REAL ESTATE-

Umm Al Quwain has launched a 25 mn sq ft coastal development called Downtown Umm Al Quwain (Downtown UAQ), state news agency Wam reports. The new development will feature an 11 km shoreline, and will include commercial centers, office spaces, residential builds, and leisure and hospitality facilities. The urban plan includes three districts — North Beach, Trade Center, and South Beach — and the development will accommodate 150k residents. The Umm Al Quwain government is partnering with real estate developer Sobha Realty on the first phase of construction. No investment value for the development has been disclosed.

New trade hub in the works: The development will include a 15 mn sq ft trade center freezone that will operate under an independent framework to attract global businesses and investment.

#2- Nord Lifestyle Development launches AED 500 mn project: Goldfield Holding-backed luxury real estate developer Nord Lifestyle Development has launched Henge Residences, a AED 500 mn luxury residential project on Abu Dhabi’s Saadiyat Island, according to a press release. Nord is looking to increase its contributions to Abu Dhabi’s economy, CEO Maher Rahabi said. Currently Nord holds AED 342 mn in assets in the emirate.

The details: The project was developed in collaboration with Italian design house Henge, and is set for completion in 1Q 2028. Sales for its 166 properties are underway through Nord’s direct channels and brokers, and start from AED 1.1 mn for a studio and reaching up to AED 4.7 mn for a three-bed property.

OIL AND GAS-

Dragon Oil inks slew of agreements at Gotech 2025: Dubai Government-owned oil and gas firm Dragon Oil signed several MoUs and strategic agreements to expand its operations in Egypt, Gabon, and Turkey at Gotech 2025, according to a statement. The breakdown:

  • Dragon Oil and Business Oil Africa agreed to develop oil and gas assets in Gabon;
  • It also inked a settlement agreement with Turkish Petroleum Corporation (TPAO), the statement said, without disclosing further details;
  • And was awarded a new concession by the Egyptian General Petroleum Corporation (EGPC) for petroleum exploration in Egypt’s East El Hamd area.

…and targeted digital transformation: The firm signed a MoU with oil and gas software solutions firm Quorum to boost digital transformation and operational efficiency. It also partnered with Baker Hughes, Corva, and Exebenus to launch AI solutions in drilling operations management. The company also agreed to collaborate with geophysical firm BGP to institute state-of-the-art seismic survey technology and AI applications.

STARTUPS-

Dubai Future Foundation, du, Dtec, and in5 partner with Ignyte to support startups: Dubai International Financial Center’s start-up focused platform Ignyte signed four strategic partnership agreements with the Dubai Future Foundation (DFF), du, Dubai Technology Entrepreneurship Campus (Dtec), and in5 during Dubai AI Week 2025 to support startup growth, state news agency Wam reports.

The details: Under the agreements, DFF will join Ignyte’s platform to drive innovation programming and engage with its startup and investor ecosystem, while du will serve as Ignyte’s exclusive telecom partner, offering communications infrastructure, mentorship, and access to digital tools. Dtec will provide Ignyte startups with soft-landing programs and subsidized licensing solutions, and in5 will provide incubation and fast-tracked licensing in technology, media, and design sectors.

TRADE-

#1- The DubaiChamber of Commerce has established the Slovak Business Council, which aims to strengthen trade and investment links between Dubai and Slovakia, Wam reports.

Slovak business activity in Dubai is accelerating: By the end of 2024, 134 Slovak companies were registered with the chamber — up 41% y-o-y — and non-oil trade between Dubai and Slovakia grew 38% y-o-y to AED 3.4 bn. Ten new Slovak companies joined the chamber in 1Q 2025 alone.

#2- Abu Dhabi Chamber has opened its first international representative office in Katowice, Poland, Al Khaleej reports. The office will serve as a platform for UAE companies seeking entry into European markets and for Polish companies eyeing the UAE. It aims to strengthen trade, investment, and bilateral relations, UAE Ambassador to Poland Mohamed Ahmed Al Harbi said.

AI-

#1- New AI academy in Dubai: Dubai Crown Prince Hamdan bin Mohammed has launched the Dubai AI Academy to train 10k leaders — including government employees in an initial offering — in AI-related skills in collaboration with Oxford University’s Saïd Business School, the Minerva Project, and Udacity, Wam reports.

#2- The Dubai FutureFoundation and Google Cloud have partnered to roll out an upskilling initiative for chief AI officers (CAIOs) across government entities, Wam reports. The training will provide CAIOs access to Google Cloud’s applied AI tools, insights, and frameworks to help them accelerate AI adoption within their organizations.

#3- New AI partners for Dubai CommerCity: Digital-focused freezone Dubai CommerCity has signed strategic partnerships with trade-focused AI companies qeen.ai and Portmind to accelerate digital commerce and trade operations, according to a press release. The partnership with qeen.ai will embed AI-driven automation and solutions into the freezone’s ecosystem, supporting e-commerce SMEs and high-growth brands in scaling operations and boosting competitiveness. Meanwhile, Portmind’s Sail platform will automate customs documentation and regulatory compliance, helping businesses speed up clearances, improve shipment visibility, and lower operational costs.

DEBT-

Fitch Ratings has affirmed the Bank of Sharjah’s long-term issuer default rating at BBB+ with a stable outlook, according to a report by the agency. Fitch attributed the rating to the bank’s potential to access support from UAE authorities, and highlighting its improved operating conditions, recovery of problem assets, better risk management, and accelerated growth. It also affirmed the bank’s viability rating at B-, emphasizing the issues caused by potentially problematic legacy assets and the resulting restraint on capital.

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