FINANCE-

Arqaam Capital gets the green light on its GCC expansion: Dubai-based investment bank Arqaam Capital secured approval from the Saudi Capital Market Authority (CMA) to begin operations in the KSA, according to a press release.

FINTECH-

Dubai’s Pluto expands to Saudi Arabia: Dubai-based Pluto will expand into Saudi Arabia through a strategic partnership with Saudi fintech neoleap, according to a press release. The partnership will integrate Pluto’s corporate card and AI-powered expense management tools with neolap’s digital payment solutions, providing Saudi businesses with automated financial management for tasks like reimbursements, procurement, and accounts payable. The collaboration targets both SMEs and large corporations in Saudi Arabia.

LOGISTICS-

Etihad Cargo + SF Airlines set up air cargo logistics JV: Etihad Cargo is establishing a new joint venture with Chinese air cargo carrier SF Airlines to boost global logistics and connectivity, according to a company statement. The partnership aims to increase aircraft capacity, enhance transit times, and expand interconnection networks. The collaboration is pending the signing of definitive agreements, set to be inked soon, the statement said.

Building on an existing friendship: SF Airlines and Etihad Cargo launched new air cargo routes last year linking China’s Ezhou City to Abu Dhabi. They also signed a reciprocal capacity agreement that allows Etihad to expand its reach to China by leveraging SF Airlines’ network, and created networks connecting Etihad Cargo’s hub in Abu Dhabi with SF Airlines’ Wuhan hub in April.

STARTUPS-

Khalifa Fund expands funding to additional sectors: Khalifa Fund for Enterprise Development has expanded its “Scale-up Funding” programs to support F&B and personal services sectors, including beauty, sports, flower and gifts, laundry, and wedding services, according to a pressrelease. The program previously only covered healthcare, education, agriculture, ICT, tourism, and manufacturing activities.

About the program: Launched in November 2023, the program offers medium-term, zero-interest loans — ranging between 600k to AED 2 mn — with flexible repayment periods (36-48 months) and grace periods (3-18 months), alongside a dedicated business counselor. Entrepreneurs can apply for funding via the Tamm platform.

HEALTHCARE-

Abu Dhabi Stem Cells Center (ADSCC) is set to expand its accredited bone marrow transplant program to Burjeel Holdings’ Burjeel Medical City under a new partnership, according to an ADX press release (pdf). The initiative aims to improve access to specialized medical care for adult and pediatric patients with blood cancers, genetic disorders, and autoimmune diseases.

INS.-

Orient Ins. eyes expansion in Egypt, Australia: Orient Ins. is exploring expansion in life ins. in Egypt — where the company owns a General Takaful Company — as well as Australia’s Takaful market, according to a DFM disclosure (pdf). The company said it will reveal more details on plans to set up new units or secure official approvals in these markets once its “market search is positively concluded.”

The company is on track to set up shop in Saudi Arabia, currently “in the final stages of licensing and starting operation,” the disclosure reads. Orient received official approval to open a branch in the Kingdom back in February 2020, but operations were pushed due to the Covid-19 pandemic.

TRANSPORT-

G42-backed cognitive computing company Verses AI, launched a pilot smart city project in collaboration with G42 subsidiary Analog, state news agency Wam reports. The objective is to simulate taxi fleet management in Abu Dhabi, using its Genius platform to optimize fleet operations while reducing congestion and emissions. The project is the first in a series of commercial ventures between the two companies.

TECH-

#1- Hisense launches R&D center in Dubai: Chinese electrical appliances manufacturer Hisense has launched a research and development center at Dubai Internet City, aiming to provide tailored solutions for the Mena region, focusing on product durability, energy efficiency, and user experience, according to a statement. The center will also work on developing green tech and boosting energy efficiency and sustainability across its product line, while serving as a training hub for Hisense’s regional teams and partners.

#2- Hikvision to develop Ajman’s smart city initiatives: Ajman Municipality has inked an MoU with Chinese video surveillance tech supplier Hikvision to develop the emirate’s smart digital infrastructure, including IoT systems, remote control tech, and AI applications, state news agency Wam reports.

BUSINESS-

Dubai freezone community IFZA established an office in Zurich in partnership with Quadris Solutions to support its expansion in Europe and foster connections with Swiss firms, according to a press release.

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