INVESTMENT-

#1- Sheikha Amal Suhail Bahwan invests in Dubai-based construction company:Omani businesswoman Sheiha Amal Suhail Bahwan is investing a “substantial amount” in Inventure Metal Products Industries to help it expand to new markets and increase capacity, Khaleej Times reports.

#2- New pipeline project in Hatta:Dubai Electricity and Water Authority (DEWA) has awarded an undisclosed firm a AED 10.9 mn contract to construct a water pipeline in Hatta, reports Wam. The project will supplement DEWA’s construction of a 250 MW pumped-storage hydroelectric power plant in the village, the first in the Gulf to generate electricity from stored water.

The details: The contract will install a 562 meter glass-reinforced epoxy (GRE) water pipeline with a 1.5k mm diameter in Hatta. A jet valve chamber connecting the lower outlet valve of Hatta Dam to the Wadi area will also be built to increase the hydroelectric plant’s water access.

DEBT WATCH-

Emirates NBD will provide Saudi’s Leejam Sports Company (Fitness Time) a Sharia-compliant SAR 150 mn multipurpose credit line under an agreement finalized last Thursday, according to a Saudi bourse filing. The pledge includes a short-term (three-month) loan for working capital and a one-year letter of credit granting Fitness Time access to our market for fitness equipment. Fitness Time operates a network of fitness and recreational sports centers across the Middle East.

REGULATION-

#1- Good fences make for good neighbors — at least on the farm. Dubai citizens are forbidden from farming or building fences on land that is not their own under a decree issued by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, Wam reports. The Office of Sheikh Mohammed bin Rashid Al Maktoum for Procurement and Finance will be responsible for enforcing the regulations, in coordination with Dubai Municipality. Violations may incur fines, ranging from AED 1k to AED 100k. Current farm-owners must comply with the new regulations within three months.

#2- Easier licensing procedures for maritime businesses? The UAE’s Telecommunications and Digital Government Regulatory Authority (TDRA) inked an MoU with the Dubai Maritime Authority of Dubai Ports, Customs and Freezone Corporation (PCFC) to amend the regulatory framework for maritime businesses in a bid to streamline digital licensing, Wam reports. The MoU aims to accelerate the process of handing out wireless device authorizations for recreational marine vessels of over 10.6 meters in length in addition to all commercial marine vessels operating within the UAE.

BANKING-

#1- Rakez + CBI partner to streamline business banking: Ras Al Khaimah Economic Zone (Rakez) is partnering with Commercial Bank International (CBI) to streamline business setup processes for Ras Al Khaimah-based companies, according to a media release. CBI will offer its corporate bank account-opening services to Rakez as part of the collaboration, with the still open to expanding the collaboration further.

#2- Al Salam + DocuSign roll out eSignature service:Al Salam Bank has collaboratedwith eSignature service provider DocuSign to introduce a digital identification service for Al Salam’s clients and allow bank transactions to be carried out online, the bank said in a press release (pdf).

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