Abu Dhabi launches health and life sciences cluster

It’s a busy day of news for the healthcare sector in Abu Dhabi as the Abu Dhabi Global Health Week gets underway, with a host of new medical centers, healthcare investments, and clusters announced.

Health, medicine, and longevity cluster-

The Abu Dhabi Department of Economic Development, Abu Dhabi Investment Office, and Abu Dhabi’s Department of Health will launch a health, endurance, longevity, and medicine cluster, which they will call HELM, according to a statement. The cluster aims to attract more research and development, new drug manufacturing, and commercialization of biotechnology, as well as medtech and digital health solutions, the statement said.

Not the first of its kind: Like Abu Dhabi’s Smart and Autonomous Vehicles Industry (SAVI) and the AgriFood Growth and Water Abundance clusters, it will be geared towards attracting global firms and boosting supply chain integration and regulations for firms in the sector. The cluster is set to contribute more than AED 94 bn to Abu Dhabi's GDP, attract more than AED 42 bn in investments, and create some 30k new jobs by 2045.

Vaccine distribution hub-

Abu Dhabi’s Department of Health also inaugurated a regional vaccine distribution hub in partnership with biopharma company GSK in Abu Dhabi, according to a statement. The two sides had inked an MoU for the hub, which is set to strengthen regional vaccine distribution efforts, last year.

M42’s new cancer treatment facility-

Abu Dhabi to build region’s first heavy ion therapy center: Abu Dhabi-based G42 healthcare arm M42 will build the Middle East’s first heavy-ion cancer treatment facility with Japan’s Toshiba Energy Systems & Solutions after the two sides signed a partnership agreement, according to the Abu Dhabi Media Office. The advanced radiotherapy center will be located at the Cleveland Clinic Abu Dhabi campus, with construction set to begin next year.

SOUND SMART- Heavy ion therapy uses high-speed carbon ions to more precisely target tumors, reducing damage to healthy cells and allowing for quicker recovery compared to conventional radiation treatments. It is also often effective in treating cancers resistant to conventional therapies, and lowers the risk of secondary cancers.

Why this matters: Only 15 such centers exist worldwide, none of which are within a five-hour flight of Abu Dhabi. The project forms part of the emirate’s broader strategy to scale up its healthcare and life sciences sectors as part of its economic diversification agenda.

M42 has been active: In addition to managing the Emirati Genome Program and supporting Uzbekistan’s, M42 is planning to launch a 2 sqkm biobank in Masdar City next year. The state-owned firm also rolled out a new four-platform operating structure in January and reviews around 50 acquisition targets monthly, with talks ongoing in Indonesia, Malaysia, India, and Egypt, CEO Hasan Jasem Al Nowais said in November.

The story got ink from Bloomberg.

More cancer care (and rare disease treatment) from Burjeel-

Burjeel Holdings launched the Genetics and Rare Disease Center at Burjeel Medical City to provide care to patients with rare and genetic conditions, Wam reports. The center comprises three core units: a clinical care unit offering diagnosis and treatment across various subspecialties; an innovative trials unit conducting research and facilitating access to global clinical trials; and a social integration and education unit focused on raising awareness through seminars and community outreach.

It also partnered with US-based nonprofit Caring Cross to locally manufacture cancer treatment CAR-T cell therapies at up to 90% less than current international costs, Wam reported separately. Caring Cross will provide the technology, materials, and specialized training to Burjeel, with the first phase of the program set to focus on CAR-T therapies for leukemia and lymphoma, before potentially expanding to other diseases, including HIV, in the future.

Precision medicine efforts-

DoH to enhance precision medicine in the UAE: The Department of Health also partnered with PureHealth, Khalifa University of Technology, Illumina, M42, the Institute for Healthier Living Abu Dhabi, and New York University Abu Dhabi to expand precision medicine in the UAE, according to a press release.

