BANKING-

HSBC opens first Middle East wealth center in Dubai: HSBC has launched its first wealth center in the Middle East, located at its flagship Jumeirah branch in Dubai, according to a press release (pdf). The facility, catering to high-net-worth and premier clients, provides a private space for wealth management services and solutions with specialists, as well as an event space for networking events and seminars.

Why now? The opening coincides with the bank’s effort to tap into the growing number of wealthier, younger individuals in sectors like tech and asset tokenization coming to the UAE. HSBC also operates wealth centers in China, Hong Kong, the UK, Mexico, Malaysia, and Taiwan.

INFRASTRUCTURE-

Emicool enters Abu Dhabi: Emirates District Cooling (Emicool) inked a concession agreement with Al Reef Cooling Company, securing the exclusive cooling concession for Al Reef Downtown in Abu Dhabi, according to a press release. The move marks Emicool’s first entry into the Abu Dhabi market.

The details: Al Reef plant has an installed capacity of around 8k TR and a connected capacity of 9.6 TR, serving 46 buildings, more than 1.8k residential customers, and 36 retail units. Emicool assumed operational management last July and plans to implement upgrades under its build, own, operate, transfer model.

TECH-

US AI firm Hypercycle moves HQ to Abu Dhabi: US-based global tech company Hypercycle has relocated its headquarters from the United States to Abu Dhabi, Khaleej Times reports. The relocation of its global operations comes as the firm looks to increase collaboration with local institutions and expand from the emirate, choosing the new base due to its infrastructure and strategic location.

About Hypercycle: Founded in the US, the AI-tech company was valued at USD 2.5 bn in 2024 and states that over 1k companies use its products. Several Emirati investors hold equity stakes in the firm.

CAPITAL MARKETS-

XM secures SCA license in Dubai: CFD broker XM obtained a Category 5 license from the Securities and Commodities Authority (SCA), allowing it to market services locally through its new entity, XM Financial Products Promotion, as reported by Finance Magnates, citing the authority’s register. The firm — which already holds a Dubai Financial Services Authority license — plans to activate the new approval before year-end.

REMEMBER- Category 5 licenses allow brokers to promote products but not hold client funds or execute trades — activities that require a Category 1 license. XM said it may seek a Category 1 license later.

AUTOMOTIVE-

Robo.ai plans industrial city in Dubai: US-listed robotics firm Robo.ai announced a joint venture with JW Group and Dubai’s Ferox Investments to establish Robo.ai Industrial City in Dubai Industrial City, according to a press release. The site will serve as a manufacturing hub for the company’s mobility and smart city ventures, including its eVTOL arm RoVTOL.

What to expect: The facility will manufacture smart vehicles, eVTOL aircraft, and logistics hardware. JW Group will supply land and industrial infrastructure, while Ferox Investments will support market expansion and branding.

FINANCE-

Halan UAE taps Lean to use its open banking infrastructure: Cairo-based fintech MNT-Halan’s UAE unit signed a partnership with Saudi-based fintech infrastructure provider Lean Technologies to use its open-banking platform, according to a press release. The tie-up will give Halan access to consenting customers’ bank statement data to build credit scores and extend loans to individuals and small businesses without credit histories. The rollout is slated for this autumn, Bloomberg reports, citing an emailed statement.

BACKGROUND- Halan entered the UAE market in December with its early salary access service, Halan Advance, targeting the country’s 3.7 mn underbanked expatriates. The firm is aiming to grow its local customer base to 250k by the end of next year and in January it partnered with Al Ansari Financial Services to launch earned wage access and send now pay later services.

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