Automotive

INVESTMENT- Adio, Australia ink agreements on FDI + trade: The Abu Dhabi Investment Office (Adio) has inked two investment and trade-focused agreements with Australia, according to two statements from the Abu Dhabi Media Office (here and here). The agreements come after the two countries’ recent trade and economic partnership agreement took effect.An MoU with Australia’s National Reconstruction Fund Corporation (NRFC) will see the two develop initiatives to boost bilateral foreign direct investment flows, as well as share economic and policy data to support investment and intergovernmental cooperation. NRFC’s primary focus is Australia’s manufacturing sector.Adio also partnered with the Australia Arab Chamber of Commerce and Industry (ACCI) in a tie-up that will include business delegations, market insights sharing, and networking efforts to increase trade and investment between the ACCI and Arab League states.REAL ESTATE- #1- India’s Panchshil Realty partners with Betterhomes on UAE debut: India-based luxury developer Panchshil Realty is partnering with Dubai-based real estate agency Betterhomes to launch its first project in Dubai, according to a press release. Betterhomes will lead on sales and consultancy for the project, which is the Indian firm’s first venture into the Emirati market.About Panchshil: The luxury developer has delivered around 35 mn sq ft to date, with another 43 mn sq ft set to come online in India spanning offices, data centers, luxury residential communities and hotels, and retail.#2- Union Properties launches second real estate project in Motor City: DFM-listed Union Properties has launched Mirdad, an AED 2 bn residential development in Dubai’s Motor City, according to a DFM disclosure (pdf). The 365k sq ft development will be made up of four residential towers and include 1.1k units ranging from studios to three-bedroom apartments. Completion is slated for 4Q 2028.Two down, one to go: The development is part of Union Properties’ plan to invest AED 6 bn over three Motor City projects. The firm’s first Motor City build is the AED 2 bn Takaya development, launched last year and slated for completion in 4Q 2027. The third and final project was in the design and planning phase when the strategy was announced last September.AUTOMOTIVE- Indian used cars platform Cars24 will build an AED 55 mn automotive refurbishment hub at DP World’s National Industries Park after the two inked a partnership, according to the Dubai Media Office. Cars24, a unicorn startup valued at over USD 3 bn, will start construction on the 220k sq ft solar-powered facility in November and aims to have it operational by August 2026.More details: The facility will process more than 100k vehicles annually and be integrated with DP World’s logistics network and economic zones. Its operations will include refurbishment, quality inspections, and post-sales and export support, with a focus on EVs.INVESTMENT- National Bonds has launched the Shariah-compliant Capital Protected National Bonds Fund under the alternative end-of-service benefits system, according to a press release. The fund allows employees to invest their savings in approved financial instruments offering stable returns and market protection. Employees can contribute up to 25% of their salary to the scheme, adding to contributions from end-of-service funds from employers.ICYMI- In February, alternative asset manager Lunate launched a similar investment fund, after the UAE cabinet approved its alternative end-of-service benefits scheme to offer UAE-based employees alternative end-of-service benefits and savings plans to the traditional system.INVESTMENT- A new AED 4.7 bn endowment district in Dubai: Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum launched the Mohammed bin Rashid Endowment District — a development backed by AED 4.7 bn in investments that will channel its proceeds to global education and healthcare initiatives, a Dubai Media Office statement read.How it’ll work: The 2 mn sq ft district will be made up of residential, educational, and healthcare developments, including a 250-bed hospital, 2k residential units, a mosque, and retail and service amenities. It aims to attract over 12k visitors daily and will give the proceeds to endowment-linked projects. Currently AED 330 mn of the AED 4.7 bn total capital earmarked for the project has been contributed by a group of investors, the statement read.

AI was in the spotlight on the second day of Gitex Global 2025, the sprawling tech and startup show that’s snarling traffic near the World Trade Center. Here’s the rundown on what you need to know after the first two days:AI- #1- Microsoft will enable in-country data processing for Microsoft 365 Copilot starting early 2026, in coordination with the Dubai Electronic Security Center and G42, according to a statement. Hosted in Microsoft’s Dubai and Abu Dhabi data centers, the service will store and process Copilot interactions within the UAE to meet national security and regulatory standards, supporting secure AI adoption across government entities.ALSO FROM MICROSOFT- CPX Holding, Microsoft partner to strengthen public sector cybersecurity: Homegrown cybersecurity firm CPX Holding partnered with Microsoft to deliver AI-powered solutions to enhance cyberdefenses for global public sectors, according to a press release. The partnership aims to strengthen public sector resilience against cyber threats .#2- Intel, UAE’s Airev partner to boost agentic AI adoption: UAE-based AI startup firm Airev and semiconductor giant Intel entered into a partnership to scale agentic AI solutions across the Middle East and globally, state news agency Wam reports. The partnership aims to deliver scalable and high-performance AI systems to enterprises and government bodies.Details: Under the agreement, Airev’s OnDemand platform will be optimized to run on Intel’s Xeon processors and Gaudi AI accelerators, supporting tasks ranging from connection speed testing to training advanced language models. The collaboration includes a joint Go-to-Market (GTM) strategy that will see the two run pilot programs and demos, develop AI solutions, and collaborate on co-selling and marketing.#3- Presight, Public Prosecution partner on law LLM: The UAE Public Prosecution signed an agreement with data analytics firm Presight AI to develop the region’s first specialized law large language model (LLM) for judicial translation and to use in judicial processes, state news agency Wam reports.The Prosecution is also launching Bayan, a new smart translation center that will act as an AI-powered assistant to record and document investigation sessions. It includes speech and dialect recognition, multilingual translation, transcription, and documentation and validation options. #4- Inception and Bain & Company partner on AI for financial sector: AI developer and G42 subsidiary Inception is partnering with consulting giant Bain & Company to provide their international clients with enterprise-grade AI services, according to a press release. The tie-up looks to use AI to boost workflows in the financial services sector, starting with investment processes initially.TELECOM- Space42 + e& UAE to explore satellite-based 5G connectivity: ADX-listed spacetech firm Space42 inked an MoU with e& UAE to explore expanding 5G direct-to-device (D2D) connectivity, according to an ADX disclosure (pdf). The two will carry out technical work to improve the connection between satellite and terrestrial networks, while cooperation on regulatory frameworks for data protection, R&D labs, and infrastructure investment program roadmaps. Equatys — a JV between Space42 and US satellite operator Viasat — is also set to be involved.ICYMI- Space42 and Viasat launched their JV Equatys last month. The project aims to link satellite and terrestrial networks for standard smartphone and IoT devices. e& UAE also recently partnered with Swedish telecoms firm Ericsson to upgrade e&’s 5G core network.

FINANCE- Davidson Kempner sets up shop in ADGM: US-based hedge fund manager and global institutional investment firm Davidson Kempner Capital Management is opening an office in ADGM, Bloomberg reports, citing a company statement. The opening marks the eighth office for the firm, which has over USD 37 bn in assets under management. Earlier this month, Davidson Kempner acquired USD 1.4 bn in bad debt from Abu Dhabi Commercial Bank.The focus: The new office will be the firm’s regional base and focus on deploying capital into credit, equities, and real estate, according to partner Chris Krishanthan. So far, the firm’s regional focus has been on corporate debt, non-performing loans, private lending, and liquidations, managing director Naveen Sabharwal said. The fund joins the likes of London-based hedge fund Arini, US investment management firm Hudson Bay Capital Management, and Marshall Wace — all of whom have recently set up shop in the ADGM.#2- US-based Monroe Capital is also opening an Abu Dhabi office: Chicago-headquartered asset manager Monroe Capital has opened its first Middle East office in ADGM, after receiving financial services permission (FSP) from the Financial Services Regulatory Authority (FSRA), according to a press release. The new office comes as the firm looks to boost ties with institutional investors and family offices in the GCC and wider region.M&A-#1- Al Mal Capital REIT enters healthcare sector: Dubai-based asset manager Al Mal Capital REIT acquired NMC Royal Hospital in Dubai Investments Park (DIP), according to a DFM disclosure (pdf). The takeover marks its first investment in the healthcare sector and brings its total portfolio value to AED 1.4 bn.The target: Operated by Abu Dhabi-based hospital operator NMC Healthcare, the 492k sq ft facility includes two hospital blocks and a fully-occupied commercial building. The hospital consists of 120 inpatient beds, a pharmacy, outpatient clinics, and an emergency response unit.The paper trail: Earlier this year, the fund secured AED 210 mn through offering units on the DFM, bringing its total capital raise to AED AED 703.9 mn. In 2024, it raised AED 180 mn to start executing its investment strategy to diversify its portfolio — with 75% of the funds allocated to the UAE, and the remaining 25% for targets in the GCC and other countries. Last year, it also acquired K-12 educational firm Carnation Education, which owns assets like Kent College Dubai.#2- Saif Bin Darwish acquires Gulf Precast to bolster construction portfolio: UAE construction and contracting firm Saif Bin Darwish acquired Gulf Precast, the UAE’s largest precast concrete manufacturer, to strengthen its presence in the construction sector, Trade Arabia reports. The value of the acquisition wasn’t disclosed.Precast capacity expansion: Gulf Precast operates six factories across Dubai and Abu Dhabi with a production capacity of up to 1.5k cbm / d. The acquisition comes as Saif Bin Darwish looks to boost its ability to execute large, complex infrastructure projects, including for airports and tunnels.FINTECH- Wise receives greenlight from CBUAE for two licenses: UK-based financial tech firm Wise secured two regulatory approvals from the Central Bank of the UAE (CBUAE) to launch operations in the UAE, according to a press release. The licenses granted — for stored value facilities and category 2 retail payment services — will pave the way for Wise to bring its offerings, including the personal Wise Account and Wise Business, to the UAE.About Wise: The firm processes USD 48 bn in cross-border payments each quarter and is looking to tap into the USD 40 bn that is sent to and from the UAE annually, the statement read. AUTO-ADIO, AD Ports partner with Stellantis to build automotive ecosystem: Abu Dhabi Investment Office (Adio) and AD Ports Group signed an agreement with automotive giant Stellantis to boost exports and technological development in Abu Dhabi’s automotive sector, Abu Dhabi Media Office reports. The details: Stellantis and Adio will identify investment windows in the Emirati auto sector, and AD Ports will provide logistics, supply chain, and manufacturing expertise. The tie-up looks to position Abu Dhabi as an export hub for the sector and will also develop an autonomous taxi ecosystem in the emirate.

