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REAL ESTATE-
#1- Dubai-based Union Properties broke ground on AED 2 bn Takaya, a mixed-use development in Dubai Motor City, according to a press release (pdf). The development will house 788 residential units, including studios, one- to three-bedroom apartments, penthouses, townhouses, and a 500 m retail boulevard.
Remember- The project is slated for handover in 4Q 2027, with the company expecting to generate AED 200 mn in net income from the project starting in 2025. The company has two more AED 2 bn projects in the pipeline, with the second project consisting of four towers linked by a podium with 3% of retail space, and the third project still in the design and planning phase.
Debt settlement cleared the path for Motor City expansion: Earlier this year, Union Properties settled AED 850 mn in debt with Emirates NBD and Dubailand that it had accumulated during the 2009 property market correction, securing a no-objection certificate from Dubailand to repurpose Motor City for new projects.
#2- Dubai’s real estate market is getting a Nordic twist as homegrown developer Nordic by fäm gears up to launch ten Nordic-themed villas and mansions by 2Q 2025, part of a AED 1 bn project that seeks to lure foreign investors, according to a press release.
Fäm Lux, the company’s luxury division, is eyeing AED 10 bn in sales next year. This comes after Nordic by fäm fold its first two villas earlier this year for AED 61.5 mn and AED 70 mn.
LOGISTICS-
#1- Al Seer Marine expands fleet with two medium-range tankers: Abu Dhabi-based Al Seer Marine added two medium-range tankers, MT Saiph and a sister vessel, to its fleet as part of a six tankers order from K Shipbuilding Korea, according to a press release (pdf). The oil and chemical tankers are capable of carrying six different grades of cargo and can run on alternative fuels like liquified natural gas, ammonia, and methanol. Both vessels secured five-year charters with Reliance Industries DMCC worth USD 42 mn per ship.
The delivery was financed by a USD 80 mn credit facility from China-based Bank of Communications Financial Leasing Co. (Bocom Leasing). Another facility of the same size was secured with the bank in August for the first tranche of the order, which included medium-range tankers Betelgeuse and Bellatrix. Al Seer expects to receive the remaining two tankers of the order in January 2025.
#2- Drydocks World opens multi-mn USD expansion in Dubai: DP World marine and ship repair services subsidiary Drydocks World inaugurated a multi-mn USD expansion facility which will boost the company’s fabrication capacity by 40% and yard capacity by 25%, according to a statement from the Dubai Media Office.
The 75k sqm South Yard was built to handle complex projects, like converting floating production storage and offloading vessels, building topsides for offshore platforms, and setting up high-voltage alternate current (HVAC) and high-voltage direct current (HVDC) converter platforms for offshore wind energy projects. The facility runs entirely on clean energy from the Sheikh Mohammed bin Rashid Al Maktoum Solar Park.
Further expansion incoming? Drydocks plans to add a 5k-tone floating sheerleg crane, set to be operational by 2026, which will boost the yard’s capabilities.
CUSTOMS-
Customs clearance is about to get faster: Dubai Customs implemented a new customs inspection system that aims to cut clearance procedures time by 50%, according to the Dubai Media Office. The new system was launched in partnership with Aramex, and it allows businesses to opt for either full-site or on-demand inspections.
The details: The full-site inspection option allows companies to process high-volume orders by permanently placing customs officers at the company’s premises, while the on-demand inspection allows the deployment of customs officers only when needed.
MANUFACTURING-
Sealmatic India partnered with High Technology to form SealTech Seals Repair and Maintenance, a 50:50 joint venture aimed at delivering mechanical seal services, according to a press release (pdf). The service center, set to be located in Abu Dhabi’s Musaffah Industrial Area, will feature advanced machinery to support clients like ADNOC, OEMs, KSB, and Sulzer, among others. Two seasoned experts from Sealmatic will relocate to Abu Dhabi to spearhead operations.
TRANSPORT-
Pact Carbon partnered with the Energy and Infrastructure Ministry to roll out a pilot project to expand the use of e-bikes, according to a Ministry statement. The agreement also involves a feasibility study to explore scaling up the initiative in line with UAE’s push for green and sustainable mobility solutions. No further details were provided on the initiatve.
The UAE is on a mission to make e-bikes mainstream, with Enoc Group tapping Drive Terra earlier this month to roll out a network of battery-swapping stations for e-bikes across the UAE. The initiative introduces a Batteries-as-a-Service model to reduce battery costs, charging times, and range limitations.
INS.-
AM Best maintained Dubai National Ins. & Reins.’s financial strength rating at A- (Excellent) and its long-term issuer credit rating at a- (Excellent), with a stable outlook for both ratings, according to a press release (pdf). The company’s strong balance sheet, characterized by a strong risk-adjusted capitalization and solid earnings retention over recent years, underpinned AM Best’s rating.
ENERGY-
Adnoc Drilling received two new jack-up rigs, set to be operational by 1Q 2025, Wam reports. The addition increases the company’s fleet size to 142 rigs, making it one of the largest rig fleet owners globally.
