REAL ESTATE-

Arada awards AED 604 mn contract for first phase of Sharjah’s new business district: Sharjah-based developer Arada awarded a AED 604 mn contract to Modern Building Contracting Company for the construction of the first phase of Arada Central Business District (CBD) — the commercial hub of the AED 35 bn Aljada megaproject, according to a statement. Construction will commence immediately, with completion targeted for 1Q 2027. The first phase will feature over 812k sq. ft. of Grade A office space across two clusters of eight buildings, designed to attract leading businesses and startups.

FINANCE-

Canada-headquartered investment bank Canaccord Genuity is opening an office in the Dubai International Financial Center (DIFC), Wealth Briefing reports, citing a statement by Senior Executive Officer Richard Burden. The office will operate under a Category Four Investment Advisor License, following Canaccord’s recent acquisition of investment manager Brooks MacDonald International.

Behind the move: The move aligns with Canaccord’s strategy to expand in high-growth markets. “We already have strong relationships with intermediaries and clients in the region,” Burden said. Dubai’s DIFC continues to attract global financial firms, with 1.8k new companies registering last year, contributing to AED 1.3 bn in revenues in 2024.

CRYPTO-

Tungsten Custody Solutions secured regulatory approval from Abu Dhabi’s Financial Services Regulatory Authority to provide custody services for Toncoin, according to a press release. The ADGM-regulated custodian will now support institutional clients holding the digital asset. The approval follows the Toncoin DLT Foundation establishing its base in ADGM.

DIGITIZATION-

Smiles partners with Tencent Cloud: e& UAE’s Smiles superapp is integrating Chinese Tencent Cloud ’s super app as a service (TCSAS), according to a press release. This move positions Smiles as the first in the region to implement this technology, allowing businesses to establish a presence within the app as “mini apps” instead of creating separate applications. The partnership expands Smiles into a broader digital marketplace, offering consumers access to a variety of services across industries like food, retail, home services, travel, and entertainment.

AGRICULTURE-

ADAFSA launches program to detect crop diseases: The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) introduced a program to enhance early detection of plant diseases and pests as part of its strategy to safeguard agricultural sustainability and food security, according to the Abu Dhabi Media Office. The program will involve training personnel, expanding plant disease monitoring through field surveys, and updating legislation.

AGRICULTURE-

Dubai-based fintech xCube is now officially a trading and clearing broker and market-maker on the ADX after securing the necessary approvals, it said in a press release. The company has already been providing these services on the DFM. The move will also see xCube offer price stabilization services to new issuers by stepping in to buy shares if prices drop, preventing excessive volatility.

HEALTHCARE-

Abu Dhabi’s Department of Health explored strategic partnerships with Russia’s healthcare institutions during its visit to the country, Wam reports. The discussions delved into conducting clinical trials for a new cancer vaccine and collaborating in genomics, precision medicine, oncology, and combating communicable diseases. The countries are also considering the opportunities for academic exchanges, joint research initiatives, advanced treatment protocols, and developing rehabilitation services and mental healthcare.

M&A-

IHC trims Adani stake, while Envestcom ups its holding: Abu Dhabi’s International Holding Company (IHC) offloaded a 0.73% stake in Indian tycoon Gautam Adani’s Mumbai-listed flagship firm Adani Enterprises, netting USD 210 mn in an open-market transaction, Zawya reports, citing market data from the Bombay Stock Exchange. Meanwhile, Abu Dhabi-based Envestcom Holding which also holds stakes in Adani Total Gas and Adani Energy Solutions, acquired 8.44 mn shares in Adani Enterprises for INR 2.2k apiece.

IN CONTEXT- The move comes as Adani Group continues to face scrutiny, following a UScourt indictment in November of last year alleging bribery to secure electricity contracts — a charge the conglomerate has dismissed.

CAPITAL MARKETS-

DFM-listed BHM Capital was tapped as the official liquidity provider for ICE MSCI Equity Index Futures on ICE Futures Abu Dhabi (IFAD), it said in a disclosure (pdf) to the bourse. It will support trading in ICE Micro MSCI UAE, GCC, Qatar, and India Index Futures. “With this offering tailored for the Gulf region, ICE is connecting local and global investors, providing enhanced opportunities for strategic trading and risk management in equity markets and broadening ICE Futures Abu Dhabi to this new equity asset class,” said Gary King, President of ICE Futures Abu Dhabi.

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