The details: The plan includes building genomic infrastructure, developing population health programs, and launching research into gene and cell-based therapies. It also aims to bring genome testing and pharmacogenomics into regular clinical use, and create AI tools for data analysis and personalized care. Education and training programs will support local workforce development in genomics.

GSK will also work on a multi-omics research institute in Abu Dhabi focused on accelerating oncology-focused precision medicine, according to a separate statement. Multi-omics studies different biological molecules, such as genomes, RNAs, and proteins, for a deeper insight into how they work together in the human body.

Infrastructure investments-

Healthcare provider Mediclinic Middle East will invest AED 120 mn into expanding its flagship Airport Road Hospital in Abu Dhabi, Wam reports. The project, which is already underway, will add consulting rooms, expand surgical theaters, build new endoscopy suites, increase daycare bed capacity, and introduce more labor, delivery, and neonatal intensive care unit spaces. Construction will occur in phases to avoid disrupting existing services, with completion targeted for early 2026, according to the National.

UAE conglomerate Majid Al Futtaim ramps up regional expansion: Majid Al Futtaim Holdings’ (MAF) Majid Al Futtaim Properties is increasing its investments in mixed-use developments in Egypt and Saudi Arabia this year and the next, CEO Ahmed El Shamy told EnterpriseAM.

The company is investing EGP 15 bn (AED 1.1 bn) in a new mixed-use project dubbed Junction in Egypt, which will be located next to Mall of Egypt in West Cairo. The project — which is being funded internally — will span 93k sqm and is slated for delivery within five years. It will feature 13 administrative and commercial buildings, as well as a five-star hotel with 150-200 rooms. El Shamy added that the company is close to signing a management contract with a major hospitality brand for the project — a brand that will be making its Egypt debut in this new project.

MAF is also planning additional projects in both East Cairo and West Cairo, as well as the new administrative capital, El Shamy told us. Further expansions into new cities or governorates will come at a later stage, since “developing a successful mall in these areas requires significant population growth and adequate purchasing power,” he added.

The portfolio: MAF’s portfolio in Egypt now stands at around USD 2.5 bn with the addition of Junction, El Shamy said. Across the broader region, the group has invested AED 45 bn (USD 12.3 bn), and sets aside AED 1.5-2 bn annually for new regional investments.

Next stop is Riyadh, El Shamy told us. The company is preparing to launch projects in Saudi Arabia in 2025 and 2026, El Shamy said. The company owns land in Riyadh worth some SAR 3 bn and is looking to develop it, having already entered the Saudi market through its sister companies in retail and entertainment.

The company is preparing to break ground on an integrated SAR 17.5 bn urban development in Riyadh, El Shamy told Al Arabiya. The 850k sqm development will combine residential, commercial, administrative and entertainment components. Engineering design work is already underway, with tendering processes and construction slated for 2026, after MAF made a final payment of USD 100 mn last year to complete the acquisition of the land. He noted that Saudi’s GDP of USD 1.5 tn —- twice the size of the UAE’s — make it a prime destination for long-term real estate investment.

The UAE still remains one of its top investment priorities, despite the company’s expansions abroad. Some 80% of MAF’s total investments are concentrated in the UAE — and that’s not changing any time soon. The group is looking to expand its land bank here at home, with projects like the USD 1 bn Ghaf Woods project in Dubai set for further expansion amid strong demand.

Dubai-based classifieds giant Dubizzle Group acquired homegrown real estate market technology and market intelligence provider Property Monitor, marking its second acquisition this year after it took over Egyptian online car marketplace Hatla2ee according to a statement. The size and value of the transaction were not disclosed.

The plan? To incorporate demand-side data into Property Monitors’ platform, which currently aggregates real-time transaction data, listings, and valuation benchmarks to provide a view of the property market to banks, valuers, developers, investors, and regulators. Its flagship platform, PMiQ, offers instant property valuations, yield analysis, and pricing trends across communities, while its Dynamic Price Index (DPI) is increasingly referenced as a benchmark for Dubai’s residential property performance.The company was founded in 2014 by surveying and property consultancy firm Cavendish Maxwell.