Mubadala divests its stake in Getir Arac: Mubadala and Anadolu Group Holding’s automotive arm Celik Motor sold Getir’s car rental subsidiary Getir Arac to Turkish car-sharing firm Tiktak, according to an Anadolu statement to the Istanbul stock exchange. Mubadala first invested in Getir in 2021 and last year led a USD 250 mn funding round for the company, gaining controlling stakes in most of its subsidiaries, which include a financing arm and a core delivery unit.The details: Anadolu sold its 25% stake in Getir Arac to Tiktak for USD 5.5 mn, while Mubadala’s Getir Perakende offloaded the remaining 75% stake to the same buyer.We saw this coming: Last month, Reuters reported that talks to sell Getir Arac were at an advanced stage with Tiktak. Multiple buyers are also reportedly circling Getir’s core delivery unit, including US-based DoorDash, though discussions remain ongoing.The transaction comes after a power struggle between Mubadala and Getir’s founders regarding conflicting restructuring strategies as the firm struggled through cashburn and a plummeting valuation, with Mubadala seeking full ownership of the core delivery unit and its co-founder Nazim Salur opposing the move.

LOGISTICS- #1- DP World, Hapag-Lloyd renew Brazil port pact: UAE port operator DP World has extended its agreement with global shipping line Hapag-Lloyd over container handling operations in Brazil’s Port of Santos for 10 more years, according to a press release. The agreement is a foundation for future expansions at the port by both parties, the release said.DP World + Santos go way back: The company first landed in Santos in 2010 with the construction and expansion of its terminal for container and general cargo. The company has since invested in the port to expand its capacity and diversify the types of cargo handled. Last year, the Emirati giant signed an agreement with Brazil’s leading railway operator Rumo to establish a new terminal for grains and fertilizers at Port Santos — aiming to boost the port’s handling capacity by some 12.5 mn tons per year, including 9 mn tons of grain and 3.5 mn tons of fertilizer.#2- Americold opens largest regional cold storage hub in Jafza: US-based cold chain giant Americold opened its cold storage hub in Dubai’s Jebel Ali Freezone (Jafza), according to a press release. The facility is its largest in the Middle East and was developed through its RSA Cold Chain JV, in collaboration with DP World.REMEMBER- RSA Cold Chain is a joint venture between Dubai-based RSA Global and Americold. It began construction of its facility in Dubai's Jafza in May 2024. The site includes 40k pallet positions, bonded and non-bonded storage, 27 docks, and rooftop solar, and will serve GCC markets with multi-temperature food logistics. The hub targets grocery retailers, quick commerce, and quick service restaurants.#3- Abu Dhabi key port in new MSC route: Mediterranean Shipping Company (MSC) is launching a new shipping route servicing the Persian Gulf, with Abu Dhabi serving as a major transhipment hub, according to a press release. The service, set to launch in October, will connect the emirate to east Asia and South America, including ports like Singapore, Shanghai, Buenos Aires, and Santos.AUTOMOTIVE-GM + Space42 to roll out UAE map for self-driving cars: ADX-listed space tech firm Space42 and Dynamic Map Platform (DMP) inked a long-term agreement to provide US automotive giant General Motors (GM) with high-definition map data to supply its Super Cruise system in the UAE, according to an ADX disclosure (pdf). GM’s Super Cruise provides road users with handsfree driving systems.Details: Under the agreement, Space42 will provide light detection and ranging data for satellite and 3D road visualization, which DMP will process into HD maps to support the launch of the system. It will also provide road updates on possible construction and infrastructure changes across the Emirates' road network.ICYMI- Space42 just launched the UAE’s first Sovereign Mobility Cloud — a platform to support smart mobility and autonomous vehicles. Abu Dhabi Mobility is expanding its self-driving taxi services rollout, and Dubai has started pilot testing for driverless taxis.M&A WATCH- Julphar to sell more retail units: Emirati drugmaker Julphar has accepted a binding offer from UAE-based Al Batha Healthcare Group for it to acquire parts of Julphar’s retail and distribution business, according to an ADX disclosure (pdf). The sale covers Julphar’s Health First pharmacy chain in the UAE and the Scientific Pharmacy chain and distribution channel in Oman — both owned by its subsidiary Planet Pharmacies. The filing did not disclose the transaction value.Timeline: The transaction is expected to close in 4Q 2025, pending a final agreement and regulatory approvals, with the financial impact set to be reflected in Julphar’s 2025 results.REMEMBER- The divestment is part of Julphar’s strategy to shed non-core assets and focus on specialty pharma in the MENA region, with plans to invest AED 300 mn in the UAE’s pharma sector over the next five years. The firm previously sold its insulin API unit DiabTec to Mubadala, and agreed last year to sell its Saudi retail subsidiary Zahrat Al Rawdah Pharmacies for SAR 444.1 mn.SECURITY- E7 to expand gov’t tech with 7I Holding: Commercial printing and security solutions provider E7 Group partnered with 7I Holding, the UAE affiliate of Swiss secure-tech firm SICPA, to expand into government-to-government contracts covering revenue mobilization, identity verification, brand protection, and fraud prevention, according to a statement. The agreement includes securing offtake for up to 6 bn tax stamps a year from E7’s Abu Dhabi facility, starting end-2025, alongside joint R&D on digital identity and authentication solutions. REMEMBER- Last year, E7 said it would invest AED 182 mn to expand its E7 Security unit, boosting passport production capacity fivefold and moving into digital tax stamps by 2026.REAL ESTATE-Dubai’s first JW Marriott Residences to launch in 2028: Marriott International has partnered with CG Developers Global to launch the first JW Marriott Residences on Dubai Islands, according to a press release. The project, slated for early-2028 completion, consists of 115 luxury residential units — a mix of one-, two-, and three-bedroom residences with ocean views and access to amenities, Gulf News reports.BACKGROUND- Marriott International is also developing a residential project on Al Marjan Island, after inking an agreement with UAE-based Dalands Holding in May.

ENERGY- Emirates National Oil Company’s subsidiary Dragon Oil has inked multiple agreements with players in Iraq’s oil sector to expand its presence in the country, according to a statement. The agreements include an MoU with China’s Anton Oilfield Services and Iraq’s Nohadh Al-Benaa for General Trading & Oilfield Contracting Services. That’s not all: The company also inked an MoU with Sohol Al-Salam Oil Services, part of Iraq’s Al-Amal Group, to explore projects in oilfield development and services last month, Wam reported. The cooperation covers technical services, engineering, procurement, construction, and operational support, with scope for joint investments in Iraq’s oil and gas sector.REMEMBER- Dragon Oil has been in discussions with the governments of Egypt, Iraq, and Turkmenistan to begin operating new oil fields within four years as a part of the company’s strategy to grow its daily production to 300k bbl / d by 2026 and reach 450k bbl/d by 2029.AVIATION- The UAE and Egypt inked five MoUs to boost collaboration in the aviation sector, the Egyptian cabinet said in a statement. Here’s a rundown of the agreements:Abu Dhabi’s Royal Jet signed an MoU with Egyptian Airports to develop private aviation facilities at Egypt’s New Administrative Capital Airport, along with local private aviation training;Abu Dhabi-based MRO firm Global Aerospace Logistics signed an MoU with EgyptAir Maintenance and Engineering to enhance logistics services and supply spare parts for airports and airlines. The two will also look to establish a regional spare parts hub in Egypt to serve local, regional, and international markets;Abu Dhabi-based cargo carrier Maximus Air Cargo inked an MoU with EgyptAir Cargo to launch new cargo routes and develop a new integrated logistics system;Etihad Engineering inked an MoU with EgyptAir Maintenance and Engineering to enhance technical cooperation, boost knowledge transfer, and improve the regional MRO supply chain;EgyptAir Training Academy and Abu Dhabi Aviation Training Center also agreed to develop technical training programs for EgyptAir staff.INS.- Fitch upgrades Union Ins.: Fitch Ratings raised Union Ins.’s Insurer Financial Strength rating to BBB+ from BBB with a stable outlook, citing stronger profitability and solvency, according to an ADX disclosure (pdf). Union posted a bottom line of AED 23 mn in 1H 2025, up from AED 13 mn a year earlier, helped by exiting unprofitable business lines in 2023. REMEMBER- Union trimmed its capital by 30.5% to AED 230 mn in June to erase AED 142.7 mn in accumulated losses. The move involved canceling 100.94 mn shares, with part of the losses offset through reserves.AUTOMOTIVE- Al Habtoor + India’s JBM to roll out e-buses: UAE automotive distributor Al Habtoor Motors is partnering with India’s JBM Electric Vehicles to introduce next-generation electric buses to the UAE market, according to a press release. The electric buses are set to be used on urban city routes, school and staff transport, and intercity travel. Al Habtoor Motors will serve as the primary importer and distributor of JBM buses.Not the first green bus investment: Dubai’s Roads and Transport Authority inked an agreement with Swaidan Trading Co. and China’s Zhongton Bus Co. for green buses, while Abu Dhabi bus routes are set to integrate electric and hydrogen-powered buses.REAL ESTATE- Bhatia’s Sol to build AED 2.2. Bn project in Dubai: Sol Properties — Bhatia Group’s premier real estate arm — has launched Sol Luxe, an AED 2.2 bn mixed-use development on Dubai’s Sheikh Zayed Road, according to a press release. Construction on the 280-meter high, 62-floor project is already underway, with the project slated for handover in 4Q 2028.CONSTRUCTION- Mulk International + Egypt’s Marses set up robotics JV for construction: UAE-based Mulk Holdings’ subsidiary, Mulk International, launched a robotics joint venture — Mulk Marses Robotics — with Egyptian AI and robotics company Marses, Trade Arabia reports. The companies plan to launch factories in the UAE, the US, and Europe to produce high-efficiency tech, including robotically manufactured wall panels, pods, and modular housing systems. The two are also set to establish the Construction Automation Training Academy in a bid to secure a talent pipeline.LOGISTICS-DP World partners with Kenya’s eCitizen to digitalize customs clearance: DP World will integrate its Cargoes Customs system into Kenya’s Electronic Citizen Solutions (eCitizen) platform under a long-term agreement — a move that aims to digitalize Kenyan trade and upgrade the country’s customs clearance processes, according to Dubai Media Office.

