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LOGISTICS-
Construction starts on Dubai’s first build-to-lease logistics facility: Dubai South and Abu Dhabi-based real estate developer Al Dar Properties have broken ground on the first build-to-lease logistics facility in Dubai, according to a statement. The facility, covering 24k sqm, is set to be completed by the end of 2024. The pair entered into a JV agreement in February to develop the Dubai South logistics facility, which is situated near Al Maktoum International Airport and neighbors global giants like Amazon, Noon, and DHL.
NON-BANKING FINANCIAL SERVICES-
Payment gateway solutions provider Telr obtained preliminary approval for the retail payment services and card schemes license from the Central Bank of the United Arab Emirates, according to a press release. Telr aims to support businesses and consumers with customized payment solutions. The company is focused on secure payment options and real-time monitoring to simplify e-commerce processes and ensure smooth transactions for its clients.
BANKING-
Indians in the UAE can now make easier UPI-enabled payments: Our friends at Mashreq will integrate applications that use India’s instant payment system, United Payment Interface, into its NeoPay platform, making it easier for Indian tourists in the UAE to make payments in the country, according to a press release. This comes as part of a partnership with NPCI International Payments, which will allow Indians in the UAE to use the PhonePe app to make payments.
INVESTMENT-
Mubadala to help finance Endeavor’s delisting: US equity firm and majority shareholder Silver lake will take talent and entertainment agency Endeavor Group Holdings private for USD 13 bn, Reuters reports. The financing will come from a combination of new and reinvested equity from Silver Lake, supplemented by capital from investors such as Mubadala and DFO Management.
TRADE-
Sharjah, India to boost trade: Sharjah Chamber of Commerce and Industry’s Indian Business and Professional Council held a business meeting yesterday to ramp up economic cooperation and trade between Sharjah and India, reports Wam. The meeting aimed to explore investment windows for Sharjah-based Indian companies in the energy, maritime industries, tourism, real estate, and contracting sectors, and facilitate sustainable partnerships.
Fast fact: Some 17.5k Indian companies operate in Sharjah. The Sharjah Chamber inaugurated the Indian Business and Professional Council back in February 2023 to foster communication between these and investors.
CLIMATE-
USD 1.2 mn pledged for climate security in Afghanistan: The UAE inked a USD 1.2 mn partnership with the United Nations Climate Security Mechanism (CSM), which agrees to provide an annual contribution of USD 600k to the advisor’s position at the UN Assistance Mission in Afghanistan (UNAMA) for two years, according to a statement by the Foreign Affairs Ministry. The UNAMA assesses and manages climate-related security risks in Afghanistan, one of the top 10 climate-vulnerable countries. The UAE is the first donor from the Global South to contribute to the CSM.
