M&A-

Mubadala and Taqa snap up stake in Uzbekistan power plant: Abu Dhabi sovereign wealth fund Mubadala and Abu Dhabi National Energy Company (Taqa) have completed the acquisition of an 875 MW gas-fired power plant at Uzbekistan’s Talimarjan Power Complex, according to a press release (pdf).

Ownership breakdown: The partners each hold 40% stakes in the TPP1 plant through the newly established Talimarjan Power Plant 1 — with Uzbekistan’s JSC Talimarjan Issiqlik Elektr Stansiyasi (TIES) retaining the remaining 20% stake. Talimarjan Operations and Maintenance, an entity established to operate the plant, is under the same ownership structure. The plant operates under a 25-year Power Purchase Agreement with JSC Uzenergosotish, and comes amid the ongoing privatization of Uzbekistan’s energy sector.

Taqa is active in Uzbekistan: Taqa Water Solutions inked an MoU earlier this year with Uzbekistan’s New Tashkent City Directorate to develop a 65 km raw water pipeline and a water treatment plant.

IN OTHER TAQA NEWS- Taqa distribution inked an MoU with Abu Dhabi Airports to explore joint work on energy and water infrastructure across the capital’s airports, according to a press release (pdf). The partnership aims to bring public network standards and smart technologies to private utility operations, including maintenance tools and CRM systems. Taqa also recently partnered with Emsteel to provide utilities work across Abu Dhabi’s industrial zones.

REAL ESTATE-

#1- Emaar earns Baa1 upgrade from Moody’s: Moody’s has upgraded Emaar Properties’ long-term issuer rating to Baa1 from Baa2, with a stable outlook, according to a report seen by EnterpriseAM UAE. The upgrade reflects Emaar’s AED 127 bn sales backlog, which it says provides strong revenue visibility over the next three years, alongside a growing recurring income portfolio expected to reach nearly AED 10 bn by 2027. Moody’s also pointed to the company’s conservative financial profile — marked by low leverage, ample liquidity, and strong interest coverage — as key credit strengths.

Also upgraded: Emaar Sukuk Limited’s backed senior unsecured bonds were raised to Baa1, and its medium-term note program to (P)Baa1, with a stable outlook maintained for both.

What could move the rating: Moody’s flagged Emaar’s concentrated exposure to Dubai’s real estate market, intensifying competition, and execution risks linked to large-scale projects as potential constraints.

#2- Meraas awards AED 300 mn Elara contract to Al Sahel: Meraas, part of Dubai Holding Real Estate, has awarded a contract worth over AED 300 mn to Al Sahel Contracting Company for Elara, which is phase seven of the Madinat Jumeirah Living (MJL) masterplan, according to a press release. The contract comes following Al Sahel’s handover of the first four phases and near-completion of phase five.

What’s coming: Scheduled for delivery in 4Q 2026, Elara will comprise three residential towers offering 234 units, including one- to three-bedroom apartments and four-bedroom penthouses, along with amenities.

DECARBONIZATION-

Emsteel + Finland decarbonization collaboration: Emsteel has inked an agreement with Finland’s decarbonization firm Magsort to advance decarbonized cement production, according to a press release. The partnership builds on a pilot completed in February, where the two companies processed 10k tonnes of steel slag at Emsteel’s Al Ain site for cement production.

The model uses waste from Emsteel’s operations in Abu Dhabi as input for cement production, creating a circular system. A dedicated production line is being built at Al Ain plant to refine steel residue and produce low carbon cement at scale.

MANUFACTURING-

Delta Coatings has broken ground on a new global headquarters and manufacturing hub at Dubai Industrial City, set to triple its current output and warehouse space, according to a press release. The facility — scheduled for completion by December 2025 — will be partially powered by renewables and include a new R&D lab focused on polyurea coatings for harsh climates, and training and service hub for Graco HPCF spray equipment. The site will feature warehouses with digital inventory systems, open-plan workspaces, and customer demo zones.

ENERGY-

Ta’ziz taps Wood for methanol plant consultancy: Ta’ziz — a joint venture between Adnoc and ADQ — awarded UK-based global consulting and engineering company Wood Group a project management consultancy contract for the UAE’s first methanol production facility, according to a press release.

The facility in Al Ruwais Industrial City will produce 1.8 mn tons of methanol annually using clean energy technology, making it one of the world’s largest methanol plants. Construction is expected to wrap in 2028. Approximately 40 Wood consultants will support Ta’ziz’s engineering, procurement, and construction contractor.

