RENEWABLES-

UAE firm to boost Madagascar renewables: UAE-based Global South Utilities has inked two agreements with Madagascar’s Energy and Hydrocarbons Ministry to support Madagascar’s renewable energy transition, state news agency Wam reports. The island nation had previously said it is looking to bring in Emirati investments in the energy sector.

The details: The first agreement will see GSU develop a 50 MW solar plant with 25 MWh of battery storage capacity in the city of Moramanga, paving the way for a power purchase agreement with state-owned Madagascan utilities firm Jirama. The project is slated for completion within 12 months. The second agreement outlines joint plans to develop a wider pipeline of renewable projects with a combined capacity of up to 250 MW, pending feasibility assessments.

CAPITAL MARKETS-

#1- Pimco launches two DIFC feeder funds via Aditum: Global fixed-income investment firm Pimco partnered with Dubai International Financial Center (DIFC)-based asset manager Aditum Investment Management to launch two locally-registered feeder funds for UAE wealth investors, according to a press release. The feeder funds — the Pimco GIS Income Fund and Pimco Balanced Income and Growth Fund — are structured under Aditum’s Global Access ICC platform and registered with the Dubai Financial Services Authority (DFSA), according to another statement. The launch comes after Pimco opened its first regional office in Dubai in February.

Uh, Enterprise, what are feeder funds? Domestic feeder funds — sub-funds that channel capital into larger offshore master funds — are a vehicle through which retail investors can access global strategies that would otherwise be out of reach.

REFRESHER- The UAE has seen a wave of feeder fund launches since the Securities and Commodities Authority banned foreign-domiciled funds from being publicly offered to retail investors in April 2024. Franklin Templeton has since launched eight DIFC-based feeder funds, while in ADGM, Varys Capital partnered with UAE-based FundRock to manage a feeder fund focused on early-stage blockchain and Web3 investments.

#2- ASB launches second global sukuk fund, this time with Arqaam: Al Salam Bank-backed asset manager ASB Capital has launched the ASB Global Sukuk Fund in partnership with Dubai-based investment bank Arqaam Capital, according to a press release. Domiciled in the DIFC and regulated by the DFSA, the fund will invest in a diversified portfolio of sukuk securities with an average investment-grade credit rating. It is open to institutional investors, family offices, insurers, and high-net-worth individuals, and is benchmarked against the Dow Jones Sukuk Index.

ICYMI- The firm, which entered the market in February with USD 4.5 bn in assets under management, partnered with State Street Global Advisors (SSGA) in April to roll out a DIFC-based Shariah-compliant global equity fund benchmarked to the Dow Jones Islamic World Index and managed by SSGA’s active fundamental equity team.

CONSTRUCTION-

#1- AED 100 mn contract awarded for Ras Al Khor eco project: Dubai Municipality has awarded a AED 100 mn contract for the first phase of its redevelopment of Ras Al Khor Wildlife Sanctuary, according to Dubai Media Office. This marks the first phase of the two phase AED 650 mn project, which aims to transform the protected wetlands into a major eco-tourism destination.

The first phase, covering 6.4 sq km of land and set to be completed by the end of next year, will increase water bodies area by 144%, create new irrigation channels, and rehabilitate mangrove forests. The mangroves, along with salt flats, are expected to boost carbon dioxide absorption by 60%.

Next up: Phase two will add a visitor center, birdwatching towers, and eco-themed commercial facilities, along with 5.6 km of cycling tracks and 3 km of walking trails. Visitor numbers are forecast to increase sixfold to up to 300k annually once the project is completed.

#2-Palma taps APCC for piling works on AED 5 bn Serenia project: Real estate developer Palma Developments appointed homegrown APCC Piling & Marine Contracting to start shoring and piling works for part of its AED 5 bn Serenia District project in Jumeirah Islands, according to a press release. The firm will start work on the foundations for West Residence, the first residential tower within the wider 600k sq ft masterplan which is set to include six integrated towers in total and 3.5 mn sq ft of built-up area.

M&A-

ESG to acquire six towers in Al Reem Island for AED 120 mn: ADX-listed IHC subsidiary EmiratesStallions Group ’s (ESG) general assembly authorized the company — via one of its wholly owned subsidiaries — to purchase the Hydra Avenue project on Al Reem Island in Abu Dhabi for AED 120 mn, with additional financial obligations of AED 86 mn tied to the project, according to a disclosure (pdf). The project consists of six towers, which will be sold by Hydra Properties, which is currently under liquidation.

REAL ESTATE-

Another Dubai South development: Dubai South Properties has launched Hayat, a 10 mn sq ft luxury master-planned development in its Golf District near Al Maktoum International Airport, according to the Dubai Media Office. The project will feature around 2.5k residential units — ranging from townhouses to mansions — set within an integrated community also including parks, retail, and fitness facilities. The first phase is due for completion in 2Q 2028.

LOGISTICS-

#1-Singapore’s Singauto to set up shop in Abu Dhabi: Abu Dhabi’s Khalifa Economic Zones (Kezad Group) has inked a 50-year land lease agreement with Singapore-based tech innovator Singauto to set up a facility in Kezad Al Ma’mourah, according to a statement. Under the agreement, Singauto has earmarked AED 100 mn to build a 100k sqm facility to develop intelligent refrigerated vehicles, and in turn, expand local sustainable automotive industry capacity.

#2-Autoworld International invests AED 45 mn in Jafza hub: The UAE-based regional distributor for India’s Bajaj Auto, Autoworld International, is investing AED 45 mn to develop a new logistics and assembly center in Jebel Ali Freezone (Jafza), according to a press release. The facility will support the growing demand for fuel-efficient two- and three-wheelers across Africa and the Gulf, on the back of increased urbanization, and e-commerce and last-mile delivery activity.

Timeline and details: Built over 162k sq ft and slated to be completed before 2026, the site will include a Bajaj assembly plant, as well as warehousing and distribution for spare parts, tires, and lubricants.

#3- Amazon, 7X partner on hub use for faster delivery: Amazon UAE has partnered with 7X, the Dubai-based logistics-focused investment conglomerate behind EMX and Emirates Post, to boost delivery speed through the use of hyperlocal dark stores, according to a press release. Under the agreement, Amazon will use EMX’s hubs to deliver its products.

SOUND SMART- Hyperlocal dark stores are mini-warehouses located within urban areas that are solely designed to fulfill online orders.

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