REAL ESTATE-

#1- Dubai-based developer Sobha Realty plans to launch 8-10 new projects in the UAE in 2025, including a new residential development in Abu Dhabi, the company’s founder and Chairman PNC Menon told The National. Sobha also eyes expanding in the US — where it has already established an office — and Australia.

Sobha is looking to hit USD 1 bn in sales during its first year in the US and grow that figure to USD 10 bn over the next decade. Sobha is currently in talks to acquire a plot in Dallas, Texas, for a residential project, which it plans to fund through its own equity, with plans to expand to Virginia afterward.

Here at home: The developer aims to achieve a 30% y-o-y increase in overall sales this year to AED 30 bn, with its projects in Dubai accounting for AED 22 bn and those in Umm Al Quwain accounting for the remainder. Sobha achieved record sales of AED 23 bn in 2024, according to a press release.

#2- Valores Property eyes launching AED 600 mn projects this year: Valores Property Development plans to roll out AED 600 mn worth of projects in Dubai this year, including at Dubai International City Phase II, Dubai Islands, and Jumeirah Village Circle, according to a press release. The developer eyes putting 335 new units up for sale in 1Q 2025.

BANKING-

#1- Abu Dhabi Islamic Bank + Lune launches personal finance management platform:

Abu Dhabi Islamic Bank (Adib) rolled out a personal finance management platform, the Adib Money Management Tracker, in partnership with fintech company Lune, according to a press release. The tool aims to help customers manage their personal finances by tracking income and expenses.

The details: The Money Management Tracker categorizes expenses into areas such as groceries, transportation, and entertainment, allowing users to analyze their spending habits. It also provides interactive visualizations of cashflow to offer insights into financial situations.

#2- Homegrown digital Islamic community bank ruya partnered with Mastercard to introduce debit and credit card products for both individual and business customers, according to a press release. Cardholders will enjoy access to personalized offers through Mastercard’s priceless.com platform. Meanwhile, the partnership will see Mastercard, ruya’s sole partner for all card issuance, give ruya access to over 3k consultants worldwide.

TECH-

NIP Group partners with ADIO to establish global HQ in Abu Dhabi: Sweden-based NIPGroup, a digital entertainment company, signed a five-year partnership with the Abu Dhabi Investment Office (ADIO) to expand its presence in the region, according to a press release.

Key details of the agreement: ADIO will provide USD 40 mn in financial and non-financial growth avenues over four years to ramp up NIP Group’s operations, while Global NIP Group will set up its global headquarters in Abu Dhabi, driving local employment and expanding key business verticals, including esports operations, creative studios, game publishing, events, and talent management.

AVIATION-

Homegrown dnata Catering & Retail broke ground on a AUD 50 mn expansion at its Melbourne Airport facility in Australia, according to the Dubai Media Office. The company will add 5.7k sqm to its existing facility, bringing it to 16k sqm and creating the largest airline catering hub in the state of Victoria. Upon completion in September 2026, the facility will have the capacity to produce 25 mn meals annually.

REMEMBER- dnata has bigger plans to expand its international footprint through several merger and acquisition transactions globally, the company’s CEO Steve Allen said back in May.

RENEWABLES-

Emerge to install solar panels in 100+ Adnoc stations: Emerge — a Masdar and EDF JV— will install solar photovoltaic (PV) panels in upwards of 100 Adnoc Distribution service stations in Abu Dhabi in the second phase of their solarization program, according to a statement. The project is expected to generate some 30k mWh annually in renewable energy and reduce annual carbon emissions by 13k tons. Emerge started solar panel installation throughout Adnoc Distribution’s stations in Dubai in 2023 in a bid to slash carbon intensity by 25% by 2030.

FINANCIAL SERVICES-

Investment platform Sky Links Capital received a financial services license from the Securities and Commodities Authority, according to a press release.

MANUFACTURING-

Homegrown waterways protection solutions firm The Marine Barrier Company (Ecocoast) opened a new factory in Saudi Arabia’s Yanbu Industrial City, according to a press release. The facility, located along the Red Sea coast, will produce a variety of marine barriers and offer turnkey marine solutions and 24/7 operational support.

INVESTMENT-

Emirates Chartered Accountants Group is now CLA Emirates: The Emirati arm of US-based accounting firm CLA Global rebranded from Emirates Chartered Accountants Group (ECAG) to CLA Emirates, according to a LinkedIn post from the company. The move aims to align the company’s identity with the global brand.

Tags: