More progress with China, another Open Finance milestone for ADIB, Edge explores more defense cooperation in Brazil, and Barings opens Abu Dhabi office

China’s Jereh to develop integrated energy-industrial platform in the UAE

Chinese industrial player Jereh Group plans to establish an integrated clean energy and industrial platform combining small modular reactors (SMR) with battery materials manufacturing in the UAE under an MoU with the Investment Ministry, according to a press release.

The plan: Jereh will deploy SMRs to generate baseload, zero-carbon power, which will feed a plant manufacturing 100k tons of anode material per year, alongside lithium battery recycling capacity. By tying power generation into industrial use, the model sidesteps some of the intermittency and security concerns that have come into sharper focus since the conflict put regional energy infrastructure under pressure.

ICYMI- This builds on momentum from earlier this week, when the UAE and China signed 24 agreements covering hydrogen, energy storage, and EVs, alongside plans for joint investment platforms and cross-border funds.

ADIB levels up in open finance

Abu Dhabi Islamic Bank (ADIB) has become the first bank in the UAE to be licensed as a third party provider (TPP) under the Central Bank’s AlTareq open finance initiative, Wam reports. The move follows ADIB’s earlier rollout of open finance as an early adopter and the first Islamic lender in the space, as we’ve previously covered.

Need a deeper refresher? Launched in 2024, AlTareq enables customers to share data and initiate payments via licensed third parties using APIs. The ecosystem is already taking shape, with fintechs Lean Technologies and Ziina executing the first customer-initiated transaction, and lenders including Commercial Bank of Dubai and First Abu Dhabi Bank joining the network.

What the TPP license changes: It moves ADIB from participant to a platform enabler, allowing it to aggregate customer-permissioned data across banks. That, in turn, lets it build services on top and offer users a single, consolidated view of their finances.

Edge extends Spain defense tie-up to Brazil

UAE defense group Edge is expanding its radar push in Latin America, signing an MoU with Spanish information technology firm Indra Group to explore developing and producing next-gen radar systems in Brazil, Wam reports.

IN CONTEXT- Edge is already leaning into Spain for defense cooperation. It previously partnered with Indra Group to set up a manufacturing entity in Spain for loitering munitions and smart weapons. The group also signed a USD 1.5 bn pipeline with Spain’s EM&E to localize weapons production in the UAE.

Barings opens an Abu Dhabi office

US-based investment management firm Barings has opened an office in ADGM in a bid to deepen its Gulf presence and strengthen relationships with sovereign wealth funds, institutional investors, and family offices across the region, state news agency Wam reports.

This is another vote of confidence for Abu Dhabi: Even though Barings had already signalled plans last year to establish an Abu Dhabi presence, following its Dubai entry in 2024, the timing of the announcement and the “reaffirmation” of its “commitment to the Middle East and our belief in the region’s growth trajectory” is notable considering the wider environment of regional tensions.

Barings is one of many setting up shop recently, including US-based Bain Capital, private equity firm Hillhouse Investment Management, and Swiss asset manager Finreon.