DEBT WATCH-

Investcorp Capital’s USD 800 mn revolving credit facility was underwritten by a consortium of five banks: Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait (DIFC Branch), Commercial Bank of Dubai, Gulf International Bank and HSBC Middle East Limited, Investcorp Capital said in an ADX disclosure (pdf).

ICYMI: Investcorp Capital entered into the revolving credit facility agreement with a syndicate of regional and international banks earlier this week. This four-year term facility, extendable by one year, offers more favorable pricing terms compared to the existing facility from Investcorp Group.

REAL ESTATE-

Abu Dhabi-based real estate developer Aldar Properties launched small-scale mid-rise residential project Nouran Living in Saadiyat Island’s Marina District, according to a press release. Nouran Living offers 372 units, starting at AED 750k, open to all nationalities. Units will be available from next Tuesday, 19 March.

INFRASTRUCTURE-

) #1- Quantum cryptography communications facility launches in UAE: Abu Dhabi's Technology Innovation Institute has launched the Abu Dhabi Quantum Optical Ground Station, the Abu Dhabi Media Office reports. The ground station will integrate Abu Dhabi and the wider UAE into the global Quantum Key Distribution network, ensuring secure and private communication through tamper-proof encryption keys.

SOUND SMART- The Quantum Key Distribution network is a form of quantum cryptography, ensuring that the sender of the information can distribute a key using quantum means ensuring security of data transmitted.

#2- Abu Dhabi, Korea to ramp up transport systems: Abu Dhabi’s Municipalities andTransport Department and Korea’s Land, Infrastructure and Transport Ministry inked an agreement to cooperate and swap expertise to advance sustainable transport solutions and urban development, reports the Abu Dhabi Media Office.

#3- Saudi Arabia’s Acwa Power has received the commercial operation certificate for its Al Taweelah desalination plant in Abu Dhabi, according to a statement. The certificate — issued by Emirates Water and Electricity (Ewec) — is for the launch of the remaining 76k cbm/day phase of the project, which already began operating at a capacity of some 454.6k cbm/day of desalination capacity in 2022. With this latest addition, the project — which cost USD 874 mn — has now achieved full commercial operation with a total capacity of 909.2k cbm/day. Acwa Power owns a 40% stake in the project company, with the remaining 60% owned by UAE’s Abu Dhabi Power Corporation and Mubadala Development Company.

LOGISTICS-

Kezad + Al Masaood Auto ink agreement for spare parts warehouse: AD Ports subsidiary Khalifa Economic Zones Abu Dhabi (Kezad) and Abu Dhabi based Al Masaood Automobiles have inked a lease agreement for 12k square meters of warehousing space in Kezad to serve as their spare parts logistics center, according to a press release. The agreement looks to streamline Al Masaood’s operations by boosting availability and dispatch rates for spare parts. No details regarding investments and timelines were disclosed in the statement.

AVIATION-

#1- Etihad Cargo has entered into a partnership with Awery AviationSoftware to boost its charter service capabilities by adopting Awery’s enterprise resource planning (ERP) system for its cargo chartering program, according to a press release. The ERP system will allow Etihad Cargo to categorize and prioritize charter queries, strengthen analytics and data storage for performance evaluation, and enhance pricing capabilities. The move will help the company meet increased demand for charter services on the back of a boom in e-commerce.

Emirates SkyCargo goes live on cargo.one: Emirates SkyCargo is now available on cargo.one, allowing customers to see Emirates SkyCargo schedules, rates, and real-time capacity while enabling instant bookings, according to the Dubai Media Office.

CONSTRUCTION-

Malaysian firm contracted for Ras Al Khaimah resort: Malaysian engineering and construction firm Eversendai was awarded a contract to develop the structural steel work for the 1.5k room Wynn Al Marjan Island Integrated Resort Development in Ras Al Khaimah, the firm said in a filing to Bursa Malaysia. The development will be carried out by the company’s subsidiary, Eversendai Mega Structure. The steel scope project for the resort is among a slew of new projects worth a collective RM 5.4 bn (AED 4.23 bn) the company secured in the UAE, Saudi Arabia, and India.

INVESTMENT-

#1- Abu Dhabi, Western Australia to deepen economic cooperation: Abu Dhabi Investment Office (Adio) and Western Australia’s Department of Jobs, Tourism, Science and Innovation inked an agreement to explore collaboration within the Diversify WA Strategy and Adio’s strategic clusters, and additional areas of mutual economic interests, reports the Abu Dhabi Media Office. The agreement will see the entities cooperate to support large-scale mining and industrial operations, startups, and SMEs, as well as promote cross-sector activities, including supply chain development and advanced manufacturing.

The UAE ❤️ Australia for trade: The UAE is Australia’s largest trade and investment partner in the Middle East, with bilateral trade reaching USD 9.3 bn in 2022. The countries launched negotiations for a Comprehensive Economic Partnership Agreement to enhance trade and investment flows in December 2023.

#2- UAE, Europe to deepen economic ties: The government’s global investment arm Investopia inked an agreement with Milan’s EFG Consulting to develop a joint framework to enhance UAE-Europe economic ties and promote investments between the UAE and Italy, reports Wam. The partnership comes ahead of the upcoming Investopia Europe event in Milan, aiming to ramp up sustainability across economic and social sectors.

TECH-

Cloudflare sets up shop in Dubai: US connectivity cloud company Cloudflare inaugurated a new office in Dubai Internet City, to be led by Cloudflare’s head of Middle East sales, Bashar Bashaireh (LinkedIn), it said in a statement. The move comes in a bid to boost the company’s investment in the Middle East. “Countries like the UAE and Saudi Arabia rank among the highest worldwide when it comes to access to the Internet, making the region a powerful source of growth and innovation,” says Cloudflare co-founder and president Michelle Zatlyn.

SPACE-

Local space sector set for upgrade: Abu Dhabi’s Department of Culture and Tourism and the Mohammed Bin Rashid Space Centre inked an agreement to advance national space exploration capabilities, focusing on education, awareness programs, and knowledge exchange, according to the Abu Dhabi Media Office.

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