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LOGISTICS-
Abu Dhabi Ports (ADP) inked a final contract to develop a terminal at Egypt’s Safaga Port last Wednesday, state news agency Wam reports. Under the USD 200 mn, 30-year concession agreement, the Emirati port developer is expected to kick off Safaga II terminal operations in 2Q 2025, handling some 5 mn tons of dry bulk, 1 mn tons of liquid bulk, 450k TEUs of containerized cargo and 50k car-equivalent units (CEUs) of roll-on, roll-off cargo after it signed the initial agreement to develop the Egyptian port back in March.
REAL ESTATE-
#1- Arada is expanding in Dubai with a new AED 600 mn plot purchased from Emirates NBD subsidiary Rital Properties, reports Gulf News. Arada has initiated design work on the 138k sq ft plot in Zabeel 2 (between Dubai International Financial Center and Downtown Dubai), with plans to build a 50-floor luxury residential tower featuring 400 premium apartments. Full details of the project are expected to be disclosed in 2025.
#2- ADX-listed Q Properties, a subsidiary of IHC, awarded NSCC International an AED 61.96 mn design and construction contract for Reem Hills, according to a press release. NSCC will oversee the establishment of approximately 5k piles foundation for six apartment buildings, including 1-, 2-, and 3-bedroom apartments along with 3-bedroom townhouses.
First Takaful to sell real estate arm: Kuwait-based First Takaful Ins. Company, a subsidiary of International Financial Advisors (IFA), is set to sell one of its UAE-based real estate investments, which will see an undisclosed buyer snap up 17% of First Takaful’s total assets, IFA said in a DFM disclosure (pdf). Currently valued at KWD 2 mn (c. USD 6.6 mn), First Takaful will sell the asset for KWD 2.3 mn (c. USD 7.6 mn), to be paid in four installments over four years.
M&A-
Afkar has a new major shareholder: ADX-listed Emirates Stallions Group (ESG), an International Holding Company (IHC) subsidiary, has acquired 60% of Abu Dhabi-based investment management firm Afkar Financial and Property Investments, according to a statement (pdf) from ESG. The company did not disclose the value of the acquisition. ESG’s parent company IHC had previously acquired 60% of the investment conglomerate Afkar back in January 2021 (pdf) through its wholly-owned subsidiary, IHC Industrial Holding. IHC acquired the 60% majority stake for an undisclosed amount.
ENERGY-
Masdar and Uzbekistan have inked an implementation agreement for a 2 GW wind farm,, according to a press release. The agreement will see the Abu Dhabi-based clean energy company increase battery energy storage capacity to 1,150 MWh from 500 MWh across five projects in Uzbekistan, including the Zarafshan wind farm and three solar projects in Jizzakh, Samarkand, and Sherabad.
TRADE-
Halliburton is building a high-tech facility to manufacture drilling tools for the oil industry in Sharjah’s Hamriyah Freezone, after the oil major signed an agreement with the Hamriyah Freezone Authority (HFZA), Wam reports. No further details on the timeline or financials of the facility were provided.
TOURISM-
Abu Dhabi National Hotels (ADNH) has rebranded five luxury hotels under the Marriott and Kempinski brands, The National reports. The move comes more than five years after ADNH acquired the hotels from Emaar back in 2018.As of January, The Address Dubai Marina will be the JW Marriott Hotel Marina, The Address Boulevard will become Kempinski The Boulevard Dubai, and The Address Dubai Mall will be rebranded as Kempinski Central Avenue Dubai. Vida Downtown Dubai Hotel will adopt the name Hotel Boulevard, Autograph Collection, and Manzil Downtown Dubai Hotel will be known as The Heritage Hotel, Autograph Collection.
CAPITAL MARKETS-
Oman’s Muscat Overseas Company bumped up its ownership in Bahrain’s Al Salam Bank, grabbing 160.2 mn shares and pushing its stake to 6.12% from 2.82%, according to a DFM disclosure (pdf) on Wednesday.
BANKING-
UAE + Hong Kong banks agree on knowledge sharing: The UAE Banks Federation (UBF) and Hong Kong Association of Banks (HKAB) signed an MoU last week to increase cooperation and exchange expertise, Trade Arabia reports. Under the agreement, UBF and HKAB will organize workshops and other events to share knowledge and experience with banking and financial institutions covering compliance with international regulations, rules, and principles of governance, transparency, and sustainability.
ENVIRONMENT-
The Environment Agency Abu Dhabi (EAD) and ADQ will use advanced seeding drones and AI to evaluate and restore ecosystems across Abu Dhabi through a partnership with environmental technology company Dendra, according to an Abu Dhabi Media Office statement. The first restoration experiment is currently underway in the Al Dhafra Region with Dendra drones being utilized for aerial seeding. The new approach can speed up cultivation and the drones, capable of carrying 53 species simultaneously, can cover an area larger than 100 football fields per day.
REGULATION-
ADJD gets new responsibilities: The Abu Dhabi Judicial Department (ADJD) has taken on the roles of the Abu Dhabi Police General Headquarters, directly managing penal and correctional institutions and juvenile facilities in the emirate, according to a press release. The ADJD has also modified its operational, administrative, financial, technical, and HR requirements for the role.
AVIATION-
National airline Etihad Airways launched two new services to India, with two daily flights connecting Abu Dhabi to Kozhikode and Thiruvananthapuram in the Kerala region, according to a company statement.
