PureHealth, Esyasoft inch closer to European acquisitions, while Eagle Hills plans investments in Georgia

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Eagle Hills to invest USD 6 bn in Georgia + Iraqi Stock Exchange to join ADX’s Tabadul

Good morning, friends. We have a busy issue for you this morning, with plenty of M&A updates — including another blockbuster transaction from PureHealth — and more investments from Eagle Hills into Europe — even as its project in Budapest seems in danger of falling apart.

☁️WEATHER- Expect to see partly cloudy skies today, with a chance of light rainfall over islands and some northern and coastal areas, according to the National Center of Meteorology’s forecast (pdf). The mercury will reach 25°C today in Dubai before dropping to an overnight low of 20°C. Meanwhile, in Abu Dhabi, temperatures will peak at 21°C, with a low of 19°C.

WATCH THIS SPACE-

#1- Abu Dhabi-based developer Eagle Hills plans to invest USD 6 bn in projects across Georgia, under a newly signed MoU between Georgian PM Irakli Kobakhidze and UAE President Sheikh Mohamed bin Zayed Al Nahyan, Bloomberg reports, citing an emailed statement. The initiative aims to drive economic development, generate jobs, and attract more foreign investment to Georgia. The projects will include the construction of homes, retail facilities, parks, schools, and commercial spaces in Georgia’s capital, Tbilisi, and the seaside cities of Batumi and Gonio.

The Georgian government is also in discussions with AD Ports to expand the company’s presence in Georgia with more investments into the logistics and transportation sectors, according to a statement from Georgia’s Economy Minister, Levan Davitashvili.

REMEMBER- AD Ports finalized the acquisition of a 60% stake in Georgia’s Tbilisi Dry Port from Inveco in August after inking an agreement back in March. The new custom-bonded and rail-connected international hub serves as a key link in the Middle Corridor, connecting Western Asia’s manufacturing hubs to Eastern Europe.

ICYMI- The two countries inked an economic agreement last July, paving the way for the development of bilateral relations, focusing on expanding market reach, improving investment prospects, empowering SMEs, advancing the service industry, and simplifying trade processes.

#2- Iraqi Stock Exchange to join ADX’s Tabadul: The Abu Dhabi Securities Exchange (ADX) signed an agreement with the Iraqi Securities Commission to add the Iraqi Stock Exchange to ADX’s cross-market trading platform, Tabadul, state news agency Wam reports. The integration allows investors to directly trade on both markets via Tabadul.

The Iraqi Stock Exchange joins current Tabadul members, including the Bahrain Bourse, Muscat Stock Exchange, and Amman Stock Exchange. The ADX is also in talks with 10 more markets to broaden the platform.

#2- ICE to introduce equity index futures in Abu Dhabi: US financial services company Intercontinental Exchange (ICE) will debut MSCI Equity Index Futures contracts on ICE Futures Abu Dhabi starting 24 February, subject to regulatory approval, according to a statement. The new contracts — Micro MSCI GCC Countries, Qatar, UAE, and India Index Futures — will be USD-denominated. The move aims to expand ICE’s portfolio in the region, enabling investors to access Gulf and Indian equity markets and offering tools to manage equity risk.

IN CONTEXT- ICE dominates the MSCI Futures market, handling over 70% of global trading volume. In 2024, its MSCI complex averaged USD 13.6 bn in daily notional trading value.

#3- Property prices and rents near Etihad Rail stations could see increases between 5-15% as the project progresses, albeit gradually, real estate experts told Khaleej Times.

What they said: Locations like Emaar South, Dubai South, Damac Hills, Nshama, Creek Harbour, and Al Jaddaf are expected to benefit the most from this infrastructure investment, according to Elie Naaman, CEO of Ellington Properties. Saadiyat Island is expected to see higher price hikes compared to Reem and Yas Islands due to well-established infrastructure and high demand, Svetlana Vasilieva, head of secondary sales at Metropolitan Premium Properties said.

REMEMBER- The high-speed train project linking Abu Dhabi and Dubai aims to cut travel time between the two emirates to 30 minutes, with trains reaching speeds of up to 350 km per hour. The project is estimated to add AED 145 bn to the country’s GDP over the next 50 years.

#4- Sharjah is getting a new agri company: Sharjah Ruler Sultan bin Mohammed Al Qasimi issued a decree to establish Girass Agricultural, a new company that will produce organic fruits and vegetables and manage the greenhouse initiative in Al Dhaid, Wam reports. The company will operate under Sharjah Agriculture and Livestock Production (Ektifa).

#5- Gov’t introduces framework to track health research spending: The Health and Prevention Ministry launched a framework to track health research and development (R&D) expenditures, Wam reports. The framework will enable health authorities, academic institutions, and private companies to track R&D spending while refining indicators such as the ratio of health R&D spending to GDP.

