REAL ESTATE-

#1- Emirates Properties Group AED 350 mn branded residences in Dubai: Real estate developer Emirates Properties Group has launched Azha Millennium Residences, with 196 residential units and an AED 350 mn investment ticket, according to a press release. The development in Jumeirah Village Triangle in Dubai will include residential units and retail spaces, and is slated for completion in 4Q 2027.

#2- Emaar is setting up a project on Egypt’s Red Sea: Emaar Properties’ Egyptian arm, Emaar Misr Properties, is developing a 10 mn sqm integrated tourism project on Egypt’s Red Sea in collaboration with Saudi-owned real estate developer City Stars Properties, three sources told Asharq Business. Emaar will develop the project in exchange for a percentage of the revenues. City Stars owns the land plot.

The details: The project will be rolled out in six phases, with the first covering 2 mn sqm and including residential units, four- and five-stars hotels, a commercial complex, and entertainment facilities. The project is expected to generate over EGP 500 bn in revenues once it is completed.

ICYMI- Emaar has been keeping busy, having inkedanagreement earlier this year with Midar Investment to establish the AED 7.3 bn (c. EGP 100 bn) New Mivida residential project in New Cairo in Egypt. Emaar has already invested an initial USD 80 mn in the project, and plans to invest some USD 1 bn in Egypt this year.

RETAIL-

Newly-consolidated Adcoop launched in Al Ain: Mair Group’s Abu Dhabi Cooperative Society (Adcoop) has launched in Abu Dhabi’s Al Ain, according to a press release. The expansion will see 34 Al Ain Coop and Earth stores rebranded under the Adcoop entity, bringing the retail group’s total footprint to over 100 shops in the emirate. AED 5 mn is earmarked for store upgrades and hiring going forward.

ICYMI- Adcoop was rebranded last November, with Mair Group consolidating seven retail brands — Abu Dhabi Coop, Al Ain Coop, Al Dhafra Coop, Delma Coop, and Mega Mart — into a single entity.

DEBT-

AgilityGlobal’s Dubai-based energy logistics subsidiary Tristar has secured a USD 255 mn credit facility from a syndicate of regional and international banks, the company said in a disclosure (pdf). The 18-month facility, which includes an extension option and is expected to be upsized by another USD 60 mn within three months, will go towards refinancing and general corporate spending.

TRANSPORT-

Dubai’s Roads and Transport Authority (RTA) signed an MoU with Uber and Chinese autonomous driving firm WeRide to kick off operational trials of self-driving vehicles this year, according to an RTA statement. The pilot will begin through the Uber app and with safety operators in the cars, ahead of a fully driverless commercial rollout by 2026.

We knew this was coming: In April the RTA signed agreements with Uber and WeRide to test autonomous taxis, whilst earlier in February, it announced its plans to roll out its first autonomous taxi service in Dubai by 1Q 2026, adding it was considering partnerships with multiple car manufacturers to optimize safety and profitability. Abu Dhabi is set to see WeRide’s vehicles become available through the Uber app soon.

RENEWABLES-

The International Finance Corporation is offering a USD 72 mn debt facility to Amea Power to finance the integration of a battery energy storage system (BESS) into its newly launched 500 MW solar plant in Kom Ombo, according to a statement from the international lender seen by EnterpriseAM.

REMEMBER- The renewables firm has big plans in Egypt: The company plans to develop two battery energy storage systems (BESS), including a 500 MWh storage station in Benban and a 1 GWh facility in Zafarana, along with the necessary transformer stations and grid connections. It is also currently working on a USD 600 mn, 5 GW wind power project in the Gulf of Suez.

AI-

Microsoft, e& enterprise double down on AI push: Emirates Telecommunications Group’s (e&) e& enterprise is partnering with Microsoft to deploy AI and data-led solutions across the MENAT region, according to a press release. The partnership will focus on sector-specific tools for the public sector, as well as for the banking, financial services, ins., telco, and retail industries.

Who is doing what: Microsoft will provide a full stack of AI and data tools via its Azure platform to support organizations and business in operations like fraud detection, predictive analytics, and data warehousing. e& enterprise will provide its cloud migration, managed services, and hybrid cloud offering.

INS.-

IHC rolls out branding for new reins. platform RIQ: Abu Dhabi’s International Holding Company (IHC) has named its new reins. firm Reins. Intelligence Quotient (RIQ), according to a press release (pdf).

ICYMI- First unveiled last month in partnership with BlackRock and alternative asset manager Lunate, RIQ has secured over USD 1 bn in initial equity commitments, with plans to manage more than USD 10 bn in liabilities. Adnoc Group CEO Sultan Ahmed Al Jaber was tapped as chair, while former Aviva and AIA Group CEO Mark Wilson will be its CEO. The firm will use AI-solutions to offer tailored underwriting solutions in property and casualty, life, and specialty ins., and is in the final stages of securing regulatory clearance from ADGM’s Financial Services Regulatory Authority.

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