BUSINESS-

Germany’s largest asset manager secures license for ADGM: Deutsche Bank’s investment arm, DWS Group, secured a category 4 license from the Financial Services Regulatory Authority (FRSA) to operate in ADGM, Bloomberg reports, citing an emailed statement. The office will mark the first Middle Eastern outpost for Germany’s largest asset manager, which has over USD 1.2 tn in assets under management.

Who’s in? Joe Kiwan (LinkedIn), head of Middle East and Africa coverage, will relocate from Paris to lead the new office. The office will initially hire three sales specialists, with plans for future expansion.

ICYMI- Deutsche Bank secured financial service permission from the FRSA back in May. The bank has been strengthening its presence in the region, recently moving one of its topprivate bankers here as it looks to boost its presence in Dubai, Abu Dhabi, Jeddah, Doha, and Riyadh — with a particular focus on Saudi Arabia.

M&A-

#1- South Africa’s FirstRand buys 20.1% stake in Dubai fintech ahead of listing: South African holding firm FirstRand acquired a 20.1% stake in Dubai-based fintech Optasia, ahead of the company’s planned listing on the Johannesburg Stock Exchange (JSE), according to a disclosure. The transaction saw private equity stakeholders sell their shares for ZAR 19 apiece, with Optasia raising USD 277 mn, Bloomberg reports.

ICYMI- Earlier this month, Optasia said it was looking to raise at least USD 375 mn through an IPO on the JSE, which will include a USD 75 mn primary issuance to fund growth and a USD 300 mn secondary sale by existing shareholders.

#2- Mair Group sells Al Reem Island land for AED 85 mn: ADX-listed investment firm Mair Group signed a sale and purchase agreement for a land plot on Al Reem Island valued at AED 85 mn, according to a disclosure (pdf). The transaction is part of the firm’s asset optimization program, as it looks to divest from non-core assets and refocus proceeds into higher-yield growth windows.

REMEMBER- Mair Group is eyeing AED 400 mn in investments this year. The company recently signed an MoU with Al Jazira Club to develop 80k sqm around the Mohammed bin Zayed Stadium into a mixed-use hub via Makani Real Estate. It also expanded its retail arm, rebranding 34 Al Ain Coop and Earth stores under Adcoop as part of a broader merger of seven brands last year.

HOSPITALITY-

ADNH-backed MFive Services to expand to Bahrain: UAE-based housekeeping and clearing firm MFive Services, backed by Abu Dhabi National Hotels (ADNH), is expanding to Bahrain through a JV with Bahrain-based hospitality player Gulf Hotels, according to a press release.

What’s next? The JV will specialize in outsourced housekeeping, providing a full turnkey option including establishing a staffing base, as well as quality assurance, and full operational services for hotels, resorts, and serviced residences.

ICYMI- MFive is jointly-owned by ADNH, which acquired a 50% stake in the firm in 2023, and Metro Global. Post-acquisition, the firm was reported to be exploring entry into new markets in North Africa and Europe. It’s been a busy year for ADNH overall, with the firm partnering with Mariott International on an Al Marjan Island development, and acquiring Food Nation Catering Services and a stake in Compass Arabia through its catering arm.

TRANSPORT-

Space42 partners with DMT on AI for smart city planning: ADX-listed space tech firm Space42 inked an MoU with the Department of Municipalities and Transport (DMT) to co-develop geospatial and AI-driven solutions for Abu Dhabi’s smart city systems, according to a press release. The tie-up will focus on developing digital twins of Abu Dhabi, and use the models to boost efficiency when it comes to road networks, transport links, energy consumptions, and other infrastructure and city planning areas. Space42 will provide satellite data and AI mapping insights, and the two will also launch pilot projects on using space tech in city planning.

TECH-

Presight launches R&D lab for smart cities in Kazakhstan: UAE-based data analytics firm Presight established its first R&D facility in Kazakhstan at the Alem AI center in Astana, according to a press release (pdf). The new lab will focus on developing solutions in data analytics, artificial intelligence, and digital governance, and aims to support Kazakhstan’s tech sovereignty goals. It will focus on sectors like smart cities and urban management.

Presight in Kazakhstan: Earlier this year, the firm launched Kazakhstan’s first national supercomputer. In May it opened its first overseas office in the country, and said that it would deliver two Nvidia H200 superpods for a data center in Astana to support its smart city project. The regional office helped develop an AI Command and Control Center at Alem AI for smart city operations. In 2023, it also formed a JV with Kazakhstan’s sovereign wealth fund to use Presight’s data in its energy, public services, and transport sectors.

DEVELOPMENT-

Dubai’s Sheikh Ahmed Dalmook forms holding firm for impact investments: Dubai royal Sheikh Ahmed Dalmook Al Maktoum established Inma Emirates Holdings, a Dubai-based company consolidating his family office’s investments in sustainable development projects across emerging markets, according to a press release. The holding firm will target infrastructure, technology, and real estate ventures.

Inma’s current portfolio includes a 50-year port concession in Pakistan with Abu Dhabi Ports, a 36.6 MW power plant in Equatorial Guinea, and backing for Talent Plus, a UAE-based digital economy firm. The company said it will pursue co-financing partnerships with governments and institutions.

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