PSA-

DLD and broker fees are now the buyer’s responsibility: UAE property buyers must include the Dubai Land Department (DLD) registration amount and broker fees within their upfront payments starting from 1 February, after the Central Bank of the UAE instructed banks to stop including the fee in mortgage financing, industry experts told The National. The DLD fees amount to 4%, while the agent’s fee represents 2% of the transaction.

The rationale: Experts speculate that the decision comes as a way to ensure responsible lending in the property market and prevent overheating. “I can only presume this move by the Central Bank is part of broader efforts to promote more responsible lending practices and to reduce the risk of over-leveraging in the real estate market,” founder and chairman of Luxury Property Jason Hayes said.

How will it impact the market? Some buyers will have to reevaluate their purchasing capability, Hayes added. Developers offering flexible payment options could potentially witness a boost in sales as buyers will look to spread costs over time, CEO of real estate advisory Springfield Properties Farooq Syed said.

DATA POINT-

The UAE led foreign investor inflows in 4Q 2024: Foreign investors poured USD 2.4 bn into UAE stocks in 4Q 2024, the highest among GCC markets, according to Kamco Invest’s 4Q 2024 GCC Trading Activity Quarterly Report (pdf). This marks an increase from USD 2 bn in 3Q, signaling sustained foreign interest in UAE equities. The ADX saw some USD 5.4 bn in net buying, while the DFM saw USD 572.5 mn.

The overall trend in the GCC was positive, with foreign investors net buying USD 3 bn across GCC markets during the quarter — down from USD 3.7 bn in 3Q. Annual foreign net purchases surged to USD 11.6 bn in 2024, significantly up from USD 2 bn in 2023, marking the strongest inflows in over two years.

Banking stocks led trading activity with a 20.9% y-o-y increase in trading to USD 123 bn, while energy, materials, and real estate also saw strong gains. Technology hardware and consumer services sectors recorded declines.

Saudi dominated stock performance: Nine of the top 10 most traded GCC stocks during the year were Saudi, led by Saudi Aramco at USD USD 43.4 bn. Abu Dhabi’s International Holding Co was the only non-Saudi stock on the list, trading USD 19.8 bn.

HAPPENING TODAY-

#1-Arab Health is on its second day, and runs until Thursday at the Dubai World Trade Center. The annual healthcare exhibit is gathering over 3.8k companies, with the goal of showcasing the latest tech solutions to challenges in the healthcare sector.

#2- A UAE delegation is at the Arab Charter on Human Rights Committee meeting today at the Arab League’s General Secretariat in Cairo, Wam reports. The two-day session will assess the UAE’s progress on fulfilling its human rights commitments, focusing on its second periodic report submitted in September 2024. This follows a December committee visit to the UAE to review human rights activities across government and non-government sectors.

HAPPENING THIS WEEK-

#1- It’s interest rate week. The US Federal Reserve is set to meet for the first time this year for its two-day meeting today and tomorrow, with the GCC’s central banks awaiting its move before mirroring it (Remember: most GCC currencies are pegged to the USD). The Fed is widely expected to keep interest rates steady, despite calls from US President Donald Trump to drop interest rates “immediately.”

#2- The Dubai Youth Forum will take place tomorrow at the Mohammed Bin Rashid Library, according to a Dubai Media Office statement. Organized by the Dubai Youth Council, the event will bring together senior officials, experts, and young talents from key sectors. The event aims to empower Emirati youth to contribute to Dubai’s future and strategic plans, as well as foster collaboration with decision-makers in the public and private sectors.

#3-The Budapest assembly will mull the possible use of its preemptive right to purchase the land plot sold to Eagle Hills tomorrow to block the acquisition from happening, Bloomberg reports.

Background- Abu Dhabi-based developer Eagle Hills entered an agreement last week with Hungarian officials to develop Grand Budapest, a EUR 12 bn sustainable, smart district in Budapest, dubbed mini-Dubai for its resemblance to Dubai’s flashy neighborhoods. However, the city’s Mayor Gergely Karacsony intends to block the project, arguing that the land is worth much more than the HUF 51 bn (USD 128 mn) sale price and urging the government to prioritize affordable housing instead of luxury real estate projects.

FACT CHECK- Meanwhile, Jared Kushner’s Affinity Partners denied any intended participation in Eagle Hills’ smart district project in the project, CEO Asher Abehsera said.

THE BIG STORY ABROAD-

Two stories are dominating headlines in the foreign press this morning:

#1- China’s response to ChatGPT, DeepSeek, wiped USD 1 tn off of US stocks yesterday, with the prospect of a cheaper and much less energy-intensive AI chatbot rattling markets and raising questions around the US’ alleged AI dominance. The startup was later hit by a cyberattack, which prompted its developers to limit registrations. We have more in Planet Finance, below. (Reuters | FT | Bloomberg)

#2- Hundreds of thousands of Palestinians returned to northern Gaza after months of displacement, following Israel’s opening of military checkpoints after a 24-hour delay caused by claims that one of the Israeli hostages meant for release had not returned. Late night talks on Sunday shored up the agreement, making way for the opening of the routes yesterday and for more hostage transfers later this week. (Reuters | Guardian | FT | Bloomberg)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq.

