FINANCE-

ADFD backs Global South Utilities’ Uzbekistan expansion: The Abu Dhabi Fund for Development (ADFD) inked an agreement with UAE-based Global South Utilities (GSU) to finance the company’s acquisition of a 51% stake in Uzbek solar project developer Yashil Energiya, according to a press release. GSU secured the stake last month, marking its entry into the Commonwealth of Independent States region. The Uzbek energy player developer is set to boost its current 50 MW portfolio by tens of MW using funds from the acquisition.

STARTUPS-

#1- Upfront secures USD 10 mn for SME cashflow: Dubai-based fintech startup Upfront raised USD 10 mn in a pre-seed funding round to boost cashflow efficiency for Mena SMEs, according to a press release (pdf). The funding came in a mix of debt and equity, with Saudi Arabia’s Palm Ventures and Azerbaijan’s Sabah.fund leading the round, and strategic angel investors participating.

Post funding round: The startup will use the fresh funds to hire across its UAE operations and accelerate product development. It is also planning to expand into Saudi Arabia. Upfront’s platform works with firms’ accounting programs to give real-time financial analytics, facilitate payments, and automate receivables to reduce cashflow issues in sectors like manufacturing and FMCG.

A strong track record: Launched in May, the fintech’s founding team of Anas Qudah (LinkedIn), Abdullah Alghadouni (LinkedIn), and Mahmoud Abdel-Fattah Moursy (LinkedIn) has experience working with firms such as Careem, Dubizzle, and Property Finder. The startup has already inked an agreement with embedded finance platform CredibleX to gain access to more flexible capital structures for small and medium businesses.

#2- UAE-based startup Climaty AI secured USD 2 mn in early stage funding led by global venture capitalist Turbostart, with AI experts and angel investors also taking part, according to a press release. The firm will use the funding to scale its agentic AI marketing platform.

About Climaty AI: Founded in 2024 by Neel Pandya (LinkedIn), the startup’s platform uses four AI-powered media agents to automate media campaigns. So far it has tested its systems in the edtech, consumer healthcare, automotive, and FMCG sectors. The firm plans to expand across regions including APAC, EMEA, the UK, and North America.

AGRICULTURE-

Silal + LVS establish JV to advance crop sustainability R&D: Abu Dhabi-based agritech food firm Silal partnered with Limagrain Vegetable Seeds (LVS) — the vegetable seed division of international seed group Limagrain — to establish the Center of Excellence for Abiotic Resilience and Crop Genomics (ARC-GEN) in Al Ain, according to Abu Dhabi Media Office. The facility is aimed at enhancing crops’ ability to withstand climate volatility, advancing crop genomics, and developing new vegetable varieties.

About ARC-GEN: Located in the Silal Innovation Oasis, the facility aims to produce sustainable vegetable genomes to strengthen agricultural production through two units. A plant physiology unit will identify the most adaptable plants to environmental stress, and a gene editing unit will refine plant genes to produce stronger varieties.

BACKGROUND- In June, ADQ was in talks to acquire a 35% stake in LVS. A JV focusing on adapting crops to desert climates was also on the table.

REAL ESTATE-

Source of Fate launches AED 2.6 bn luxury development on Al Marjan Island: The real estate arm of Dubai-based conglomerate Wheel of Fate — Source of Fate — unveiled an AED 2.6 bn luxury residential development on Al Marjan Island, Ras Al Khaimah, according to a press release. The waterfront project, Miraggio, will be located on the island’s central islet and include 810 residential units. The developer did not disclose the project’s construction timeline.

BACKGROUND- Last year, the company announced plans to pour AED 10 bn into new developments, with five projects on the horizon — two in Dubai and three on Al Marjan Island.

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