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Another global manager lands in DIFC
South Korea’s Mirae Asset — which oversees more than USD 400 bn globally — has opened an office in the Dubai International Financial Center (DIFC), according to a Dubai Media Office statement. The asset manager also secured a Category 3C license from the Dubai Financial Services Authority, allowing it to manage and distribute funds to institutional and professional investors across the GCC. From Dubai, Mirae plans to target institutional investors, family offices, and the region’s Indian diaspora, while using its India operations to offer more India-focused and global strategies to Middle East clients.
BACKGROUND- Mirae joins a steady stream of global managers setting up in the hub to get closer to regional capital, just days after French asset manager Carmignac opened its first Middle East office there. DIFC now hosts 592 wealth and asset management firms among more than 10k registered companies.
Sav banks USD 3.5 mn for Saudi push
UAE fintech Sav has raised USD 3.5 mn in a pre-Series A round led by Abu Dhabi’s Phoenix Venture Partners, according to a statement. The raise takes Sav’s total funding to around USD 6 mn. The company will use the funding mainly to enter Saudi Arabia, while also expanding product development, AI infrastructure, and user acquisition across the GCC.
What Sav is building: Founded in 2022 by Purvi Munot and Mithil Ajmera, the platform brings savings, investments, credit, gold, payments, and commerce into one place, with its SavCore system automating parts of users’ financial decision-making. Sav currently operates in the UAE under a Dubai Financial Services Authority Category 4 license.
The UAE is helping EGA bring another piece of its aluminum supply chain home
The UAE is helping push a USD 300 mn anode plant toward execution. The Investment Ministry signed an MoU with Chinese anode maker Sunstone Development to support the facility it is developing with Emirates Global Aluminium (EGA), state news agency Wam reports. The ministry will help with licensing and links to industrial zones, ports, customs authorities, and other government bodies, while a joint working group will oversee delivery.
REFRESHER- In May 2025, EGA and Sunstone unveiled plans for a 300k-ton-a-year plant in Kezad, with construction slated for 2026 and production from 2028. The facility is backed by a USD 300 mn investment and, once operational, it is expected to replace most of EGA’s current anode imports. EGA said at the time it could eventually make the UAE only the second country after China to export anodes.
Sahl heads to Dubai
Digital bill-payment platform Sahl is preparing to launch operations in the Dubai International Financial Center (DIFC) to serve Egyptian expatriates in the UAE, following talks between Egyptian Planning and Economic Development Minister Ahmed Rostom and DIFC Governor Essa Kazim, according to a statement. The planned expansion aims to allow Egyptians living in the UAE to directly pay utilities, municipal fees, and financial obligations for their families back home.
IN CONTEXT- The DIFC expansion marks the primary operational step in executing a broader state-backed initiative launched last month. In August, Delta Egypt Payments — the app’s fintech firm, in which the state-backed National Investment Bank holds a stake — signed a cooperation protocol with the Foreign Affairs Ministry, International Cooperation, and Egyptian Expatriates to roll out digital bill-payment solutions for citizens residing abroad. Beyond fintech, discussions between Rostom and Kazim — who also serves as chairman of DP World — touched on expanding logistics operations and container handling investments across the Suez Canal Economic Zone to draw on Egypt’s port infrastructure and enhance regional trade corridors.