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

CIRCLE YOUR CALENDAR-

The UAE-Kuwait Week will take place between 3-4 February in Dubai, featuring investment conferences, panel discussions on economic development, and B2B meetings. Attendees will explore opportunities for collaboration in emerging industries, Wam reports.

The annual conference of the International Federation of Ait Traffic Controllers’Associations (IFATCA) will take place from 28 April to 2 May in Abu Dhabi. The conference will be hosted in cooperation with the General Civil Aviation Authority and Abu Dhabi’s Department of Culture Tourism. Global aviation experts will discuss air traffic control advancements, safety strategies, and infrastructure.

The UAE International Dental Conference and Arab Dental Exhibition (AEEDC Dubai 2025) is set to take place from 4-6 February at the Dubai World Trade Center, Wam reports. The event will welcome more than 66k attendees from 155 countries. It will showcase 5.3k brands and 3.9k companies specializing in dental supplies, focusing on the latest in dentistry and healthcare advancements.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

PureHealth acquires a USD 2.3 bn majority stake in leading Greek-Cypriot hospital provider

ADX-listed healthcare player PureHealth signed a definitive share purchase agreement to acquire a 60% stake in Hellenic Healthcare Group (HHG) from CVC Capital Partners VI and the group’s founder, it said in a filing (pdf) to the exchange. The sale — which is still pending regulatory approvals — values the company at USD 2.3 bn. The story was picked up by Reuters.

We knew this was coming: Rumors of a possible acquisition of HHG have been circulating since last year.

Ownership structure: HHG is currently 90% owned by US-born private markets manager CVC Capital Partners VI and 10% by the group’s founder Dimitrios Spyridis. Following the acquisition, CVC Capital will retain a 35% stake, with the founder holding the remaining 5%.

The transaction marks the latest move in a string of PureHealth acquisitions. The investment platform has been pursuing an aggressive global growth strategy, with a USD 1.2 bn acquisition of the UK’s Circle Health Group and the acquisition of a USD 1.8 bn stake in the US’ fourth largest private healthcare group, Ardent Health Services. PureHealth has a portfolio of companies across multiple verticals within the healthcare industry, including 114 hospitals, 316 clinics, and 145+ laboratories.

Closer to home: The company is also said to be eyeing a takeover of the UAE’s largest hospital network NMC Healthcare which is headquartered in Abu Dhabi.

The rationale: “This acquisition represents a significant milestone in PureHealth’s strategic expansion, reinforcing our presence in Europe and further solidifying our position as a leader in healthcare. Integrating HHG into our portfolio […] creates significant value for our group by contributing to revenue diversification, driving operational synergies, and strengthening our financial performance. This move aligns with our vision of becoming a global leader in healthcare, with more than 50% of our revenues originating outside the GCC,” said Shaista Asif, group chief executive officer at PureHealth, according to a joint press release (pdf).

HHG by the numbers: Founded in 2018, the group has a total capacity of over 1.6k beds, treating around 1.4 mn patients per year through a team of some 6.7k medical professionals. HHG’s full-spectrum services span oncology, cardiology, and neurosurgery, along with IVF treatments and homecare services. The company logged EUR 564 mn in revenues in 2023.

Market reax: PureHealth shares fell 0.6% to close at AED 3.57 apiece yesterday.

Esyasoft inches closer to a full takeover of UK-based renewable energy supplier Good Energy

Good Energy greenlights Esyasoft takeover bid: Dubai-based, IHC-backed tech company Esyasoft Investment Holding is a step closer to acquiring 100% of AIM-listed renewable energy supplier Good Energy through a bolt-on transaction, after Good Energy accepted the bid, according to a regulatory filing to the London Stock Exchange (LSE). The story got ink from the Guardian.

The acquisition prices Good Energy shares at GBP 4.90 apiece, valuing the transaction at GBP 99.4 mn, and implying an enterprise value (EV) at GBP 67.8 mn. The offer represents a 66% premium to Good Energy’s share price (GBP 2.95), the day before Esyasoft first expressed its interest in acquiring the company late last year. Esyasoft reserves the right to slash the offer price if Good Energy announces any dividends or distributions before the transaction is finalized.

SOUND SMART- While there’s no information about the reason the EV is lower than the transaction value, it could be attributed to the debt obligations of Good Energy and / or its cash and cash-equivalent assets — these are non-operation assets that are not factored into EV.

What’s next? The sale is expected to be finalized in 1H 2025, with the scheme document, detailing the transaction mechanism, set to be published by Monday, 24 February. Upon court approval, Good Energy will delist from the LSE’s parallel market AIM and re-register as a private limited company.

