FINANCE-

Davidson Kempner sets up shop in ADGM: US-based hedge fund manager and global institutional investment firm Davidson Kempner Capital Management is opening an office in ADGM, Bloomberg reports, citing a company statement. The opening marks the eighth office for the firm, which has over USD 37 bn in assets under management. Earlier this month, Davidson Kempner acquired USD 1.4 bn in bad debt from Abu Dhabi Commercial Bank.

The focus: The new office will be the firm’s regional base and focus on deploying capital into credit, equities, and real estate, according to partner Chris Krishanthan. So far, the firm’s regional focus has been on corporate debt, non-performing loans, private lending, and liquidations, managing director Naveen Sabharwal said. The fund joins the likes of London-based hedge fund Arini, US investment management firm Hudson Bay Capital Management, and Marshall Wace — all of whom have recently set up shop in the ADGM.

#2- US-based Monroe Capital is also opening an Abu Dhabi office: Chicago-headquartered asset manager Monroe Capital has opened its first Middle East office in ADGM, after receiving financial services permission (FSP) from the Financial Services Regulatory Authority (FSRA), according to a press release. The new office comes as the firm looks to boost ties with institutional investors and family offices in the GCC and wider region.

M&A-

#1- Al Mal Capital REIT enters healthcare sector: Dubai-based asset manager Al Mal Capital REIT acquired NMC Royal Hospital in Dubai Investments Park (DIP), according to a DFM disclosure (pdf). The takeover marks its first investment in the healthcare sector and brings its total portfolio value to AED 1.4 bn.

The target: Operated by Abu Dhabi-based hospital operator NMC Healthcare, the 492k sq ft facility includes two hospital blocks and a fully-occupied commercial building. The hospital consists of 120 inpatient beds, a pharmacy, outpatient clinics, and an emergency response unit.

The paper trail: Earlier this year, the fund secured AED 210 mn through offering units on the DFM, bringing its total capital raise to AED AED 703.9 mn. In 2024, it raised AED 180 mn to start executing its investment strategy to diversify its portfolio — with 75% of the funds allocated to the UAE, and the remaining 25% for targets in the GCC and other countries. Last year, it also acquired K-12 educational firm Carnation Education, which owns assets like Kent College Dubai.

#2- Saif Bin Darwish acquires Gulf Precast to bolster construction portfolio: UAE construction and contracting firm Saif Bin Darwish acquired Gulf Precast, the UAE’s largest precast concrete manufacturer, to strengthen its presence in the construction sector, Trade Arabia reports. The value of the acquisition wasn’t disclosed.

Precast capacity expansion: Gulf Precast operates six factories across Dubai and Abu Dhabi with a production capacity of up to 1.5k cbm / d. The acquisition comes as Saif Bin Darwish looks to boost its ability to execute large, complex infrastructure projects, including for airports and tunnels.

FINTECH-

Wise receives greenlight from CBUAE for two licenses: UK-based financial tech firm Wise secured two regulatory approvals from the Central Bank of the UAE (CBUAE) to launch operations in the UAE, according to a press release. The licenses granted — for stored value facilities and category 2 retail payment services — will pave the way for Wise to bring its offerings, including the personal Wise Account and Wise Business, to the UAE.

About Wise: The firm processes USD 48 bn in cross-border payments each quarter and is looking to tap into the USD 40 bn that is sent to and from the UAE annually, the statement read.

AUTO-

ADIO, AD Ports partner with Stellantis to build automotive ecosystem: Abu Dhabi Investment Office (Adio) and AD Ports Group signed an agreement with automotive giant Stellantis to boost exports and technological development in Abu Dhabi’s automotive sector, Abu Dhabi Media Office reports.

The details: Stellantis and Adio will identify investment windows in the Emirati auto sector, and AD Ports will provide logistics, supply chain, and manufacturing expertise. The tie-up looks to position Abu Dhabi as an export hub for the sector and will also develop an autonomous taxi ecosystem in the emirate.

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