SUSTAINABILITY-

S1 to become solely a flexible natural gas-based power plant: Emirates Water and Electricity Company (EWEC), Taqa, electric utility company Engie, and trading company Sumitomo inked a power purchase agreement to transform The Shuweihat 1 (S1) power project, according to an ADX disclosure (pdf). The plant will shift from its current cogeneration power and water desalination role to become a dedicated power plant to support increased integration of renewable energy sources.

The details: As part of this transformation, the water desalination operations will be decommissioned, and S1 will be reconfigured into a natural gas-fired open-cycle power plant. The newly configured plant will provide 1.1 GW of flexible reserve supply for 15 years, with commercial operations set to begin in 2027.

Will the ownership structure change? S1 has been operating under a Power Purchase Agreement for 20 years, with the original contract set to conclude this year. Under the new terms, Taqa will retain a 60% stake in the plant, while Engie and Sumitomo will each hold 20%. The three companies will continue to manage operations and maintenance of the plant, with Taqa owning 30% of the O&M company, while Engie and Sumitomo each hold 35%.

HEALTHCARE-

UAE gets world’s first surgical proctology center with SRC accreditation: Saudi German Hospital Dubai has launched its Center of Excellence in Surgical Proctology, which holds an accreditation from the Surgical Review Corporation (SRC), making it the only facility worldwide to hold the designation, according to a press release.

CRYPTO-

BitGo Custody MENA gets VASP license: BitGo Custody MENA, the Dubai subsidiary of US-based digital asset provider BitGo, has secured a virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), according to a press release. The VASP license will allow the firm to roll out its cold storage custody products and staking services to institutional and individual clients in Dubai.

ICYMI- The new licence comes following preliminary approval received at the start of the year. Founded in 2013, BitGo provides operational infrastructure to over 1.5k institutions across 50 countries, and currently has USD 48 bn in assets staked.

TECH-

Teleperformance opens innovation center in Dubai: French business process outsourcing company Teleperformance (TP) has opened its first Middle East innovation center in Dubai Internet City, according to a press release. The TP Innovation Center is the first in a planned series of hubs across the GCC, supporting the company’s move from traditional service delivery to scalable AI solutions.

The center aims to accelerate talent development and digital competitiveness, and is designed as a co-creation space featuring design thinking labs and workshops targeting industries like government, banking, healthcare, travel, and retail. The hub is equipped with a 3D screen and interactive platforms to showcase real-world AI use cases, and will facilitate public-private collaborations.

DEBT-

Mashreq leads Azerbaijan bank’s debut MENA syndicated financing: Our friends at Mashreq acted as sole coordinator, initial mandated lead arranger and bookrunner, and documentation agent for the International Bank of Azerbaijan’s (ABB) inaugural syndicated financing in the Middle East, with a value of USD 200 mn, according to a post on X. The transaction saw strong demand, achieving a 266% subscription rate, after attracting significant interest from regional and international investors during a Mashreq-organized nondeal roadshow in November 2024.

CONSTRUCTION-

Majid Al Futtaim taps UNEC for AED 736 mn Tilal Al Ghaf contract: Majid Al Futtaim has appointed construction firm Unec as the main contractor for the Plagette 32 and Amara residential neighborhoods within its Tilal Al Ghaf development in Dubai, according to a press release. The AED 736 mn contract covers the construction of 148 luxury villas, interior finishes, structural work for the beach club, landscaping, gates, auxiliary buildings, and integrated infrastructure.

ICYMI- The conglomerate has been steadily handing out major contracts for its flagship development, awarding AED 3 bn worth of contracts to Innovo Build and UNEC for two of its neighborhoods last year. Innovo Build was later also tapped as the main contractor for the AED 1.2 bn Elysian Mansions project, and, earlier this month, Ducto Construction secured an AED 1.6 bn contract for the Serenity Mansions development.

HOSPITALITY-

Ishraq Hospitality partners with Egypt’s Samco Holding on two Egyptian hotels: Ishraq Hospitality, part of Dubai-based family business Mohamed & Obaid Almulla, has signed an agreement with Egyptian real estate firm Samco Holding to develop two hospitality projects in Egypt’s New Administrative Capital, according to a press release.