Esyasoft has big plans for Good Energy: Esyasoft plans to expand Good Energy’s solar installation and maintenance services, boost its offerings both locally and internationally, while helping it grow the EV charging app of its portfolio company Zapmap, and supporting its entry into new markets.

A snapshot of Good Energy earnings + operations: Good Energy’s net income fell 78% y-o-y to GBP 2.6 mn in 1H 2024, while its revenue was down 38% to GBP 97.4 mn, according to its latest earnings report (pdf). It works with over 2.5k independent renewable generators offering solar panel installations, heat pumps, and EV charging. It currently serves over 245k customers in the UK, enabling them to generate, store, and share renewable energy independently.

Market Reax: Good Energy’s shares soared 20.9% to GBP 4.758 apiece at yesterday’s close

ADVISORS- Esyasoft tapped Dean Street as its financial adviser on the transaction, while Good Energy tapped Canaccord Genuity for financial adviser and joint broker.

Abu Dhabi real estate hits AED 96.2 bn in transactions in 2024

Abu Dhabi’s real estate market saw some AED 96.2 bn in transactions in 2024, marking a 24.2% y-o-y increase in volume and a 10.5% rise in value, according to Abu Dhabi Real Estate Center data cited by the Abu Dhabi Media Office. Sales accounted for the lion’s share of transactions, netting some AED 58.5 bn, while mortgages totaled AED 37.7 bn.

The emirate’s property market also saw a 125% y-o-y rise in foreign direct investment, attracting AED 7.9 bn from 2.3k investors across 105 countries, including the US, UK, and China.

It was also a big year for new developments: Abu Dhabi kicked off 38 new off-plan projects and completed 12 major developments in 2024.

IN AJMAN-

Ajman saw some AED 20.5 bn in real estate transactions in 2024, up 21% y-o-y, Wam reports. The Al Jurf 1 area reported the highest sale value at AED 300 mn, while the Al Amera area recorded the highest mortgage value at AED 155 mn.

ICYMI- Dubai’s real estate sector reached an all-time high in 2024, recording AED 761 bn in transactions, reflecting a 36% y-o-y increase in volume and a 20% rise in value. The sector attracted 110k new investors — a 55% y-o-y rise — and saw 217k investments worth AED 526 bn.

The UAE saw the most startup investments in the region in 2024 -Wamda

The UAE led the Mena region in terms of startup investments in 2024 with USD 1.1 bn across 207 transactions, marking a 15.4% y-o-y increase compared to 2023, according to Wamda’s 2024 Year In Review report (pdf). The country’s investments accounted for 47.8% of total startup investments in the region, which amounted to USD 2.3 bn. The UAE’s investor portfolio included 89 foreign investors and 92 regional ones.

Which sectors were the most popular? Fintech was the leading sector for startup investments in the UAE last year with USD 265 mn in investments, followed by Web3 (USD 258 mn) and proptech (USD 197 mn).

MEANWHILE, ON THE REGIONAL FRONT-

The Mena region’s total startup investments declined by 42% y-o-y to USD 2.3 bn in 2024 across 610 transactions. Rounds taking place without debt amounted to USD 2 bn, while debt-enabled transactions reached USD 331 mn.

The most popular sectors in 2024 for venture investors: The fintech sector accounted for 30% of total investments in the region in 2024, with USD 700 mn injected into 119 fintech startups — followed by web3 at USD 260 mn, and e-commerce at USD 253 mn in investments.

Early stage investments accounted for the bulk of investments last year with a total exceeding USD 1.2 bn across 300 startups and ranging from pre-seed to Series A stages. The later stages reached a total of USD 332 mn across 10 transactions, while only two startups secured pre-IPO rounds with a value of USD 143.3 mn.

The B2B model took the lead with USD 1.2 bn in investments across 325 startups, followed by the B2C field with USD 717 mn, with the hybrid model amounting to USD 311.7 mn and direct-to-consumer to USD 25.5 mn.

How do these figures compare? Wamda’s estimates for startup investments in the UAE during the year are higher than Magnitt’s, which had pegged total funding for startups in the country at USD 613 mn during 2024. This figure puts it in second place, following Saudi Arabia’s USD 750 mn startup investments. Wamda’s estimate for total investments in the region was also higher, with Magnitt’s total startup investments amounting to USD 1.5 bn, marking a 29% y-o-y decline in comparison to 2023. Meanwhile, both reports agree that early-stage investments are becoming more appealing to investors than late-stage rounds.

Adnoc Gas to supply Jera with LNG under new USD 450 mn agreement

Adnoc Gas will supply Japan’s Jera with LNG under a USD 450 mn agreement, according to a press release (pdf). Natural gas will be sourced from the Adnoc’s Das Island liquefaction facility, with a production capacity of approximately 6 mn tons a year.

