TRADE-

#1- An MoU to bring Korean firms to Dubai: Dubai Chambers signed an MoU with the Korea International Trade Association to expand private sector cooperation, according to a Dubai Media Office statement. The agreement covers information sharing, trade delegations, and joint participation in exhibitions and forums to boost investment ties. It was signed on the sidelines of a Dubai-Korea roundtable that brought together Korean firms and Dubai-based organizations.

#2- Abu Dhabi and China look to boost trade ties: The Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed an agreement with Sino-International Entrepreneurs Federation (SIEF) to boost trade, investment, and private sector collaboration between the UAE and China, according to a press release.

Details: Under the agreement, the two countries will open communication channels for the private sector to boost activity, exchange trade and economic expertise, and organize joint events including trade and economic delegations.

IN CONTEXT- Trade between the two countries came in at USD 89.2 bn last year, the statement read, and is set to hit USD 200 bn by 2030. Last year, the number of Chinese firms registered with the ADCCI was up 69.4%, while Emirati investments in China increased by 120%.

DEBT-

VFS Global prices USD 2 bn issuance: Zurich- and Dubai-headquartered VFS Global priced its USD 2 bn dual-tranche loan, intended to refinance existing debt, Zawya reports. The visa services provider priced a seven-year USD 1.0 bn tranche at 250 bps over SOFR — 50 bps tighter than guidance — and a EUR 850 mn tranche at 275 bps over Euribor, 25 bps inside guidance. The notes are set to receive a B1 rating from Moody’s and a B+ rating from S&P Global, Bloomberg reported. Proceeds will go towards refinancing a previous issuance due in 2029 and covering related fees.

ADVISORS- Barclays and Deutsche Bank acted as bookrunners, with Abu Dhabi Commercial Bank, Bank of America, Citi, NatWest, and Standard Chartered serving as passive bookrunners.

ICYMI- VFS Global is backed by Blackstone, which acquired a majority stake in the firm in 2022 — though it was reported to be eyeing offloading its holding last year.

INFRASTRUCTURE-

India’s GHV sets up Rakez subsidiary: India’s GHV Infra Projects has launched a new subsidiary in Ras Al Khaimah Economic Zone (Rakez) to explore new construction and infrastructure investments in local and international markets, according to a press release (pdf).

The firm already has contracts in the UAE: In August, GHV Infra Projects secured an AED 1.1 bn engineering, procurement, and construction contract from Rana Group to develop facilities at the Erisha Smart Manufacturing Hub in Rakez — scheduled for completion within two years. The project, supported by a USD 1 bn investment from an Emirati firm, targets USD 10 bn in green transition investments. The hub is projected to contribute around USD 5-6 bn per year to national GDP, creating nearly 4k jobs.

STARTUPS-

CE Ventures leads USD 7.7 mn funding raise for India’s Distil: Sharjah-based CE Ventures, the VC arm of Crescent Enterprises, led a USD 7.7 mn Series A round for India-based Distil, a specialty chemicals R&D firm, according to a post on LinkedIn and press release. The round was co-led by Jungle Ventures. Distil has now raised a total of USD 10.8 mn and funds will go towards expanding into the Mena region and the US.

BUSINESS-

Italy’s Maire Group opened a new regional office in Abu Dhabi for its sustainable technology arm Nextchem, according to a statement. The unit focuses on sustainable fertilizers, low-carbon fuels, and circular materials.

Background: Maire has operated in the UAE since the late 1990s through its engineering arm, Tecnimont. In Abu Dhabi, Tecnimont is working with Abu Dhabi National Oil Company on the Hail and Ghasha onshore gas development — one of the homegrown energy giant’s largest single-project investments. Maire was also awarded a contract to build a USD multi-bn low-carbon ammonia plant in Al Ruwais Industrial City last year, with operations slated to begin in 2027.

DEVELOPMENT-

ADFD inaugurates food security project in Uzbekistan: The Abu Dhabi Fund for Development (ADFD) has rolled out a food security project in Uzbekistan’s Aral Sea basin, according to a press release. The AED 18.7 mn (USD 5 mn) initiative in Karakalpakstan aims to restore productivity in degraded farmland and boost resilience to drought, desertification and salinity. The project was carried out in collaboration with Uzbekistan’s agriculture and environment ministries, along with local partners.

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