CAPITAL MARKETS-

Emirates Steel Arkan (ESA) and First Abu Dhabi Bank (FAB) will work together on carbon market development, includingcommodity trading, carbon credits, and sustainable investments and deposits, according to a press release. The cooperation will cover current and future ESA projects tailored towards hedging and trading carbon credits, with the aim of making high-integrity green financing readily available in the region.

TRADE-

DP World + Rosatom to partner on new logistics operator: DP World and Russian state corporation Rosatom inked an agreement for a partnership on “an international logistics operator” to operate in Russia and international markets, according to a press release.

The details: The agreement, signed on the sidelines of COP28, looks to boost logistics integration between BRICS nations, bolster supply chains, boost trade turnover and sustainable development. The newly created logistics operator will make use of established trade infrastructure in Russia, Eurasia, the Middle East, Africa, and South America, including the Northern Sea Route (NSR).

MANUFACTURING–

Mohamed Hareb Al Otaiba Group and Japan’s M-TEchX formed a JV dubbed Maotex, the first nanofiber producer in the region, according to a press release. Maotex will be deployed in the oil and gas sectors to absorb oil.

TECH-

Phoenix is getting its hands on Whatsminer’s state-of-the-art mining equipment: Phoenix Group inked a USD 380 mn agreement with Whatsminer on Thursday to integrate the manufacturer’s hydrocooling technology within its HPC data centers, according to a press release. The agreement will see Phoenix benefit from mining hardware worth USD 136 mn, with an option still left on the table to acquire an additional value of USD 246 mn.

REAL ESTATE-

VA Properties and RSD Group plan to invest AED 5 bn in a new luxury residential project, Fairmont Dubai Skyline Residences, according to a press release. The project, located in Al Sufouh, will include 121 fully furnished residences with 2-3 bedroom apartments, a half floor sky mansion, and a full-floor sky palace, the statement reads.

Aldar Properties sold all 420 units, worth AED 1 bn, in the first phase of its Ras Al Khaimah residential project on Al Marjan Island, according to an ADX disclosure. The beachfront units, including the coveted Nikki Beach Residences, were completely sold within 48 hours of the launch, demonstrating high demand for short-term stay and second home options. Due to significant interest, an additional 150 units have been released for sale.

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