BANKING- HSBC opens first Middle East wealth center in Dubai: HSBC has launched its first wealth center in the Middle East, located at its flagship Jumeirah branch in Dubai, according to a press release (pdf). The facility, catering to high-net-worth and premier clients, provides a private space for wealth management services and solutions with specialists, as well as an event space for networking events and seminars.Why now? The opening coincides with the bank's effort to tap into the growing number of wealthier, younger individuals in sectors like tech and asset tokenization coming to the UAE. HSBC also operates wealth centers in China, Hong Kong, the UK, Mexico, Malaysia, and Taiwan.INFRASTRUCTURE-Emicool enters Abu Dhabi: Emirates District Cooling (Emicool) inked a concession agreement with Al Reef Cooling Company, securing the exclusive cooling concession for Al Reef Downtown in Abu Dhabi, according to a press release. The move marks Emicool’s first entry into the Abu Dhabi market.The details: Al Reef plant has an installed capacity of around 8k TR and a connected capacity of 9.6 TR, serving 46 buildings, more than 1.8k residential customers, and 36 retail units. Emicool assumed operational management last July and plans to implement upgrades under its build, own, operate, transfer model.TECH- US AI firm Hypercycle moves HQ to Abu Dhabi: US-based global tech company Hypercycle has relocated its headquarters from the United States to Abu Dhabi, Khaleej Times reports. The relocation of its global operations comes as the firm looks to increase collaboration with local institutions and expand from the emirate, choosing the new base due to its infrastructure and strategic location.About Hypercycle: Founded in the US, the AI-tech company was valued at USD 2.5 bn in 2024 and states that over 1k companies use its products. Several Emirati investors hold equity stakes in the firm.CAPITAL MARKETS-XM secures SCA license in Dubai: CFD broker XM obtained a Category 5 license from the Securities and Commodities Authority (SCA), allowing it to market services locally through its new entity, XM Financial Products Promotion, as reported by Finance Magnates, citing the authority’s register. The firm — which already holds a Dubai Financial Services Authority license — plans to activate the new approval before year-end.REMEMBER- Category 5 licenses allow brokers to promote products but not hold client funds or execute trades — activities that require a Category 1 license. XM said it may seek a Category 1 license later.AUTOMOTIVE-Robo.ai plans industrial city in Dubai: US-listed robotics firm Robo.ai announced a joint venture with JW Group and Dubai’s Ferox Investments to establish Robo.ai Industrial City in Dubai Industrial City, according to a press release. The site will serve as a manufacturing hub for the company’s mobility and smart city ventures, including its eVTOL arm RoVTOL.What to expect: The facility will manufacture smart vehicles, eVTOL aircraft, and logistics hardware. JW Group will supply land and industrial infrastructure, while Ferox Investments will support market expansion and branding.FINANCE-Halan UAE taps Lean to use its open banking infrastructure: Cairo-based fintech MNT-Halan’s UAE unit signed a partnership with Saudi-based fintech infrastructure provider Lean Technologies to use its open-banking platform, according to a press release. The tie-up will give Halan access to consenting customers’ bank statement data to build credit scores and extend loans to individuals and small businesses without credit histories. The rollout is slated for this autumn, Bloomberg reports, citing an emailed statement.BACKGROUND- Halan entered the UAE market in December with its early salary access service, Halan Advance, targeting the country’s 3.7 mn underbanked expatriates. The firm is aiming to grow its local customer base to 250k by the end of next year and in January it partnered with Al Ansari Financial Services to launch earned wage access and send now pay later services.

UAE-based car rental platform WheelsOn secured USD 12.5 mn in a funding round that pushed the firm’s total valuation to USD 30 mn, according to a press release. The round included USD 2.2 mn in equity commitments from private investors, including partners of Xploration Capital, and USD 4 mn in financing from local banks.The details: Some USD 6.5 mn of the funding will go towards fleet expansion. The firm is also looking to roll out AI-powered dynamic pricing, speed up new product development — like digital vehicle keys — boost its market presence in the UAE, and expand into other GCC countries.About WheelsOn: Founded in 2023 by Nikolay Melnichuk (LinkedIn) — a partner at Xploration Capital — alongside COO Adlet Shagirov and CPO Maxim Olivson, WheelsOn owns a fleet of cars it then offers out for rental. The firm aims to reduce the need for large security deposits, paperwork, and extra costs. It also offers chauffeured services and monthly subscriptions.

NWTN expands to Pakistan: UAE-based EV manufacturer and smart mobility firm NWTN is expanding into Pakistan through an agreement with Pakistan’s JW Corporation allowing it exclusive access to use its complete knock-down (CKD) automotive assembly plant in Lahore’s China-Pakistan Special Economic Zone, according to a press release. The agreement will see NWTN issue new shares in return, handing JW Corporation an undisclosed stake. Manufacturing in an export hub: NWTN will utilize the 564k sq ft CKD facility to produce multifunctional EVs for the global market, leveraging JW’s distribution channels in Pakistan, which will serve as an export hub linking South Asia, the Middle East, and Africa. The agreement gives it access to a nationwide sales network of more than 400 outlets.Pakistan’s EV market is still in its infancy, with under 15k EVs on the road — the bulk of them two- and three-wheelers, Arab News reports. The government’s EV policy aims to get 100k electric cars and 500k two- and three-wheelers on the streets within five years, but uptake has been hampered by high prices, a lack of charging infrastructure, and limited consumer awareness. NWTN has a footprint in the Middle East too: NWTN inked a partnership agreement last year with Jordanian Manaseer Group to assemble and distribute their vehicles in Jordan and the MENA region, partnering to establish an EV factory in Jordan with a total investment of USD 80 mn.

Our friends at Mashreq are handing Gargash Group a sustainability-linked facility, estimated to be one of the largest in the UAE’s automotive sector, according to a statement (pdf). The facility has a hybrid structure, combining both revolving credit and term loans, a Mashreq representative told EnterpriseAM in an emailed response. There’s no publicly available information about the exact size of the facility. (** Tap or click the headline above to read this story with all of the links to our background and outside sources.)IN CONTEXT- The SLF forms part of a wider energy transformation plan being rolled out across Gargash’s network, including investments in solar energy infrastructure and improvements in overall energy efficiency. The automotive distributor had last year received its debut green loan from Mashreq to fund the company’s solar installations across 25 sites, in addition to other potential energy efficiency projects. The facility directly links borrowing terms to the achievement of specific ESG goals, including reductions in carbon emissions, increased investment in employee training and development, and more sustainable practices throughout the supply chain. “This agreement enables Gargash Group to accelerate its sustainability initiatives while setting a benchmark for the automotive sector and the wider business community in the region,” said Marwan Galadari, executive VP & head of trading division at Mashreq. This agreement marks Mashreq Bank’s second sustainability-linked financing in less than a month, and brings the lender’s total sustainable finance transactions in the sector to AED 2.8 bn in 2025, the statement said. Mashreq aims to provide some USD 30 bn in sustainable financing by 2030, the statement reads. About Gargash: Gargash Group operates across four key sectors including automotive, real estate, financial services, and F&B. The Group offers integrated services and has introduced leading names including Mercedes-Benz, SIXT, and Alfa Romeo to the UAE.

RENEWABLES- UAE firm to boost Madagascar renewables: UAE-based Global South Utilities has inked two agreements with Madagascar’s Energy and Hydrocarbons Ministry to support Madagascar’s renewable energy transition, state news agency Wam reports. The island nation had previously said it is looking to bring in Emirati investments in the energy sector.The details: The first agreement will see GSU develop a 50 MW solar plant with 25 MWh of battery storage capacity in the city of Moramanga, paving the way for a power purchase agreement with state-owned Madagascan utilities firm Jirama. The project is slated for completion within 12 months. The second agreement outlines joint plans to develop a wider pipeline of renewable projects with a combined capacity of up to 250 MW, pending feasibility assessments.CAPITAL MARKETS-#1- Pimco launches two DIFC feeder funds via Aditum: Global fixed-income investment firm Pimco partnered with Dubai International Financial Center (DIFC)-based asset manager Aditum Investment Management to launch two locally-registered feeder funds for UAE wealth investors, according to a press release. The feeder funds — the Pimco GIS Income Fund and Pimco Balanced Income and Growth Fund — are structured under Aditum’s Global Access ICC platform and registered with the Dubai Financial Services Authority (DFSA), according to another statement. The launch comes after Pimco opened its first regional office in Dubai in February. Uh, Enterprise, what are feeder funds? Domestic feeder funds — sub-funds that channel capital into larger offshore master funds — are a vehicle through which retail investors can access global strategies that would otherwise be out of reach. REFRESHER- The UAE has seen a wave of feeder fund launches since the Securities and Commodities Authority banned foreign-domiciled funds from being publicly offered to retail investors in April 2024. Franklin Templeton has since launched eight DIFC-based feeder funds, while in ADGM, Varys Capital partnered with UAE-based FundRock to manage a feeder fund focused on early-stage blockchain and Web3 investments.#2- ASB launches second global sukuk fund, this time with Arqaam: Al Salam Bank-backed asset manager ASB Capital has launched the ASB Global Sukuk Fund in partnership with Dubai-based investment bank Arqaam Capital, according to a press release. Domiciled in the DIFC and regulated by the DFSA, the fund will invest in a diversified portfolio of sukuk securities with an average investment-grade credit rating. It is open to institutional investors, family offices, insurers, and high-net-worth individuals, and is benchmarked against the Dow Jones Sukuk Index.ICYMI- The firm, which entered the market in February with USD 4.5 bn in assets under management, partnered with State Street Global Advisors (SSGA) in April to roll out a DIFC-based Shariah-compliant global equity fund benchmarked to the Dow Jones Islamic World Index and managed by SSGA’s active fundamental equity team.CONSTRUCTION-#1- AED 100 mn contract awarded for Ras Al Khor eco project: Dubai Municipality has awarded a AED 100 mn contract for the first phase of its redevelopment of Ras Al Khor Wildlife Sanctuary, according to Dubai Media Office. This marks the first phase of the two phase AED 650 mn project, which aims to transform the protected wetlands into a major eco-tourism destination. The first phase, covering 6.4 sq km of land and set to be completed by the end of next year, will increase water bodies area by 144%, create new irrigation channels, and rehabilitate mangrove forests. The mangroves, along with salt flats, are expected to boost carbon dioxide absorption by 60%.Next up: Phase two will add a visitor center, birdwatching towers, and eco-themed commercial facilities, along with 5.6 km of cycling tracks and 3 km of walking trails. Visitor numbers are forecast to increase sixfold to up to 300k annually once the project is completed. #2-Palma taps APCC for piling works on AED 5 bn Serenia project: Real estate developer Palma Developments appointed homegrown APCC Piling & Marine Contracting to start shoring and piling works for part of its AED 5 bn Serenia District project in Jumeirah Islands, according to a press release. The firm will start work on the foundations for West Residence, the first residential tower within the wider 600k sq ft masterplan which is set to include six integrated towers in total and 3.5 mn sq ft of built-up area.M&A-ESG to acquire six towers in Al Reem Island for AED 120 mn: ADX-listed IHC subsidiary Emirates Stallions Group ’s (ESG) general assembly authorized the company — via one of its wholly owned subsidiaries — to purchase the Hydra Avenue project on Al Reem Island in Abu Dhabi for AED 120 mn, with additional financial obligations of AED 86 mn tied to the project, according to a disclosure (pdf). The project consists of six towers, which will be sold by Hydra Properties, which is currently under liquidation.REAL ESTATE-Another Dubai South development: Dubai South Properties has launched Hayat, a 10 mn sq ft luxury master-planned development in its Golf District near Al Maktoum International Airport, according to the Dubai Media Office. The project will feature around 2.5k residential units — ranging from townhouses to mansions — set within an integrated community also including parks, retail, and fitness facilities. The first phase is due for completion in 2Q 2028.LOGISTICS-#1-Singapore’s Singauto to set up shop in Abu Dhabi: Abu Dhabi’s Khalifa Economic Zones (Kezad Group) has inked a 50-year land lease agreement with Singapore-based tech innovator Singauto to set up a facility in Kezad Al Ma’mourah, according to a statement. Under the agreement, Singauto has earmarked AED 100 mn to build a 100k sqm facility to develop intelligent refrigerated vehicles, and in turn, expand local sustainable automotive industry capacity.#2-Autoworld International invests AED 45 mn in Jafza hub: The UAE-based regional distributor for India’s Bajaj Auto, Autoworld International, is investing AED 45 mn to develop a new logistics and assembly center in Jebel Ali Freezone (Jafza), according to a press release. The facility will support the growing demand for fuel-efficient two- and three-wheelers across Africa and the Gulf, on the back of increased urbanization, and e-commerce and last-mile delivery activity.Timeline and details: Built over 162k sq ft and slated to be completed before 2026, the site will include a Bajaj assembly plant, as well as warehousing and distribution for spare parts, tires, and lubricants.#3- Amazon, 7X partner on hub use for faster delivery: Amazon UAE has partnered with 7X, the Dubai-based logistics-focused investment conglomerate behind EMX and Emirates Post, to boost delivery speed through the use of hyperlocal dark stores, according to a press release. Under the agreement, Amazon will use EMX’s hubs to deliver its products. SOUND SMART- Hyperlocal dark stores are mini-warehouses located within urban areas that are solely designed to fulfill online orders.

