FINANCE-

#1- Financial advisory and asset management firm Lazard opened a new office in Abu Dhabi to serve as its main financial advisory hub in the UAE, subject to regulatory approval, the company said in a statement (pdf). Hussain Altajir (Linkedin), formerly head of Dubai coverage at HSBC, was tapped as CEO for the firm’s UAE operations and client engagement in the region. The expansion comes as Abu Dhabi continues to attract global banks eager to tap into its growing investor base and nearly USD 2 tn in sovereign fund assets, Reuters reports.

#2- British hedge fund manager Michael Platt’s BlueCrest Capital Management received full regulatory authorization to operate in Dubai, sources familiar with the matter told Bloomberg. The Dubai Financial Services Authority granted the license, allowing the firm to hire traders and manage capital locally. BlueCrest plans to relocate its office from the Dubai World Trade Center to the Dubai International Financial Center in the near future.

#3- Barclays is looking into expanding its operations in Dubai: Deputy Prime Minister and Finance Minister Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum met with Barclays Group CEO C. S. Venkatakrishnan to discuss deepening collaboration and growing the bank’s regional presence, Wam reports. The meeting also explored ways for the bank to capitalize on Dubai’s infrastructure, regulations, and digital transformation initiatives to drive growth.

OIL AND GAS-

Adnoc inked a 15-year sales and purchase agreement with Mitsui & Co. for the supply of 0.6 mn tons per annum of LNG, Wam reports. The LNG will be supplied from Adnoc’s low-carbon Ruwais LNG project.

Background: Mitsui acquired a 40% stake in the USD 7 bn Ruwais liquefied natural gas (LNG) project alongside UK oil and gas giant Shell, French TotalEnergies, and BP in December, with each getting a 10% share. It had also inked the supply agreement for 0.6 mn tons at the time. Mitsui is also a partner on the UAE’s only LNG export plant on Das Island.

Adnoc is big in Japan: The company is also supplying Japan's Jera with LNG under a USD 450 mn agreement from Adnoc's Das Island liquefaction facility.

LOGISTICS-

#1- Noatum Logistics boosts its regional freight forwarding operations: AD Ports Group subsidiary Noatum Logistics has acquired 152 long-haul transport trucks to integrate into its trucking fleet, with deliveries slated to be completed by the end of this quarter, according to a statement. The advanced trucks will add an extra capacity of some 6k tonnes — increasing its fleet from 450 vehicles to over 600. The vehicles will handle containerized as well as reefer and loose cargo operations to support a plethora of industries, including energy, polymers, F&B, automotive, pharma, and healthcare.

Remember: AD Ports’ freight-forwarding arm Micco Logistics was rebranded to Noatum Logistics Middle East early last year following its acquisition of Noatum in 2023. Micco Logistics has served as the freight forwarding arm of AD Ports Logistics Cluster since AD Ports acquired it in 2020.

#2- Emirates boosts its cargo routes to Japan: Emirates’ cargo arm Emirates SkyCargo is launching a weekly freighter service from Dubai International Airport to Japan’s Narita International Airport effective from 24 May, marking the first direct route between Narita and the region, according to a statement. The service will have a cargo capacity of 100 tonnes each way and is expected to mainly transport automobile and machinery parts, semi-conductor parts, and pharma products. Narita International Airport is Japan’s largest air- or seaport in respect to the value of cargo handled and is currently undergoing a development plan to become the region’s busiest cargo hub by 2030.

AGRICULTURE-

Uterra launches USD 20 mn organic fertilizer facility in RAK: Uterra Middle East Agro Industries has opened Ras Al Khaimah’s first organic soil fertilizer facility at the Al Ghail Industrial Zone, following a USD 20 mn investment, according to a press release. The 33k-sqm plant will produce micro-biological, no-chemical fertilizers to support indoor, outdoor, and vertical farming, as well as developing medicinal plants. The site will grow produce year-round and also conduct research and development activities. Uterra’s fertilizer products increase yields by 30-120% and the company produces over 1k tons annually.

STARTUPS-

Fresh funds for AI fintech Airev: UAE-based AI start-up Airev has received funding from Irish investment firm Venturewave Capital as part of a Series A funding round, according to a press release. The investment, the size of which was not disclosed, will help Airev expand its AI operating system On Demand — which allows users to build their own AI applications and monetize the usage of hardware infrastructure — outside of the UAE and Ireland.

Partnering with big players: The firm, which has over 4 mn users, is backed by Core42, a subsidiary of state AI firm G42, and signed commercial deployment agreements with Nvidia partner Aldeology. It is also in talks with Fortune 500 semiconductor companies regarding commercial, and research and development partnerships.

FINTECH-

PayPal taps TerraPay to enable real-time cross-border transfers: PayPal partnered with cross-border payments infrastructure firm TerraPay to deliver real-time fund transfers between PayPal accounts and mobile wallets or bank accounts in the Middle East and Africa, according to a press release (pdf). Both businesses and individuals can link their PayPal accounts to local financial platforms for instant transfers.

WASTE MANAGEMENT-

Bee’ah + Sharjah to boost sustainable residential practices: Waste management firm Bee’ah has partnered with Sharjah Sustainable City — which is being developed by Sharjah Investment and Development Authority and Diamond Developers — to improve waste management solutions in the city, according to a press release. Sharjah Sustainable City will serve as a platform for Bee’ah to test its technologies, while Bee’ah will design educational and training programs on sustainable waste management. The pair will also collaborate on research, smart transition tech, biogas operations, and sustainability events.

REMEMBER- Bee’ah is building a new commercial and industrial recycling facility in Sharjah, which uses a robotics and AI system to automatically detect, identify and separate different kinds of waste. The facility can process 156k tons of mixed recyclables annually once it is fully operational.

CAPITAL MARKETS-

UAE retail investors will gain wider access to Asian equities as eToro adds Hong Kong Stock Exchange-listed (HKEX) products to its platform, according to a press release. The platform will gradually roll out stocks and exchange-traded products listed on the HKEX, including ETFs and Leveraged and Inverse Products. The trading hub previously added ADX-listed stocks to its platform, following an agreement with Abu Dhabi’s securities exchange.

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