INVESTMENT-

Adtic invests USD 120 mn in hotel in Egypt’s Giza pyramids area: The Abu Dhabi TourismInvestment Company (ADTIC), which is majority-owned by the Abu Dhabi Fund for Development, has so far invested USD 120 mn to build a new 300-room hotel in the pyramids area in Egypt, CEO Yahya Qutb said in an interview with CNBC Arabia (watch, runtime: 2:18).

ICYMI- Last summer, Adtic said it wanted to invest more in Egypt, with EGP 5 bn previously being earmarked to replace the now-demolished Mercure hotel in the Giza Pyramids area. Adtic is also open to strategic partnerships as it looks to increase its Egyptian presence and is assessing all options for further development, Qutb told CNBC Arabia. The Egypt-focused company is 84% owned by the Abu Dhabi Fund for Development.

CRYPTO-

#1- Ripple becomes first DFSA-licensed blockchain payments firm in DIFC: Crypto solutions firm Ripple has received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments and services in the Dubai International Financial Center (DIFC), the company said in a press release (pdf). This move makes Ripple the first blockchain-enabled payments provider licensed by the regulator. It had received in-principle approval to boost operations in the UAE in October.

#2- Crypto.com partnered with UAE-based AI and tech firm Tawasal, becoming its exclusive crypto partner, according to a press release. Initially, Tawasal will refer Crypto.com’s platform to its regional partners, strengthening its presence in the Middle East. In the next phase, Crypto.com’s services will be integrated into Tawasal’s Superapp, enabling nearly 4 mn users to trade crypto.

REGULATION-

Dubai expands affordable housing + introduces education and legal reforms: Dubai Crown Prince Hamdan bin Mohammed approved key initiatives to expand affordable housing, strengthen Arabic and Islamic studies in private schools, and enable Emiratis to practice independent legal consultancy, state news agency Wam reports. The highlights include:

  • Dubai designated 1.4 mn square meters for over 17k affordable housing units across six sites in Al Mueisim 1, Al Twar 1, Al Qusais Industrial 5, and Al Leyan 1;
  • A new policy aimed at enhancing Arabic and Islamic studies in private schools through curriculum updates, increased Emirati teacher recruitment, and stronger parent-teacher collaboration;
  • New reforms allowing Emiratis to offer non-litigation legal services in real estate and personal status law without a physical office. Eligibility requires two years of legal experience, assessments, and training.

REAL ESTATE-

Merex plans ultra-luxury redevelopment: Merex Investment, a joint venture between Brookfield Asset Management and Dubai Holding, is set to redevelop the seafront La Mer North, building an ultra-luxury residential project, featuring 225 homes, Bloomberg reports. The project is expected to break ground before the end of 2025, and be completed by 2027, CEO Shahram Shamsaee told Bloomberg.

DEBT-

#1- Moody's grants Binghatti Ba3 rating for the first time: Dubai-based real estate developer Binghatti Holding received a Ba3 Family Business Corporate Family Rating (CFR) for the first time and Ba3-PD Probability of Default Rating from Moody’s Investors Service with a stable outlook, according to a press release. Moody’s cited the company’s low leverage, robust interest coverage, and liquidity levels as key drivers.

ICYMI- Binghatti Holding saw its net income rise 151.7% to AED 1.8 bn in 2024, while its revenues rose 197.6% y-o-y AED 6.4 bn.

#2- Ras Al Khaimah lists USD 1 bn sukuk on Nasdaq Dubai: The Government of Ras Al Khaimah, through its Investment and Development Office, listed USD 1 bn unsecured sovereign sukuk on Nasdaq Dubai, according to a disclosure.

ICYMI- RAK raised USD 1 bn via a 10-year sukuk at a 5.038% profit rate under its USD 2 bn Trust Certificate Issuance program last week. Strong investor demand (USD 4.4 bn orderbook) led to final pricing at Treasuries +80 bps, with ratings of A (S&P) and A+ (Fitch).

#3- Credit ratings agency Fitch followed Moody’s lead in affirming the National Bank of Ras Al Khaimah’s (RAK Bank) default rating at BBB+ with a stable outlook, while upgrading its viability rating to bb+, up from its previous bbb- rating, according to a disclosure (pdf). Moody’s had also affirmed its long-term deposit rating as Baa1, and upgraded its outlook from stable to positive for its long-term deposit and senior unsecured debt ratings earlier this week.

LOGISTICS-

Etihad Cargo to upgrade Abu Dhabi’s logistics platform: Etihad Airway’s cargo arm Etihad Cargo partnered up with Abu Dhabi Investment Office (ADIO) and AD Port’s Maqta Technologies to upgrade Abu Dhabi’s logistics platform Advanced Trade and Logistics Platform (ATLP), according to a statement. The move looks to integrate new export rate determination and booking features into ATLP in a bid to heighten transparency and accuracy for logistics providers in the emirate.

SUSTAINABILITY-

Expo City + UICCA partner on sustainability: Expo City Dubai and UAE Independent Climate Change Accelerators (UICCA) signed an agreement on find, test, and scale tech for sustainable urban development, according to a press release. UICCA will identify candidates from its network to use Expo City’s Urban Lab to test the integration of their technologies into city infrastructure using 200k live data points. The pair will also provide mentorship and support during the testing phase.

ICYMI- UICCA signed a similar agreement with the Economy Ministry earlier this month to support climate startups through its Circular Economy Cycle of the UICCA Launchpad Program. The program, launching in May 2025, will provide mentorship and resources for startups tackling waste management and circular economy challenges.

ENERGY-

NMDC Energy secures AED 9.7 bn project: NMDC’s ADX-listed EPC unit NMDC Energy secured a AED 9.7 bn engineering, procurement, and construction contract for a local project, it said in a disclosure (pdf) to the ADX. The project will start on 31 March 2025, and is set to be completed within 57 months.

REMEMBER- Only last October NMDC secured an AED 5.05 bn contract from Modon Holding for a project in Abu Dhabi, and as of the end of August 2024 it had a backlog of AED 54 bn worth of projects.

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