Hub71 launches Angel Investor Support Package

INVESTMENT-

Abu Dhabi’s tech startup ecosystem Hub71 launched the Angel Investor Support Package to promote the growth of angel networks and facilitate the establishment of legal investment structures for angel investors, according to a press release. The package includes a financial incentive of AED 150k aimed at encouraging investments in early-stage startups registered at Hub71.

The details: Key features of the Angel Investor Support Package include two years of office space, discounted licensing and setup fees for creating special purpose vehicles in the ADGM, and access to centralized back-office support services such as legal and audit assistance. Additionally, Hub71 will set up digital infrastructure that allows investors to vote on startup projects and manage their portfolios effectively.

Four angel networks have already joined the initiative including Falcon Valley, which targets early-stage disruptive ventures; UAE Angels Capital Investment, which specializes in high-growth seed and early-stage startups; Qora71, dedicated to mentoring startups; and the Emirates Angels Investors Association, which has invested in notable startups like Takalam and Mindtales.

FINTECH-

MNT-Halan enters the UAE market with Halan Advance launch: Egyptian fintech leader MNT-Halan has expanded into the UAE with the rollout of its early salary access service, Halan Advance, targeting the Emirates’ over 3.7 mn underbanked expatriate community, the fintech unicorn said in a statement (pdf). MNT-Halan has a target of building its customer base in the country to 250k by the end of next year.

What they said: “The GCC is a powerful hub for financial innovation, and launching in the UAE marks a significant step in our regional expansion,” MNT-Halan CEO Mounir Nakhla said.

DEVELOPMENT FINANCE-

Abu Dhabi Fund for Development loans AED 92 mn to Rwanda: The Abu Dhabi Fund for Development finalized a loan agreement worth AED 92 mn with Rwanda’s government to enhance water systems at the Karenge Water Treatment Plant, Wam reports. The funding will support efforts to expand the plant’s capacity to 36k cubic meters, addressing the country’s growing water needs.

HEALTHCARE-

Maldivian patients to access healthcare at Burjeel Holdings' flagship facility: ADX-listed Burjeel Holdings partnered with Aasandha Company, the state-owned entity running the Maldives' government health ins. scheme, to provide Maldivian patients with advanced medical treatments at Burjeel Medical City in Abu Dhabi, according to a press release (pdf). Maldivian patients covered by the National Social Health Insurance Scheme will now be able to access services such as multi-organ transplants, advanced oncology, orthopedics, and cardiology at the facility.

AVIATION-

#1- Aircraft management firm Comlux opened a service and maintenance center at Dubai’s Al Maktoum International Airport in partnership with Mohammed Bin Rashid Aerospace Hub, which will also double as a regional headquarters for the Swiss company, according to a press release. The 20k sq m facility will offer light maintenance, hangarage, AOG services, cabin detailing, and aircraft cleaning services.

#2- ExecuJet to offer aircraft livery services at Al Maktoum Airport: ExecuJet MROServices, Dassault Aviation’s aircraft maintenance arm, is set to begin offering aircraft paint and livery services at Dubai’s Al Maktoum International Airport, according to a press release. The new facility, being built by Satys Aerospace, is expected to begin operations in 1Q 2025. The services will cater to the business, commercial, and VVIP aviation sectors. The facility will have the capacity to paint up to 35 aircraft annually and can accommodate business jets, Boeing BBJ, Airbus ACJ, and commercial aircraft up to the size of Boeing 737-10 Max and Airbus A321XL.

#3- RoyalJet set to add up to nine Airbus ACJ320neo aircraft to its fleet: Abu Dhabi-based private charter airline RoyalJet signed an MoU with Airbus Corporate Jets (ACJ) to purchase at least three ACJ320neo aircraft, according to a press release. The airline could purchase six more of the same aircraft under a purchase right clause in the agreement.

