MANUFACTURING-

Technomak to build a new manufacturing facility in Hamriyah Free Zone: Engineering firm Technomak signed an MoU with Sharjah’s Hamriyah Free Zone to add a new steel structure production facility there, according to a statement. The move is expected to raise the company’s total investments in the zone to AED 661 mn from AED 440.7 mn and ramp up production from its facilities in the zone to 28k tons per year from 16k tons.

ENERGY-

Emarat Aloula Industries awarded its largest contract ever: Abu Dhabi-based fabrication company Emarat Aloula Industries was awarded a AED 260 mn contract, its largest to date, by Italy’s engineering group Maire Tecnimont to supply 1.4 mn inch-dia pipes for Adnoc’s Hail and Ghasha gas development project, according to a statement.

Background: Adnoc awarded Maire a USD 8.7 bn contract in October 2023 to install gas processing and sulfur recovery units for the Hail and Gasha project, in addition to utilities and pipelines. The offshore project aims to capture 1.5 mn tonnes of carbon per year — which will be transported onshore and stored underground — and produce low-carbon hydrogen.

BUSINESS-

UAE gets its first digital escrow platform: Trustin, the first digital escrow platform in the UAE and Middle East, officially launched after obtaining financial service permission from the Abu Dhabi Global Market Financial Services Regulatory Authority, according to a press release. The platform — hosted on Amazon Web Service — aims to bypass deferred payments, post-dated cheques, and non-payment issues affecting businesses and consumers using traditional escrow services.

The platform is integrated with an undisclosed bank in the UAE regulated by the CBUAE to safeguard client money in a separate account, the company’s co-founder, Parvez Akram Siddiqui, said.

FINANCE-

Nuvama Private lands in Dubai: Nuvama Private, the private banking arm of India’s Nuvama Wealth Management, launched a regional office in Dubai International Financial Center to serve the Middle East region, Wam reported. The office seeks to cater to Indian expats who want to invest back in their home country, Head of Nuvama Private Alok Saigal told Bloomberg. The firm’s Dubai branch comprises three bankers, with plans to hire three more by year-end. Its international clients group head Vivek Sharma (LinkedIn) will lead the Dubai team from Singapore.

Nuvama Private expected to facilitate access to Indian markets: Nuvama Private — which received a category III C license from the Central Bank of the UAE — is one of few Indian private banks permitted to offer investment products as ultra-wealthy clients who wanted to invest in India’s public and private markets have, traditionally, relied on local banks and external asset managers, according to Wam.

Nuvama is doubling down on offshore business: The company — which has USD 22 bn in assets under management — aims to generate as much as 25% of its revenue from offshore business within 3-5 years, Saigal said.

INVESTMENT-

Al Ahli to establish first outlet mall in Bahrain: Dubai Outlet Mall operator Al Ahli Holding Group will develop Bahrain’s Mall of Dilmunia as the first outlet mall in Bahrain, under a new partnership, according to a press release.

BANKING-

Ruya customers can use Lulu Exchange’s network to deposit money into their accounts: Customers of Islamic, digital-only bank Ruya can now deposit money into their accounts instantly and without charge at any of Lulu Exchange ’s 140 branches under a partnership inked by the two parties, according to a statement picked up by Zawya.

TOURISM-

Dubai to get hop-on, hop-off buses in September: Dubai’s Roads and Transport Authority plans to launch a hop-on, hop-off bus service next month, allowing tourists to explore the city’s top attractions and landmarks, according to a statement from the authority. The service will operate daily from 10am to 10pm, beginning at Dubai Mall, with designated stops at Dubai Frame, Heritage Village, Museum of the Future, Gold Souk, Dubai Mall, La Mer Beach, Jumeirah Mosque, and City Walk.

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