The first project, Holiday Inn Express Cairo New Capital, will offer 125 rooms in the city’s business and residential district, and will include flexible workspaces and public areas targeting business and leisure travelers.

The second, The Five Hotel Apartments, will provide 100 serviced apartments for long-term stays, with co-working zones and wellness facilities. It will be part of Samco’s mixed-use development The Five and will be located close to commercial and government hubs.

TELECOMS-

du joins FreeMove Alliance to expand global telecom services: State-owned telecom operator du has joined the FreeMove Alliance — a global mobile telecommunications group made up of Deutsche Telekom, Orange, Telia, and TIM — to expand its service offering for multinational corporations, according to a press release. The alliance gives the operators’ clients access to a broader network of tier-one providers across Europe, the US, and other major markets. Du is the first operator in the region to join.

So, how does FreeMove work? The FreeMove Alliance is a mobile telecom partnership that helps multinationals streamline mobile connectivity by providing global access to roaming services, enterprise mobility solutions, and centralized account management through a single point of contact across more than 125 countries.

BANKING-

MoHRE and ADIB roll out the first phase of their digital wallet service: The Human Resources and Emiratization Ministry (MoHRE) and Abu Dhabi Islamic Bank (ADIB) have introduced a digital wallet for corporate clients, enabling them to settle fees and financial obligations for ministry services instantly, according to a press release. The tool integrates MoHRE’s systems with ADIB accounts.

How it works: Corporate users can register through MoHRE’s electronic wallet and can start using the service following approval from Adib. The ministry is planning on expanding the wallet’s compatibility with other banks at a later stage.

INFRASTRUCTURE-

Drake & Scull subsidiary wins wastewater contract in Jordan: Drake and Scull’s subsidiary Passavant Energy & Environment has been awarded a JOD 41.5 mn (c. AED 215 mn) contract by Jordan’s Water Authority to design, build, and operate the North Balqa Wastewater treatment plant with an initial capacity of 36k cubic meters per day, according to a press release (pdf). The project – financed by Agence Française de Développement and the European Union’s Neighborhood Investment Platform– covers the full EPC scope and a year of maintenance and operations. No timeline for the project was disclosed.

REAL ESTATE-

#1- Arabian Hills Real Estate Development’s Arabian Hills Estate will replace the stalled Wahat Al Zaweya project, according to a press release. Arabian Hills Estate will offer residential plots ranging from 12l to 132 sq.ft., along with schools, healthcare facilities, and entertainment venues. The project is scheduled for completion between 1Q and 4Q 2027.

REMEMBER- The Judicial Department in Abu Dhabi ordered real estate developer Wahat Al Zaweya to refund AED 702 mn in deposits to buyers in the Wahat Al Zaweya project as part of the first phase of settling 822 lawsuits. The judicial body ordered the termination of contracts and the deposit of refunds directly into claimants’ bank accounts. Meanwhile, Arabian Hills Real Estate Development launched the second phase of the project valued at AED 22 bn, and awarded its infrastructure works contract back in June 2024.

#2- Dubai Holding’s subsidiary Jumeirah aims to launch a luxury hotel and two residential projects in Dubai, according to a press release. The Jumeirah Al Sora Bay Hotel will feature 103 rooms and suites, along with 20 villas. The Jumeirah Residences Asura Bay, developed in partnership with Meraas, will offer 29 luxury units, including apartments, penthouses, and villas. Additionally, the company has begun work on the Jumeirah Residences Emirates Towers, a residential project with 754 apartments.

TRANSPORT-

Abu Dhabi Mobility partnered with Kintsugi Holding subsidiary Autogo to expand the autonomous RoboTaxi service in the emirate, according to an Abu Dhabi Media Office statement. The pilot phase is a step toward a full service launch planned for 2026. The initiative also involves a partnership with Apollo Go, a subsidiary of China’s Baidu, and supports Abu Dhabi’s smart mobility vision.

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