REAL ESTATE-

#1- ADX-listed, Abu Dhabi-based alternative investment manager Investcorp Capital acquired new US industrial assets, bringing its industrial real estate portfolio to a total of 625 buildings, according to a press release. The acquisitions include:

  • Waterside Business Park, including eight multi-tenant light industrial buildings spanning 279.8k sq ft in Tampa, Florida;
  • Dallas & Atlanta Infill Portfolio, featuring 16 buildings covering 597.2k sq ft in Dallas-Fort Worth and Atlanta;
  • West Coast Infill Portfolio, featuring 17 buildings covering a total of 539.9k sq ft across Denver, Las Vegas, San Diego, and the San Francisco Bay Area;
  • Diversified Data Center Portfolio, including six data centers across key US data hubs, totaling 4 mn sq ft.

#2- Luxury real estate developer Amali Properties broke ground on the AED 2 bn Amali Island, a luxury development located within The World Islands off the coast of Dubai, according to a press release. The project is slated for completion in 1Q 2027. Amali Properties unveiled its first beachfront community, Amali Island, in May.

ENERGY-

#1- Abu Dhabi-based Arab Development (Ardeco) and Schneider Electric launched a new production facility for energy solutions, Taqana Energy Solutions, in the Industrial City of Abu Dhabi (ICAD), according to media reports (here and here). No further details were provided on the investment size or production capacity of the facility.

#2- Dubai Holding’s Nakheel partnered with Dubai Electricity and Water Authority to build two electricity substations worth AED 270 mn on Palm Jebel Ali, according to the Dubai Media Office. The two substations will have a total capacity of 400 MVA, aiming to cover a major portion of Palm Jebel Ali’s electricity needs.

AVIATION-

#1- Dubai’s flag carrier Emirates reinstated its daily flight service between Dubai and Australia’s Adelaide, providing over 4.2k weekly seats for passengers and over 220.4k annual seats, according to the Dubai Media Office.

#2- Dubai’s flag carrier Emirates inked two MoUs with Vietnamese carriers VietJet and Vietnam Airlines to boost connectivity between the UAE and Vietnam, according to a statement. The partnership between Emirates and VietJet will see the two airlines promote travel between the two countries and increase flight connectivity to popular destinations in VietJet’s domestic and regional network, while the agreement with Vietnam Airlines will focus on cargo cooperation.

#3- Etihad adds direct flights to El Alamein: Abu Dhabi’s flag carrier Etihad Airways is launching a new direct route to El Alamein, connecting the UAE with the Egyptian coastal city starting July 2025, Wam reports.

RETAIL-

Modon Holding to expand Lulu Retail’s footprint: State-owned developer Modon Holding inked an agreement with LuLu Group ‘s retail arm, Lulu Retail, to develop and operate retail facilities — including hypermarkets, supermarkets, and other outlets — in the UAE and Egypt, according to an ADX disclosure (pdf).

ENTERTAINMENT-

The General Commercial Gaming Regulatory Authority (GCGRA) handed out the first gaming-related vendor license to Aristocrat, an Australian gambling machine manufacturer, according to a statement. The license allows Aristocrat to supply its land-based electronic gaming machines, online games, and technology solutions to GCGRA-licensed gaming operators in the UAE.

ICYMI- The UAE has been ramping up its push into the gaming sector: The GCGRA awarded the UAE’s first commercial gaming operator's license to Wynn earlier this month, after the UAE issued a regulatory framework for the gaming sector in July. The authority also awarded the UAE’s first lottery license to commercial gaming and lottery operator The Game in July.

BUSINESS-

Dubai, Geneva to support bilateral expansion of their companies: Dubai Chamber of Digital Economy inked an MoU with the Geneva Chamber of Commerce, Industry, and Services to support cross-border expansion of Geneva-based and Dubai-based companies, Wam reports. The MoU also includes plans for launching a joint platform for cross-cultural training and capacity building for conducting business across different cultures and languages.

CYBERSECURITY-

Cybersecurity firm Anxinsec established its global headquarters at the Abu Dhabi Global Market, according to the Abu Dhabi Media Office. Anxinsec chose Abu Dhabi due to its cybersecurity infrastructure and access to a diverse talent pool, alongside major tech firms like Amazon Web Services, G42, Bespin Global, and Microsoft.

DEBT-

Equitativa redeems USD 105 mn sukuk: Equitativa, the manager of Emirates NBD’s real estate investment trust, Emirates REIT, redeemed USD 105 mn of the trust’s USD 380 mn sukuk certificates yesterday, according to a bourse disclosure. With Equitativa’s outstanding sukuk now standing at USD 199.7 mn, Emirates REIT is now able to exercise the one-year extension option on its sukuk, which required reducing the outstanding balance to USD 230 mn by 12 December this year.

Background: Equitativa redeemed USD 19.27 mn of Emirates REIT’s USD 380 mn sukuk certificates in August after selling the Trident Grand Mall. It had also redeemed USD 56 mn of the sukuk in March 2023.

BANKING-

Digital-first Islamic bank ruya will provide Shariah-compliant digital banking solutions for businesses in Ras Al Khaimah Economic Zone (Rakez), Wam reports. This comes under an MoU signed between ruya and Rakez, which will also offer other services to Rakez members such as rapid account setup with no minimum balance requirements.

LOGISTICS-

AD Ports will work with Vietnamese Vingroup to modernize Vietnam’s ports and logistics infrastructure, according to a press release. The partnership will see AD Ports oversee operations and global customer onboarding, while Vingroup will be in charge of project development and local partnerships. Both firms will work to secure funding for the potential projects.

Tags: