TRADE-

UAE, Turkey sign AED 18 bn currency swap: Emirati and Turkish central banks signed a currency swap agreement worth AED 18 bn and TRY 198 bn to provide local currency liquidity and ease cross-border settlements, according to a statement (pdf). They also signed two MoUs to promote the use of AED and TRY in trade and link their payment systems, integrating the UAE’s instant payment platform Aani with Turkey’s equivalent, Fast platform.

The story got ink from Reuters.

M&A WATCH-

Masdar buys nearly 50% of four Spanish solar plants: Renewables giant Masdar completed the acquisition of a 49.99% stake in four operational solar PV plants in Spain from Endesa valued at EUR 368 mn (AED 1.6 bn), according to an ADX disclosure (pdf). The transaction was financed with EUR 69 mn in equity and EUR 115 mn in acquisition debt, adding 446 MW of capacity to Masdar’s portfolio.

REFRESHER- Masdar signed on to purchase a 49.99% stake in Endesa’s solar assets in March, with the agreement following on from its December 2024 takeover of nearly 50% of Endesa’s EPGE Solar unit for an enterprise value of EUR 817 mn, securing rights to another 2 GW. The acquisitions come as parent firm Taqa, which owns 43% of Masdar, targets 150 GW of generation capacity by 2030.

CONSTRUCTION-

NMDC secures USD 610.1 mn Manila Bay contract: Abu Dhabi’s National Marine Dredging Company (NMDC) signed a USD 610.1 mn agreement with the Philippines’ Pasay Harbor City Corporation to carry out dredging and reclamation works for the Harbor City Project in Manila Bay, according to an ADX disclosure (pdf). The 30-month contract covers sand supply, dredging, vertical drains, vibro compaction, and rock placement across 130 hectares of reclaimed land to support the development of a new waterfront city, Wam reports.

Bigger picture: The project is NMDC’s first in the Philippines and expands its Southeast Asia footprint. The company previously flagged plans to enter new markets in Europe, North and West Africa, and Southeast Asia, while also scaling up operations in the UAE, Saudi Arabia, India, and Taiwan.

CAPITAL MARKETS-

Trading platform Deriv secures SCA license for UAE subsidiary: Global online trading platform Deriv secured a license from the Securities and Commodities Authority (SCA) for its newly formed subsidiary, Deriv Capital Contracts and Currencies, according to a press release. Deriv’s other recently secured licenses include ones for Mauritius and the Cayman Islands.

And now? Deriv will provide services including region-specific payment options and informative resources on trading activity to cater to different investor profiles. It also has an app allowing traders to access contracts for differences across six markets on the MT5 platform, and the app also supports swapfree trading, risk management options, and secure withdrawals and deposits.

BUSINESS-

Boston-based private markets asset manager HarbourVest has set up shop in ADGM, establishing its first Middle East office, according to a press release. The firm, which manages over USD 147 bn in assets under management, named Reda Zebdi (LinkedIn), who previously worked at BlackRock, as head of the Middle East to lead the new base. HarbourVest is looking to increase its headcount as its regional client base grows, after securing a category 4 license from the Financial Services Regulatory Authority.

EVS-

Dewa, Dubai Taxi ink pact on EV ultra-fast charging: Dubai Electricity and Water Authority (Dewa) signed a contract with Dubai Taxi Company (DTC) to install 208 ultra-fast charging points under Dewa’s EV Green Charger program, according to Dubai Media Office. The first phase will set up hubs with 360 kW capacity each at Dubai Airport Depot and DTC HQ. DTC is planning to expand its EV fleet to 2.5k by 2030, with aims to have its fleet fully-electrical by 2040.

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