FINANCE-

ASK Private Wealth sets up shop in Dubai: The private wealth management arm of Indian, Blackstone-backed ASK Asset & Wealth Management Group opened a new office in Dubai International Financial Center (DIFC) in a bid to lure Indian expats and international investors who are looking to invest in the South Asian nation, according to a statement from the DIFC. ASK Private Wealth will also offer global investment prospects to India-based investors.

Ambitious goals for Dubai: The company aims to generate a USD 1 bn investment portfolio out of Dubai over the next three years, Prateek Pant, market head for Middle East and Africa at ASK Wealth Advisors DIFC, told Bloomberg. The group, which has been active in Dubai’s asset management sector for over 20 years, currently handles between USD 300-400 mn in equity portfolio and real estate funds from the city, Pant explained.

STARTUPS-

#1- Catalyst, the region’s first cleantech startup accelerator, made three direct investments of undisclosed sums in startups, Wam reports. The investments were allocated to aed energy, a UK-based provider of optimized energy storage solutions, batsand, a Latvia-based supplier of carbon-free thermal energy, and Bulgaria-based Solumar, an emissions capture and innovative waste management solutions firm.

ALSO- On the sidelines of the World Future Energy Summit, Catalyst inked partnership agreements with:

  • State-backed sustainability firm Beeah to help identify high-potential startups and fund and mentor pilot projects, focusing on green mobility, waste management, and sustainable technologies;
  • Abu Dhabi’s tech startup ecosystem Hub71 to facilitate startups’ access to investors, mentors, and corporate partners;
  • Flat6Labs to provide expertise and resources to startups to help them scale up their operations.

Catalyst has just launched a new accelerator program with Flat6Labs, which saw it pick ten UAE and Egypt startups.

#2- Jingle Pay secures investment from Bank Alfalah: Pakistan's Bank Alfalah acquired a 9.9% stake in Dubai-based fintech startup Jingle Pay for an undisclosed sum, according to a press release. The investment will allow Jingle Pay to tap Bank Alfalah's infrastructure to enhance cross-border payment and digital banking solutions. Jingle Pay plans to roll out a digital banking app in Pakistan in 1Q 2025, targeting the unbanked segments.

About Jingle Pay: Founded in 2019 by Amir Fardghassemi (LinkedIn), Jingle Pay facilitates cross-border money transfers, with operations in the UAE, Bahrain, Pakistan, and Egypt. The company is backed by US-based MoneyGram, along with US venture capital firms.

MANUFACTURING-

NMDC Energy launches fabrication yard in Saudi Arabia: Abu Dhabi-based NMDC Energy inaugurated an AED 200 mn fabrication yard in Saudi Arabia’s Ras Al Khair Special Economic Zone, according to a disclosure (pdf). The facility has an annual production capacity of 40k tons and will focus on offshore facilities construction and onshore modular units assembly.

REMEMBER- NMDC Energy is scaling up its operations in the UAE, Saudi Arabia, India, and Taiwan, with plans to enter new markets in Europe, North and West Africa, and Southeast Asia.

REAL ESTATE-

Nakheel collaborates with six designers for Palm Jebel Ali villas: Dubai Holding Real Estate’s Nakheel partnered with six architecture firms to create 10 different designs for beachfront villas at its Palm Jebel Ali project, according to a press release. The six firms include Dubai-based Naga Architects and LW Design Group, US-based WATG, WhiteSpace Architects, and Loci Architecture, and South Africa-based SAOTA.

CRYPTO-

#1- Real-world asset investment marketplace Tokinvest received a full market license from Dubai’s Virtual Assets Regulatory Authority, making it the first company in the DMCC to do so, according to a press release. The license allows Tokinvest to operate as a virtual asset broker, serving retail and institutional investors from the emirate.

#2- ADQ leads USD 16 mn round for Paris-based crypto wallet startup: Abu Dhabi sovereign wealth fund ADQ led a USD 16 mn funding round for Paris-based cryptocurrency wallet technology firm Dfns, Bloomberg reports. The round also saw participation from Wintermute, Motive Partners, Bpifrance, and Motier Ventures, owner of Galeries Lafayette Group. Dfns, founded in 2020, counts Fidelity International, Zodia Custody, and Bridge among its clients. The company plans to use the funding to expand its workforce from 25 to 35 and enhance its role in the cryptocurrency ecosystem.

#3- Dubai-based Web3 venture capital firm Sigma Capital launched a USD 100 mn fund targeting early-stage investments in decentralized finance, blockchain infrastructure, asset tokenization, gaming, crypto venture funds, and the metaverse, according to a press release. The Sigma Capital Fund I aims to invest in 100 early-stage projects, 25 liquid tokens, and 10 fund-of-funds over the next three years.

TRANSPORT-

Masdar City kicks off trials for autonomous vehicles: Masdar City began testing self-driving vehicles in partnership with Solutions+ as part of its plan to deploy a sustainable transportation fleet, Wam reports. Vehicles from several global brands will be tested during this phase to select seven for final deployment.

LOGISTICS-

AD Ports and Semurg Invest to build grain terminal in Kazakhstan: AD Ports Group and Kazakhstan’s Semurg Invest will invest over USD 50 mn to develop the Sarzha Grain Terminal at Kuryk Port, Kazakhstan, according to a statement. The first phase, expected to complete in 2H 2026, will handle 570k tons of grain annually, with a planned expansion to 1.5 mn tons per year in phase two.

AD Ports is contributing USD 30 mn to the project and holds a 51% stake, with Semurg Invest owning the remaining 49%.

BANKING-

IFZA-registered businesses to have easy access to ADIB services: Dubai freezone community IFZA inked an MoU with Abu Dhabi Islamic Bank (ADIB) to facilitate access for its registered businesses to banking services, according to a press release. This includes account opening, financing options, and advisory support.

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