BANKING-

Swiss lender BCP upgrades Dubai office: Geneva-based Banque de Commerce et de Placements (BCP) converted its Dubai International Financial Center representative office into a full branch after obtaining a Category 4 license from the Dubai Financial Services Authority, according to a statement. The branch will broaden BCP’s advisory services in the region, while transactions and asset bookings will continue to be handled in Switzerland.

Leadership: Massimo Cangini (LinkedIn) has been appointed senior executive officer of the Dubai branch, which will target institutional clients, family offices, and high-net-worth individuals.

BUSINESS-

Forsyth Barnes sets up regional base in Dubai: UK-headquartered executive recruitment firm Forsyth Barnes opened a new office in Dubai to act as its Middle East hub, according to a post on LinkedIn. The company already works with regional clients including Huda Beauty, Saudi AZM, Azadea Group, Chalhoub Group, Yas Marina Circuit, and Alshaya Group. Apart from Dubai, the firm also has offices in the UK and in New York.

LAW-

Chinese law firm Anli Partners is entering Dubai through a partnership with Sulaiman Al Naqbi, a Dubai-based firm led by former Huawei counsel MD Justin Li (LinkedIn), China Business Law Journal reports. The two firms signed a cooperation agreement and will share office space in Dubai, with a current team of 30 lawyers, counsel, and partners, Li told the journal.

The firm is targeting Chinese firms operating in the region, assisting them with compliance with local laws and regulations, and providing cross-regional and cross-jurisdictional services to global clients. The move comes amid a surge in Chinese firms entering the UAE market on the back of China’s Belt and Road Initiative, particularly in the infrastructure, digital economy, finance, and energy sectors.

CRYPTO-

RAK Properties partners with Hubpay on crypto investments: RAK Properties partnered with ADGM-regulated cross-border payment platform Hubpay to enable international investors to purchase property using cryptocurrency, according to a press release. The collaboration allows clients to invest using digital assets like USDT, BTC, and ETH, with Hubpay processing all the payments.

ICYMI- Earlier this year, Klickl and Imkan partnered to facilitate real estate purchases using cryptocurrencies. Global Properties, a platform offering crypto-enabled property transactions, also launched in April.

REAL ESTATE-

Prypco launches UAE’s first upfront rental guarantee for fractional ownership: Dubai-based fractional ownership platform Prypco Blocks rolled out the UAE’s first upfront rental guarantee for fractional property investments, according to a press release. Investors will receive a 5% annual rental return within two months of purchase — paid directly to their wallets — instead of monthly or quarterly installments.

ALSO- The DFSA-regulated platform, which allows investments from AED 2k, reduced its entry fee to 1% from 1.5%.

LOGISTICS-

Al Rasikhon Real Estate launched its AED 1 bn Al Qasimia Gate Lands project, a 9.6 mn sq ft industrial and commercial in Al Qasimia Industrial City in Sharjah, Wam reports. The site aims to be a logistics hub linking Sharjah with the other emirates and will cater to light and medium industries. Located on the Dubai-Hatta Road near Al Madam, the project forms part of the emirate’s broader drive to grow its industrial and real estate base.

M&A-

Adia divests entire stake in India’s One MobiKwik: Abu Dhabi Investment Authority (Adia) reportedly sold its full 2.1% holding in Indian fintech One MobiKwik Systems for INR 392 mn (USD 4.5 mn) through open market transactions, the Economic Times reports, citing India’s National Stock Exchange data. The sovereign fund offloaded 16.4 mn equity shares at an average of INR 238.45 apiece.

In context: One MobiKwik last month posted a INR 419 mn quarterly loss and a 20.7% y-o-y revenue drop. Its shares closed up 8.1% at INR 237.74 following the news, with Bank of America’s Securities Europe SA and BSE-listed SI Investments Broking buying in.

MINING-

IRH inks mining, energy finance MoUs with Egypt: State-owned International Holding Company’s mining investment arm International Resources Holding (IRH) signed two agreements with Egypt’s Oil Ministry, the ministry said in a Facebook post. One MoU covers technical support for an aerial survey of mining prospects, including a digital platform to share results. The second, inked with the Egyptian General Petroleum Corporation, covers financing for crude, LNG, and petroleum products, with a framework to lower borrowing costs through more competitive facilities.

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