REAL ESTATE-

Abu Dhabi-based developer Eagle Hills is set to develop a EUR 12 bn sustainable, smart district in the Hungarian capital called Grand Budapest after it sealed an agreement for the project with the governments of UAE and Hungary, the company said in a statement. The mixed-use project is expected to boost Hungary’s GDP by 2%. It will feature green buildings, renewable energy networks, and smart waste management solutions.

Europe’s tallest buildings, mini-Dubai? The project, which will be constructed in place of a dilapidated rail station, will feature towers that will reach up to 500 m, rendering them among the tallest in the EU, Bloomberg reports, citing a statement from the Hungarian Economy Ministry. The district has been dubbed as mini-Dubai by locals due to its resemblance to Dubai-styled flashy neighborhoods. Eagle Hills secured the 85-hectare land plot for the project for HUF 51 bn (USD 128 mn), which will be paid in three installments, according to the business news outlet.

Acube Developments launched residential tower Vega in Dubai Sports City, the developer’s third project in the UAE, according to a press release. The project is estimated at AED 1.5 bn, Acube’s Chairman and Managing Director Ramjee Iyer told Zawya. Construction on the 23-story development kicked off in 4Q 2024, with handover slated for 2Q 2027.

Meydan awarded a AED 1 bn contract to Ginco General Contracting to build the second phase of District One West in Mohammed Bin Rashid Al Maktoum City, according to a press release. The contract will see Ginco construct 229 four- to six-bedroom villas, in addition to infrastructure works. The project is scheduled for completion in 1Q 2028.

M&A-

Integrated construction services provider Arco Turnkey Solutions just bought into UK-headquartered Laing O’Rourke Joinery — one of Dubai’s largest joinery firms, in a move aimed at boosting its operations and production capacity across the UAE, Construction Week reports. There’s no information about the transaction size. The acquisition includes a 50k sqm facility in Jebel Ali Industrial Zone, expanding Arco’s production hub to 70k sqm. This plays into the company’s plans to manufacture premium joinery products and deliver modular units for projects in the UAE, Qatar, and Saudi Arabia.

US and UK-based investment firm Blue Skye has fully acquired UAE-based fitout and construction player ISG Middle East, according to a joint statement. There’s no publicly available information on the transaction size. The move will support ISG’s growth into Dubai’s villa market, by tapping into Blue Skye’s access to expanded resources and its broad network of expertise, the news release read.

LOGISTICS-

US logistics firm Expeditors plans to launch a warehousing and fulfillment facility at Dubai South’s Logistics District under a partnership it signed with the city, according to a press release. The facility, set to kick off operations next month, will house two stations — a warehousing station and a container freight station.

The details: The warehousing station will be responsible for inventory management, labeling, order and transportation management, compliance inspections, and quality control, while the container freight station will be in charge of consolidating and segregating shipments, providing export services, and managing unit load device breakdowns.

FINANCIAL SERVICES-

Bahraini financial products marketplace Daleel launched its services in the UAE, according to a statement. Backed by investors like Flat6Labs and Salica, Daleel’s expansion introduces platform upgrades tailored to UAE consumers. The company also plans to secure an open finance license sometime this year.

About Daleel: It simplifies financial decision-making by matching customers with tailored products such as credit cards, mortgage plans, and savings accounts, offering a cost-effective way for financial institutions to boost their customer base.

ARTIFICIAL INTELLIGENCE-

Dubai launched a new six-tier certification system for AI companies, AI Seal, in a bid to boost the credibility of AI services providers, the Dubai Media Office said in a post on X. AI companies will be able to display their AI seal across their online platforms and promotional materials. The system certifies each company as S, A, B, C, D, or E depending on the nature of their activities, project portfolio, and level of contribution to the AI sector. Applications for the AI Seal can be filed here.

TECH-

India-based proptech platform Relata launched its operations in Dubai through a JV between Cognilements International and Neeraj Srivastava, who will serve as Chairman of the new entity, Relata GCC and Africa, according to a statement. Relata’s platform aims to accelerate real estate sales by offering VR, AI, and advanced analytics tools for both customers and developers.

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