FINANCE-

Seviora opening office in Abu Dhabi: Temasek Holdings ’s Singapore-based USD 54 bn asset management firm Seviora will open an office in Abu Dhabi, according to a press release (pdf). The office — based in ADGM — is Seviora’s first in the Middle East and will complement its existing offices in Singapore, India, China, and Indonesia. The firm tapped Sadiq Hussain (LinkedIn) to lead the Abu Dhabi office.

ICYMI- Seviora inked a partnership agreement last October with Mubadala Capital to boost cooperation and explore new investments.

BLOCKCHAIN-

ADGM signs MoU with Chainlink to develop tokenization framework: ADGM has inked an MoU with blockchain services provider Chainlink to establish compliant tokenization standards, according to a press release (pdf). The collaboration will focus on secure asset tokenization, cross-chain liquidity solutions, and fostering regulatory dialogue on blockchain and AI for ADGM-regulated entities. Chainlink’s infrastructure has facilitated over USD 19 tn in transactions.

FINTECH-

XTB expands Middle East presence with new Dubai Office: Polish online broker XTB opened a new office in One Central, Dubai World Trade Center, according to a press release. XTB secured a 5th category SCA license back in January, allowing it to expand its range of services in the region, increase its staff, and launch a new office outside of the DIFC.

The details: The SCA license allows XTB to operate as a regulated brokerage for retail and institutional investors in the UAE. Its renewal of its Dubai Financial Services authority license also allows the firm to continue serving clients in the Dubai International Financial Center (DIFC).

DEFENSE-

Al Seer Marine JV lands AED 1.3 bn UAE naval vessel contract: Al Seer Marine and Damen International ’s joint venture has secured an AED 1.3 bn four-year contract from Tawazun Council to build offshore patrol vessels for the UAE, according to an ADX disclosure (pdf). The vessels will be equipped for multiple types of missions, including EEZ patrol, anti-smuggling, environmental protection, and disaster relief. The contract also includes an integrated logistics support package for predictive maintenance, training, and inventory management.

We knew this was coming: Last November, Al Seer Marine and Damen International announced the expansion of their joint venture beyond naval shipbuilding to include commercial vessels, aiming to manufacture over 26 ships in the UAE in 2025.

LOGISTICS-

Drydocks World tapped for Ivory Coast project: DP World marine and ship repair services subsidiary Drydocks World has been awarded a contract for the refurbishment and life-extension of offshore energy firm Modec Management Services’ Ivory Coast offshore vessel — dubbed FPSO Baobab Ivoirien, according to a statement. The eight-month project — slated to commence in May — will feature extensive structural enhancements on the floating production storage and offloading vessel. The project aims to expand the vessels’ lifespan by some 15 years, including a 1k tonnes of steel renewal, 250k sqm of tank coating, and 11.5k m of new piping.

A key player: The vessel has a processing capacity of 70k bpd of oil and 75 mn cfd of natural gas — standing out as a key player in West Africa’s offshore energy production. It could also inject 100k bpd of water and store up to 2 mn barrels of crude oil.

MARITIME-

LNG vessel lands at Noatum Maritime: AD Ports subsidiary Noatum Maritime received its first LNG-powered RoRo vessel — set to be deployed by its joint venture with Turkish shipping firm Erkport Untied Global, according to a statement. The newbuild pure car and truck carrier — named Ugr Al Samha — has a carrying capacity of over 7k CEUs.

INVESTMENT-

#1- Investopia inks MoUs to expand global footprint: Investopia signed seven MoUs with local and global partners to scale its international presence, state news agency Wam reports. The agreements — signed with Gitex Global, Deutsche Bank, EFG Consulting, EuroAtlantic Consulting & Investment, Kearney, Carta, and IMH — include launching new editions of Investopia Global Dialogues in Milan, Budapest, and Limassol, strengthening economic ties with Italy, Hungary, and Cyprus, and driving investment in key innovation sectors. The MoUs also focus on collaboration in advanced technologies, AI, and financial services.

M&A-

Amlak approves Dubai land sale: Amlak Finance ’s general assembly approved the sale of some of its investment properties, including its holdings in Dubai’s Ras Al Khor, it said in a disclosure (pdf) to the DFM.

ICYMI- The firm’s board proposed selling the plots last month, pending shareholder approval. The asset sales are part of a broader debt restructuring plan following a repayment agreement reached earlier this month with financiers for AED 1.4 bn in dues, set for repayment by October 2026. As of last December, Amlak had reduced its liabilities by AED 800 mn and was also considering exiting the real estate financing sector to strengthen its balance sheet.

DEBT-

Brics multilateral lender New Development Bank (NDB) has reportedly tapped banks for its potential regulation s-compliant, USD-denominated bond issuance, Zawya reports. The offering falls under NDB’s USD 50 bn EUR medium term note program and consists of three-year senior unsecured notes set to be listed on the London Stock Exchange. There’s still no publicly available information about the price of the bond or the coupon rate. The issuer boasts a solid AA+ rating from both S&P and Fitch.

NDB? NDB was established in 2015 by the Brics nations to finance infrastructure and sustainable development projects in emerging economies. The UAE joined NBD in 2021, while Egypt became a member two years later.

ADVISORS- Emirates NBD Capital, the Bank of China, DBS Bank, ICBC, Natixis, Standard Bank, Standard Chartered and State Bank of India will act as joint lead managers on the transaction.

BANKING-

S&P upgrades ADCB’s credit rating to A+: S&P Global Ratings has upgraded Abu Dhabi Commercial Bank (ADCB)’s long-term issuer credit rating to A+, from A previously with a stable outlook, placing the bank among the top three highest rated banks by the agency in the MENA region, ADCB said in a press release.

What they said: “We believe the Bank’s asset quality will continue to benefit from the strengthening of its risk management culture and control framework over the past four years. We view these improvements, along with a more contained risk appetite, as enduring and therefore positioning the Bank to better navigate economic cycles,” S&P Global Ratings was quoted as saying in its research update.

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