China’s Armadillo to build RV assembly plant in UAE

AUTOMOTIVE-

China’s Armadillo Speciality Vehicles set to build RV assembly plant in UAE: China’s Armadillo signed an MoU with homegrown investments and business consultancy firm X-Seed Ventures to build an assembly plant for its recreational vehicles (RVs) in the UAE, Wam reported. The facility, set to be Armadillo's first outside of China, will serve markets in the Middle East, Africa, and Eastern Europe.

REAL ESTATE-

Future Cities and Emtelak Properties launched Ocean Living, a luxury residential development in Fujairah's Al Aqah Beach area, according to a statement. UAE and GCC citizens can purchase properties in the project through installment plans and escrow accounts, with a limited-time 5% discount available.

BANKING-

Fitch Ratings issued its final long-term rating of the National Bank of Ras Al Khaimah (Rakbank)’s USD 250 mn Tier 2 security bonds at BBB-, maintaining an initial rating it had made towards the end of August, according to a statement. The rating falls two notches below the lender’s BBB+ long-term foreign-currency issuer default rating, due to “the notes' higher loss severity” and Fitch's view of a “heightened likelihood of poor recoveries in the event of non-viability,” the credit rating agency said.

ICYMI- Rakbank raised USD 250 mn from the bonds’ sale last week. The issuance was 4x oversubscribed, receiving USD 1 bn in orders, allowing Rakbank to price the issuance at a spread of 42.5 basis points over US Treasuries.

AVIATION-

Etihad Airways adds flights to Warsaw, Prague: Etihad Airways will launch two new routes to Prague in Czechia and Warsaw in Poland next year, with flights between Abu Dhabi and the Czech capital starting 2 June and those to the Polish capital from 3 June, according to a statement. The airline will operate four direct weekly flights to both destinations.

BUSINESS-

Grath sets up shop in Dubai: UK-based regulatory oversight intelligence platform Grath opened a new regional office in the Dubai International Finance Centre (DIFC) last week as it seeks to cater to heightened demand from Middle Eastern clients, it said in a statement.

SPACE-

UAE-based aerospace company Orbital Space partnered with China’s Deep Space Exploration Lab to help it advance space technologies for China’s International Lunar Research Station, the National writes. The partnership will also feature an exchange program to train young engineers and scientists from both nations in space technology.

HEALTHCARE-

Dubai-based American Hospital Dubai is eyeing a December launch for its next medical tourism office in Nigeria, according to the Daily Post Nigeria. The office will be located in Abuja and will offer “healthcare embassy” services including assistance with visas, flights, and accommodation. This comes after the American Hospital launched its first Nigerian medical tourism office in Lagos last month.

More in the pipeline: A plan to establish a diagnostic center in the West African country is also underway.

F&B-

Chandramari Group launched a AED 5 mn Indian restaurant, Zordaar, at Millennium Hotel, Al Barsha, Dubai, according to a statement. The company plans to spend AED 20-25 mn on its expansion plan in the coming months, which will initially see it add four to five more Zordaar branches in the UAE, before tapping into Saudi Arabia, Qatar, and Bahrain.

DIGITIZATION-

The Energy and Infrastructure Ministry launched an AI-powered chatbot on its website called Ask MOEI to provide 24/7 real-time support across a wide range of public inquiries and service requests, Wam reports. The chatbot was developed with the Telecommunications and Digital Government Regulatory Authority.