It’s the third day of Make It in the Emirates, and we have bns of AED in new agreements from the likes of Adnoc, Tawazun Council, NMDC Energy, and the International Holding Company. (Tap or click the headline above to read this story with all of the links to our background as well as external sources.)OIL AND GAS-Adnoc inks AED 6 bn local manufacturing agreements: Abu Dhabi National Oil Company (Adnoc) has signed AED 6 bn in framework agreements with 12 UAE-based manufacturers to locally produce pressure vessels and cables, state news agency Wam reports. The agreements fall under the UAE’s in-country value (ICV) program and are expected to create up to 1.3k skilled private-sector jobs.Who’s involved? The nine companies set to manufacture ten types of pressure vessels are Abu Dhabi Oilfield Services Engineering Industries, Euro Mechanical, Arabian Industries, Berg Industries, equipment manufacturer MetalFab Middle East, Micoda Process Systems International Company, pressure vessel manufacturer Nash Engineering, Polar Specialized Industries, and United Metal Works. Three cable manufacturers — Dubai Cable (Ducab), Mark Cables, and National Cables Industry — will produce four types of cables. …and where? Production will span industrial zones in Abu Dhabi, Dubai, Sharjah, and Umm Al Quwain, including ICAD, Kezad, Dubai Industrial Park, and Jafza. REMEMBER- Adnoc plans to procure AED 90 bn worth of locally manufactured products by 2030, as part of a broader push to inject AED 200 bn into the national economy over the next five years. Its ICV program — which incentivizes supply chain localization and foreign investment — has already contributed AED 242 bn to the UAE economy since 2018 and supported the hiring of 17k Emiratis in the private sector. #2- NMDC Energy signs pipeline MoUs with Al Gharbia, Jiangsu Juxin: NMDC Energy signed an MoU with Abu Dhabi-based pipe company Al Gharbia to expand pipeline manufacturing in the UAE, aiming to meet growing local and regional demand, according to an ADX disclosure (pdf). Meanwhile, its parent company NMDC Group inked a separate MoU with China’s Jiangsu Juxin Petroleum Steel Pipe to explore establishing fabrication facilities in the UAE for pipes used in the dredging sector, according to another bourse filing (pdf).DEFENSE-Tawazun and Thales to localize surveillance radar production: Tawazun Council and Thales have signed an agreement to manufacture ground master air surveillance radars in the UAE, according to a press release. Ground master surveillance radars are typically used to monitor activity around critical infrastructure areas like airports, oil refiners, and military bases.The timeline and details: The radar production facility, which will assemble, test, and qualify radars, is set to begin operations by 2027. The partnership includes plans to qualify UAE suppliers to strengthen the national industrial base.ALSO- The two companies agreed to support 20 local suppliers through a AED 600 mn package, with a focus on suppliers working in printed circuit board assembly, electromechanical systems, pre-assembled cabling, and precision machining, according to a separate statement. #2- Edge subsidiary taps South African firm for specialized vehicle production: Edge Group advanced equipment supplier subsidiary Trust inked an MoU with South Africa-based secure vehicle producer ADG Mobility to cooperate in the development of specialized protected vehicles in the UAE, according to a press release. Under the MoU, the pair will establish a framework to design, develop, and manufacture specialized ground systems equipment.CONSTRUCTION-#1- NMDC Energy and China’s Hilong sign MoU to explore UAE and Saudi ventures: NMDC’s engineering, procurement, and construction unit NDMC Energy inked an MoU with Chinese R&D-focused manufacturing firm Shanghai Hilong Shine New Materials (Hilong) to explore joint ventures in the UAE and Saudi Arabia, with a focus on industrial coatings and anti-corrosion materials, according to a press release (pdf). Hilong focuses on oil country tubular goods, pipeline coating technologies, and concrete weight coating. No financial terms or timelines have been disclosed yet.#2- EEF partners with UCS on zero-waste construction system: Dubai Investments subsidiary Emirates Extrusion Factory (EEF) has signed an MoU with UCS Green Solutions Building and Construction Materials Trading to manufacture a green curtain wall system, which is designed to eliminate material waste during construction, according to a press release (pdf). EEF will serve as the exclusive manufacturer of the system, developed by UCS.LOGISTICS-Liwa Shipbuilding to deliver six landing craft for KFS: Abu Dhabi-based Liwa Shipbuilding has signed a AED 120 mn agreement with local ship operator Khaled Faraj Shipping (KFS) to build six large landing craft, Al Bayan reports. The vessels will support KFS’ regional and international logistics expansion, adding to its fleet of over 90 vessels. EVs-E Daddy partners with Robust on EV battery production: Electric mobility firm E Daddy has partnered with battery manufacturer Robust to produce battery packs for its E Daddy X7 electric delivery bike, according to a statement. AI-#1- G42 and WWT roll out AI accelerator Forge42: State-owned AI firm G42 and US-based World Wide Technology (WWT) have formed Forge42, a joint venture focusing on AI solutions for manufacturing, energy, logistics, healthcare, and finance, according to a press release. The firm will offer infrastructure for prototyping, testing, manufacturing, and deploying AI technologies, with plans to collaborate with Nvidia, AMD, Dell, and Microsoft to provide sovereign access to advanced computing resources, secure data systems, and modular testing infrastructure. This is the latest development in a busy week for G42, which has just announced a new partnership to develop an AI stack with Paris-based Mistral AI, signed an agreement with Italy’s iGenus to develop a supercomputer in Italy, and is set to build a 5 GW US-UAE data center in Abu Dhabi with US partners. The latter project, announced during US President Donald Trump’s recent visit, may receive a portion of the 500k Nvidia chips allocated annually to the Emirates under a US export agreement.#2- IHC launches UAE-built global AI marketplace: International Holding Company (IHC) launched a new AI marketplace designed to give developers direct, on-demand access to GPUs, large language models, and AI infrastructure, according to an ADX disclosure (pdf). The platform aims to lower entry barriers for AI development, with an “AI marketplace agent” supporting over 5k languages and is accessible via text, voice, or video. More details on the platform’s capabilities and international partnerships are expected in the coming weeks, the statement read.#3- Adio and e& enterprises partner up on Industry 4.0 initiative: e& enterprise will provide Abu Dhabi manufacturers with access to proof-of-concept technologies, workshops, and training programs on industrial sustainability, AI ethics, and data management to help boost sustainable manufacturing in the UAE, according to a press release. Companies will receive access to materiality assessments, AI maturity evaluations, a discounted digital platform for sustainability reporting, and discounted in-depth AI assessments. A digital platform will ease sustainability reporting.

The first day of Abu Dhabi’s Make it in the Emirates Forum brought in a slew of agreements in manufacturing, across sectors like oilfield services, pharma, and agritech.AUTOMOTIVE- New automotive manufacturing program in Abu Dhabi: The Abu Dhabi Investment Office (ADIO) launched an automotive program aiming to establish an end-to-end automotive ecosystem in the emirate, according to a statement. The initiative aims to contribute AED 100 bn to Abu Dhabi’s GDP by 2045, attract over AED 8 bn in FDI, and create 7k high-skilled jobs. The program is backed by AED bns from global investors, the statement said. Among those already committing investments: South Korea’s Genesis and Chinese EV maker ROX Motors inked manufacturing agreements with W Motors in Abu Dhabi, according to the statement. AIH Group, one of the world’s largest automotive assembly providers, is also technical lead for high-volume production under the program. The details: The program will cover initial stages including manufacturing, research and development, supplying, and original equipment manufacturing, as well as product launches, auctions, and luxury restoration, in a bid to position Abu Dhabi as a regional hub for smart mobility and automotive innovation.OIL AND MINERALS- #1- Adnoc and Tubacex to localize oilfield tech: Abu Dhabi National Oil Company (Adnoc) inked an MoU with advanced tubular solutions provider Tubacex to localize oilfield tech and boost the UAE’s industrial supply chain, according to a statement. Under the agreement, Andoc received perpetual and exclusive rights to use Tubacex’s premium tubular joint connection tech — dubbed Sentinel Prime — for developing oil and gas wells.SOUND SMART- Oil Country Tubular Goods — otherwise known as Tubulars — are specialized steel pipes employed in the drilling and completion of oil and gas wells. The high-pressure and high-temperature environment they operate under indicates that the components must meet a high standard for durability and reliability.Tubacex will also set up a research and development hub in Abu Dhabi. The facility is set to offer advanced engineering services and train highly skilled technicians. #2- EGA and Sunstone boost anode manufacturing: Emirates Global Aluminium (EGA) and China-based independent pre-baked anode producer Sunstone agreed to develop an anode manufacturing facility in Abu Dhabi, according to a statement. The new plant — set to be located in the Khalifa Economic Zone Abu Dhabi (Kezad) — is slated to have a capacity of 300k tonnes of anodes annually. Construction is scheduled to launch during 2026 — with operations expected to begin in 2028. EGA is looking to replace its anode imports, striving to instead become the second country in the world, after China, to export anodes globally.The company already manufactures some 1.35 mn tonnes of anodes every year at its plants in Jebel Ali and Al Taweelah, with the remainder of its needs — for aluminum smelting — covered by imports. Ownership breakdown: EGA will hold a 45% stake in the joint venture developing the project, while Sunstone owns a 55% stake. The two firms have already conducted a feasibility study for the project.PHARMA- Julphar to ramp up pharma production: Emirati pharma manufacturer Julphar is set to pour AED 300 mn over the next five years into the UAE’s pharma sector to expand manufacturing and localize advanced technologies, CEO Basel Ziyadeh told Wam on the sidelines of the forum. The move seeks to streamline the local supply chain to boost non-oil pharma exports from the Emirates. Julphar currently exports over 80% of its production to nearly 40 global markets. It invested around AED 100 mn over the past three years to strengthen its manufacturing infrastructure and capacity.AGRITECH- China’s SVG and Silal to launch AED 120 mn agritech hub: Abu Dhabi-based agri-food firm Silal signed a strategic partnership agreement with China’s Shouguang Vegetable Industry Group (SVG) to develop a 100k sqm agritech facility in Al Ain, according to a press release. The AED 120 mn investment aims to establish a regional powerhouse in sustainable agriculture, powered by AI, robotics, and solar energy.The details: The facility will include seedling cultivation, high-tech greenhouses, post-harvest processing centers, solar energy systems, and AI research labs. It will focus on growing high-yield produce with reduced water and fertilizer usage. The model could be replicated across the Middle East, officials say.ICYMI- The new facility builds on previous Silal and SVG partnerships on on two major initiatives to boost the emirates’ agricultural product supply capacity.LOGISTICS- NMDC eyes UAE valve facility in JV with Chinese manufacturer: Abu Dhabi-based NMDC LTS, the logistics arm of Abu Dhabi-based National Marine Dredging Company (NMC), signed an MoU with China’s Jiangsu Huaying Valves to explore a potential joint venture to establish a valve manufacturing and distribution facility in the UAE, the company said in a statement (pdf). The facility will supply valves for the energy sector and NMDC said it will unveil additional partnerships soon.

