INFRASTRUCTURE-

Tabreed to bring district cooling to Palm Jebel Ali: UAE district cooling company Tabreed has signed a concession agreement with Dubai Holding Investments for an AED 1.5 bn project to provide 250k refrigeration tons (RT) of district cooling capacity to Palm Jebel Ali in Dubai, according to a press release (pdf). Tabreed will hold 51% in the joint venture while Dubai Holding will get 49%. Construction is set to begin in 2Q 2025, with the first cooling services expected by 2027.

REAL ESTATE-

#1- Global Partners taps DCC for Eden House The Park: Dubai’s Global Partners appointed Dubai Contracting Company (DCC) as the main contractor for Eden House The Park, its latest luxury residential development under Global Partners Property Fund I (GPPFI), according to a press release. The project is located along the Dubai Water Canal. Construction is 60% complete, with handover slated for 2027.

About GPPFI: Global Partners closed its first property fund in 2023 after raising AED 779 mn from investors across North America, Europe, and the UAE. The firm is now gearing up for its second fund, which will back a USD 1.4 bn mixed-use community in Dubai Healthcare City Phase 2 in collaboration with Mirage Development and Entertainment.

#2- Abu Dhabi launches program to expand affordable real estate: Abu Dhabi’s Department of Municipalities and Transport (DMT) inked MoUs with Sdeira Group — formerly Kezad Communities — and Central Holding Group (CHG) to develop new residential and commercial assets, as part of a new Value Housing Program to enhance affordability and quality in the emirate, state news agency Wam reports.

#3- Source of Fate sells out Sunshine Bay: Dubai-based developer Source of Fate sold out Sunshine Bay, its AED 500 mn luxury waterfront development on Ras Al Khaimah’s Al Marjan Island, according to a press release. The project drew investors from 37 nationalities, driven by its proximity to the upcoming USD 4 bn Wynn megaresort as well as “its award-winning design and competitive payment plan,” General Manager Majid Jack Hsiung said. Construction began in October, with handover set for early 2027, aligning with Wynn’s anticipated opening.

REMEMBER- Source of Fate is gearing up to launch over AED 10 bn in new developments, with five new projects — two in Dubai and three on Al Marjan Island — slated for unveiling in 1H 2025.

#4- Sol properties unveils AED 1 bn mixed-use project in Jumeirah Village Triangle: Bhatia Group’s real estate development arm Sol Properties launched Sol Levante, an AED 1 bn mixed-use development in Jumeirah Village Triangle, according to a press release. The project will feature 612 residential units—including studios, one- and two-bedroom apartments—alongside 100k sq. ft. of office space and 50k sq. ft. of retail area.

REMEMBER- Sol properties has been developing AED 12 bn worth of luxury projects since September 2024, including the Fairmont Residences Solara Tower in Downtown Dubai and a Palm Jumeirah West Crescent project, together valued at AED 8.2 bn.

M&A-

ADX-listed private equity firm Investcorp Capital acquired a diversified portfolio from its parent company, Investcorp Group, for USD 200 mn payable before year-end, it said in a statement (pdf). The portfolio is comprised of assets in growth sectors such as technology and business services, mainly concentrated in North America and Europe. The transaction is expected to “result in profitable distributions in the near-medium term to the benefit of our shareholders,” Investcorp Capital said.

ADVISORS- The alternative investment company enlisted KPMG, Morgan Lewis & Bockius on the transaction.

MEDIA-

First film financing firm registers in Abu Dhabi: Sherborne Media, a private group offering financing support for film and media projects, registered in Abu Dhabi with the Creative Media Authority (CMA), according to the Abu Dhabi Media Office. The group will offer financial support and advisory options to productions creating media in the emirate.

The details: The development will see Sherborne Media “attract and liaise with production companies […] to communicate and [monetize] Abu Dhabi’s offering,” co-CEO of Sherborne Media Alastair Burlingham said. This comes as the UAE looks to expand its film production industry, recently offering increased rebates for projects.

INVESTMENT-

DFSA opens calls for tokenization sandbox participation: The Dubai FinancialServices Authority (DFSA) invited firms specializing in tokenized investment products to take part in its tokenization regulatory sandbox, it said in a press release. Companies can register their interest via the DFSA website until 24 April, and will undergo an assessment process before selection.

The program: Companies will be able to test tokenized financial solutions in the controlled environment and access regulatory pathways to help support product development. The sandbox targets firms working with tokenized items including equities, bonds, sukuk, and collective investment fund units, existing DFSA-authorized firms wanting to expand into tokenization, and companies with strong understanding of the regulatory environment.

AVIATION-

Sanad eyes up new markets: Mubadala’s aerospace maintenance arm Sanad Group is looking to expand its aircraft engine maintenance services to African, Indian and East Asian markets, CEO Mansour Janahi told Al Etihad. The firm aims to target markets with “fruitful trade relations” as it seeks to form new global partnerships, acquisitions, and establish new facilities, Janahi added. Sanad is forecasted to boost revenues by 5% y-o-y to 10% y-o-y by the end of year, while the number of completed engine maintenance operations is forecast to rise 35% y-o-y to 218.

The current lay of the land: Sanad Group reported a 40% y-o-y revenue increase to AED 4.9 bn in 2024. The group has been expanding global ties, inking partnership agreements with Air Mauritius, Asiana Air and LionAir last year.

CRYPTO-

ATS Travel has become the first first large-scale Middle Eastern travel firm to accept cryptocurrency payments, according to a press release (pdf). The Dubai-based travel management company partnered with Malta-based regulated crypto payment provider Payhound to accept BTC, ETH, and other cryptocurrencies for services like luxury travel, airline tickets, and event bookings.

Tags: