BUSINESS-

Eshraq warns of 3Q hit as Goldilocks drops AED 75 mn in value: Real estate investment firm Eshraq Investments said the net asset value of its majority-owned Goldilocks Investment Co fell by around AED 75 mn during FY 2024-25, according to a disclosure (pdf) to the ADX. A financial hit from a revised position on the amount owed in taxes was to blame for the downward valuation, the disclosure read. Eshraq added the drop is set to weigh down its 3Q financials and is considering bringing in an independent body to assess the extent of the damage. The firm stressed that it doesn’t manage the fund and is not responsible for its operations.

ICYMI- Last week Eshraq said its request to redeem its shares in Goldilocks was refused after its investment manager told Eshraq that a “significant number” of the shares were pledged as security to a local bank back in 2019. The pledge was made as security for a facility worth around AED 208 mn, predating Eshraq’s 2022 acquisition.

The development followed months of tension with Shuaa GMC, the former manager of Goldilocks, over asset valuation disputes that surfaced earlier this year. Eshraq saw its chairman and CEO both step down recently.

And now? Eshraq said that it has lodged a formal complaint with authorities regarding the undisclosed pledge, and is reviewing legal and commercial avenues to protect shareholder interests.

PAYMENTS-

Fintech firm Verto expands into UAE, boosting MENA-Africa B2B payments: UK-based fintech firm Verto has launched operations in the UAE, looking to facilitate cross-border B2B payments between the Emirates and emerging markets, particularly Africa, according to a press release (pdf). The expansion targets trade corridors connecting the UAE with China, West Africa, Nigeria, Kenya, and South Africa.

Why Dubai? The firm sees the concentration of international firms operating in the emirate as positioning it as a key location to tap into the cross-border payments market, Verto’s UAE Country Manager Helen Ghebreluul told EnterpriseAM. Verto is seeing strong demand from the commodity, non-bank financial institutions, and engineering, procurement, and construction sectors, and is also looking to partner with local firms to further extend its offerings, Ghebreluul added.

More on Verto: The platform facilitates payments in several hours, and offers fixed foreign exchange rates that can be locked in, multi-currency accounts to hold funds in different denominations, and payment tracking. It is now licensed by the Dubai Financial Services Authority (DFSA) and is currently processing over USD 25 bn annually for firms including Maersk and Unilever.

du, Network International partner on digital payments for SMEs: Telco du signed an MoU with Dubai-based payments provider Network International to develop integrated digital payment solutions bundled with telecom services for startups and SMEs, according to a press release. The platform will combine connectivity, payment processing, and point-of-sale tools into one system to simplify operations and reduce costs.

More to come: The partnership will also explore AI, blockchain, and real-time payment technologies to enhance security and efficiency.

REMEMBER- Earlier this month, Network International completed its merger with First Abu Dhabi Bank’s Magnati, forming a Brookfield-led fintech group operating in 56 markets. The combined entity provides digital payments, SME lending, and financial infrastructure services.

BANKING-

Invest Bank secures CBUAE license for Islamic banking window: The Central Bank of the UAE (CBUAE) granted Sharjah-based Invest Bank a license to operate an Islamic banking window, according to an ADX disclosure (pdf). With the new license, Invest Bank will be able to offer their Shariah-compliant financial products and solutions, with the new window integrating into the bank’s overall structure.

TRADE-

Abu Dhabi Customs inked two trade facilitation agreements in London, on the sidelines of the Abu Dhabi-London Business Connect Forum and the Abu Dhabi Investment Forum, according to statements here and here. The agreements were signed with European consultancies Maersk Global Trade & Customs Consulting and UK-based Competere Group, and aim to advance digital customs systems, border management, and trade facilitation.

The details: The agreement with Maersk focuses on developing next-generation customs modernization tools, including a trusted digital trade corridor and a compliance framework for brokers. The Competere partnership centers on data-driven economic models and advanced technology to streamline customs operations and improve Abu Dhabi’s trade competitiveness.

Dubai expands into Sweden with new Stockholm office: Dubai International Chamber launched a representative office in Stockholm, marking its first representative in the Nordic countries, Dubai Media Office reports.

IN CONTEXT- Non-oil bilateral trade between the two countries reached AED 3.9 bn in 2024, up 5.3% y-o-y. 1H 2025 saw 127 Swedish firms join the Dubai Chamber of Commerce, bringing the total to 940.

M&A-

ADQ’s Alpha Oryx shrunk its stake in Egypt’s CIB to 15.7%, down from 18.1%, according to an EGX disclosure (pdf). Alpha Oryx sold 73.5 mn shares of its stake in the country’s largest listed company by market cap in a block transaction valued at EGP 7.1 bn, at a price of EGP 96.50 per share.

Alpha Oryx will remain the lender’s largest shareholder even if it turns out one of the other shareholders was buying, with 7.4% owned by the National Organization for social ins., 6.3% owned by Fairfax Financial Holdings, and 68.2% in freefloat, according to the bank’s website.

EVs-

Self-driving trucks up and running in RAK: Ras Al Khaimah (Rak) Ceramics partnered with Dubai-based autonomous vehicle developer Evocargo self-driving electric trucks into the UAE’s industrial zone, Gulf Business reports. The trucks are now fully up and running as part of the firm’s logistics operations in Rak’s Al Jazeera Al Hamra industrial zone.

The details: The vehicles use light detection and ranging, sonars, and cameras to plug data into its onboard system that processes the information in real-time and adapts accordingly. They can detect road signs, passenger crossings, and general road infrastructure.

ICYMI- Autonomous taxis are also set to hit Ras Al Khamiah’s roads soon after its tourism authority signed an MoU with local developer Marjan on autonomous vehicle trials and smart transport integration, as well as with China-headquartered WeRide to launch self-driving buses and taxis. Autonomous transport is all the rage in larger emirates also, with Dubai’s Roads and Transport Authority (RTA) approving a regulatory framework for autonomous heavy vehicles and Abu Dhabi launching its pilot program for autonomous delivery vehicles.

HEALTHCARE-

Dubai Healthcare City kicks off AED 1.3 bn development plan: Dubai Healthcare City Authority (DHCA) is launching a development plan worth AED 1.3 bn in a bid to position the emirate as a hub for healthcare investment, state news agency Wam reports. DHCA is the governing body of the Dubai Healthcare City (DHCC) freezone.

Phase 1: The first phase of the plan will see the authority build flagship developments including a 13k sqm building with office and commercial spaces, and a 5.8k sqm medical complex with laboratories, outpatient and surgical facilities, and medical offices.

CHEMICALS-

Go Energy to develop green hydrogen project in Saudi Arabia: Umm Al Quwain-based Go Energy signed a non-binding MoU with Saudi Arabia Refineries Company to jointly study and develop a green hydrogen (ammonia) project in Saudi Arabia, according to a Tadawul filing. Effective since 11 October and valid for one year, the agreement will also see the two establish a legal framework for the partnership. No financial details have been disclosed yet.

AVIATION-

Etihad Airways will launch flights to Kabul this December: Etihad Airways will begin running flights between Abu Dhabi and Kabul in Afghanistan from 18 December, according to a press release. The airline will run three flights a week on the route, serviced by Etihad’s A320 aircraft.

ICYMI- Just last month Etihad said it was launching flights to Damascus, starting from next summer. The move to add Syria back into its international network comes as the airline targets 38 mn annual passengers by 2030.

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