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RENEWABLES-
Fast tracking Amea’s Benban solar plant: Amea Power will receive a golden license from the Egyptian cabinet for its 1 GW solar power plant with 600 MWh battery storage system in Benban in southern Egypt, according to an Egyptian cabinet statement. The project will see USD 850 mn in investments and will be carried out across two phases, with the first starting operations next August and seeing 300 MW of power and half the battery storage capacity come online. The second will kick off operations in April.
Remember: AMEA inked the purchase power agreement for the project with the Egyptian Electricity Transmission Company in September. The project is expected to be the continent’s largest.
Golden license? Golden licenses create a streamlined process to set up new industrial and infrastructure projects in Egypt that fit a certain list of requirements and criteria. The licenses — also known as “single approval licenses” — grant investors a single approval that covers everything from establishing the project, including land allocation and building licensing, through to the operation and management of the project.
INVESTMENT-
India-based angel fund FAAD Capital launched its investor network in Dubai, marking its first foray into international markets, according to a statement. The fund also plans to open a physical office in Dubai to strengthen its presence in the GCC region.
About FAAD Capital: The angel fund holds a corpus of USD 40 mn. It invests across diverse sectors and geographies, providing cheques ranging from USD 100k to USD 1 mn to startups in the pre-seed and series A stages.
AUTOMOTIVE-
Elite Group Holding signed a AED 100 mn Musataha agreement to develop a 1 mn sqm automotive hub in Dubai Industrial City, according to a statement. The facility is expected to begin operations in 2Q 2026, serving as the central hub for the group’s operations. The group includes companies like Elite Cars, a leading luxury car dealership in the UAE.
REMEMBER- Elite Cars was brought under a larger conglomerate named Elite Group Holding in September. The company, which began as a car dealership in the early 2000s, planned to operate over 20 facilities across the UAE by the end of 2024.
REAL ESTATE-
Dubai-based Ellington Properties awarded a AED 600 mn contract to Aroma International Building Contracting to build the Sanctuary, its first villa community located in Mohammed Bin Rashid City, according to a statement. The Sanctuary is scheduled for completion in 2Q 2026.
CAPITAL MARKETS-
#1- The Securities and Commodities Authority (SCA) revoked the license of Onepro International Brokerage, previously known as JRG International Brokerage, removing it from the register of brokerage firms, according to a SCA post on X. The SCA advised clients of Onepro who have not received their financial dues to submit applications to the SCA within three months from 19 December.
#2- ADGM’s Financial Services Regulatory Authority (FSRA) fined Aarna Capital USD 504k for deficiencies in its anti-money laundering (AML) systems and controls between 8 June 2017 and 13 January 2023, according to a statement. No instances of actual money laundering were identified, and ACL took steps to address the issues identified by the FSRA. ACL settled the matter early without disputing the findings, qualifying it for a 20% discount, decreasing the original USD 630k fine.
AGRICULTURE-
ADQ partnered with South Korean startup Aqua Development to pilot a half-hectare land-based shrimp farming facility in Kezad’s aquaculture zone, making use of Aqua Development’s patented modular system, according to a statement. The project, co-funded by ADQ’s growth lab, aims to assess the feasibility of sustainable shrimp farming in the UAE while reducing costs and increasing productivity up to tenfold compared to conventional methods.
TECH-
Nokia, e& achieve world-first gaming milestone: e& is the first operator globally to deploy Nokia’s network slicing solution to create a dedicated end-to-end slice, according to a statement. The solution is tailored to the speed and latency demands of modern gaming applications.
Network slicing? “It allows [communications service providers] to operate a variety of network services with different services requirements — such as bandwidth, latency, or availability — on the same network infrastructure,” according to Nokia’s website.
AVIATION-
Etihad Cargo will launch a new weekly freighter service to Paris Charles de Gaulle Airport starting 7 January 2025, adding over 100 tons of cargo capacity and expanding its freighter network to 12 destinations, according to a statement. The route, connecting via Abu Dhabi to major destinations in China, will cater to specialized cargo needs, including live animals, automotive shipments, and cultural goods.
FINANCE-
American ins. manager Eldridge and California-based global equity management company Carta were among the list of asset managers announcing plans to set up shop in ADGM during Abu Dhabi Finance Week, according to a press release. Eldrige manages USD 74 bn in AUM, while Carta holds an asset under administration portfolio of USD 150 bn.
Background: With the addition of these new companies, 19 major announcements of companies joining the Abu Dhabi freezone were made during this year’s edition of ADFW, collectively representing an AUM of almost USD 635 bn.
LOGISTICS-
Shipping company SeaLead launched a new direct shipping route connecting Dubai’s Jebel Ali with Karachi in Pakistan and Mombasa in Kenya, according to a press release. The service includes a port rotation of Karachi, Jebel Ali, Mombasa, and back to Karachi, with the inaugural vessel departing Karachi on 24 December.
