Bildco to add concrete capacity to Abu Dhabi, Orient Ins. expands war coverage portfolio, and Vista plants its flag in ADGM

Bildco to add 1 mn cbm of concrete capacity to Abu Dhabi

Abu Dhabi National Company for Building Materials (Bildco) is looking to add 1 mn cbm of concrete capacity in Abu Dhabi via a tie-up with alternative asset management firm Royal Griffin Global Investments, Bildco said in a press release (pdf).

The plan: The two will set up a ready-mix concrete company to oversee the full lifecycle of concrete production, from batching plants to a 40k-strong truck fleet for distribution and logistics services. Bildco didn’t specify which market the production was heading towards, but noted that the plan falls within the UAE’s push to “[accelerate] growth of infrastructure” and comes amid a wider drive to localize manufacturing in the Emirates, as the war continued to expose the downsides of over-reliance on imports.

Orient expands war-risk cover in the UAE

Dubai-based ins. arm of Al Futtaim Group, Orient Ins., is expanding its UAE war-risk ins. portfolio to cover cargo — including shipments moving through inland and maritime trade routes — alongside homes and personal vehicles, according to a statement. The new products cover risks linked to war, political violence, terrorism, sabotage, strikes, and riots.

In context: The move comes as geopolitical tensions and supply-chain disruption drive growing demand for war-risk protection. DP World had also rolled out war-risk ins. coverage for cargo moving through regional trade routes, spanning sea freight, inland transport, and storage operations.

Vista plants its flag in Abu Dhabi

US private equity firm Vista Equity is opening up an office in Abu Dhabi after securing full regulatory authorization from ADGM’s Financial Services Regulatory Authority, according to a press release. The office will allow the software-focused investment firm to advise on investments and arrange transactions in the region. So far this month, the US’ Capital Group said it was setting up in ADGM, and UK hedge fund giant Man Group is also pursuing an ADGM license, adding to a growing list of newcomers in the past few months.