This is not Jera and Adnoc’s first LNG agreement: This builds on a previous multi-year LNG supply agreement between the two firms inked in 2023 and valued between USD 500 mn and USD 700 mn.

ICYMI- Adnoc Gas finalized a 10-year sales and purchase agreement with India’s Gail last year for LNG from its Das Island facility. The agreement sees Adnoc Gas supplying 0.52 mn metric tonnes of LNG annually starting in 2026.

Adnoc Gas has been ramping up LNG supply agreements: The oil giant in December inked a 15-year LNG supply agreement with Germany’s energy infrastructure company EnBW for its Ruwais project, after a separate sales and purchase agreement was inked in November to supply Germany’s SEFE with 1 mtpa of LNG. It has also inked similar agreements with Malaysia’s state-owned oil and gas firm Petronas, Singapore’s Sefe Marketing & Trading, China’s ENN Natural Gas for 1 mn tonnes, and Shell and Mitsui. To date, over 8 mn tonnes per annum (mtpa) of the Al Ruwais LNG project’s 9.6 mtpa production capacity has been committed through long-term agreements.

ADCB’s net income up 15% in 2024

Abu Dhabi Commercial Bank (ADCB)’s net income increased 5% y-o-y to AED 2.6 bn in 4Q 2024, on the back of “strong loan growth, enhanced efficiencies and significant improvement in cost of risk,” according to its earnings release (pdf). The bank recorded a 3% y-o-y increase in its net income from interest and Islamic financing during the quarter, amounting to AED 3.5 bn, while non-interest income experienced an increase of 57% y-o-y to AED 2.0 bn, driven by a 25% increase in income from fees and commission.

Over the full year, the lender saw its net income rise 15% y-o-y to AED 9.4 bn in 2024, while net income from interest and Islamic financing surged 7% y-o-y during the same period to AED 13.2 bn. The bank’s net loans were also up 16% y-o-y to AED 351 bn, it said.

Dividends: The board proposed a total payout of AED 4.3 bn in dividends, accounting for 46% of net income, the bank said.

Looking ahead, ADCB revealed a new five-year strategy aiming at doubling its bottom line to AED 20 bn, representing annual growth of 20%, it said in the statement. The bank also plans to increase total dividend payouts to AED 25 bn over the next five years — a 50% increase compared to the previous five-year period — while maintaining an annual return on equity of over 15%.

The bank will also focus on developing its digital and AI capabilities to improve customer experiences, productivity, and risk management, according to the strategy.

Bank of Singapore strengthens Dubai team with six hires

The Bank of Singapore made six new hires in Dubai as part of its plan to strengthen its advisory and product solutions in the Middle East, Reuters reported.

Among the new hires are:

Zeena Abou Elnaja (Linkedin) as vice president

Mehvish Ayub (Linkedin) as an executive director in the Investment Solutions Group

Brandon Chee (Linkedin) as an equity and structured products specialist
Anish Mehta (Linkedin) as a product specialist on FX advisory
Yasmine Omari (Linkedin) as head of wealth planning

Fatima Al Zadjali (Linkedin) as director of marketing and communications.

The expansion is part of the bank’s plan to boost its Dubai presence, as the Middle East is expected to contribute up to 20% of Bank of Singapore’s revenue and private banking assets within the next three to five years, doubling its current contribution.

Sharjah Creative Quarter appoints new president: Sharjah Ruler Sheikh Sultan bin Mohamed Al Qasimi issued a decree appointing Sheikha Hoor bint Sultan bin Mohammed Al Qasimi (LinkedIn) as the president and director of the newly established Sharjah Creative Quarter (SCQ), state news agency Wam reports.

Sheikha Hoor founded the Sharjah Art Foundation in 2009, and curated major events such as the 15th Sharjah Biennial in 2023. In the same year, she was appointed as the artistic director for the Aichi Triennale in Japan and the Biennale of Sydney in 2024.

More on SCQ: Headquartered in Sharjah’s University City, SCQ is envisioned to be a hub to foster talents in fashion, jewelry, product design, and handicrafts, Wam said. It will also work to attract regional brands, support contemporary design practices, and provide manufacturing hubs and cultural hubs for creatives.

Dubai’s boom could be leading to some affordability risks for residents

Is affordability risk a rising issue in Dubai? The skyrocketing prices of housing in Dubai and rising congestion are raising concerns of an affordability risk for residents of the emirate, some of whom are moving further out in more remote areas, the AP reports.

The government’s response: AP spotlights efforts from the government to address the problems, including encouraging companies to allow more remote work options, adding new pedestrian paths, and introducing flying taxis.