#4- Skyports-commissioned GHD designed the UAE’s first dedicated vertiport at Dubai International Airport as part of Dubai’s aerial taxi network, set to launch by 2026, according to a press release. The vertiport features two eVTOL landing pads and charging stations, in addition to accommodation facilities and a multideck carpark for passengers.

REMEMBER- Plans are underway to launch flying taxis in Dubai as soon as next year: Dubai's Road and Transport Authority inked an agreement in February with electric aircraft developer Joby Aviation to launch air taxi services in the UAE by early 2026. The first of four vertiports in Dubai will kick off operations in 1Q 2026.

BANKING-

#1- Al Maryah Community Bank (Mbank) partnered with AE Coin to allow its customers to make transactions using the UAE’s first stablecoin through Mbank-powered AEC wallets, according to a press release. The digital wallet facilitates everyday transactions, including money transfers, paying merchants, and converting AE Coin to AED.

REMEMBER- AE Coin is the UAE’s first AED-pegged stablecoin approved by the Central Bank of the UAE. This came after the Financial Services Regulatory Authority issued a regulatory framework for the issuance of stablecoins in the ADGM.

#2- Standard Chartered aims to expand its UAE private banking team by 20%, hiring seven new bankers so far as part of the move, the lender said in a statement picked up by Reuters and Bloomberg. The hiring spree is part of the bank’s strategy to double its investments in wealth management over the next five years.

SUSTAINABILITY-

An AED 86 mn water reservoir in Dubai’s Hatta went online, boasting a capacity for 30 mn imperial gallons of desalinated water, the Dubai Electricity and Water Authority said in a statement. With two new reservoirs launched in Lusaily and Enkhali and another 120 mn gallon-one being built in Hassyan, the authority targets to boost Dubai’s storage capacity to 1.1 bn gallons of desalinated water by 1Q 2025.

PAYMENTS-

Abu Dhabi Investment Office (Adio) partnered with Mastercard to launch the Digital Partnership Program in Abu Dhabi to digitize government services in the emirate through the use of fintech solutions, according to a press release. The program will also offer support to SMEs and fintech companies through Abu Dhabi's tech ecosystem Hub71. It also targets to facilitate pension payments by offering prepaid cards to the unbanked.

ALSO- The agreement will see Adio collaborating with Mastercard's Advanced AI Center of Excellence to develop AI and blockchain products aimed at high-growth sectors, such as gaming.

ENERGY-

Brazilian electric motors manufacturer Weg will supply Adnoc with technical equipment for its USD 3 bn oil pipeline, Trade Arabia reports. Weg will provide Adnoc with a comprehensive drive package by September 2025 — including flameproof electric motors, variable speed drives, and transformers — to ensure the optimal operation of horizontal centrifugal pumps critical to the infrastructure. The 300 km-pipeline will transport crude oil from Jebel Dhanna in Abu Dhabi to the Fujairah oil terminal, with a capacity of 1.5 mn bbl / d.

TRANSPORT-

EV manufacturer Switch Mobility will begin pilot runs of its electric buses in the UAE and Saudi Arabia by the summer of 2025, with plans for a full commercial rollout in the GCC by 4Q 2025, according to a press release.

STARTUPS-

Web3 communication network Dechat raised USD 1 mn in a funding round led by Mindspace, Wamda reports. The funds will fuel the company’s growth, develop its technology infrastructure, and expand its user base. It will also use this money to drive new initiatives and enhance its R&D activities to develop innovative solutions.

LOGISTICS-

Abu Dhabi Airport started construction on the East Midfield cargo terminal (EMCT) at Zayed International Airport (AUH), a 90K sqm facility designed to handle 1.5 mn tonnes of cargo annually, according to a statement. While no investment details or timeline were provided, the EMCT is part of ongoing infrastructure upgrades, following a strong performance in 1H 2024 with a 33.5% increase in passengers at AUH.

The details:The EMCT will integrate with the Abu Dhabi Airports Freezone (ADAFZ) — specifically at Al Falah district — offering a full range of services such as consolidation, warehousing, distribution, and re-export.