ENERGY-

Masdar backs Indonesia’s green energy transition: State-owned renewables giant Masdar has inked two strategic agreements and received an approval to establish renewable energy projects in Indonesia, according to a press release. The agreements were signed on the sidelines of the 10th World Water Forum in Bali. The approval will see Indonesia develop up to 2 GW of renewable energy in Indonesia’s new capital city, Nusantara, beginning with a 200 MW initial phase.

The breakdown of the agreements:

  • MoU with state-owned energy company Pertamina Power Indonesia (Pertamina NRE) to develop solar, wind and green hydrogen products both in Indonesia and abroad.
  • Joint development study agreement with PLN Nusantara Power aiming to triple the capacity of the operating Cirata floating PV project to 500 MW. The plans were initially announced last September, when Masdar and PLN signed an initial agreement to move forward with tripling the size of the plant.

RETAIL-

NCI sets up shop in the UAE: Hong-Kong based one-stop apparel solution services provider Neo-Concept International (NCI) inked an MoU with Al Nasser Holdings subsidiary Liwa Trading Enterprises to set up a joint venture in the UAE, in a bid to expand in the UAE and GCC retail markets, according to a press release. The JV will provide retail, wholesale, distribution, and e-commerce services in the UAE, Saudi Arabia, Kuwait, Bahrain, Qatar, and Oman, with operations commencing in the UAE in 4Q 2024.

Timeline: The JV will run an initial term of ten years, with automatic renewals for successive ten-year periods.

TECH-

New initiative for AI prompt engineering: Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has rolled out a new initiative to upskill one mn individuals in AI prompt engineering over three years, reports Wam. The initiative — dubbed One Mn Prompters — will be overseen by the Dubai Future Foundation, and includes extensive training courses in AI and prompt engineering that are accredited with certifications. It comes as the demand for prompt engineering skills surpasses a previous demand for coding in the UAE.

REAL ESTATE-

#1- More details on Emaar’s new USD 15 bn development: Real estate developer Emaar’s new AED 55 bn luxury wellness residential venture — The Heights Country Club and Wellness — will be located 10 minutes away from Al Maktoum International Airport, District 2020, and Dubai Investment Park, and 30 minutes away from Downtown Dubai, according to its website.

The details: The new development will feature 3-4 bedroom townhouses, as well as 4-bedroom villas, with prices starting from AED 2.4 mn, according to the developer’s website. The development will also include 1.3 mn sqm of open space, featuring a 38 km network of cycling and jogging tracks, parks, and event plazas, as well as a wellness center that houses fitness technologies and programmes.

#2-Symbolic Developments is launching a new AED 150 mn (USD 40.3 mn) 72-story residential project dubbed Symbolic Aura located in Al Furjan neighborhood of Dubai, Trade Arabia writes. Construction is set to begin next month and is slated for completion in March 2026.

INS.-

Bermuda-based ins. company Fidelis Partnership opened a new office in Abu Dhabi as part of its expansion in the region, Al Bayan reports. The new office will bring Fidelis closer to their client base.

EARNINGS-

Wio becomes fastest neo-bank to hit profitability: Digital-only bank Wio logged a bottom line of AED 2 mn in 2023, marking it one of the fastest neo-banks globally to reach profitability, Gulf News reports, citing the lender’s financial statements (pdf). The bank’s operating income rose 994.7% y-o-y to AED 266.4 mn. Customer deposits also saw a significant increase to AED 11.4 bn, compared to AED 552.7 mn in the previous year.

About Wio: Launched in September 2022, Wio is among the few digital-only banking entities in the UAE. The neo-bank attracted over 50k customers to its Wio Business platform in 2023, and 40k customers to its Wio Personal platform, which saw deposits surpass AED 6 bn in 2023.

M&A-

BMH Capital saw nine direct transactions worth AED 207.5 mn on 59.5 mn of its shares on the DFM yesterday,Al Bayan reports, without disclosing further details.

HEALTHCARE-

Dubai Health Authority (DHA) inked an MoU with the University of Birmingham Dubai to support the development of the emirate’s healthcare sector, Wam reports. The partnership will involve collaborating on health policies and strategies development, advancing monitoring mechanisms, and assessing the efficacy of adopted policies.

LOGISTICS-

Dubai South and Aldar to develop facility for Kuehne + Nagel: Dubai South and Aldar Properties have partnered to develop a facility for Swiss-based logistics provider Kuehne+Nagel at Dubai South’s EZDubai e-commerce hub, according to a press release. The project is set to be completed in 2Q 2025. The facility spans a 22.9k sqm area and will offer logistics, e-commerce, and warehousing services along with office space. The agreement’s financial details were not disclosed.

The two sides had set up a joint venture in February to develop new logistics facilities. Aldar has also earmarked AED 1 bn in investments for logistics expansions in Abu Dhabi and Dubai.

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