrastructure, alternative energy, and food and water security during their meeting in Abu Dhabi, Wam reports.
About EDB: The EDB comprises six member states — Armenia, Kazakhstan, Russia, Kyrgyzstan, Belarus, and Tajikistan — that manage an investment portfolio valued at USD 15 bn. The bank prioritizes sustainable development projects, particularly in infrastructure and clean energy.
EDUCATION-
Samsung Gulf Electronics launched an in-school iteration of its Galaxy AI Pioneers program to introduce advanced AI education in UAE schools, according to a press release. This initiative, which started as a basic youth training program, aims to train over 4k students from 15 schools across Dubai and Abu Dhabi, targeting students aged 11–14.
The program syllabus covers topics such as AI, coding, content creation, and online safety, among other key topics in the AI field. The program will also include an online safety course for 900 parents to promote digital literacy and safety.
LEGISLATION-
Committee in the works to oversee the removal of abandoned buildings in Sharjah: Sharjah’s Executive Council issued a decree to form a committee for overseeing the removal of abandoned and dilapidated buildings impacted by city planning, Wam reports. The committee will act under the Sharjah Municipality, headed by the municipality’s director of technical services.
CRYPTO-
Digital asset platform Fasset launched gold investment application Oro, the first app developed using the former’s Ethereum Layer 2 network Own, according to a press release. Oro uses tokenization to offer fractional ownership of gold with low fees, no storage costs, and blockchain-enabled security. The company plans to tokenize other assets in the future, such as stocks, bonds, real estate, and collectibles.
