AVIATION-

#1- Etihad Airways and China Eastern Airlines are forming a joint venture to boost air connectivity between the UAE and China, marking the first JV between a Middle East and a Chinese airline, according to a press release. Passengers will have more travel options between major Chinese cities like Shanghai, Beijing, Xi’an, and Kunming, and across the MENA region. The JV is set to launch early 2025, with both airlines planning to offer full reciprocity in their frequent flyer programs, by the end of 2024.

The details: Under the JV, both airlines will collaboratively oversee flight capacity, synchronize schedules, and share revenues on certain routes, Etihad CEO Antonoaldo Neves told Reuters. There will be no equity investment or cost-sharing involved, he added.

REMEMBER: Etihad Airlines and China Eastern Airlines inked an MoU to boost commercial and operational cooperation later last year. The partnership aims to offer travelers more options, better services, and added value, while supporting sustainable aviation.

#2- Fitch Ratings has upgraded Dubai Aerospace Enterprise’s (DAE) long term issuer default rating (IDR) to BBB with a stable outlook, from BBB-, according to a statement by the credit rating agency. DAE Funding’s senior unsecured debt rating and its sukuk program and debt ratings have also been elevated to BBB from BBB-.

#3- Emirates Airlines expects to receive its Boeing 777X orders in 2026, after being postponed to 4Q 2025 from an original handover date of 2020, Emirates Airlines President Tim Clark told Asharq Business (watch, runtime: 10:27) yesterday.

Addressing the delay: Emirates has doubled down on its efforts to modernize its aircraft fleet to address the delay, earmarking some USD 2 bn to modernize 191 aircraft. Adel Al Redha, COO and VP at the carrier, earlier said the airline has already invested USD 3 bn into the program. The company also placed a USD 6 bn order for 15 A350-900 aircraft from Airbus and is on track to receive 65 Airbus A350 aircraft starting in August and through the end of 2027.

INFRASTRUCTURE-

Ajman inks road development contracts worth AED 101 mn: The Ajman Municipality and Planning Department signed AED 101 mn contracts with infrastructure solutions provider Aims Group for its Al Salam Street and Sheikh Zayed Road development projects, Ajman News reports. The projects seek to boost connectivity between residential communities, and improve traffic flow and street capacity.

The details:The first project, which is valued at AED 48 mn, targets lane expansions, improved cycleways, lighting works, and rainwater drainage network completion in the Ajman Industrial Area and Al Mowaihat Area. The second project — costing AED 53 mn — will expand Sheikh Zayed Road in the Al Helio area, and includes service roads, parking lots, intersection organization, lighting works, and rainwater drainage network completion. Improvements on Al Salam Street will last one year, while those on Sheikh Zayed Road will wrap a month later.

TRAVEL-

#1- Traveltech company Tumodo has partnered with Saudi Arabia’s fintech firm Tabby to integrate its services into Tabby’s travel management platform, according to a press release.

#2- Transreport to set up shop in the UAE: Accessible travel technology company Transreport will expand into the UAE, after bagging GBP 10 mn in a series A funding round led by the UK’s Puma Private Equity and Pembroke VCT, according to a press release. The company’s passenger assistance technology suite streamlines travel processes for disabled and older passengers.

HEALTHCARE-

#1- M42 to launch Amana Healthcare in Bahrain: Abu Dhabi-based G42 healthcare arm M42 partnered with Bahrain Mumtalakat Holding Company (Mumtalakat) to launch its subsidiary, Amana Healthcare, in Bahrain, according to the Abu Dhabi Media Office. The facility — featuring a dedicated laboratory, radiology, and therapy rooms — will offer long-term care services for people with complex medical needs, plus tailored social programs and non-clinical services to help patients and families adjust to life after hospitalization. It is slated to go live in 2025.

#2- Abu Dhabi DoH signed an MoU with Takeda to strengthen rare disease and oncology research: Abu Dhabi (DoH) inked an MoU with Takeda to advance research efforts in rare diseases and oncology, Wam reports. The two sides will work to establish regional treatment guidelines and advisory boards that can address gaps within the healthcare sector in the region. They will also work on integrating patient support programs that work on targeted, proactive interventions for rare disease patients, and will organize public awareness campaigns around rare disease symptoms.

#3- Abu Dhabi’s Department of Health inked an MoU with gene therapy firm OpusGenetics to jointly conduct research and clinical trials to develop gene therapies for patients with rare inherited retinal diseases in the UAE, according to a statement.

FINANCE-

Fitch Ratings has affirmed DFM-listed GFH Financial Group’s long-term issuer default rating (IDR) at B with a stable outlook, the rating agency said in a statement. Fitch also affirmed the senior unsecured long-term rating for the firm’s USD 500 mn certificates at B.

AUTOMOTIVE-

#1- GWD announces significant global expansion in Dubai: Leading India-founded industrial and automotive supplier Gulf Worldwide Distribution (GWD) opened its new headquarters in Jebel Ali Free Zone, Gulf News reports.

#2- Bulgarian drone company Dronamics is shelling out USD 100 mn for its joint venture with the UAE’s Strategic Development Fund (SDF), which will produce Black Swan drones in Abu Dhabi, CEO of Dronamics Svilen Rangelov told CNN Business. Initial production for the cargo drones will be geared at meeting demand in the UAE and the GCC, with potential expansion beyond.

REMEMBER- The SDF inked a terms sheet with Dronamics last November to form a joint venture to manufacture the Black Swan cargo drones by 2025. The JV will set up the company’s first serial production plant for the Dronamics Black Swan airplane in the UAE, with the facility expected to have the capacity to produce some 300 Black Swan drones a year.

INVESTMENT-

Abu Dhabi crown prince discusses investment prospects with Blackstone CEO: Abu Dhabi’s Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan met with US alternative investment management firm Blackstone’s CEO Stephen Allen Schwarzman to discuss boosting cooperation and exploring investments in Abu Dhabi, Wam writes.

EDUCATION-

Dubai Islamic Bank pledged AED 11 mn to the Knowledge Fund Establishment’s Dubai Schools project, according to the Dubai Media Office. The project sees the Dubai government establish schools that are then operated by private institutions in the emirate.

CRYPTO-

Amsterdam-based blockchain intelligence firm Crystal opened a new office at the Dubai World Trade Centre, seeking to expand its services in the region, according to a press release. Crystal provides compliance solutions to financial institutions, law enforcement and regulators to ensure compliance with anti-money laundering regulations.

SUSTAINABILITY-

Dubai’s Ports, Customs, and Freezone Corporation launched the Emirates’ first AED 2 mn fixed air quality monitoring station in Jebel Ali, Wam reports. The station features 11 sensors measuring 101 air pollutants, seeking to improve Dubai’s air quality through the provision of precise data and periodic reports.

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