Almaden to invest USD 240 mn to develop a solar glass plant in Kizad

MANUFACTURING-

Chinese firm to develop USD 240 mn solar glass plant in Kizad: China’s Almaden will invest USD 240.2 mn to establish a solar photovoltaic glass production facility in the UAE, according to a press release (pdf). The company will set up a new subsidiary — Almaden Glass Industries — in Abu Dhabi’s Khalifa Industrial Zone (Kizad) via its MENA arm.

Some details: The facility will include a 1.6k ton per day melting furnace and supporting processing lines, with an annual production capacity of 500k tons. Construction is expected to take 18 months. The investment will be financed through self-financing and fundraising.

CRYPTO-

Phoenix Group expands BTC mining in Ethiopia: ADX-listed crypto miner PhoenixGroup has expanded its BTC mining operations in Ethiopia with an additional 52 MW of capacity, it said in a press release (pdf). This move brings the company’s total operational capacity in Ethiopia to 132 MW and pushes its global capacity to upwards of 500 MW.

The details: The site will be developed in two phases, and comes after Phoenix secured a 80 MW site in Ethiopia through a power purchase agreement (PPA) at the start of this year. Set to be completed by the end of 2Q 2025, the site’s hash rate will double to 2.4 EH/s (exahash per second) once the second phase is operational. Renewable hydropower from the Grand Ethiopian Renaissance Dam will power 90% of Phoenix’s operations in the country.

SOUND SMART- A hash rate measures how quickly computers can execute hashing computations — a key pillar of blockchain technology used to secure transactions and data integrity.

TECH-

Rakez partners with Singaporean firm to build tech-focused industrial park: Ras Al Khaimah Economic Zone (Rakez) has inked an agreement with Singaporean firm THiHolding Management Corporation to establish a 300k sqm industrial park in Al Hamra, state news agency Wam reports. The new facility will help boost the emirate’s competitive edge in technology by targeting global firms specializing in sectors like AI, software, and advanced technologies.

REAL ESTATE-

You can now buy a unit at Trump Tower in Dubai: Trump International Hotel and Tower has launched its first project in Dubai, Gulf News reports. Located at the entrance of Downtown Dubai along Sheikh Zayed Road, the tower is an extension of the Trump Organization’s partnership with Dar Global. The project is set to be completed in 2031 and has an estimated development cost of USD 1 bn.

The details: The hotel will occupy the first 18 floors of the 80-floor tower, and two floors will be dedicated to a Trump-branded members’ club. The remaining floors will be reserved for luxury residences, with four-bedroom penthouses set to carry a minimum price tag of AED 70 mn.

FINANCIAL SERVICES-

Circle secures IPA as money-services provider: Payment technology company CircleInternet Group secured in-principle approval (IPA) from the ADGM’s Financial Services Regulatory Authority to operate as a money-services provider, according to a press release. The approval is a step closer to full financial services permission. In Feburary, Circle’s USDC and EURC stablecoins received approval as recognized crypto tokens in the DIFC.

Circle has also joined forces with Abu Dhabi’s Hub71 for a partnership that aims to accelerate innovation in digital assets as well as provide fintech startups with mentorship, workshops, and access to institutional networks, the press release said.

INVESTMENT-

Du leases a Dubai land plot to develop its new data center: Du inked an AED 170 mn land lease agreement with Dubai Holding Assets Management to use the plot in developing a greenfield data center, according to a DFM disclosure (pdf). The long-term agreement will last for 25 years with two optional renewal periods of 10 years. The plot extends for 18.6k sqm in Dubai Design District.

REMEMBER- Du plans to build a AED 2 bn hyperscale data center in the UAE for Microsoft, which will be its main tenant. The center’s capacity will be delivered in phases.

LEGISLATION-

The Sharjah Executive Council issued a decision that regulates media activities in the emirate, Wam reports. The new decision aims to establish a comprehensive legal and legislative framework for managing media operations and content. The decision also includes legal provisions on media ownership, media institutions, broadcast and digital media activities, permits, approvals, and content standards, among other areas.