BANKING-

Our friends at Mashreq opened a representative office in Turkey, extending the bank’s on-the-ground presence to support Turkish financial institutions and corporates across syndicated loans, trade finance, and bond transactions, according to a statement. The move aligns with Mashreq’s regional growth strategy and brings its global network to 15 countries.

Why Turkey? “Türkiye’s strategic location, dynamic economy, and strong trade and investment ties with the UAE present significant opportunities for collaboration,” Mashreq CEO Ahmed Abdelaal said. The UAE and Turkey are key trade partners, with a trade and economic partnership agreement that promises to take bilateral trade up to USD 40 bn by 2031, up from USD 20 bn last year. The lender also cited Turkey’s critical role in regional supply chains and its role as a manufacturing hub in Europe as another reason behind its interest in the country.

REMEMBER- The bank has been expanding its presence in the region and globally over the past few years, opening a branch in Oman earlier this year and receiving a restricted license from the State Bank of Pakistan to operate as a digital retail bank in the country.

BUSINESS-

Addleshaw Goddard launches Abu Dhabi office: UK-headquartered law firm Addleshaw Goddard has opened an office in the ADGM to serve clients across financial services, energy, infrastructure, and technology, according to a statement. The launch marks the firm’s fifth office in the Middle East, adding to its presence in Dubai, Riyadh, Muscat, and Doha.

MANUFACTURING-

Borouge + Honeywell partner on AI-powered plant operations: Adnoc petrochemicals JV Borouge partnered up with Honeywell to develop a proof of concept (PoC) for AI-powered autonomous operations, according to a press release. The two firms plan to implement agentic AI solutions and machine learning algorithms across Borouge’s Ruwais operations, including an AI-powered control room to boost operational and cost efficiency.

FINTECH-

Altery secures DFSA license for fintech operations: UK-based fintech Altery secured regulatory approval for its MENA subsidiary from Dubai’s Financial Services Authority (DFSA), according to a press release. The license, which permits local currency transactions in AED and GCC currencies within the UAE, excludes cryptocurrency and cross-border transfers but does establish a compliance framework for future growth. Altery is coordinating with DFSA to finalize operational requirements before launching services.

REAL ESTATE-

Dubai Investments launches AED 400 mn residential project in Mirdif Hills: Dubai Investments began construction at Asayel Avenue, a new residential cluster within its AED 2.2 bn Mirdif Hills development, according to a press release (pdf). The AED 400 mn project will add 193 apartments to the established community. Its subsidiary Dubai Investment Real Estate (DIR) is developing the project, with handover slated for 2Q 2027.

STARTUPS-

UAE-India launch startup series: The UAE-India Comprehensive Economic Partnership Agreement (CEPA) Council, in collaboration with the UAE Embassy in New Delhi, launched a new start-up series to link Indian ventures with Emirati incubation, licensing, and investment platforms, ANI News reports citing comments made by UAE Ambassador to India Abdulnasser Alshaali. A pitch day in New Delhi will select five startups to receive tailored support, including mentorship and access to UAE freezones.

The program is part of wider CEPA efforts to deepen innovation and investment ties. The two countries are working to expand their 10-year trade pact to include eight additional sectors, targeting USD 100 bn in annual bilateral trade. Last year, they inked several agreements to boost cooperation, after UAE FDI into India tripled to USD 3.4 bn in FY 2022-23.

TRANSPORT-

Gems to launch renewables-powered bus fleet: Gems Education partnered up with transportation services provider STS Group to introduce the Middle East’s first fully sustainable school transport fleet, according to a press release. The fleet, which includes all-electric and biofuel-powered vehicles, will first come to the Gems School of Research and Innovation in Dubai Sports City in August.

Also launching: An EV service — Spot2Spot — is also launching for students living near the school, aiming to reduce private car trips by 30% and lower CO2 emissions.

DIGITAL SERVICES-

Hibrid partners with Alibaba Cloud for streaming solutions: UAE-based streaming tech firm Hibrid partnered up with Alibaba Cloud to deliver enhanced streaming and infrastructure services across the Middle East and GCC region, according to a press release.

The details: The partnership will provide scalable solutions for media, telecom, and entertainment sectors, and use AI-powered technology to optimize streaming experiences. The service targets regional businesses requiring high-performance content delivery solutions.

DIGITIZATION-

Credit scores land on DubaiNow: Etihad Credit Bureau has partnered with DubaiNow, the city’s unified digital services platform, to make personal credit reports and scores instantly accessible through the app, according to a press release. The move expands DubaiNow’s catalogue of over 300 government and private sector services, and builds on earlier integrations like the TAMM app in Abu Dhabi.

TECH-

Dubai-based crypto infrastructure firm Omining has expanded into Kenya, establishing a new facility in the country’s Special Economic Zone, according to a press release. The plant, located in Naivasha, currently operates at 90 MW and is being scaled up to 200 MW, marking one of the first large-scale Web3 deployments in East Africa by a UAE-based firm.

REMEMBER-Kenya is emerging as a hub for digital infrastructure. Dubai’s Khazna Data Centers is targeting 1 GW of capacity across Kenya and other markets, while Microsoft and G42 are developing a USD 1 bn geothermal data center. Omining cited Naivasha’s no-tax environment, steady year-round climate, and a currency aligned to the greenback as reasons for choosing to set up shop there.

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