ASSET MANAGEMENT-

PGIM opens first regional office in ADGM: PGIM, the investment arm of USD 1.3 tn asset manager Prudential Financial, launched its first regional office in the Abu Dhabi Global Market after receiving a financial services permit, according to a press release. The asset manager appointed Mohammed Abdulmalek (LinkedIn) as head and chairman of the new regional office. Emira Socorro (LinkedIn) will also join as senior executive officer of the Abu Dhabi office and board member of the local entity.

More on PGIM: The US-based asset manager oversees a diverse range of assets including real estate, private equity, and fixed income, and relies on a global team of over 1k professionals across 41 offices.

REAL ESTATE-

Binghatti launches AED 4 bn project in Al Jaddaf: Dubai-based developer Binghatti launched a AED 4 bn project, its first in Dubai’s Al Jaddaf area, following a two-year break, Trade Arabia reports. The development, dubbed Binghatti Ghost, will feature 770 residential units and various luxury amenities.

INS.-

Dubai Ins. and Asian insurtech company OneDegree are expanding their ins. partnership for digital assets with the addition of custodial risk ins. in the UAE, after securing approval from the central bank, according to a press release.

Background: The two ins. firms partnered last year to secure digital assets in the UAE, initially offering commercial liability ins. under the brand OneInfinity.

TECH-

Chinese IT firm China Information Technology Development Company signed a cooperation agreement with Dubai’s Masary Capital to expand its presence in the UAE, Wam reports. The partnership was announced at the Dubai AI and Web 3 Festival.

BUSINESS-

#1- Elite Cars has expanded into a conglomerate, named Elite Group Holding, after initially starting out as a car dealership in the early 2000s, according to a press release. The company aims to operate over 20 “strategically located facilities across the UAE” by the end of 2024 in sectors including automotive, e-commerce, real estate and contracting, and investments.

#2- A number of local entities including the Abu Dhabi Cooperative Society and Makani Real Estate are now under the wing of newly launched Mair Group for Strategic Investments in Abu Dhabi, a press release reads. Chairman Mohamed Juma Al Shamsi and Managing Director Nayhan Hamad Bal Rakkad Al Ameri will lead the group’s regional and local expansion.

AVIATION-

dnata secures Royal Jordanian contract at JFK: UAE-based air services provider dnata was awarded a multi-year contract to deliver passenger, ramp, and baggage services for Royal Jordanian Airlines at John F. Kennedy International Airport (JFK) in New York, according to the Dubai Media Office. The contract, which covers 360 annual flights, will see dnata serve approximately 125k passengers per year. Financial details of the transaction were not disclosed.

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