Some KPIs: Property Monitor’s revenues saw a CAGR of 55% from 2022 to 2024. The platform attracts more than 7.7k monthly users, primarily real estate agencies and property developers, the statement reads.

Dubizzle has been expanding its regional footprint: Dubizzle Group, which boasts 47 mn monthly visits and 15 mn monthly users, also has operations in Saudi Arabia through its flagship platforms Bayut and Dubizzle.

REMEMBER- Dubizzle is reportedly eyeing a USD 1 bn IPO in the UAE later this year, having enlisted Emirates NBD, Goldman Sachs, HSBC, and Morgan Stanley on the transaction.

IN OTHER M&A NEWS-

Adnoc Drilling’s JV with Alpha Dhabi, Enersol, has completed the acquisition of a 95% stake in US-based energy tech firm Deep Well Services (DWS) for approximately USD 223 mn, according to a Linkedin post. This has been in the works since last year. The new addition to Enersol’s portfolio will help support Adnoc Drilling's recent USD 1.7 bn contract to deliver 144 unconventional wells to Adnoc Group.

This is two months after Enersol wrapped up its acquisition of a majority 51% stake in manufacturing solutions provider NTS Amega from Alpha Dhabi. Enersol plans to invest another USD 750 mn in acquisitions of oilfield services tech firms in 2025, Adnoc Drilling CFO Youssef Salem told us in January. The JV acquired stakes in four firms last year, including manufacturing solutions provider NTS Amega, oil engineering firm Gordon Technologies, Deep Well Services, and EV Holdings.

Citigroup has tapped Carmen Haddad (LinkedIn) as vice chair of its Middle East private bank, according to a staff memo seen by Enterprise Haddad will head up the wealth division, and lead on client relations to cater to the growing number of family offices and high net worth individuals coming to the region.

During her 25-year tenure with Citigroup, Haddad has held senior roles including as chief country officer for its Saudi Arabia and Qatar operations, and headed up the bank’s Gulf, Egypt, and Levant section. She now transfers over to the private bank from the client organization side.

FINANCE-

#1- Financial advisory and asset management firm Lazard opened a new office in Abu Dhabi to serve as its main financial advisory hub in the UAE, subject to regulatory approval, the company said in a statement (pdf). Hussain Altajir (Linkedin), formerly head of Dubai coverage at HSBC, was tapped as CEO for the firm’s UAE operations and client engagement in the region. The expansion comes as Abu Dhabi continues to attract global banks eager to tap into its growing investor base and nearly USD 2 tn in sovereign fund assets, Reuters reports.

#2- British hedge fund manager Michael Platt’s BlueCrest Capital Management received full regulatory authorization to operate in Dubai, sources familiar with the matter told Bloomberg. The Dubai Financial Services Authority granted the license, allowing the firm to hire traders and manage capital locally. BlueCrest plans to relocate its office from the Dubai World Trade Center to the Dubai International Financial Center in the near future.

#3- Barclays is looking into expanding its operations in Dubai: Deputy Prime Minister and Finance Minister Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum met with Barclays Group CEO C. S. Venkatakrishnan to discuss deepening collaboration and growing the bank’s regional presence, Wam reports. The meeting also explored ways for the bank to capitalize on Dubai’s infrastructure, regulations, and digital transformation initiatives to drive growth.

OIL AND GAS-

Adnoc inked a 15-year sales and purchase agreement with Mitsui & Co. for the supply of 0.6 mn tons per annum of LNG, Wam reports. The LNG will be supplied from Adnoc’s low-carbon Ruwais LNG project.

Background: Mitsui acquired a 40% stake in the USD 7 bn Ruwais liquefied natural gas (LNG) project alongside UK oil and gas giant Shell, French TotalEnergies, and BP in December, with each getting a 10% share. It had also inked the supply agreement for 0.6 mn tons at the time. Mitsui is also a partner on the UAE’s only LNG export plant on Das Island.

Adnoc is big in Japan: The company is also supplying Japan's Jera with LNG under a USD 450 mn agreement from Adnoc's Das Island liquefaction facility.

LOGISTICS-

#1- Noatum Logistics boosts its regional freight forwarding operations: AD Ports Group subsidiary Noatum Logistics has acquired 152 long-haul transport trucks to integrate into its trucking fleet, with deliveries slated to be completed by the end of this quarter, according to a statement. The advanced trucks will add an extra capacity of some 6k tonnes — increasing its fleet from 450 vehicles to over 600. The vehicles will handle containerized as well as reefer and loose cargo operations to support a plethora of industries, including energy, polymers, F&B, automotive, pharma, and healthcare.

Remember: AD Ports’ freight-forwarding arm Micco Logistics was rebranded to Noatum Logistics Middle East early last year following its acquisition of Noatum in 2023. Micco Logistics has served as the freight forwarding arm of AD Ports Logistics Cluster since AD Ports acquired it in 2020.

#2- Emirates boosts its cargo routes to Japan: Emirates’ cargo arm Emirates SkyCargo is launching a weekly freighter service from Dubai International Airport to Japan’s Narita International Airport effective from 24 May, marking the first direct route between Narita and the region, according to a statement. The service will have a cargo capacity of 100 tonnes each way and is expected to mainly transport automobile and machinery parts, semi-conductor parts, and pharma products. Narita International Airport is Japan’s largest air- or seaport in respect to the value of cargo handled and is currently undergoing a development plan to become the region’s busiest cargo hub by 2030.

AGRICULTURE-

Uterra launches USD 20 mn organic fertilizer facility in RAK: Uterra Middle East Agro Industries has opened Ras Al Khaimah’s first organic soil fertilizer facility at the Al Ghail Industrial Zone, following a USD 20 mn investment, according to a press release. The 33k-sqm plant will produce micro-biological, no-chemical fertilizers to support indoor, outdoor, and vertical farming, as well as developing medicinal plants. The site will grow produce year-round and also conduct research and development activities. Uterra’s fertilizer products increase yields by 30-120% and the company produces over 1k tons annually.

STARTUPS-

Fresh funds for AI fintech Airev: UAE-based AI start-up Airev has received funding from Irish investment firm Venturewave Capital as part of a Series A funding round, according to a press release. The investment, the size of which was not disclosed, will help Airev expand its AI operating system On Demand — which allows users to build their own AI applications and monetize the usage of hardware infrastructure — outside of the UAE and Ireland.

Partnering with big players: The firm, which has over 4 mn users, is backed by Core42, a subsidiary of state AI firm G42, and signed commercial deployment agreements with Nvidia partner Aldeology. It is also in talks with Fortune 500 semiconductor companies regarding commercial, and research and development partnerships.

FINTECH-

PayPal taps TerraPay to enable real-time cross-border transfers: PayPal partnered with cross-border payments infrastructure firm TerraPay to deliver real-time fund transfers between PayPal accounts and mobile wallets or bank accounts in the Middle East and Africa, according to a press release (pdf). Both businesses and individuals can link their PayPal accounts to local financial platforms for instant transfers.

WASTE MANAGEMENT-

Bee’ah + Sharjah to boost sustainable residential practices: Waste management firm Bee’ah has partnered with Sharjah Sustainable City — which is being developed by Sharjah Investment and Development Authority and Diamond Developers — to improve waste management solutions in the city, according to a press release. Sharjah Sustainable City will serve as a platform for Bee’ah to test its technologies, while Bee’ah will design educational and training programs on sustainable waste management. The pair will also collaborate on research, smart transition tech, biogas operations, and sustainability events.

REMEMBER- Bee’ah is building a new commercial and industrial recycling facility in Sharjah, which uses a robotics and AI system to automatically detect, identify and separate different kinds of waste. The facility can process 156k tons of mixed recyclables annually once it is fully operational.

