DEBT-

ADIB is first onboard MoF’s retail sukuk scheme: The Finance Ministry (MoF) tapped Abu Dhabi Islamic Bank (ADIB) as its first partner for its recently launched retail sukuk initiative, according to a statement. Through the tie-up, UAE citizens and residents will be able to invest in shariah-compliant government-backed treasury sukuk (T-Sukuk) through ADIB’s smart sukuk platform. Partnerships with more banks are set to be announced soon, the statement read.

ICYMI- MoF said it was opening up investments in treasury sukuk to retail investors for the first time last week, allowing for investment in shariah-compliant, government-backed sukuk through fractionalized digital platforms operated by national banks.

How it’ll work: Investors will sign up using either their Emirates ID or UAE Pass, and can invest between AED 4k and AED 28k per transaction in sukuk, including in fractional units. The Ministry will list all sukuk, bar those nearing maturity, on the platform, and the bank will manage the portfolio through primary allocation and secondary market transactions.

MANUFACTURING-

Al Ghurair Foods launches ingredients arm: Al Ghurair Group’s subsidiary Al Ghurair Foods has launched a new food ingredients division that will focus on the B2B segment, according to a press release. The division marks its expansion beyond commodity trading, with the firm targeting bakery, beverage, confectionary, and baby food manufacturers.

Its new cornstarch manufacturing facility is part of the plan. Based in the Khalifa Economic Zones Abu Dhabi (Kezad), the plant is slated to be up and running in 1H of next year. It will produce starches, glucose, and maltodextrin — making Al Ghurair the first regional producer of baby food ingredients. The group has also earmarked AED 500 mn to develop fermentation and spray drying tech to boost local production and regional food security.

TELECOMS-

Du + Peace Cable extend connectivity to Africa via UAE-Kenya corridor: UAE-based telco operator du and submarine cable network infrastructure provider Peace Cable International Network are expanding their Peace Gulf Extension submarine cable system partnership to Kenya, according to a press release. Peace Cable International is a subsidiary of Chinese power and fiber optic cable manufacturer Hengtong Group.

REFRESHER- The two partnered earlier this year to develop Peace Gulf Extension, bringing Peace’s open-access submarine cable system to the UAE to improve du’s connection speeds.

The new link: This latest digital infrastructure corridor aims to help data, cloud services, and digital content move more quickly and efficiently between the GCC and Kenya, and targets the AI and digital transformation sectors.

M&A-

GFH expands its logistics portfolio in KSA: GFH Partners — the Dubai-based global asset management arm of Bahraini GFH Financial Group — has acquired a fully leased, high-spec logistics facility in Riyadh’s industrial district at a SAR 200 mn (USD 53 mn) investment ticket, according to a press release. The acquisition marks the asset manager’s fourth logistics asset in Saudi Arabia. Post takeover, GFH’s total logistics and industrial assets in the GCC is set to reach nearly SAR 1.5 bn — with its global portfolio currently exceeding SAR 26 bn in managed assets.

A long-time coming: GFH Financial Group inked a partnership agreement with European real estate developer Panattoni’s Saudi arm to develop premium logistics facilities worth SAR 2 bn (USD 500 mn) in Riyadh, Jeddah, and Dammam over a five-year timeframe last year.

REAL ESTATE-

Leos launches AED 5 bn master community in Dubailand: UK-based real estate developer Leos Developments is launching an AED 5 bn master-planned community in Wadi Al Safa 5 in Dubailand — its first large-scale development in the emirate, according to a press release.

More details: The project, developed in collaboration with Dubai Holding, will roll out in phases. The first phase, Regent’s Park, will feature around 800 homes — a mix of three- to four-bedroom townhouses and five- to seven-bedroom villas.

AI-

#1- Al Tamimi & Co integrates Legora into operations: Law firm Al Tamimi & Co is partnering with AI firm Legora to roll out its law-focused AI platform across its operations, as well as launch it in Arabic, according to a press release (pdf). The Legora platform will automate routine workflows to save time for higher value advisory services, and the two will collaborate to develop the platform in Arabic with a view to integrate it into Al Tamimi’s operations when ready.

IN CONTEXT- The move comes as part of Al Tamimi & Co’s broader plan of integrating AI into its systems — including tapping into Harvey’s advanced AI platform in 2023, deploying its language processing, machine learning, and data analytics to automate and enhance operations.

#2- Adnoc + SLB to optimize upstream production with AI: Abu Dhabi National Oil Company (Adnoc) and multinational oilfield services firm SLB have launched an AI-powered production system optimization platform, according to a press release. The system has initially been deployed across eight upstream fields, with Adnoc aiming to roll it out across all 25 of its onshore and offshore fields by 2027.

How it works: The platform analyzes mns of data points in real time to monitor and improve operational efficiency along the entire production chain, spanning hydrocarbon wells, processing plants, and office operations.

EVs-

Vortex backs USD 32.8 mn recap for UK EV charging firm: ADGM-domiciled energy transition investment firm Vortex Energy participated in UK-based electric charging solutions firm EO Charging’s GBP 25 mn (c. USD 32.8 mn) recapitalization, according to a press release (pdf). The funding came in the form of a debt facility from HSBC, as well as new equity from existing backers Vortex and London-based private equity firm Zouk Capital.

The next steps: EO, which is currently making an exit from the US market and selling its domestic EV charging hardware and manufacturing segment, will put the funds towards its core operations including rolling out its commercial-grade charging infrastructure, as well as its charge assurance software platform that boosts energy optimization for fleet operators.

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