Biotech startup BioSapien raises USD 7 mn after extending pre-Series A funding

STARTUP-

Biotech startup BioSapien raised a total of USD 7 mn after extending its pre-Series A funding round, which will further accelerate its UAE clinical trials for its flagship MediChip platform, set to start in 2Q 2025, according to a press release (pdf ). The funding round initially saw the company raise USD 5.5 mn last month, before raising an additional USD 1.5 mn with backing from Singaporean venture capital firm Golden Gate Ventures, among other investors.

What BioSapien does: Founded by Khatija Ali (LinekdIn), the company, which has offices in California and Abu Dhabi, is known for its 3D-printed, slow-release drug delivery platform which offers localized cancer treatment. The platform focuses on keeping drugs concentrated in the tumor microenvironment, reducing required dosages, minimizing systemic side effects, and improving treatment efficiency.

REAL ESTATE-

#1- Chinese state-owned construction firm snaps up contract for Meraas’ Bluewaters Bay: Dubai Holding’s Meraa s awarded a AED 1 bn contract to the Middle Eastern arm of China State Construction Engineering Corporation to build its upcoming residential project Bluewaters Bay, according to a press release. The waterfront development will feature two podium-linked residential towers offering 678 units, including one- to four-bedroom apartments and penthouses. The project, located close to Jumeirah Beach Residence, is scheduled to be completed by 4Q 2027.

#2- DHG Properties lines up second Dubai project: DHG Properties, the Dubai-based arm of Swiss developer DHG Holding, is developing its second residential project in Dubai’s Meydan at an estimated cost of AED 300 mn, according to a press release. No timeline has been announced for the project development. DHG Properties launched its debut project in Dubai — the AED 200 mn Helvetia Residences in Jumeirah Village Circle — last year.

#3- Dubai-based developer Andalusia Group secured a land plot in Dubai’s Majan for an upcoming AED 175 mn residential project, according to local media reports (here and here). No further details were disclosed about the project except that it will be featuring branded, fully furnished apartments.

Andalusia is doubling down on Majan expansion: The developer revealed a separate AED 210 mn project in Majan earlier this month, Bottega Nove Premium Residences.

#4- Dubai-based Condor Developers launched Condor Golf Links 18, a AED 300 mn residential project, it said in a press release. The golf-course-facing development, located in Dubai Sports City, will feature 250 residential units — including studios, one- and two-bedroom apartments — with prices ranging from AED 700k to AED 1.6 mn. The project is scheduled for handover by 1Q 2026; the developer has already completed 50% of the construction.

What’s next? Condor has an investment pipeline of AED 2.5 bn it plans to execute by 2027.

BANKING-

#1- Emirates NBD will now start accepting Jaywan cards under a partnership with Network International, according to a press release. The partnership will see the bank roll out Jaywan cards to its customers, which can be used at its ATM branches, as well as Network terminals and e-payment gateways.

In context: Developed by the UAE’s digital payments body Al Etihad Payments, Jaywan cards are part of a phased rollout aimed at replacing 10 mn debit cards over the next two and a half years. The cards can function independently or alongside global card schemes like Visa and Mastercard. Network International was the first to roll out the Jaywan cards for merchants.

Other banks that also rolled out Jaywan include Ajman Bank and Mbank, while Mashreq’s Neopay also started accepting the cards across all its channels.

#2- Standard Chartered rolled out its newly-launched foreign exchange payment platform in the UAE, allowing banks, non-banking financial institutions, and paytech firms to access the service, according to a press release. The SC PrismFX solution consolidates Standard Chartered’s network of digital transaction banking and financial markets under one roof to facilitate foreign exchange payments in over 130 currencies across more than 40 markets. The service was first introduced by the bank last Tuesday.

#3- Businesses operating under the International Free Zone Authority (IFZA) will gain access to corporate banking services, tailored financial products, and advisory solutions through a new partnership between IFZA and the National Bank of Ras Al Khaimah, Wam reports. The agreement aims to enhance financial support for IFZA-based SMEs, startups, and international businesses.

M&A-

A PE fund operated by Bank Muscat has divested its Dubai Movenpick Jumeirah Beach Residence (JBR) asset, according to a press release.The fund originally acquired the five-star hotel in 2014 and managed it on behalf of a consortium of regional investors, including sovereign wealth funds.

The buyer: Dubai-based family office A.A. Al Moosa Enterprises (Arenco Group) acquired the asset. The family-owned conglomerate owns over 15 hotels managed by top operators like Hilton, Marriot, and Accor. Knight Frank MENA advised on the transaction.

AVIATION-

#1- AMMROC + Marshall to collaborate on expanding their market reach: The UAE’s Advanced Military Maintenance, Repair and Overhaul Center (AMMROC) inked an MoU with UK-based aerospace engineering firm Marshall to boost their reach to new markets in both military and commercial aviation, Wam reports. The partnership also seeks to support AMMROC’s efforts to obtain Military Design Organization Approvals.