CAPITAL MARKETS-

UAE retail investors will gain wider access to Asian equities as eToro adds Hong Kong Stock Exchange-listed (HKEX) products to its platform, according to a press release. The platform will gradually roll out stocks and exchange-traded products listed on the HKEX, including ETFs and Leveraged and Inverse Products. The trading hub previously added ADX-listed stocks to its platform, following an agreement with Abu Dhabi’s securities exchange.

Tariffs are fueling investor anxiety across emerging markets (EM), prompting a shift toward safer assets and adding pressure on currencies and riskier holdings, Bloomberg reports.

Wrecking ball: Societe Generale strategists expect most EM currencies to decline, with China’s CNY projected to see a “modest” depreciation, while South Africa’s ZAR and Latin American currencies could be in for sluggish performance. The “wrecking ball [is] still underway in EM FX, but will slow,” they said.

Optimism is waning: Despite the MSCI EM Currency Index reaching a five-month high last week, investor sentiment remains largely pessimistic due to the ongoing trade war. The Colombian COP and Indonesian IDR led declines among EM currencies last week, while last Monday saw China set its CNY fixing to the weakest level since September 2023 at CNY 7.2038 per USD.

Even a weaker USD wouldn’t help: Any unwinding of the USD will benefit developed market currencies more than EM, according to Goldman Sachs Group strategists, with investors using the selloff to seek out undervalued assets in the US.

The risk-off approach is hitting some more than others: Emerging markets with political instability — such as Turkey, Indonesia, and South Korea — are adding to investor risk-off sentiment. In Turkey, Morgan Stanley projects a weaker TRY by year-end, estimating a USD 10 bn drop in foreign reserves due to tariff-driven outflows. Local FX demand will be key to the country’s reserves outlook, Morgan Stanley analysts Hande Kucuk and Arnav Gupta told Bloomberg.

Oil woes are also inflicting pain: A steep drop in oil prices — triggered by the tariffs — is piling pressure on emerging market oil exporters. Brent crude dropped more than 20% in the week following the April 2 tariff announcement, briefly touching below USD 60 per barrel before rebounding. Oil-dependent economies, including Gulf countries, Nigeria, Angola, Venezuela, Brazil, Colombia, and Mexico, are expected to face a hit to hard-currency revenues, while oil-importing countries are set to see some benefits from the falling prices, according to investors cited by the newswire.

How will EMs respond? Trump’s tactics may embolden political leaders to adopt more radical approaches, increasing the likelihood of extreme market swings, said Malin Rosengren, a fund manager at RBC BlueBay. “No doubt we will be seeing more instances across EM of strong man politics testing the limits of the new world order,” she said.

The panic won’t continue for long, though: Rosengren believes that after experiencing volatility for an extended period, investors are likely to fall back on economic fundamentals — like growth prospects, inflation, and interest rates — rather than being overly influenced by short-term political drama or instability.

MARKETS THIS MORNING-

Asian markets are mostly in the red this morning, with Hang Seng (Hong Kong) down 1.6%, Japan’s Nikkei down 0.7%, and Shanghai Composite down 0.6%. Meanwhile, Wall Street futures are inching down after Nvidia announced it will suffer a hefty USD 5.5 bn quarterly charge on its exports to China due to tariffs.

THE CLOSING BELL-

The DFM rose 0.4% yesterday on turnover of AED 528.3 mn. The index is down 1.6% YTD.

In the green: National International Holding (+12.5%), Shuaa Capital (+8.9%) and Salama (+4%).

In the red: National General Ins. (-10%), National Cement Company (-9.9%) and Agility (-9%).

Over on the ADX, the index rose 0.6% on turnover of AED 1.6 bn. The index is down 1.4% YTD. Meanwhile, Nasdaq Dubai was up 1.2%.

CORPORATE ACTIONS-

National General Ins. approved a dividend distribution of AED 74.2 mn for FY 2024, equivalent to AED 0.45 per share, according to a DFM disclosure (pdf). The payout represents 45% of the company’s share capital.