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FINTECH-
Tamara receives restricted license from CBUAE: KSA-based payments fintech platform Tamara secured a restricted finance license from the Central Bank of the UAE (CBUAE), according to a press release. With the license, the fintech unicorn can roll out its credit and payment services in the UAE, expanding its footprint in the country.
Background: The fintech — which is Saudi Arabia’s first unicorn — already partnered with Mastercard earlier this year to launch a shariah-compliant split payment card, as well as with Dubai’s Finance Department to collaborate on biometric payments.
BUSINESS-
Starwood Capital to set up shop in DIFC, eyes Gulf investments: US-based alternative asset manager Starwood Capital Group received approval to operate from the Dubai International Financial Center (DIFC), Bloomberg reports, citing a document it has seen. The firm is hiring for its new regional office and is considering investment windows across the Gulf, according to a person with knowledge of the plan.
About Starwood Capital: Founded by b’naire Barry Sternlicht, Starwood manages over USD 120 bn across 18 offices globally and the move would mark Starwood’s first base in the Middle East.
REAL ESTATE-
#1- Ellington Properties signs AED 1 bn Mercer House construction contract: Dubai-based Ellington Properties has awarded a construction contract worth more than AED 1 bn to China Railway 18th Bureau Group for the development of its mixed-use uptown residential project Mercer House, according to a press release. The group will serve as the project’s main contractor overseeing its execution and design.
About the build: The two-towered development — scheduled for handover in 3Q 2027 — will feature a 34-storey North Tower and a 41-South Tower, with a mix of studio to four-bedroom units and penthouses, as well as retail and hospitality amenities.
#2- ESG’s Royal Development Holding taps contractor for phase two of AED 1.6 bn Seamont project: Emirates Stallion Group’s newly-launched development firm Royal Development Holding and Saas Properties named Swiss Pro Foundations as the main contractor for their AED 1.6 bn residential project Seamont Autograph Collection Residences, according to a press release. The scope covers shoring, deep excavation and piling for the development on Al Reem Island, which is slated to be completed by April 2026.
BACKGROUND- The developer launched phase two of the project last month, after the first phase began back in June. Phase two will include 216 waterfront units with the project set to deliver a total of 497 units overall when completed in 4Q 2028.
#3- UAE-based real estate collective Tissoli is launching Palazzo Tissoli on Al Marjan Island, valued at AED 1.2 bn, according to a press release. Marking the firm’s first architectural venture in Ras Al Khaimah, the project features studios and one or two-bedroom apartments starting from AED 1.1 mn.