#2- DAE sheds 7 aircraft: Dubai Aerospace Enterprise (DAE) inked an agreement to sell seven Airbus and Boeing aircraft to K2 Aviation, a new mid- to end-of-life aviation investor planning to grow its portfolio through 2025, Wam reports. DAE will also handle lease and credit management, aircraft remarketing, disposition, and asset management for the sold aircraft, currently leased to six airlines.

HEALTHCARE-

#1-M42 + Rhapsody set to launch data exchange platform for healthcare providers: State-owned health-tech firm M42 Group partnered with US digital health enablement firm Rhapsody to launch a data exchange platform for healthcare providers called Rhapsody Envoy Edge by M42, according to the Abu Dhabi Media Office. The platform, which will be hosted on Microsoft Azure, aims to facilitate healthcare interoperability among UAE healthcare providers.

#2- The United Arab Emirates University inaugurated the country’s first academic Stem Cells Research Center, aiming to promote research in stem cells and regenerative medicine and boost local manufacturing, Wam reports. The center will collaborate with local and international partners, including the Abu Dhabi Stem Cells Center, to fund research, conduct clinical trials, and foster knowledge exchange. It looks to support the Middle East’s growing stem cell market, which is projected to hit USD 1.3 bn by 2030.

FINTECH-

Bahrain’s AFS sets up shop in the UAE: Bahraini digital payment solutions provider Arab Financial Services (AFS) launched its services in the UAE, after securing a retail payment services license from the Central Bank of the UAE, according to a press release.

Chinese AI model threatens US dominance with a fraction of the cost

DeepSeek causes US tech rout: A China-based AI startup has thrown US dominance in the AI field into doubt after it developed competing technologies on a much smaller budget than its American counterparts, the Financial Times reports. US giant Nvidia’s stock price fell almost 17%, wiping USD 589 bn in market cap in the biggest one-day drop ever recorded for a US company. Tech-heavy indexes took a hit, too: the Nasdaq Composite was down 3%, while S&P fell 1.5%.

A fraction of the cost: DeepSeek spent only USD 5.6 mn training its R1 model, which “performed similarly for around one-fourth of the cost,” Anthony Poo, co-founder of a Silicon Valley-based startup, told the Wall Street Journal. Silicon Valley’s tech giants spend between USD 100 mn and USD 1 bn training each model, according to estimates from Dario Amodei, CEO of US-based AI startup Anthropic.

How DeepSeek achieved it: DeepSeek’s founder, Liang Wenfeng, used proceeds from his hedge fund High-Flyer to finance DeepSeek’s research and development activities, attracting China’s top AI talent with the highest salaries offered in the country. With little more than 2k Nvidia H800 chips — US firms used tens of thousands — they developed the model while sometimes skipping steps US developers thought essential.

DeepSeek claims that the R1 model can outperform US counterparts, and the claim is not without merit. The model seems to outperform rival models on many third party tests, according to CNBC. Some believe OpenAI still has an edge, but several companies are already moving to using DeepSeek as a more cost-efficient option, WSJ reported.

US attempts to curb China’s AI advancements through sanctions seem to have had the opposite effect. China-bound Nvidia chips were capped at half speed capacity before Washington banned the export of Nvidia chips to China altogether last year. The move forced DeepSeek’s engineers to maximize the computing power of existing chips with limited resources. DeepSeek had also started stockpiling Nvidia A100 chips before the US imposed sanctions, prioritizing research and resource-pooling to develop models despite limited resources.

All in the open: DeepSeek opted to release its AI model open-source, in a departure from competition-focused US companies, which makes the rise of more and more competitors to rival US tech giants more likely. This approach might cause Silicon Valley giants to reconsider their high-cost strategies — think Trump’s USD 500 bn megaproject Stargate — in order to keep up with the changing landscape.

The regional angle: DeepSeek upending the AI market could have significant ramifications for the GCC’s AI push. Saudi has been looking to both the US and China for AI technologies, after Saudi officials negotiated with the US government to secure Nvidia H200 chips last year and an Aramco fund invested in Chinese startup Zhipu AI. Meanwhile, the UAE started receiving chips from Nvidia last September, including Nvidia’s high-performing H100 chips.

MARKETS THIS MORNING-

Asian markets are slightly inching down this morning, with Japan’s Nikkei down 0.6% and Shanghai Composite down 0.1%. Meanwhile, Wall Street futures are seeing little change after DeepSeek triggered tech sell-off on Monday.

ADX	9553	-0.1% (YTD: +1.4%)
DFM	5192	-0.7% (YTD: +0.6%)
Nasdaq Dubai UAE20	4326	-0.6% (YTD: +3.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.4% 1 yr
TASI	12,373	-0.1% (YTD: +2.8%)
EGX30	29,742	-1.0% (YTD: +0.01%)
S&P 500	6012	-1.5% (YTD: +2.2%)
FTSE 100	8504	+0.02% (YTD: +4.1%)
Euro Stoxx 50	5188	-0.6% (YTD: +6.0%)
Brent crude	USD 77.08	-1.8%
Natural gas (Nymex)	USD 3.68	-0.4%
Gold	USD 2771.50	-1.3%
BTC	USD 101,474.50	-3.0% (YTD: +8.4%)

THE CLOSING BELL-

The DFM fell 0.7 % yesterday on turnover of AED 614.4 mn. The index is up 0.6% YTD.

