CAPITAL MARKETS-

Nasdaq Dubai links up with Astana stock exchange: Nasdaq Dubai and Kazakhstan’s Astana International Exchange (AIX) have established a direct link to streamline cross-border securities settlement between the two countries, according to a statement. The link will allow investors to trade held securities that are dual-listed on both exchanges. The AIX is also part of the ADX’s Tabadul trading hub, which the Iraqi Stock Exchange recently joined.

The rationale: The collaboration targets both investors and issuers, and looks to increase cross-border capital flows and promote investor activity, particularly for issuers seeking dual listings.

TECH-

#1- You might not need to pull your laptop out of the bag at the airport anymore: Dubai Aviation Engineering Projects has inked a multi-year contract with threat detection and security screening technologies provider Smiths Detection to install advanced CT scanners across all terminals at Dubai International Airport, according to a press release. The systems will allow travelers to keep electronics and liquids in bags during screening to help speed up processing times. They also use 3D imaging and AI-powered software to detect threats. Automated tray returns and smart lane management systems will also be deployed.

#2- G42, Cisco to work on scaling AI adoption in the UAE: State AI firm G42 signed an agreement with digital communications technology conglomerate Cisco to collaborate on advancing AI innovation and infrastructure and encouraging public and private sector adoption, according to the Abu Dhabi Media Office. The partnership will see G42 work with Cisco on a go-to-market initiative with the help of Cisco’s AI-native technologies and services. Both firms will also work on a reference architecture for the implementation of Cisco’s software in the UAE, in a bid to optimize AI data center operations and workloads.

CONSTRUCTION-

#1- DMCC taps Ali & Sons for Uptown Dubai’s next phase: Dubai Multi Commodities Center (DMCC) has appointed Ali & Sons Contracting Company as the main contractor for the second phase of its Uptown Dubai development, according to a press release (pdf). The phase will add two mid-rise towers connected to Uptown Dubai by a bridge, delivering 62k sqm of Grade A commercial and retail space, along with F&B outlets and other amenities. Ali & Sons will use drone surveying, off-site prefabrication, and 3D planning to execute the project.

REFRESHER- DMCC broke ground on phase two of Uptown Dubai in February 2024, with Swissboring overseeing enabling works. Empower was brought on earlier this year to supply 24.7k refrigeration tons (RT) of district cooling, up from the 3.9k RT provided during phase one. Once complete, the full development will comprise nine towers spanning 538k sqm, including 232k sqm of office space.

#2- ACC Group tapped as contractor for Marasi Bay developments: Real estate developer Omniyat has appointed Arabian Construction Company (ACC) as the main contractor for its residential Vela and Vela Viento tower projects in Dubai’s Marasi Bay, according to a press release. Work on the towers is underway, with Vela scheduled for completion in 2Q 2027 and Vela Viento set to follow in 3Q. The wider Marasi Bay development will feature residential, commercial, hospitality, and leisure spaces.

BUSINESS-

Brown Advisory opens ADGM office: US-based investment manager Brown Advisory has opened a new office in ADGM to meet growing demand for its global equities and fixed-income strategies, according to a statement. The firm, which manages USD 161.7 bn in assets, has advised regional clients for ten years and recently expanded into Tokyo, Singapore, and Frankfurt.

Brown’s Head of Middle East Jack Weatherby (LinkedIn) will lead the new office from Abu Dhabi, and will oversee client relationships, team expansion, and the development of region-specific investment offerings.

M&A-

DAE completes USD 2 bn Nordic Aviation Capital acquisition: Dubai Aerospace Enterprise (DAE) has finalized its full acquisition of Ireland-based Nordic Aviation Capital (NAC) for an enterprise value of USD 2 bn, according to a bourse disclosure. The acquisition adds NAC’s regional turboprop and jet assets to DAE’s fleet, and ups its fleet to 750 owned, managed, or committed aircraft.

In context: DAE inked a definitive agreement earlier this year to acquire 100% of NAC for an undisclosed amount, and had planned to fund the takeover through a mix of internal resources and debt financing.

Next up: The firm also has commitments to acquire a further 100 aircraft from the likes of Airbus, Boeing, ATR, and other trading counterparties.

LOGISTICS-

DP World has expanded into Singapore with its first logistics asset in the country, the company said in a press release. The 13k sqm multi-bonder warehouse is located at the Mapletree Benoi Logistics Hub, and brings the company’s total warehousing space in Asia to over 800k sqm.

TELECOMS-

Space42, Gatehouse complete test on satellite connectivity: UAE-based Space42’s subsidiary Thuraya and Danish software firm Gatehouse Satcom completed tests towards its Thuraya Direct service — a direct-to-device (D2D) messaging and IoT solution — it said in a statement.

Why it matters: The pilot tests validated the use of standard smartphones and NB-IoT applications for connection to Space42’s satellite network. The service aims to benefit mission-critical sectors where traditional, on-the-ground infrastructure is often insufficient.

What’s next? Space42 is now in talks with operators and OEMs ahead of launch, and says Thuraya Direct will form the base for future global constellation expansion. Commercial rollout is set for 4Q 2025.

Space42 launched the Thuraya 4 telecom satellite in January, and also inked an MoU with US-based Viasat to explore 5G D2D satellite services — laying the technical and commercial foundations for open, 5G-compatible satellite infrastructure.

BIOTECH-

BeeyahTech Chemicals opened the region’s first industrial enzyme production facility in the Sharjah Airport International Freezone (Saif Zone), with some AED 6 mn in investments, according to a press release. The 8.6k sq ft plant will support operations in the petroleum, textile, and detergent industries to boost industrial efficiency and reduce environmental impact. The facility includes R&D labs and automated systems for quality assurance.

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