Core42 begins deploying Nvidia tech

TECH-

#1- State AI firm G42 subsidiary Core42 has started deploying Nvidia tech for its cloud offering, according to a press release. The company is using Nvidia's H100 Tensor Core GPUs, which are designed to accelerate AI and data processing tasks, as well as other Nvidia tools to provide Nvidia’s DGX AI infrastructure platform locally.

REMEMBER- Core42 also recently teamed up with Nvidia to open a Climate Tech Lab in Abu Dhabi, where AI will be used to improve climate and weather forecasting with greater accuracy and speed.

We already knew that Nvidia's chips are coming to the UAE: State-backed tech giant G42 reportedly started receiving AI chips from Nvidia after the US government approved the sale earlier this year, Semafor reported in September. This includes Nvidia’s H100 chip, which “delivers exceptional performance, scalability, and security,” according to the chipmaker.

#2- The Economy Ministry added two tech companies to its NextGen FDI program, UK firm TG0, and Chinese firm Zelos Technology, according to a press release. TG0 is known for its touch-sensing technology, which is implemented across the automotive, healthcare, and gaming industries. Meanwhile, Zelos is a mass producer of level four self-driving vehicles for the logistics sector.

More about the program: The NextGen FDI program was launched in 2022 to help global tech-focused startups establish and expand their operations in the UAE by facilitating licensing procedures, bulk and golden visa issuances, and banking services. It also offers commercial and residential lease incentives.

M&A-

Ghitha to purchase AED 41 mn stake in International Food Industries: Ghitha Holding’s subsidiary Zee Stores International is poised to acquire a 70% stake in Fujairah-based International Food Industries for AED 41 mn under a share subscription agreement, according to a disclosure (pdf). The transaction is now awaiting regulatory approval.

Ghitha has been on an acquisition roll this year: Ghitha subsidiary Ghitha Aeroinvest agreed to acquire a 44% stake in Turkish air freight company MNG Havayollari for USD 211.2 mn earlier this year. In July, its subsidiary Al Ain Farms for Livestock Production completed the full acquisition of Saudi Sedco Holding’s Arabian Farms for AED 240 mn. Meanwhile, its trading arm, Invictus Investment, acquired a South Africa-based flour milling company in August, and said it was planning a 60% acquisition of Moroccan agriculture trader Graderco.

UTILITIES-

Empower purchases centrifugal chillers from Mitsubishi: Emirates Central Cooling Systems(Empower) will procure 18 water-cooled centrifugal chillers with a total capacity of 56k RT from Japanese refrigerating machinery producer Mitsubishi Heavy Industries Thermal Systems, according to a disclosure to the DFM (pdf). Under the agreement, Empower is allowed to bump the order up to 100k RT in capacity by 31 December, before its shipping in 2025. The value of the contract was not disclosed.

Where will the chillers be deployed? The chillers will be used in Empower’s district cooling projects in Dubai, including the Deira Waterfront Development, Jumeirah Village, and Al Sufouh.

REAL ESTATE-

#1- Aldar-owned UK-based developer London Square launched its first residential projects after it was acquired by Aldar last year, according to a disclosure to the ADX (pdf). The two projects — Twickenham Green and Twickenham Square — are located in Richmond, southwest of London. Meanwhile, London Square has added eight new land plots to its landbank in London since the AED 1.07 bn acquisition in December 2023, CEO of Aldar Jonathan Emery said.

#2- JLL sets expands proptech business to the Middle East: Global real estate management firm JLL launched its proptech business division, JLL Technologies (JLLT), in Dubai to serve clients in the Middle East, according to a press release. Matthew Marson (LinkedIn) will lead JLLT's operations in the region under his current role as managing director for EMEA at JLL Advisory.

BUSINESS-

Italian Isola Design Group launched its first Middle East headquarters in the DubaiDesign District, the district said in a press release. The design firm will introduce its flagship community platform Isola Design, which seeks to bring visibility to independent designers and design studios from all over the world, to the region, alongside its newly launched consultancy arm Isola Studio.

LEGISLATION-

Dubai Government HR Department to work with Supreme Legislation Committee on enhancing HR legislation: The Dubai Government Human Resources Department and the Supreme Legislation Committee will review and implement draft legislation, and offer advice on HR-related laws, under a new cooperation agreement signed by the two entities, according to the Dubai Media Office.

AVIATION-

Air Arabia is expecting new deliveries: The UAE’s budget carrier Air Arabia is expecting the delivery of 120 Airbus A320 aircraft in the second half of 2025, followed by A321XLRs in 2027, CEO Adel Ali told Aviation Week. Although the integration of XLRs will offer Air Arabia an 8.5-hour range that is sufficient to operate transatlantic flights, the carrier will instead extend its operations in the Middle East and further afield from Morocco, with the possibility of reaching South Africa. “We've been leasing quite a lot of airplanes from the market to grow the business,” Ali added.

BANKING-

Neopay now accepts Jaywan cards: Our friends at Mashreq’s payments platform Neopay will start accepting Jaywan cards across all its channels under a new partnership with the central bank-owned Al Etihad Payments, according to a press release (pdf).

Background: Jaywan cards are being rolled out in stages among local banks as policymakers plan to replace some 10 mn debit cards in circulation over the next two and a half years. The cards can be used as a standalone or co-badged with international card schemes such as Visa or Mastercard.

HEALTHCARE-

Licensing health facilities in Sharjah to go digital: The Sharjah Economic Development Department signed an MoU with the Health Ministry to digitalize the licensing procedures for health facilities in the emirate, Wam reports.

LOGISTICS-

DHL Express inked an agreement with the General Administration of Abu Dhabi Customs to create a framework for exchanging data, and services, and enhance digital integration through AI tools, Wam reports. The collaboration aims to facilitate customs operations and improve their efficiency.

DEFENSE-

UAE + Turkey bolster defense cooperation: The Emirates Defence Companies Council inked an MoU with the Turkish Defence and Aerospace Cluster Association aimed at establishing joint ventures and boosting collaboration between defense companies from both nations, Wam reports. Under the agreement, the two entities will host joint events, seminars, and bilateral meetings to encourage bilateral partnerships.

ENERGY-

Dubai Petroleum placed record order with Baker Hughes for compressor units:

US oil field services firm Baker Hughes received its largest order ever for integrated compressor line units from Dubai Petroleum, which ordered 10 units on behalf of Dubai Supply Authority, according to a press release. The units — five for gas storage and five for dual-use injection boosting or gas export — were officially booked in 3Q 2024. They are set to be installed at the Margham gas storage facility in Dubai to boost its capacity.

CONSTRUCTION-

Dar Global hands AED 200 mn contract for DG1 construction: Dubai-based luxury developer Dar Global, a subsidiary of Saudi-based Dar Al Arkan, awarded a AED 200 mn main construction contract to China Tiesiju Civil Engineering Group for its DG1 project in Business Bay, according to a press release. Slated for completion in 2026, the 20-story residential development features 221 units.

SPACE-

The UAE Space Agency tapped Mitsubishi Heavy Industries to launch the Mohammed Bin Rashid Explorer aboard the H3 rocket in 2028, Wam reports. This venture is part of the Emirates Mission to the Asteroid Belt, which aims to traverse 5 bn km using gravity assists from Venus, Earth, and Mars. The mission is set to reach its first asteroid in February 2030, marking the beginning of extensive exploration to gather crucial insights into asteroid composition and evolution.