In the green: Al Salam Sudan (+9.6%), National Industries Group Holding (+4.4%) and GFH Financial Group (+3.5%).

In the red: National International Holding Company (-3.3%), Emaar Development (-13.8%) and BHM Capital Financial Services (-2.1%).

Over on the ADX, the index fell 0.1% on turnover of AED 924.1 mn. Meanwhile, Nasdaq Dubai fell 0.6%.

CALENDAR

JANUARY

27-30 January (Monday-Thursday): Arab Health Exhibition, Dubai World Trade Centre, Dubai.

28-29 January (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

FEBRUARY

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City’s International Tennis Centre.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-4 February (Monday-Tuesday): The UAE-Kuwait Week, Dubai.

4-6 February (Tuesday-Thursday): AEEDC Dubai 2025, Dubai World Trade Center, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

7 February-29 April (Friday-Tuesday): The Abu Dhabi Festival, Abu Dhabi.

8-20 February (Saturday-Thursday): Dubai Games 2025, Dubai.

10-11 February (Monday-Tuesday) MRO Middle East and Aircraft Interiors Middle East, Dubai World Trade Center.

10-11 February (Monday-Tuesday): BreakBulk Middle East, the Dubai World Trade Center.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word Trade Center.

14 February (Friday): The deadline for the consultation period for the Securities and Commodities Authority’s draft regulation on security tokens and commodity tokens.

16 February-1 March (Sunday-Saturday): Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

16 February (Sunday): The International Defence Conference,The Emirates Palace, Abu Dhabi.

17-21 February (Monday-Friday): International Defence Exhibition (IDEX) in Abu Dhabi National Exhibition Center.

17-21 February (Monday-Friday): Naval Defence Exhibition (NAVDEX) in Abu Dhabi National Exhibition Center.

17-22 February (Monday-Saturday): Gulfood, Dubai World Trade Center.

19-21 February (Wednesday-Friday): International Dialogue of Civilizations & Tolerance Conference, Abu Dhabi Energy Centre.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

28-29 February (Friday-Saturday): Investopia 2024, the St. Regis, Abu Dhabi.

28 February-29 March (Friday-Saturday): Ramadan.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

MARCH

18-19 March (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

31 March-2 April (Monday-Wednesday): Eid Al Fitr, national holiday.

APRIL

1 April (Tuesday): New ADGM employment regulations come into effect.

1 April (Tuesday): New personal status law comes into effect.

6-11 April (Sunday-Friday): Geo-Spatial Week, Dubai.

7-10 April (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

7-9 April (Monday-Wednesday): Middle East Energy, Dubai World Trade Center.

7-9 April (Monday-Wednesday): World Local Production Forum’s 3rd edition, Abu Dhabi National Exhibition Center.

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

15-17 April (Tuesday-Thursday): The Abu Dhabi Global Health Week, Adnec center, Abu Dhabi.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

22-24 April (Tuesday-Thursday): DOMOTEX Middle East, Dubai World Trade Center, Dubai.

25 April-11 May (Friday-Sunday): Dubai Esports and Games Festival, Dubai World Trade Center.

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

28 April-2 May (Monday-Friday): The 64th Annual Conference of the International Federation of Ait Traffic Controllers’ Associations (IFATCA)

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

6-7 May (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

13-16 May (Tuesday-Friday): International Union for Health Promotion and Education Conference, Abu Dhabi.

13-15 May (Tuesday-Thursday): Cabsat Middle East and Satellite Middle East, Dubai World Trade Center.

15 May (Thursday): The Economy Middle East Summit, ADGM, Abu Dhabi.

16-18 May (Friday-Sunday): GISEC, Dubai World Trade Center.

19-22 May (Monday-Thursday): Make it in the Emirates, Adnec, Abu Dhabi.

20-22 May (Tuesday-Thursday): Seamless Middle East 2025, Dubai World Trade Center.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

30 May (Friday): Arafat Day.

31 May-2 June (Saturday-Monday): Eid Al Adha.

Signposted to happen sometime in May:

Asean and GCC summit, Malaysia.

JUNE

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 June (Tuesday-Wednesday): Middle East Rail, Dubai World Trade Center.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG’s acquisition of Covestro

JULY

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER

3-16 October (Friday-Thursday): Dubai Home Festival.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

17-19 October (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.
ICOM General Conference 2025, Dubai

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE

Sections

About

Privacy & Support

Get EnterpriseAM daily