REAL ESTATE-

#1- Abu Dhabi is getting a AED 3.5 bn housing project: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has greenlit the launch of the Yas Canal residential project in Al Raha Beach, valued at at AED 3.5 bn, reports Wam. The development — spanning 1.8k sqm — will house over 1k residential villas for UAE nationals, and will offer housing loans from the Abu Dhabi Housing Authority, and several amenities.

The timeline: The project expects to welcome residents by 4Q 2027. Abu Dhabi Housing Authority and Abu Dhabi Centre for Projects and Infrastructure will oversee its development under a public-private partnership with ICT Real Estate Development Company, which will handle design, construction, and infrastructure.

#2- Dutco and Ellington Properties have broken ground on their AED 1.2 bn waterfront residential development in Business Bay,dubbed One River Point, according to a press release. The project — which was announced in November 2023 — will include studios, apartments, penthouses, and exclusive duplexes. It is slated for handover in 2Q 2027.

INVESTMENT-

Mubadala has confirmed its investment in India’s Avanse Financial Services yesterday, Wam reports. Mubadala, along with Avendus PE, led the funding round through its affiliate Alpha Investment Company, providing funds to enable Avanse to improve its position in education financing, prioritizing customer experience and sustainable growth. Wam did not disclose financial details, but Indian media had earlier pegged the funding round at some USD 133 mn, valuing Avanse at INR 80 bn (USD 965 mn).

SECURITY-

E7 Group secured three new one-year contracts in Africa and Latin America valued at a total of nearly AED 12.9 mn, according to a press release (pdf). The contracts involve providing advanced electronic identification and driving license ID solutions. With these new one-year contracts, E7 extends its operations to a total of 25 countries worldwide.

NBFS-

Mercury to offer retail payment solutions: Dubai-based payment platform Mercury PaymentsServices has received in-principle approval from the Central Bank of the UAE to obtain a retail payment services license, the firm said. Upon receiving the license, Mercury will expand its service offerings by providing money transfer and digital retail payment services to its customers.

AVIATION-

The UAE’s General Civil Aviation Authority (GCAA) launched a new cargo monitoring platform, dubbed the Cargo Data Reporting System (Cards), providing data analysis to government agencies, airlines, ground handling agents, and express service providers, Wam reports. The platform will provide an analytical view of air cargo movements to, from, and through the UAE, analyzing performance of national airlines, ground handling agents, and express service providers.

The system will allow stakeholders to identify their strengths and weaknesses to boost their competitiveness, the UAE’s Economy Minister Abdullah bin Touq Al Marri said.

FINTECH-

Dubai-based payments services provider MBME Pay has partnered with Al Futtaim’s lifestyle app Blue Rewards to optimize digitization services, advance customer satisfaction, and promote MBME’s expansion, an ADX filing (pdf) reads.

HEALTHCARE-

American Hospital Dubai launches hernia care center: American Hospital Dubai has inaugurated a new comprehensive care center dedicated to treating hernia patients, set to be the first facility in the region to offer computer-assisted hernia and abdominal wall reconstruction, Al Khaleej Times reports. The center will work with specialized medical staff in rehab medicine, physical therapy, sports medicine, interventional radiology, clinical nutrition and orthopedic surgery to provide treatment for various hernia types.

BANKING-

Fitch Ratings has affirmed Ajman Bank’s long-term issuer default rating (IDR) at BBB+ with a stable outlook, and its viability rating at b+, amid favorable operating conditions for banks expected to continue through 2024, the rating agency said in a statement.

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