Cyvn now owns McLaren’s automotive business, consolidates British automotive portfolio: Cyvn Holdings, an Abu Dhabi-owned advanced mobility investment firm, completed its acquisition of UK luxury sports car marker McLaren’s automotive business and a minority stake in its racing arm, McLaren Racing, according to a press release (pdf).The acquisition will see Cyvn consolidate its British businesses by merging McLaren Automotive and British EV startup Forseven under its new entity, McLaren Group Holdings. The group will also include Cyvn’s stake in McLaren Racing and the newly formed McLaren Licensing. Refresher: This acquisition follows the signing of a non-binding agreement between Bahraini sovereign wealth fund Mumtalakat and Cyvn in October to explore acquiring the company.Big plans for McLaren Automotive: Cvyn plans to use its investments — not only in Forseven, but also in Chinese EV manufacturer Nio — to expand McLaren Automotive’s portfolio into new product categories, with details set to be announced later this year. This could include a new SUV, following in the footsteps of luxury car manufacturing rivals like Lamborghini and Ferrari, people familiar with the matter told the Financial Times. Other changes in the cards: The current CEO of Forseven Nick Collins will assume the role of Group CEO for the new holding company.Background: While McLaren is a huge player in the supercar market, it has been making losses for the past five years, and has been in talks with carmakers for a partnership and new funding in order to develop new models for a while, the FT said.

CRYPTO- #1- Hubpay, Aquanow launch UAE’s first regulated crypto payment facility: Hubpay, a UAE-based cross-border payment platform, has partnered with Aquanow, a global digital asset infrastructure provider, to introduce the UAE’s first fully regulated crypto payment facility for businesses and SMEs, according to a statement. The partnership will allow businesses in real estate, manufacturing, and general trading to accept cryptocurrency securely alongside traditional fiat transactions.#2- Bybit gets IPA for UAE platform: Dubai-based cryptocurrency exchange Bybit has obtained in-principle approval from the Securities and Commodities Authority to establish a virtual asset platform in the UAE, it said in a statement (pdf). The exchange is in the final stages of obtaining a full operational license, allowing it to offer digital asset services to both retail and institutional clients.ICYMI- This milestone comes shortly after Bybit, the world’s second-largest crypto exchange by trading volume, was hit by the industry’s biggest hack, with over USD 1.5 bn in tokens stolen. CEO Ben Zhou reassured users that the company’s USD 20 bn in assets could cover the loss.MANUFACTURING-Steelmaking giant Emsteel launched a AED 625 mn asset enhancement program to upgrade production capabilities to meet rising market demand, according to a company statement. The first phase, scheduled for commissioning by 4Q 2025, will upgrade rolling mills to produce high-strength rebars and heavy-section steel for major infrastructure and energy projects. The second, set for completion in 1H 2027, includes a 500 KTPA wire rod outlet and billet caster upgrades, supporting the production of high-value steel products.SUSTAINABILITY-Beeah + Greenthesis to build recycling facility: Waste management firms Beeah and Italy’s Greenthesis have signed a cooperation agreement to build the Middle East’s first polyethylene (PE) film recycling facility within Beeah’s waste management complex in Sharjah’s Al Sajaa area, according to a press release. The pair will work through their joint venture, B&A Waste Management, which has already established several waste management projects in the UAE. The agreement was one of 40 struck during the UAE-Italy Business Forum earlier this week.About the plant: The facility will convert PE film — a hard-to-recycle plastic used for packaging and labels — into a sustainable alternative to plywood for municipal and commercial use in green infrastructure. The wood can be reused several times before it is processed once again into new boards. It will have the capacity to process over 7k tons of plastic waste per year. Beeah has big plans: The company unveiled its plans for the Middle East's first commercial-scale waste-to-hydrogen plant to be set up in Sharjah’s Al Sajaa area alongside the UK-based Chinook Hydrogen and Japan's Air Water last month. The plant will produce green hydrogen from municipal solid waste with an initial capacity of 2.6k tons annually.BANKING-Standard Chartered opens service for HNWIs: Standard Chartered has opened a Priority Private center in the UAE, offering high-net-worth-individuals (HNWIs) and offshore clients tailored investment opportunities, multi-market lending facilities, and wealth solutions, the firm said in a statement. The center will make use of the bank’s network of clients in wealth hubs including the UAE, Singapore, Hong Kong, the UK, and India.Behind the development: “The UAE’s strategic location as a global financial hub makes it the ideal choice for this initiative,” head of Wealth and Retail Banking UAE at Standard Chartered Rajesh Kannan said. The bank said it aims to increase its UAE private banking team by 20% last December, as it looks to double its wealth management investments over the next five years.INVESTMENT-#1- O Gold, Monetary Metals partner on fractional gold leasing in UAE: O Gold, the UAE’s fractional gold and silver ownership app, has partnered with Monetary Metals to introduce a gold leasing program, allowing investors to lease as little as 0.1g of gold and earn up to 16% annual returns, according to a press release. The collaboration removes the traditional 10-ounce leasing minimum, and allows investors to receive monthly gold payouts of up to 5% annually, with the flexibility to withdraw anytime without penalties. Investments are fully insured and trackable via RFID and inventory systems.#2- Abu Dhabi and Italy ink cross-border investment partnership to boost business expansion: The Abu Dhabi Investment Office (Adio) and Italy’s Cassa Depositi e Prestiti (CDP), a national promotional institution, signed a pact to support Italian and UAE businesses expanding into each other’s markets, according to a press release. Under the partnership, Adio will connect Italian firms — including CDP-backed companies — with Abu Dhabi investment opportunities, while UAE businesses gain streamlined access to Italy’s market. The two entities will organize trade delegations, seminars, and knowledge-sharing programs to foster commercial ties.In context: The UAE revealed plans earlier this week during President Sheikh Mohamed bin Zayed Al Nahyan’s visit to Rome to invest USD 40 bn across strategic sectors in Italy. The two nations agreed to pursue a comprehensive partnership, formalizing over 40 agreements spanning data centers, AI, space tech, defense, cybersecurity, energy, health, and critical minerals. REAL ESTATE-Global Partners, Mirage to develop USD 1.4 bn mixed-use project in Dubai Healthcare City: Dubai’s Global Partners Limited, along with Mirage Development and Entertainment will jointly develop a USD 1.4 bn, 172k sqm mixed-use project in the second phase of Dubai Healthcare City, according to a press release. The Jaddaf-based development will include luxury residences and commercial units, with construction starting in 1Q 2026 with a completion date set for 1Q 2029.STARTUPS-Future100 initiative inks six partnerships: The Future100 initiative — a government initiative identifying and supporting the 100 most impactful startups in the UAE — signed six agreements with Mohamed bin Zayed University of AI, Oraseya Capital, DIFC Innovation Hub, EY UAE, MEVP, and in5 Incubator to accelerate startup growth in sustainable and tech-driven sectors, Wam reports.BUSINESS-DMCC inks Beijing pacts to boost trade and digital collaboration: DMCC signed agreements with Beijing Innovation Service Hub and Beijing Chaoyang Council for International Trade during its 2025 Made For Trade Live roadshow in China, according to a statement. The agreements will see both parties co-host seminars, roadshows, and networking events to link UAE and Beijing-based businesses, with a focus on digital trade and blockchain solutions.

