DEBT WATCH-

Our friends at Mashreq listed their USD 500 mn sukuk on Nasdaq Dubai on Wednesday, according to a statement. The sukuk was issued under Mashreq’s USD 2.5 bn trust certificate program, carrying A rating from S&P, in line with the bank’s A3/A/A investment-grade profile from Moody’s, S&P, and Fitch. The issuance — the bank’s first since 2024 — also marks the first public CEEMEA issuance to price since the US announced new trade tariffs in April. The five-year sukuk issuance drew USD 2.9 bn in orders, making it 6x oversubscribed and the most heavily subscribed issuance in the bank’s history.

MINING-

EGA eyes Ghana bauxite play: Emirates Global Aluminium (EGA) signed an agreement with the Ghana Integrated Aluminium Development Corporation to explore the joint development of bauxite-related projects in Ghana, according to a statement. The agreement includes potential offtake agreements and cooperation on rail and port infrastructure to expand production. It comes as EGA aims to increase its bauxite production and diversifying upstream supply, with CEO Abdulnasser Bin Kalban calling Ghana’s 900+ mn tonnes of reserves a strategic window.

SOUND SMART- Bauxite is a rock that contains a relatively high concentration of aluminium, making it the world’s primary source of the metal, as well as a major source of gallium.

ICYMI- Other recent Emirati-Ghana developments include a tech-focused MoU signed between Dubai’s PCFC, G42-backed Presight AI, and the Ghanaian government, whilst other firms have pledged investments in Ghana’s renewable energy, AI, education, health, aviation, and defense sectors, Ghanaian Foreign Minister Samuel Okudzeto Ablakwa said in May.

LOGISTICS-

Kezad could get a new e-Methanol bunkering facility: AD Ports Group inked an agreement with Masdar, Rotterdam-based energy storage Advario, and French shipping giant CMA CGM to explore setting up an e-methanol bunkering and export facility in Abu Dhabi’s Khalifa Port and Khalifa Economic Zones Abu Dhabi (Kezad), according to a statement. The facility will support commercial e-methanol production for off-takers, including CMA CGM, to accelerate the move to decarbonisation in the global shipping industry.

REMEMBER- AD Ports Group signed a heads of terms agreement with Advario to mull a joint venture to develop and operate green energy and liquid bulk storage projects in the UAE and internationally, last month. The proposed JV would be 51% owned by AD Ports and 49% by Advario.

BUSINESS-

Dubai overhauls MAF governance to resolve succession gridlock: The Dubai government has stepped in to restructure the governance of Majid Al Futtaim (MAF), one of the Gulf’s largest private conglomerates, to resolve a long-running succession impasse and stabilize the group’s future, Financial Times reports, citing people with knowledge of the details. A special judicial committee has reconstituted the board of parent entity MAF Capital and converted it into a public joint stock company with a lower decision-making threshold.

The rationale: The move follows years of shareholder tensions that, according to sources, began to weigh on the group’s performance. It marks Dubai’s third major intervention in MAF’s affairs — the first was in the 1990s, when then-Crown Prince Sheikh Mohammed mediated a family split, followed by another in 2022, after the founder’s death.

The new structure: The new board of MAF Capital is chaired by Emirati financial regulator Fadel Al Ali, with five government and four family representatives. MAF Holding, the group’s operating company, remains independently governed under a board led by Sir Michael Rake, former chair of KPMG International. “These changes do not affect the operations or governance of [operating company] MAF Holding,” MAF said in a statement to the salmon-colored paper.

IPO ahead? “The company now has a period of stability that could pave the way for a listing,” one source told the FT.

HEALTHCARE-

Burjeel Holdings will manage and operate Adnoc’s Das Hospital at Das Island, after the two sides signed an agreement, according to a disclosure (pdf) to the ADX. The contract will see Burjeel oversee the clinical and administrative operations of the health care facility which includes outpatient clinics and a blood bank in its medical offerings.

ICYMI- Back in February, Burjeel Holdings secured AED 225 mn in operations and management healthcare contracts for UAE, Sudan and Chad healthcare facilities, with a contract to operate Adnoc Das Hospital on Das Island being among them.

REAL ESTATE-

Pakistan’s BT Properties to build Eiffel Tower in Dubai: Pakistan’s largest private developer, BT Properties, has entered the UAE market with a USD multi-mn project in Dubai South, anchored by a resized Eiffel Tower and a life-size Istanbul mosque, Khaleej Times reports. The master-planned community, Waada, will feature residential units along with retail, wellness, education, and community spaces, according to a statement. Completion is slated for 4Q 2028.

INS.-

Ins. provider Transamerica Life Bermuda comes to DIFC: Global high-net-worth life insurer Transamerica Life Bermuda will operate in Dubai International Financial Centre (DIFC) after securing a license from the Dubai Financial Services Authority (DFSA), according to a statement. The new office — which will act as a regional hub — will be headed up by Adnan Ladki (LinkedIn).

AVIATION-

Emirates adds Vietnam and Cambodia routes via Bangkok: Emirates Airlines expanded its East Asia network to 23 destinations with new flights to Vietnam’s Da Nang and Siem Reap in Cambodia, Emarat Al Youm reports. Both routes pass through Bangkok and are operated by Boeing 777s.

Etihad sets its sights on China: Etihad Airways inked a codeshare agreement with Taipei-based Starlux Airlines, boosting its customer reach across Northeast Asia, according to a statement. Abu Dhabi’s flagship airline will begin operating direct flights between Abu Dhabi and Taipei from 7 September. Under the partnership, Abu Dhabi has new links to Japanese cities — including Nagoya, Sapporo, and Fukuoka — via Taipei.

Etihad Cargo also signed an agreement with China’s Ezhou Huahu Airport to boost its cargo links in Asia, according to a separate statement. Etihad’s logistics arm will increase its presence at the airport — a gateway to access the broader Chinese market, including Shanghai and Shenzhen. Under the partnership, the pair will look to increase flight frequencies, launch new routes and expand collaboration for cross-border supply chain transactions.

Air Arabia introduces new route to Kazakhstan: Budget friendly carrier Air Arabia is launching a new route connecting Abu Dhabi to Almaty in Kazakhstan, Wam reports. Flights will begin from 3 June and run three times a week.

ENVIRONMENT-

Abu Dhabi launches integrated waste management monitoring system: The Abu Dhabi Environment Agency (EAD) has launched a unified system to manage and monitor waste activities across the emirate, according to an Abu Dhabi Media Office statement. The platform integrates three tools: an inspection and patrolling system, an occupational health and safety system for waste sector workers, and an electronic system to track and monitor waste transfers.

REMEMBER-EAD has mandated environmental reporting for licensed entities, covering resource use and emissions, with submissions starting each 1Q. A carbon pricing mechanism is also in the works, requiring major emitters to begin submitting third-party verified emissions data from 2026.

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