STARTUP-

Biotech startup BioSapien raised a total of USD 7 mn after extending its pre-Series A funding round, which will further accelerate its UAE clinical trials for its flagship MediChip platform, set to start in 2Q 2025, according to a press release (pdf). The funding round initially saw the company raise USD 5.5 mn last month, before raising an additional USD 1.5 mn with backing from Singaporean venture capital firm Golden Gate Ventures, among other investors.

What BioSapien does: Founded by Khatija Ali (LinekdIn), the company, which has offices in California and Abu Dhabi, is known for its 3D-printed, slow-release drug delivery platform which offers localized cancer treatment. The platform focuses on keeping drugs concentrated in the tumor microenvironment, reducing required dosages, minimizing systemic side effects, and improving treatment efficiency.

REAL ESTATE-

#1- Chinese state-owned construction firm snaps up contract for Meraas’ Bluewaters Bay: Dubai Holding’s Meraas awarded a AED 1 bn contract to the Middle Eastern arm of China State Construction Engineering Corporation to build its upcoming residential project Bluewaters Bay, according to a press release. The waterfront development will feature two podium-linked residential towers offering 678 units, including one- to four-bedroom apartments and penthouses. The project, located close to Jumeirah Beach Residence, is scheduled to be completed by 4Q 2027.

#2- DHG Properties lines up second Dubai project: DHG Properties, the Dubai-based arm of Swiss developer DHG Holding, is developing its second residential project in Dubai’s Meydan at an estimated cost of AED 300 mn, according to a press release. No timeline has been announced for the project development. DHG Properties launched its debut project in Dubai — the AED 200 mn Helvetia Residences in Jumeirah Village Circle — last year.

#3- Dubai-based developer Andalusia Group secured a land plot in Dubai’s Majan for an upcoming AED 175 mn residential project, according to local media reports (here and here). No further details were disclosed about the project except that it will be featuring branded, fully furnished apartments.

Andalusia is doubling down on Majan expansion: The developer revealed a separate AED 210 mn project in Majan earlier this month, Bottega Nove Premium Residences.

#4- Dubai-based Condor Developers launched Condor Golf Links 18, a AED 300 mn residential project, it said in a press release. The golf-course-facing development, located in Dubai Sports City, will feature 250 residential units — including studios, one- and two-bedroom apartments — with prices ranging from AED 700k to AED 1.6 mn. The project is scheduled for handover by 1Q 2026; the developer has already completed 50% of the construction.

What’s next? Condor has an investment pipeline of AED 2.5 bn it plans to execute by 2027.

BANKING-

#1- Emirates NBD will now start accepting Jaywan cards under a partnership with Network International, according to a press release. The partnership will see the bank roll out Jaywan cards to its customers, which can be used at its ATM branches, as well as Network terminals and e-payment gateways.

In context: Developed by the UAE’s digital payments body Al Etihad Payments, Jaywan cards are part of a phased rollout aimed at replacing 10 mn debit cards over the next two and a half years. The cards can function independently or alongside global card schemes like Visa and Mastercard. Network International was the first to roll out the Jaywan cards for merchants.

Other banks that also rolled out Jaywan include Ajman Bank and Mbank, while Mashreq’sNeopay also started accepting the cards across all its channels.

#2- Standard Chartered rolled out its newly-launched foreign exchange payment platform in the UAE, allowing banks, non-banking financial institutions, and paytech firms to access the service, according to a press release. The SC PrismFX solution consolidates Standard Chartered’s network of digital transaction banking and financial markets under one roof to facilitate foreign exchange payments in over 130 currencies across more than 40 markets. The service was first introduced by the bank last Tuesday.

#3- Businesses operating under the International Free Zone Authority (IFZA) will gain access to corporate banking services, tailored financial products, and advisory solutions through a new partnership between IFZA and the National Bank of Ras Al Khaimah, Wam reports. The agreement aims to enhance financial support for IFZA-based SMEs, startups, and international businesses.

M&A-

A PE fund operated by Bank Muscat has divested its Dubai Movenpick Jumeirah Beach Residence (JBR) asset, according to a press release.The fund originally acquired the five-star hotel in 2014 and managed it on behalf of a consortium of regional investors, including sovereign wealth funds.

The buyer: Dubai-based family office A.A. Al Moosa Enterprises (Arenco Group) acquired the asset. The family-owned conglomerate owns over 15 hotels managed by top operators like Hilton, Marriot, and Accor. Knight Frank MENA advised on the transaction.

AVIATION-

#1- AMMROC + Marshall to collaborate on expanding their market reach: The UAE’s Advanced Military Maintenance, Repair and Overhaul Center (AMMROC) inked an MoU with UK-based aerospace engineering firm Marshall to boost their reach to new markets in both military and commercial aviation, Wam reports. The partnership also seeks to support AMMROC’s efforts to obtain Military Design Organization Approvals.

#2- DAE sheds 7 aircraft: Dubai Aerospace Enterprise (DAE) inked an agreement to sell seven Airbus and Boeing aircraft to K2 Aviation, a new mid- to end-of-life aviation investor planning to grow its portfolio through 2025, Wam reports. DAE will also handle lease and credit management, aircraft remarketing, disposition, and asset management for the sold aircraft, currently leased to six airlines.

HEALTHCARE-

#1-M42 + Rhapsody set to launch data exchange platform for healthcare providers: State-owned health-tech firm M42 Group partnered with US digital health enablement firm Rhapsody to launch a data exchange platform for healthcare providers called Rhapsody Envoy Edge by M42, according to the Abu Dhabi Media Office. The platform, which will be hosted on Microsoft Azure, aims to facilitate healthcare interoperability among UAE healthcare providers.

#2- The United Arab Emirates University inaugurated the country’s first academic Stem Cells Research Center, aiming to promote research in stem cells and regenerative medicine and boost local manufacturing, Wam reports. The center will collaborate with local and international partners, including the Abu Dhabi Stem Cells Center, to fund research, conduct clinical trials, and foster knowledge exchange. It looks to support the Middle East’s growing stem cell market, which is projected to hit USD 1.3 bn by 2030.

FINTECH-

Bahrain’s AFS sets up shop in the UAE: Bahraini digital payment solutions provider ArabFinancial Services (AFS) launched its services in the UAE, after securing a retail payment services license from the Central Bank of the UAE, according to a press release.

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