FINANCE-

#1- US-based investment manager Nuveen is set to open its first Middle East office in Abu Dhabi after securing an Abu Dhabi Global Market license, joining the wave of asset managers expanding into the emirate, the Financial Times reports. The firm, which manages USD 1.2 tn in assets, will start with a three-person team for institutional clients, led by Fadi Khoury (LinkedIn), who will serve as the managing director for the region.

#2- Dubai Financial Services Authority (DFSA) accepted an enforceable undertaking from chartered accountant Baker Tilly, formally acknowledging that the firm failed to meet audit documentation standards, according to a DFSA statement. Baker Tilly breached two international standards on auditing and quality management, after failing to compile complete and final sets of audit documentation for multiple files over a three-year period, according to the statement.

M&A-

#1- Mashreq cashes in on Depa shares: Our friends at Mashreq sold a 24.18% stake — equivalent to 150 mn shares — in Nasdaq-listed contractor Depa to a private fund for AED 44.8 mn, according to a DFM disclosure (pdf). At AED 0.30 per share, Mashreq expects to pocket AED 16.6 mn from the sale.

Background: The lender was handed the shares from the financially troubled Arabtec Holding as part of a court judgment in exchange for guarantees in 2021.

#2- Property Finder exited its customer relationship management (CRM) business PropSpace, as it looks to focus on its core business, according to a press release. The newly created entity will be led by Patrick Caulfield (LinkedIn), who was previously managing director of UK property management CRM Arthur Online.

TRANSPORT-

Bayanat teams up with Vay on remote driving: Abu Dhabi-based software company Bayanat has partnered with German teledriving startup Vay to develop AI-powered remote driving solutions using geospatial data, according to a statement. The collaboration will see the two companies expand remote driving in the Middle East, Africa, and select Asia Pacific countries, the statement said. The two firms will also set up an R&D arm.

Background: Vay is the first and only company in Europe operating on public roads without a driver, with a commercial service launched in Las Vegas earlier this year.

HOSPITALITY-

Dubai-based engineering firm Dutco Construction was named the main contractor for the Gran Meliá luxury hotel in Port De La Mer in Jumeirah in Dubai, developed by ASB Hospitality, according to a company statement. The upcoming hotel is to hold a 5-star rating, featuring 380 luxurious rooms, including 31 executive suites with private pools, and is set to have the capacity to host 1k guests, Construction Week Online reports. The project is set to be completed in 4Q 2026.

DEBT-

The CBUAE’s latest 1.1 bn AED-denominated T-Sukuk auction was 4.6x oversubscribed, attracting AED 5.1 bn in bids, according to a finance ministry statement. The May 2027 tranche was priced at a yield of 3.67%, while the September 2029 tranche was set at 3.65%, with a spread of 13 to 15 basis points over US Treasury bonds of similar maturities at the time of issuance. This auction is part of the ministry’s 3Q 2024 Islamic Treasury Sukuk program, Wam reports.

BUSINESS-

Business and tax consultancy Proactive Zone launched a comprehensive service tailored for UK entrepreneurs looking to move their operations to Dubai, Newsfile reports. This initiative addresses the increasing interest from UK business owners seeking to benefit from Dubai’s favorable tax regime. The service offers a range of solutions, including personalized tax advice, assistance with business setup, residency applications, and cultural acclimatization.

EDUCATION-

The Sharjah Private Education Authority signed a MoU with Diglossia to enhance standardized testing in private schools throughout Sharjah, state news agency Wam reports.

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