FINANCE-

#1- Sun Capital Advisory sets up shop in Abu Dhabi: Private investment firm SunCapital Advisory launched a new office in ADGM, according to a statement. The company acts as an outsourced direct investment and asset management arm for its clients, who are primarily high-net-worth individuals and families.

What they said: “I look forward to fostering long-term partnerships with key stakeholders in Abu Dhabi and providing clients the opportunity to scale their direct investment portfolios within the local ecosystem and internationally,” Sun Capital’s Founder Karim Khatoun said.

#2- CPE eyes Abu Dhabi office: Chinese alternative asset manager CPE plans to set up an office in ADGM, CPE’s Managing Director Johnson Cheng said in an interview with Sky News Arabia (watch, runtime: 3:32). The fund currently has USD 22.3 bn in assets under management across technology, healthcare, retail, pharma, infrastructure, and manufacturing.

#3- ADGM partners with Beijing Financial Street to support businesses: ADGM inked an MoU with Beijing Financial Street Service Bureau, the manager of the Chinese city’s financial district hub, to collaborate on industry promotion and support business establishment in both districts, according to Wam.

BANKING-

CBUAE doubles down on cooperation with Tajik counterpart: The Central Bank of the UAE (CBUAE) inked an MoU with the National Bank of Tajikistan to set up a framework to facilitate transactions between both countries, discuss banking laws and regulations, and exchange expertise, according to a press release(pdf).

CRYPTO-

Zand gets the go-ahead to launch institutional-grade digital asset custody services: All-digital bank Zand received approval from Dubai’s Virtual Asset Regulatory Authority to offer digital asset custody services for corporate and institutional investors, a press release reads.

REAL ESTATE-

#1- Lacasa taps into real estate with a AED 1.2 bn pipeline: Lacasa Architects andEngineering Consultants launched a real estate division, Lacasa Living, with six projects already lined up for development, according to a press release. The new firm is eyeing a total of AED 1.2 bn in real estate developments next year, with the value of its developments increasing to AED 2 bn in 2026, and AED 3 bn in 2027.

Details: The first project in the pipeline will be a residential project on Al Marjan Island in Ras Al Khaimah, the details of which will be announced in January. Other projects are expected to follow in Dubai and Lusail in Qatar.

#2- Dubai’s AED 2 bn Trump Tower is expected to launch in 2Q 2025, Dar Global’s CEO Ziad El Char told Gulf News. While the exact location of the project was not disclosed, El Chaar said “it will be in the wider Downtown area, with views of the Burj Khalifa and of the sea.”

Remember- Dar Global, the Dubai-based developer and global arm of Saudi Dar Al Arkan, partnered with the Trump Organization back in July to build a Trump Tower in Dubai.

#3- Construction of world's tallest hotel in Dubai is complete: Dubai-based ChinaRailway 18th Bureau Group completed the construction of the world’s tallest hotel, the 373.5-meter Ciel in the Dubai Marina, according to a press release. The project is set to be delivered in February 2025.

BUSINESS-

#1- The Emirati Talent Competitiveness Council brought the Nafis initiative to Al Ain in a bid to boost employment in the private sector and support Emiratization goals, according to a statement from the Abu Dhabi Media Office. The initiative, launched in partnership with the Central Bank of the UAE and several commercial banks, targets the creation of 2k jobs and 2k training programs.

The first phase of the program, which runs until 2026, aims to create 1.7k jobs in the financial and banking sectors. This phase will see participation from Emirates NBD, Abu Dhabi Islamic Bank, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, and HSBC.

#2- Digitalstores + Shukran eyes bringing more Korean firms into the UAE: Homegrown e-commerce fulfillment platform Digitalstores partnered with Middle East-focused trading startup ShukranKorea to boost the presence of Korean companies in the UAE, according to a press release. The agreement, signed during the ComeUp conference, targets 27 Korean brands — including those working in the pharma, cosmetics, and ready-made clothing sectors — which will launch their businesses in the UAE market by 2025.

PLUS- Remal merges with Korean firm? Sharjah-based Remal Iot signed an MoU with Korea’s manufacturing and R&D firm Sungjin Techwin for a potential merger under the name Remal. No details were provided on the value of merger

AVIATION-

#1- Alex Jet seeks air operation certificate: Alex Jet — which has recently rebranded into Falcon Luxe — filed a letter of intent to the General Civil Aviation Authority to obtain an air operation certificate, Wam reports. The move came shortly after Alex Jet was integrated into the Falcon private aviation portfolio. Both brands operate under the Alex Investment Group.

#2- Falcon Technic lines up approval for MRO services: Aircraft maintenance firm Falcon Technic received CAR 145 approval from the General Civil Aviation Authority, enabling the company to perform maintenance, repair, and overhaul (MRO) services, Wam reports. The company will offer its services from its 13k sqm facility located at the Mohammed Bin Rashid Aerospace Hub in Dubai.

#3- ExecuJet opened a private jet terminal at the Mohammed bin Rashid Aerospace Hub in Dubai South, the Swiss business aviation firm said in a statement. The 15k sqm facility features a 7k sqm aircraft hangar, a private cocktail and cigar lounge, and a Majlis lounge, among other amenities. It also offers aircraft maintenance services via Dassault Aviation’s ExecuJet MRO Services.

ICYMI- ExecuJet MRO Services is setting up an aircraft paint and livery facility at Al Maktoum International Airport. The facility, being built by Satys Aerospace, is expected to begin operations in 1Q 2025.

#4- A Boeing subsidiary is eyeing manufacturing drone parts in the UAE: Boeing’s unmanned aerial systems (UAVs) manufacturing subsidiary Insitu plans to manufacture drone parts in Abu Dhabi as part of a four-phase plan, the company’s CEO Diane Rose told Khaleej Times. The first phase of the plan saw Insitu launch a UAS center of excellence at the Tawazun Industrial Park in Abu Dhabi, aiming to localize UAS maintenance, repair, and overhaul (MRO) services for the UAE army.

The following phases of the plan, which will wrap up by 2030, include local supply and research and development projects, followed by an engineering facility, as well as a production and programming facility, Rose explained.

LEGISLATION-

The Family Development Foundation (FDF) is now responsible for developing social services for the elderly, as well as preventive health services programs as per a new law issued by President Sheikh Mohamed bin Zayed Al Nahyan, according to the Abu Dhabi MediaOffice.

ICYMI-The UAE established a new Family Ministry earlier this month, led by Sana bint Mohammad Suhail. The ministry is responsible for managing grants, counseling, and programs for prospective couples, and aims to boost child welfare through new policies and strategies, as well as develop strategies to protect and empower vulnerable groups, and develop standards for licensing social care institutions and training social workers.

FINTECH-

Bahrian Beyon Group's subsidiary Beyon Money secured two new licenses from the Central Bank of the UAE, according to a press release. The licenses will enable Beyon Money to offer a broader range of financial solutions to customers in the UAE, including payment accounts, payment instrument issuance, domestic and cross-border transfers, and more.

TELECOMS-

US cybersecurity firm Commvault signed an MoU with telecom operator du to offer its cyber resilience solutions to businesses in the region, according to a press release.

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