MARITIME- AD Ports and CMA CGM partner on Congo terminal: AD Ports Group and logistics solutions company CMA CGM partnered on a JV to develop and operate the New East Mole multipurpose terminal in Pointe Noire, Congo, for which AD Ports Group secured a 30-year extendable concession for the terminal in June 2023, according to a press release.The details: AD Ports retains majority control over the JV, giving it control over terminal management and operations. The first phase includes a USD 220 mn investment to construct a 400 m quay wall and a 10-hectare logistics zone. The terminal will handle containers, general, break-bulk and other types of cargo at the Central West African nation’s biggest Atlantic port.This is not their first partnership: The partners inaugurated CMA Terminals Khalifa Port in December, a USD 845 mn project set to boost Khalifa Port’s capacity by 33% DEBT-Moody’s affirmed state-owned Aldar Properties’ long-term credit rating of Baa1, with the company’s bonds and sukuk rated at Baa1 as well, Al Khaleej reports. The rating reflects Aldar’s diverse investment and asset portfolio, along with its varied revenue streams. Moody’s analyst Aziz Al Sammarai noted that the company is expected to maintain a strong credit profile and liquidity into the next year, while also expanding through debt-financed acquisitions. AUTOMOTIVE-Arabian Automobiles launches Urventures to support startups: Nissan’s exclusive dealer in Sharjah and the northern emirates, Arabian Automobiles, launched an initiative called Urventures to support UAE-based startups by providing commercial vehicles in exchange for a small equity stake, according to a press release. The program aims to address the logistics challenges faced by early-stage businesses. In its initial phase, Urventures has backed two startups — emergency medical training provider ProMed First Aid and sustainable tissue brand Bambuyu by supplying each with a Nissan Urvan.FINTECH-#1- UAE's Yuze expands to India: UAE-based digital business banking platform Yuze will launch operations in India in 2Q 2025, targeting micro-businesses, SMEs, and freelancers with tools like digital accounts, automated invoicing, and expense tracking, according to a press release. Yuze is partnering with Indian financial institutions and recruiting local talent to tailor solutions to regulatory and market needs. The company is already planning a Saudi Arabia launch ahead of its India expansion.#2- Saudi fintech Simplified Financials Solutions (SiFi) acquired Dubai-based B2B cost management outfit Neya Technologies, which was operating in stealth mode, for an undisclosed sum, according to a Linkedin post. The move is aimed at enhancing Neya’s financial technology tools, while expanding its reach across the Kingdom. Background: Sifi raised USD 10 mn in a seed round led by PIF-owned Sanabil Investments, as well as RAED Ventures, last year.ANB Seed Fund, Rua Ventures, Byld and KBW Ventures also invested in the round, while Khwarizmi Ventures, Tech Invest Com. and Seedra Ventures were follow-on investors.STARTUPS-AI solutions provider DoxAI joined the Economy Ministry’s NextGen FDI initiative, which aims to attract high-growth technology companies to the UAE, state news agency Wam reports. The company, which specializes in AI-powered document processing, data extraction, and identity verification, will establish its regional headquarters in Dubai’s Rolex Tower, expanding operations to serve regional and global markets. More about the program: The NextGen FDI program was launched in 2022 to help global tech-focused startups establish and expand their operations in the UAE by facilitating licensing procedures, bulk and golden visa issuances, and banking services. It also offers commercial and residential lease incentives.#2- Dubai-based AI-powered visa-as-a-service platform VISARUN.AI secured USD 700k in pre-seed funding from Swiss and UAE-based angel investors, according to a press release. The investment will support platform development, sales expansion, and market penetration as the company aims to streamline visa processing in regions facing long processing times and embassy backlogs.About VISARUN.AI: Founded in 2024 by Vladimir Indjikian (LinkedIn) and Alena Iakina (LinkedIn), VISARUN.AI streamlines visa processing with AI-driven tools. The startup handles around 10k applications monthly, and cuts manual work by 70%. Expansion plans focus on the UAE, Saudi Arabia, Qatar, India, and China, meeting rising demand for EU and US visas.CRYPTO-US virtual asset player BitGo gets Dubai licence: US-based digital asset infrastructure solutions provider BitGo has received preliminary approval from the Virtual Assets Regulatory Authority (Vara) for its Dubai subsidiary, BitGo Custody, to operate as a virtual asset service provider, according to a press release. This approval allows BitGo to offer custody services to both individual and institutional clients in Dubai. Founded in 2013, BitGo operates in 50 countries and provides operational infrastructure to over 1.5k institutions.REAL ESTATE-#1- European developer Mr. Eight Development is debuting in the UAE with the launch of Villa del Divos, a luxury AED 500 mn project on Dubai Islands, according to a press release. The development, the first of five planned projects, will feature 108 high-end residences and a beach club. Construction begins in 1Q 2025, with handover expected by 1Q 2027. #2- Imtiaz Developments unveils Sunset Bay Collection on Dubai Islands: Imtiaz Developments launched the Sunset Bay Collection, a five-project waterfront development on Dubai Islands, according to a press release. The project features luxury residences with direct beach access. Imtiaz Developments now has 15 projects in Dubai Islands.SOCIAL WELFARE-Sharjah Ruler launches AED 134.5 mn financial assistance program: Sharjah Ruler Sultan bin Mohammed Al Qasimi launched an AED 134.5 mn financial assistance program to support low-income families, state news agency Wam reports. The initiative, managed by the Social Services Department, aims to ensure that beneficiary families reach a minimum monthly income of AED 17.5k. Some 2k families earning below this threshold will benefit, with the program already having started disbursing funds as of the start of the year. CAPITAL MARKETS-Al Ramz receives MSX licence: DFM-listed brokerage and investment firm Al Ramz Corporation has secured a market maker license from the Muscat Stock Exchange (MSX), the company said in a press release. Al Ramz recently launched a new trading platform offering access to both regional and global markets.

M&A- #1- We now know the size of Alpha Dhabi’s stake in NCTH: Alpha Dhabi Holding upped its stake in National Corporation for Tourism and Hotels (NCTH) to 73.73%, according to a regulatory filing (pdf) to the exchange. Both companies are ADX-listed.ICYMI- NCTH raised its capital to AED 2.2 bn, up from AED 899 mn, through the issuance of 1.3 bn new shares last week, all allocated to Alpha Dhabi Hospitality Holding, a subsidiary of Alpha Dhabi.The transaction saw Alpha Dhabi transfer four premium hotel assets to NCTH including the St. Regis Saadiyat Island Resort, luxury collection desert resort Al Wathba, and ultra-luxury Cheval Blanc Randheli in the Maldives along with Cheval Blanc Seychelles, consolidating its hotel business under NCTH. This boosts NCTH’s portfolio to eight hotels with 1.5k keys.#2- Tadawul-listed Fakeeh Care Group’s subsidiary Fakeeh Health acquired 100% of MediCentres, a Dubai-based primary care clinic network, from Everest Health Investments for an undisclosed sum, according to a press release. Medicenters is now Fakeeh Medicentres. MediCentres operates clinics in Motor City, Jumeirah Park, Al Furjan and Dubai Silicon Oasis and Dubai Mall. The network of clinics offers comprehensive medical and dental services including pediatrics, physiotherapy, dermatology, among other fields, according to its webpage. ICYMI- Fakeeh Care took a 21.5% stake to market in June 2024 through an offering of both new and existing shares. The IPO was priced top of the range, giving the family business a market cap of 13.3 bn at listing. The Abu Dhabi Investment Authority (Adia) was a key buyer in the IPO with a cornerstone investment of 1.04 mn shares. INVESTMENTS-Dubai welcomes new Sub-Sahara-focused lender: Standard Chartered’s ventures arm SC Ventures and Dutch digital lending platform Yabx signed USD 10 mn shareholder and collaboration agreements to launch Sub-Saharan Africa-focused lender Furaha in the Dubai International Financial Center (DIFC), SC Ventures said in a statement. The investment saw SC Ventures funnel USD 7 mn into the company, while Yabx contributed USD 3 mn in technology transfer. Uganda was the first market where Furaha started offering its services. CAPITAL MARKETS-#1- Dubai-based trading platform Equiti introduced contract for difference (CFD) options for Mena stocks listed on the ADX and DFM, according to a press release. The move will allow investors to speculate on future market prices. Not the only company to start rolling out CFDs: Cyprus-based broker Scope Markets launched the first CFD products for trading in DFM and ADX indices in October. A month later, UK-based Plus500 launched the Dubai Index CFD to track the performance of key sectors in the emirate’s economy.#2- DFM-listed BHM Capital Financial Services joined the Bahrain Bourse (BHB) as an external market maker, according to a press release. BHM Capital’s membership at BHB aims to support the financial market’s infrastructure, boost liquidity levels, attract regional and global investors, and integrate BHB with other GCC markets.REMEMBER- BHM Capital has also been eyeing entering the Egyptian market through a JV, with the company’s CEO saying in June that it is in advanced talks with multiple parties. HEALTHCARE-State-owned health-tech firm M42 will support Uzbekistan’s Genome Program under a partnership with the country’s Health Ministry, according to the Abu Dhabi Media Office. The partnership will see the manufacturing of screening and diagnostics tools locally and regionally to support early detection and prevention initiatives of genetic diseases. AVIATION-dnata renews catering agreement for Jordan’s JV: Homegrown air services provider dnata will continue to be in charge of the operations of Jordan Flight Catering Company — a JV between dnata, Jordan’s flag carrier Royal Jordanian, and Eastern Aviation Investments — after renewing its partnership with Royal Jordanian, according to a press release. The pair also renewed a 10-year agreement to provide inflight caterer’s service for the airline.The agreement came on the same day Royal Jordanian upped its stake in the JV to 51%. Dnata currently owns a 25% stake in Jordan Flight Catering Company.

Tom Fux replaces Michel Ayat as AWR Automotive CEO: Homegrown family business group AW Rostamani appointed Tom Fux (LinkedIn) as the new CEO of its automotive division, succeeding Michel Ayat, who stepped down after 34 years, it said in a press release. Ayat will remain with the group as a board advisor. Fux brings over 25 years of experience across 53 countries, including leadership roles like managing director at Toyota Adria, president of Toyota Germany, and CEO of KINTO Europe.

The single biggest story on Planet Finance is the possible merger of automobile giants Honda and Nissan, after the two companies inked an MoU to explore a possible merger, aiming to create the world’s third-largest automaker by sales, according to a statement yesterday.Is Mitsubishi in? The talks, which could also include Mitsubishi Motors, who is set to decide whether to formally join the merger talks next month, according to a separate MoU, are set to finalize by June 2025, with a holding company established by 2026. The transaction would bring the combined valuation of Honda and Nissan to USD 54 bn according to their current market caps, and to USD 58 bn if Mitsubishi were included. This would put them only behind Toyota and Volkswagen in terms of size, the Financial Times reports. The two companies would aim for combined sales of JPY 30 tn yen (USD 191 bn) and operating profit of more than JPY 3 tn yen. The automakers say it is a competitive play: The merger is part of a broader strategy to maintain competitiveness amid “drastically changing business dynamics,” Honda CEO Toshihiro Mibe said, with Chinese EV makers and Tesla rapidly gaining traction against the Japanese automotive sector. “We have to build up capabilities to fight with them by 2030, otherwise we'll be beaten,” Mibe said. The need for scale represents a forward-looking strategy and is “not a rescue of Nissan,” Mibe added.What’s the issue with Nissan? The Japanese automaker recently announced a 20% cut in global production capacity and plans to slash 9k jobs following a 90% drop in operating profit in the first half of the fiscal year. According to Reuters, Nissan’s weakened financial position has raised speculation that the merger is a lifeline, despite denials from both CEOs. The challenge? Creating meaningful synergies and avoiding past merger pitfalls, such as DaimlerChrysler's failed union, the New York Times said. The FT and Reuters forecast that the merger could face hurdles — including resistance from shareholders and regulatory approvals — on the back of Nissan’s weaker financial footing amid profitability concerns and declining sales in its largest market, China. Honda and Nissan plan to share platforms and resources to cut costs, focusing on EVs, autonomous driving technologies, and software development. However, its scale still may fall short of providing a competitive edge against Tesla and Chinese automakers, lauded for their cost-efficient production and technological advancements, the NY Times reports.Market reax: Honda’s shares climbed up 13.4% on the news, benefiting from a separate share buyback announcement, while Nissan shares fell 7% on the Tokyo Stock Exchange, and Mitsubishi Motors gained 0.3%.ALSO WORTH KNOWING ON PLANET FINANCE- South Korea is set to issue its first KRW-denominated foreign-exchange stabilization bonds in over two decades next month, targeting up to KRW 20 tn (USD 13.8 bn) in total debt issuance for 2025 to reduce KRW funding costs and boost currency market stability, according to a Finance Ministry source with knowledge of the matter. (Bloomberg)Global bond funds attracted a record USD 600 bn in inflows this year, despite closing the year down 1.7%, according to Bloomberg’s global aggregate bond index, amid concerns about slower-than-expected rate cuts in 4Q. Investor demand was driven by elevated yields and slowing inflation, alongside an anticipated easing of monetary policy. (Financial Times) MARKETS THIS MORNING- Asian markets are mixed, with South Korea’s Kospi and Japan’s Nikkei both slipping 0.3%, after the Bank of Japan published minutes from its latest monetary policy meeting. Meanwhile, Hong Kong’s Hang Seng index rose 0.4% on open, while mainland China’s CSI 300 gained 0.1%. Over on Wall Street, futures are near the flatline ahead of an early day for the New York Stock Exchange for Christmas Eve. ADX9,402+0.5% (YTD: -1.8%)DFM 5,0560.0% (YTD: +24.6%)Nasdaq Dubai UAE204,142+0.6% (YTD: 7.8%)USD : AED CBUAEBuy 3.67Sell 3.67EIBOR4.3% o/n4.3% 1 yrTASI11,949+0.8% (YTD: +0.1%)EGX3030,118-0.8% (YTD: +21.0%)S&P 5005,974+0.7% (YTD: +25.3%)FTSE 1008,103+0.2% (YTD: +4.8%)Euro Stoxx 504,853-0.2% (YTD: +7.3%)Brent crudeUSD 72.99+0.1%Natural gas (Nymex) USD 3.71-0.9%GoldUSD 2,629-0.6%BTCUSD 94,075-1.2% (YTD: +122.4%)THE CLOSING BELL-The ADX rose 0.5% yesterday on turnover of AED 1.1 bn. The index is down -1.8% YTD.In the green: Mair Group (+12.4%), Fujairah Cement Industries (+7.2%) and Hayah Insurance Company (+5.4%).In the red: E7 Group (-4.6%), Pure Health Holding (-2.7%) and Rak Co. for White Cement & Construction Materials (-2.6%). Over on the DFM, the index stayed flat, trading on turnover of AED 413.9 mn. Meanwhile Nasdaq Dubai closed up 0.6%.

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.

AGRICULTURE- Silal inks agreement with Kezad Group for agtech initiatives in Al Ain: Abu Dhabi-based agrifood and technology company Silal has signed a Musataha agreement with Kezad Group to launch two agtech initiatives in Al Ain Industrial City, aimed at sustainable farming and local food production, Wam reports. The first initiative involves a 50k sqm indoor farming project focused on cultivating premium berries in collaboration with sustainable agri-climate tech company Iyris. The second uses advanced controlled-environment agriculture to cultivate high-value crops across 100k sqm, while minimizing water consumption.REAL ESTATE-#1- Deyaar Development launched Park Five, a AED 1.5 bn residential community project in Dubai Production City, according to a press release (pdf). Phase one of the project is scheduled to wrap up in the summer of 2027, featuring Elm and Ember towers which offer studios and one- to three-bedroom apartments.ICYMI- The company’s first residential project in Abu Dhabi, Rivage, was completely sold out last week.#2- UAE-based developer Avighna Group purchased Emaar Business Park’s building 3 on Sheikh Zayed Road for AED 233 mn from Oman’s Bank Muscat’s Izdihar Real Estate Fund, according to a press release. The property holds 150k sq ft of commercial and retail space and is fully tenanted.E-COMMERCE-Telr to adopt Samsung Pay: UAE-based online payment gateway Telr partnered with Samsung Gulf Electronics to integrate Samsung Pay into its platform in a bid to ramp up the use of mobile payment solutions in the UAE, according to a press release. ACCOUNTING-Audit firms Ahmad Alagbari Chartered Accountants and Firm Harbour Aegis formed an alliance to provide cost-effective financial and advisory services, including audit, assurance, corporate taxation, and VAT compliance, Gulf News reports. The partnership looks to address the growing demand for affordable, reliable solutions by targeting the mid-tier market in the UAE. The integration is slated for completion in 2Q 2025, after which revenues are expected to exceed USD 15 mn in 2025.More to come: The firms plan to onboard additional firms specializing in asset valuation and counseling services and expand operations beyond the UAE, aiming to double or triple revenues within five years. The alliance’s workforce currently includes 150 staff members, with plans to expand it by 10-15%.FMCG-Bateel sets up shop in South Korea: Gourmet dates retailer Bateel opened its first store in Seoul, South Korea at Lotte World Mall, according to a press release. The new shop — larger than Bateel’s flagship stores in the UAE and KSA — is its first in Asia. Bateel now operates in over 29 countries across the GCC, Europe, and Asia.More to come: Bateel plans to launch its Bateel El’an Concept — a modern café format offering dine-in, takeaway, and delivery — in South Korea in early 2025. The company is also eyeing entering new markets such as Singapore.AUTOMOTIVE-Chinese automotive brand Omoda & Jaecoo tapped Galadari as its first UAE distributor under a new partnership, according to a press release. The brand’s flagship Omoda C5 and Jaecoo J8 models are set to launch in the UAE in 2025, with showrooms and service centers in Sharjah, Ras Al Khaimah, and Fujairah. DEFENSE-UAE eyes Russian-Indian missiles: BrahMos Aerospace, a Russian-Indian firm, is in talks with the UAE, Vietnam, and Indonesia about supplying its BrahMos missiles, which target both land and naval sites, Azernews reports. Developed by Russia’s NPO Mashinostroeniya and India’s Defense Research and Development Organization, the supersonic cruise missiles, which can reach speeds up to Mach 3, are currently in service with the Indian military. BUSINESS-Bank of Communications Co. (BOCOM), China’s fifth largest bank, opened an office in Dubai International Financial Center (DIFC), in a bid to boost economic, trade, and investment cooperation between China and the the Middle East, Africa, and Southern Asia (MEASA) region, according to a DIFC statement. BOCOM joins over 230 banks at DIFC and is the fifth Chinese bank to establish a presence in the DIFC.CULTURE- Dubai is getting a Dubai Photography Museum, which is set to attract cultural institutions to set up presence at the museum, according to the Dubai Media Office.

MANUFACTURING- #1- Chinese companies to set up factories at Kizad: Around 40 Chinese firms plan to establish manufacturing plants at the China-UAE Industrial Capacity Cooperation Demonstration Zone (JOCIC Park) in Khalifa Industrial Zone Abu Dhabi (Kizad), Zawya reports. The projects are part of the Belt and Road Initiative (BRI) initiative, with investments in the zone currently standing at USD 10 bn, Jianzhong Gong, vice president of JOCIC, said. Some of the companies have already signed MoUs for their planned facilities with others expected to sign agreements at the Chinese Industrial Products Exhibition at JOCIC Park next week. #2- Saudi Delmon set to build a manufacturing plant in Abu Dhabi for oil and gas products: Saudi Arabia-based Delmon Industrial Complex signed a 50-year ground lease agreement with Khalifa Economic Zones Abu Dhabi (Kezad Group) to set up a AED 50 mn manufacturing facility for oil and gas products, according to a statement from Kezad. The facility will be established in the ICAD III (Kezad Musaffah) area, focusing on supplying oil and gas companies with processed products.DEBT- EDB finances YDE’s solar projects: Emirates Development Bank (EDB) signed a USD 27 mn financing agreement with Yellow Door Energy (YDE) to support the development and operation of over 60 solar plants across the UAE, according to a statement. Yellow Door will use the funds to lease solar power plants through solar leases — also known as power purchase agreements — to industrial firms. Part of EDB’s strategy? The lender was planning in May to provide AED 30 bn (c. USD 8.2 bn) in financing to over 13.5k companies for renewable energy and food security, amongst other industries, by 2026. EDB also signed an agreement with the International Renewable Energy Agency to extend AED 1.3 bn (c.USD 350 mn) in financing to support Irena’s Energy Transition Accelerator Financing platform last year.REAL ESTATE-#1- Al Seeb Developers launched a AED 500 mn residential project in Dubai's Business Bay area, Royal Regency Suites, according to a press release. The project, which features two towers housing a total of 235 units, according to the developer’s website, is scheduled for completion by 31 March, 2027.#2- Iman Developers launched the AED 320 mn One Park Square mixed-use residential project in Jumeirah Village Circle, according to a press release. This marks the company's 14th development and is scheduled for completion in 2Q 2028. The 24-story project features 266 residential units and three retail units. STARTUPS-Pemo bags USD 7 mn funding: Dubai-based fintech firm Pemo raised USD 7 mn in a pre-series A round led by UK fintech fund Augmentum Fintech and Abu Dhabi-based Shorooq Partners, according to a disclosure from Augmentum. Augmentum contributed USD 4 bn to the investment round, which saw participation from existing investors, such as Cherry Ventures, Speedinvest, and Fintech Collective. The investment will see Perry Blacher, a partner at Augmentum, join Pemo’s board. Pemo will use the funding to advance its platform and expand into new high-growth markets across the Middle East. About Pemo: Pemo provides management and business payment solutions via corporate cards, with a focus on UAE-based SMEs. The company is headquartered in Dubai and has offices in Saudi Arabia and Egypt.UTILITIES-Dewa receives eight bids for pumping stations tender: Dubai Electricity and Water Authority (Dewa) received eight bids for the Ghafat Idah Reservoir Complex Pumping Station and the Endurance Road Pumping Station Phase 1, Stream A, Zawya reports. The tender covers electro-mechanical works and the development of supervisory control and data acquisition systems. The project is expected to take two years to complete.The interested bidders are UAE-based firms Binghalib Technology, Danway Electrical and Mechanical Engineering, Emarat Aloula Contracting, Green Oasis General Contracting, Gulf Contracting and Landscaping, Saudi Arabia’s Al Sawaed Al Qafelah General Contracting, Japan’s Torishima Pump, and India’s Kalpataru Projects International. The submitted bids ranged from AED 85 mn to AED 247 mn, with bidders choosing either or both pumping stations.TECH-Beeah, Khazna, SCTA team up to launch the largest Tier III data center in Sharjah: Beeah Group partnered with Khazna Data Center and the Sharjah Communication Technologies Authority (SCTA) to set up the largest Tier III data center at the Sharjah Freezone for Communication Technologies in Kalba, among other data centers across the emirate, according to Wam. Khazna Data Centres will develop the facilities, while the SCTA will provide regulatory support, allocate land, and establish energy infrastructure.CAPITAL MARKETS-Brokerage and investment firm Al Ramz launched a new trading platform, offering access to both regional and global markets, including IPO subscriptions, according to a press release. The Al Ramz app also features an AI-powered robo-advisory providing personalized financial guidance. Users can also share insights via a social forum. The platform plans to introduce a rewards program in the future.TELECOMS-e& UAE signed an MoU with Dubai Airports to mull the deployment of a private 5G network at its airports, which could potentially place Dubai as the first in the region to implement 5G connectivity for operations at its airports, according to a press release. The 5G network is expected to enhance operational efficiency through improved journey management and luggage handling, in addition to reducing passenger congestion at boarding gates.HEALTHCARE-Dubai Health has approved plans for a new diabetes center set to open in 2026, more than doubling the current facility's size to 53k square feet, according to a statement. The new center aims to increase patient capacity by 100% over the next decade. The expected cost was not disclosed.

