Elevate, Ennismore plan USD 500 mn residential project on Al Marjan Island

REAL ESTATE-

#1- Elevate and Ennismore partner up on a USD 500 mn residential development in Ras Al Khaimah: Global real estate player One Group’s UAE subsidiary Elevate partnered up with hospitality firm Ennismore to develop Mondrian Beach Residences on Ras Al Khaimah’s Al Marjan Island,according to a press release (pdf). The project, set to open in 4Q 2028, carries a development value of USD 500 mn and is part of Elevate’s USD 1 bn development pipeline in the emirates.

The details: The residential complex will include private beach access and wellness facilities. International architecture firm Gensler has been appointed as lead architect, with Bergman Interiors responsible for interior design.

#2- Binghatti to offer 10% of its affordable units in Dubai’s first-time buyer scheme: Dubai-based developer Binghatti Holding will allocate 10% of its home units valued under AED 5 mn to first-time buyers in Dubai for early access, according to a press release. The move is part of the recently launched first-time home buyer program — a partnership between the Dubai Land Department and the Dubai Department of Economy and Tourism, which will see 13 leading developers offer preferential allocation to housing units to eligible home-seekers.

#3- DLD, Crypto.com to partner on blockchain for real estate: The Dubai Land Department (DLD) signed a memorandum of cooperation with cryptocurrency exchange Crypto.com to explore blockchain-based infrastructure for virtual real estate transactions, according to a Dubai Media Office statement. The partnership will cover areas including asset tokenization, digital currency use, investor verification, and digital custody and settlement.

REMEMBER- Dubai recently launched a government-led pilot for real estate tokenization, aiming to drive AED 60 bn in transactions by 2033. The DLD tapped Ctrl Alt to mint blockchain title deed tokens on the XRP Ledger, with investments starting at AED 2k via the Prypco Mint platform. Prypco’s debut offering — a Damac Maison Prive unit — was fully funded within 24 hours last month.

Crypto.com is also working with other Dubai entities: It signed an MoU with Dubai Finance in May to enable stablecoin payments for government services and is piloting crypto payments at Emarat fuel stations — a first for the MENA region.

HEALTHCARE-

DoH + GemmaBio to set up gene therapy ops in Abu Dhabi: Abu Dhabi’s Department of Health (DoH), M42, and PureHealth have partnered with US biotech GemmaBio to establish gene therapy R&D and manufacturing operations in the emirate, with a focus on rare diseases, state news agency Wam reports. The collaboration will start with a clinical trial for spinal muscular atrophy type 1 in children, and will also see M42 and GemmaBio set up an R&D and manufacturing joint venture. Finally, GemmaBio’s commercial therapies will be rolled out through Abu Dhabi-based treatment centers.

… and a genome surgery center: The DoH will also team up with the University of California and the Innovative Genomics Institute to launch the first dedicated gene surgery centers — one in Abu Dhabi and one in California, according to a press release. The centers will focus on early diagnosis and genetic disorders, and use the experimental genome surgery technique to modify or replace the genes in cells causing diseases.

ASSET MANAGEMENT-

Singapore’s Primrose Capital secures IPA for ADGM office: Singapore-based digital assets fund manager Primrose Capital Management has secured in-principle approval (IPA) from ADGM’’s Financial Services Regulatory Authority (FRSA), the first step toward a full Financial Services Permission that would allow it to operate in the UAE, according to a press release.

The next steps: The firm is looking to tap into investment ties between Singapore and the Emirates, and plans to use an ADGM base to offer MENA investors direct access to its machine learning-driven global strategies across futures, options, and digital-asset derivatives. It also expects to launch locally-domiciled feeder funds in 2H 2025.

LOGISTICS-

China’s JD.comtobuild first UAE hub in ADAFZ: Abu Dhabi Airports entered a joint venture with Chinese e-commerce giant JD.com ’s infrastructure arm, Jingdong Property (JDP), to develop warehouse space at the Abu Dhabi Airports Freezone (ADAFZ) Logistics Park, according to a statement and separate press release.

The details: The 70k sqm of bonded and non-bonded facilities will be located near airport infrastructure to enable multimodal logistics. The move is aiming to expand e-commerce and cargo distribution in the GCC and Mena regions, and marks JDP’s first project in the UAE.

FOOD AND BEVERAGE-

Americana to roll out carpo stores in Gulf: ADX and Tadawul-listed F&B giant Americana Restaurants signed an exclusive franchise agreement with Greek luxury food brand carpo to open and operate outlets in Kuwait and Qatar, marking its expansion into luxury retail, according to a press release. The first stores are slated to launch by late 2025, and further expansion to Bahrain and Saudi Arabia is also in the cards.

Carpo? The upscale retailer, known for premium nuts, chocolate, and coffee, operates in Greece, the UK, and the UAE with a shop in Dubai Mall. Its second UAE location is set to open at Abu Dhabi’s Marina Mall this fall.

AI-

UAE to chair new global AI working group for satellite rescue: Cospas-Sarsat, an international search and rescue initiative, appointed the UAE to lead a new international working group focused on applying artificial intelligence in satellite-aided search and rescue systems, Wam reports. The group will develop AI tools to improve distress signal processing, coordinate technical collaboration, and help set global standards to reduce response times. The move — endorsed by 45 countries and major international organizations — follows a proposal from the UAE’s National Guard Command.