The same Wood? Wood Group has been the target of a proposed takeover by Dubai’s Sidara for the past year following a series of on and off bids. Sidara had until 15 May to submit a formal takeover offer, but the deadline was extended another time to 12 June as they continue to work on the offer’s pre-conditions.

UTILITIES-

Esyasoft to boost Abu Dhabi groundwater management: The Abu Dhabi Energy Department has signed an MoU with Dubai-based, IHC-backed tech firm Esyasoft to advance technical cooperation in groundwater management, state news agency Wam reports. The agreement will focus on deploying smart monitoring and analytics tools — including field sensors, cloud computing, data dashboards, and connected devices — to track and model underground and surface water more efficiently.

SUSTAINABILITY-

Abu Dhabi + GCFC sign MoU on climate finance: The Abu Dhabi Energy Department and Global Climate Finance Center (GCFC) have signed an MoU to support the implementation of Abu Dhabi’s finance strategy, Wam reports. The agreement enables capacity building, knowledge exchange, and financing for energy and water efficiency projects.

The details: Areas of cooperation include developing financing instruments for energy and water infrastructure, capital structuring tools, technical support for regulators, developers, and financial institutions, investment-focused policy, and meetings for pipeline development. GCFC will also head up the Finance Track of the 2026 UN Water Conference.

MANUFACTURING-

#1- Kerno launches enterprise servers post-AED 100 mn investment: Emirati enterprise IT infrastructure manufacturer Kerno invested AED 100 mn in its first production-ready enterprise server units, according to a press release. Its OKAM servers, using Intel and AMD chipsets, target corporate data centers and cloud services, while its UQLEAD systems are used for AI model training and high-performance computing. The servers serve regional and international markets.

#2- Adio, Metal Park to launch advanced industries center in Kezad: The Abu Dhabi Investment Office (Adio) and local metal player Metal Park will set up a 5 mn sq ft “center of excellence for advanced industries” at Kezad, according to a press release. The hub will provide infrastructure and digital ecosystems to help companies prototype, test, and scale technologies including AI, robotics, and autonomous logistics. It is slated to open in 4Q 2025.

ALSO- The two sides also inked an earlier agreement to build an Industry 4.0 Competence Center, also in Kezad, focused specifically on digitizing the metals manufacturing value chain.

REMEMBER- Metal Park launched phase one of its AED 110 mn storage facility in Kezad earlier this year, with direct access to Khalifa Port, Etihad Rail, and major UAE highways.

RAIL-

Itaminas taps Hafeet Rail to expand its regional iron exports: Hafeet Rail inked a cooperation agreement with Brazilian iron ore producer Itaminas Comerico de Minerios (Itaminas) to support iron and steel supply chains in Brazil, Oman, and the UAE, Times of Oman reports. The pair aim to establish a network for the transportation of iron ore through Hafeet’s Rail infrastructure and Sohar Port. Iraminas is aiming to expand its exports to the region via Brazil’s Sudeste Port — which currently boasts a 6.5 mn ton annual production capacity.

Background: The UAE’s Etihad Rail, Mubadala, and Oman’s Asyad Group launched a new entity — Hafeet Rail — to work on a railway connecting the UAE to Oman. The rail link is set to cut travel between Abu Dhabi and Sohar to 100 minutes, with freight trains moving at 120 km/h and passenger trains carrying up to 400 people at 200 km/h.

BUSINESS-

Tourmaline opens DIFC office: US-based outsourced trading firm Tourmaline Partners has opened its first Middle East office in Dubai International Financial Center (DIFC) as part of its global expansion strategy, according to a DIFC statement. The new office will serve as a regional hub, offering buy-side firms tailored trading solutions across equities, derivatives, and ETFs. Kish Desai (LinkedIn), formerly based in the firm’s London office, will serve as senior executive officer.

AVIATION-

Azorra taps DAE for 49 jets: US-based aircraft lessor Azzor will uptake 49 Embraer E-Jet aircrafts and two general electric CF-34 engines from homegrown Dubai Aerospace Enterprise (DAE), according to a statement. The aircraft are earmarked for lease to 12 global customers, says the statement, without disclosing further details. DAE inked agreements to offload 75 air carriers to Azzora and another undisclosed party this week — with the latter party slated to acquire 25 off-production jets.

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