NBFS- UAE residents will now be able to transfer money to bank accounts in Spain, Italy, France, Ireland, and Germany using Careem Pay, with more EU destinations set to be added, according to a statement from Careem. The platform allows customers to send up to AED 150k per transaction and up to AED 450k a month to any valid IBAN in the said countries at rates 50% cheaper than banks.ALSO- Careem Pay introduced a new feature allowing transfers from the UAE to businesses abroad, including real estate payments, events booking, and school and university tuition fees. The service currently covers India.PAYMENTS-#1- Mastercard partnered with Tap Payments to integrate Click to Pay with Payment Passkey services in the UAE, replacing one-time passwords with biometric authentication, according to a press release. #2- Visa to roll out flexible credential feature in the UAE: Visa is partnering with Emirates NBD’s digital arm Liv Bank to introduce its “flexible credential” feature in the UAE, allowing people to use a single card to pay from different funding sources, including multiple currency accounts, it said in a statement. The feature automatically routes transactions to the account with the appropriate transaction currency. It will be available to all Liv customers, and will support the USD, GBP, EUR, CAD, and AUD. BANKING-Mbank integrates Aani into its mobile app: Al Maryah Community Bank (Mbank) integrated central bank-backed instant payment platform Aani into its mobile application, state news agency Wam reports. The Aani platform allows customers and retailers to make instant payments 24/7, including proxy and QR-based payments.ICYMI- Over 1 mn customers and 80k merchants have joined Aani since its inception in October 2023, CEO of the central bank’s digital payments arm Al Etihad Payments Jan Pilbauer said last month.AUTOMOTIVE-Cadillac, Al Ghandi Auto break ground on new experience center: Automotive retailer Al Ghandi Auto and Cadillac Arabia kicked off the construction of a AED 47 mn experience center in Abu Dhabi, according to a press release. The facility is scheduled for completion in 1Q 2026, and will feature an open sales area, a VIP lounge, and a service reception. It will also include 14 work bays that can serve over 50 vehicles per day and are designed to accommodate both electric and traditional vehicles.SUSTAINABILITY-Tadweer partners with Egyptian gov’t to promote investments in the waste sector: Tadweer Group signed an MoU with Egypt’s Waste Management Regulatory Authority, an Environment Ministry body, to promote investment prospects in the waste sector and facilitate the exchange of research and studies between the two organizations, according to Wam.TRADE-#1- Germany's Mittelstand opens representative office in Dubai: Germany’s BVMW Mittelstand association of SMEs opened a representative office in Dubai, following an agreement signed with Dubai’s International Freezone Authority earlier this year, according to Wam. The office will serve as a resource for German SMEs, providing support, networking, and access to the UAE’s business environment.#2- Dubai partners with Thailand’s Commerce Chamber to boost cross-border investments: Dubai Chambers signed an MoU with the Thai Commerce Chamber to boost investment prospects in sectors such as energy, digital economy, agriculture, tourism, and hospitality, according to the Dubai Media Office. The MoU covers the exchange of delegations and trade missions, as well as organizing exhibitions and business events in Dubai and Thailand. The agreement also aims to facilitate arbitration procedures to resolve commercial disputes between companies from both countries.STARTUPS-#1- US healthtech startup EpiBone closed an undisclosed funding round that drew investments from Kendall Capital, LifeSpan Vision Ventures, and EMV Capital, among others, according to a press release. The company, a member of Abu Dhabi’s tech ecosystem Hub71, will use the funding to support its ongoing pipeline development and to scale up its operations globally.What they said: “This funding…empowers us to bring our innovative regenerative therapies to more patients in need as we explore Thailand and the United Arab Emirates, both emerging global centers of medical tourism," CEO and Co-Founder of EpiBone Nina Tandon said.About EpiBone: EpiBone is a regenerative medicine company that uses stem cells to grow bone and cartilage for skeletal reconstruction.#2- US-based Access control systems firm Wavelynx Technologies launched its operations in the MENA region via a new office in Dubai, according to a press release. The company will focus on commercial real estate, hospitality, education, and healthcare sectors.INS.-Dubai’s tollgate operator Salik partnered with ins. firm Liva, to provide ins. solutions to drivers, according to a press release (pdf). The partnership will allow drivers to renew their ins. policy via a Liva-managed platform that will be linked in Salik’s notifications, and will send reminders to customers about ins. payments and vehicle registration renewals. LOGISTICS-#1- The Postal Sector Regulatory Committee formed an Advisory Committee for the Postal and Courier, Express, and Parcels Sector — featuring industry executives — in a bid to boost collaboration between the public and private sectors in the field and develop growth strategies, according to a press release.#2- EMX to set up shop in SAIF Zone: EMX, the logistics arm of 7X, secured a 6.5k sqft warehouse at Sharjah Airport International Free Zone (SAIF Zone), Wam reports. The facility will support its express delivery and parcel services across the UAE.

BANKING-#1- Our friends at Mashreq launched Mashreq Neo Corp digital banking platform for corporate clients in Qatar, according to a LinkedIn post. The platform offers 24/7 online access to comprehensive money management and trade finance services.ICYMI- Mashreq launched Mashreq Neo Corp in Kuwait last month, and in Bahrain earlier this year, with plans to roll out the digital banking platform across other Gulf countries in the coming months.#2- Emirates NBD will offer a virtual card B2B payment solution to travel agencies in partnership with Mastercard, aiming to digitize and streamline their transactions, according to a press release. The Emirates NBD Wholesale Travel Solution is set to improve companies’ cashflow with extended credit lines and boost efficiency for domestic and cross-border transactions.DEBT-DIFC repays USD 700 mn sukuk issuance: Dubai International Financial Center (DIFC) repaid a USD 700 mn sukuk issuance in full, according to a press release. The offering was issued in 2014 to repay outstanding debt and fund the center’s expansion, including real estate infrastructure and the Gate Avenue retail development.M&A-Japan’s Giftee to fully acquire YOUGotaGift: Dubai’s YOUGotaGift agreed to sell a 91% majority stake to Japanese e-gifting platform Giftee, with plans to transfer the remaining 9% by 2027, the company’s CEO Husain Makiya told Arabian Business. The acquisition marks Giftee’s entry into the Middle East’s expanding prepaid cards market. YOUGotaGift’s current management will stay on board, with the companies aligned on “medium- to long-term visions and growth strategies.”Who’s selling? Shareholders including Middle East Venture Partners and HoneyBee Tech Ventures. About YOUGotaGift: The digital card provider distributes over 5 mn HappyYOU multi-brand cards annually, covering over 1k regional and 5k international brands. Primarily focused on the B2B sector, the company serves over 2.5k GCC corporate clients, including Adnoc, Emirates Airlines, and Saudi’s Sabic. YOUGotaGift has seen a 200% increase in distribution volumes and a 30% rise in its client base “in just the last three years,” Makiya said, with an annual gross merchandise volume of USD 200 mn.NBFS-Dubai Chambers taps Noqodi for payment services: Fintech firm Noqodi is now Dubai Chambers’ primary payment provider, providing its payment solutions across the chambers’ services, according to the Dubai Media Office.MARITIME-Al Seer Marine, a subsidiary of International Holding Company, expanded its JV with Damen International beyond naval shipbuilding to include commercial shipbuilding as well, according to a press release (pdf). The JV targets manufacturing over 26 vessels in the UAE in 2025. It will use Al Seer Marine's manufacturing facilities in Abu Dhabi and Damen's shipyards in Sharjah, Fujairah, and Dubai.INFRASTRUCTURE-Aldar taps Combined Group to carry out infrastructure work at one of its projects: Emirati developer Aldar awarded a USD 43.2 mn contract to Kuwait-based Combined Group Contracting and its UAE subsidiary to build infrastructure facilities at Delma Industrial Area in Abu Dhabi, according to a press release. Construction is expected to wrap up in 578 days.INDUSTRY-The Industrial Transition Accelerator (ITA) partnered with the UAE’s and Bahrain’s governments to support industrial decarbonization across the Mena region, according to the Bahrain News Agency. The ITA is seeking to cooperate with regional governments and industry leaders to promote emerging green industries and drum up the needed capital to support decarbonization efforts.Several UAE companies signed formal agreements with the ITA to collaborate on operational decarbonization, including Emsteel, Emirates Global Aluminium, and Arabian Gulf Steel Industries.

Cyvn pursues McLaren Automotive buyout: Abu Dhabi-owned smart mobility-focused investment firm Cyvn Holding inked a non-binding agreement with Bahrain’s sovereign wealth fund Mumtalakat Holding Company to explore acquiring 100% of UK luxury sports car manufacturer McLaren Automotive, according to a statement[f]. The value of the potential transaction was not disclosed.That’s not all: Alongside the full buyout of McLaren Automotive, Cyvn will acquire a non-controlling stake in McLaren Group. The transaction will also see McLaren benefit from Cvyn’s engineering expertise to accelerate its growth, particularly in EV innovation.This is not the first time we hear about this: Bloomberg reported Cyvn’s interest as early as April, noting that Mumtalakat was keen on bringing in investors to help fuel McLaren’s expansion plans.Cyvn likes cars for investment: The holding company pledged a USD 2.2 bn equity investment in Chinese electric vehicle manufacturer Nio back last December. The two firms recently partnered to launch Nio’s brand in the Mena region.A long run: Mumtalakat became McLaren’s majority stakeholder 17 years ago, taking full control only last March.The story got ink in Bloomberg and Reuters.