AVIATION-

Autocraft buys USD 1 bn of eVTOLs from China's TCab Tech: Emirati aviation firm Autocraft signed a USD 1 bn agreement to purchase 350 E20 aircraft — a type of electric vertical takeoff and landing (eVTOL) aircraft — from Shanghai-based TCab Technology, the Chinese embassy in the US said in a Facebook post. The agreement is China’s biggest eVTOL order so far, Xinhua news agency reports. Delivery of the 350 eVTOLs will come in batches.

Autocraft’s looking east: Just last month, Autocraft inked an MoU with Abu Dhabi-based AI firm Kintsugi Holding’s aviation subsidiary and Indonesia’s GMF AeroAsia to build a local support ecosystem for eVTOL aircraft in Southeast Asia.

BUSINESS-

Eric Trump-linked Hut 8 secures DIFC license: Hut 8 Investment, a subsidiary of US-based crypto mining firm Hut 8, has secured a commercial license to operate in the Dubai International Financial Center (DIFC), according to a press release. The license, which the firm applied for earlier this month, gives Hut 8 a regulatory base to expand its BTC yield strategies, particularly through structured derivatives, as well as direct access to institutional exchanges and liquidity providers.

IN CONTEXT- Hut 8 is part of American BTC, a new venture partially owned by Donald Trump Jr. and Eric Trump, which is slated to go public this year. Hut 8 will retain an 80% stake in the combined entity, though the Dubai expansion is unrelated, the spokesperson noted. The company operates mining sites in Texas, New York, and Canada, and had 220 employees at the end of 2024.

STARTUPS-

Journify lands funding to expand its AI data platform: Data management and marketing firm Journify secured investment from Shorooq, Bunat Ventures, and Plug and Play, according to a press release. The funding will focus on developing agentic AI systems for 1:1 personalization, expanding its teams, and accelerating growth across the UAE, Saudi Arabia, and the wider GCC region.

It's been a good year for Journify: The firm landed USD 4 mn in funding earlier this year in a funding round led by VC firm Silicon Badia, with participation from RZM and other investors. It is also set to roll out autonomous agents soon.

About Journify: Founded in 2023 by Taoufik El Jamali (LinkedIn), Omar Al Shoubaki (LinkedIn), and Amine Chouki (LinkedIn), Journify is a SaaS company that uses AI and data analytics to understand consumer behavior, provide marketing solutions to businesses, and help them activate first-party data across social media platforms.

CAPITAL MARKETS-

ADX, Budapest Stock Exchange link up: The Abu Dhabi Securities Exchange (ADX) and the Budapest Stock Exchange (BSE) have inked an MoU to deepen cooperation across capital markets, according to a press release (pdf). This includes joint product development, investor outreach, and digital infrastructure integration, as well as cross-border initiatives such as dual listings, ETFs and other investment options, and cross border access to trading platforms.

The BSE will also look into joining the ADX’s Tabadul trading hub, which currently has nine members after Iraq joined in April.

REAL ESTATE-

#1- Almal Real Estate launches first int’l project in Bali: Dubai-based investment and development firm Almal Real Estate Development is entering Southeast Asia with a luxury residential development in Bali, according to a press release. The One by Almal — Almal’s first international project — will feature private residences, villas, and townhouses paired with resort-style amenities. Further expansion plans to Thailand, Vietnam, the Philippines, Seychelles, and Mauritius are also in the pipeline.

#2- Fam Properties tapped as master agent for MAG’s AED 60 bn Dubai project: Real estate broker Fam Properties has been appointed as the exclusive master agent for the first phase of Dubai-based MAG Group's AED 60 bn (c. USD 16.3 bn) Keturah Ardh development in the emirate, TradeArabia reports. The first phase of the residential community in Al Rowaiyah First District is made up of 558 luxury townhouse plots across 93 clusters, offering buyers freehold ownership with pre-approved construction permits.

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