INFRASTRUCTURE-

India’s GHV Infra secures contract for smart manufacturing hub in Rakez: Indian engineering and construction business Rana Group awarded India-based infrastructure firm GHV Infra Projects an AED 1.1 bn engineering, procurement, and construction (EPC) contract to develop industrial and commercial facilities at Rana’s Erisha Smart Manufacturing Hub in Ras Al Khaimah Economic Zone (Rakez), according to a press release (pdf). The project is scheduled for completion within two years, with an additional 90-day setup and mobilization period.

About the hub: Backed by a USD 1 bn investment from a UAE-based entity, the 25 mn sq ft hub will focus on products used for the green transition such as semiconductors and renewable energy equipment, group Chairman Darshan Rana said in a post on LinkedIn. Rana Group tapped a subsidiary of the China State Construction Engineering Company as the main EPC contractor for the hub, which aims to attract USD 10 bn in investments.

INS.-

#1- DIFC-based expat advisory services provider Hoxton Wealth is making its first move into Asia with the acquisition of Malaysia-based Infinity Financial Solutions, a regional expat financial services firm founded in 2004, according to a statement. There’s no publicly available information about the size of the transaction. Hoxton provides financial planning, investment, ins., and expat advisory services across global markets including in the UAE, Europe, the UK, the US, South Africa, Australia, and Asia, and is eyeing Singapore as its next Asian market.

The transaction adds USD 300 mn in assets under management (AUM) to Hoxton’s portfolio, bringing its total AUM to USD 3.3 bn. The firm targets USD 4 bn in AUM by year end. “We can now offer some medical ins. products in Asia — something we’ve never been able to offer before,” Hoxton’s CEO Chris Ball said.

About Infinity: The firm provides expat clients with tailored advice to optimize investments, pensions, savings, and trusts, alongside international banking and ins. solutions. Its corporate unit supports companies with employee benefits such as group pensions and medical coverage, while also offering company formation, corporate ins., and risk management services.

#2- AI12 sets up in DIFC: UK-headquartered specialist ins. and reins. broker AI12 received regulatory approval from the Dubai Financial Services Authority to operate out of the Dubai International Financial Center (DIFC), according to a statement. The move is part of its five-year growth strategy — Dubai’s strategic location will give the firm easier access to clients across different regions working in the aviation, aerospace, energy, marine, and complex property sectors, the statement read.

FINANCIAL SERVICES-

AbuDhabi Islamic Bank is rolling out Visa’s new cross-border payment service, Remit, according to a press release. The platform, which is powered by Visa Direct, allows customers to send funds instantly to cards, digital wallets, and bank accounts.

Visa has been active in the UAE: Our friends at Mashreq partnered with Visa in December 2023, granting its customers access to faster and more efficient money transfers across 44 markets in Europe, North America, and Southeast Asia via the Visa Direct Account feature. In February, Checkout.com rolled out Visa Direct’s push-to-card solutions in the UAE, enabling faster domestic and cross-border transactions.

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