BANKING- <\/p>\n
#1- <\/strong>Our <\/strong>friend<\/strong>s at Mashreq have launched Mashreq Biz, an SME-foc<\/strong>used online and mobile <\/strong>banking platform<\/strong> designed to streamline financial management for SMEs, according to a press release (pdf)<\/a>. The platform builds on Mashreq\u2019s 2019 digital banking solution, NeoBiz, and along with its business banking services serves over 70k customers.<\/p>\n The platform:<\/strong> Key features of Mashreq Biz include an integrated dashboard for a complete financial overview, instant FX account openings, bulk payments, preferential rate deposit bookings, and features like workflow approvals, multi-user management, and value-added services \u2014 all accessible via web and mobile.<\/span><\/p>\n The development aligns with Mashreq\u2019s strategy to \u201cempower SMEs and drive the digital banking revolution in the UAE,\u201d<\/strong> Head of Retail Banking Fernando Morillo said, adding that this comes as Mashreq is \u201cexpanding [its] reach across new channels\u201d and \u201cenhancing [its] offerings.\u201d<\/p>\n #2- <\/strong>CashTrans <\/strong>partners with Sharjah Islamic Bank for advanced cas<\/strong>h management: <\/strong>CashTrans<\/a>, a subsidiary of Al Ansari Financial Services, partnered with Sharjah Islamic Bank (SIB) to provide it with cash management services, including secure cash-in-transit (CIT) and processing, according to a press release<\/a>. As part of the agreement, CashTrans will handle currency transportation, processing, and secure banknote storage using its armored fleet, logistics network, and cash center.<\/p>\n #3- <\/strong>HSBC <\/strong>to launch Center of Excellence in Al Ain:<\/strong> HSBC, in partnership with the Abu Dhabi Department of Economic Development, will establish a Center of Excellence in Al Ain, set to be operational by late 2025, according to a press release<\/a>. The center will focus on collections, client services, customer experience, and skills development for UAE nationals in the financial sector.<\/p>\n #<\/strong>4- <\/strong>RAK <\/strong>Bank partners with FaturaLab to enhance supply chain financing:<\/strong> Ras Al Khaimah National Bank (RAK Bank) has inked an agreement with FaturaLab, a supply chain solutions provider, to improve supply chain financing for UAE businesses, according to a press release<\/a>. This partnership marks the first FaturaLab collaboration outside of Turkey, and will see FaturaLab integrate its supply chain solutions into RAK Bank\u2019s corporate banking operations.<\/p>\n CONSTRUCTION- <\/p>\n Drake <\/strong>and<\/strong> Scull secures AED 1 bn Arabian Hills contracts: <\/strong>Construction engineering company Drake and Scull International<\/a> (DSI) secured two major contracts worth over AED 1 bn for the Arabian Hills project, according to a press release<\/a>. The contracts involve infrastructure works for Area 10 (Sun Valley) and Area 05 (Park Vista), including power works, street lighting, and a sewage treatment plant. <\/p>\n ICYMI- <\/strong>Arabian Hills project is an AED 22 bn residential project inaugurated in June 2024<\/a>. It is a collaboration between Dubai-based real estate developer Arabian Hills and Core International Holdings Group's real estate division Ara Real Estate Development. <\/p>\n REAL ESTATE- <\/p>\n Deyaar debuts in Umm Al Quwain: <\/strong>Dubai-based developer Deyaar Dev<\/a>elopment<\/a> launched AYA Beachfront Residences, its first residential project in Umm Al Quwain, according to a press release<\/a>. Phase one includes a beach club, wellness center, spa, infinity pool, and community hub, with future phases expected to feature a marina and retail spaces. Located 40 minutes from Dubai airport, the project is scheduled for completion in 4Q 2027. The developer recently inked an agreement<\/a> with Umm Al Quwain Properties to develop projects along the emirate\u2019s coast. <\/p>\n LOGISTICS- <\/p>\n #1- Spring Valley expands footprints at Jafza: <\/strong>Local argo-commodity supplier Spring Valley is investing AED 184 mn to develop a new distribution hub at Jebel Ali Freezone (Jafza) to boost regional food security, according to a statement<\/a>. The center \u2014 spanning over 106k sq ft \u2014 will include advanced processing and storage facilities to support consumer packaging, roasting, and grinding operations. The project\u2019s first phase is slated to be completed within two years \u2014 with a projection of processing over 65k metric tonnes of staple food ingredients and garnering over AED 440 mn annually. <\/p>\n #2- Noatum + Erkport launch RoRo liner JV: <\/strong>AD Ports subsidiary Noatum Maritime has entered into a JV with Turkish shipping firm Erkport to launch a new RoRo liner that aims to link key ports in the automotive sector \u2014 with Noatum Maritime owning 60% and Erkport holding the remaining 40%, according to a statement<\/a>.The pair will manage the new business \u2014 dubbed United Global RoRo \u2014which aims to establish regional feeder networks as well as boost the accessibility of RoRo liner services across the Arabian Gulf, Europe, the Mediterranean Sea, South Africa, and Asia. Once operational, the JV will operate 11 vessels over five services, deploying container RoRo, Pure Car and Truck Carrier (PCTC) and RoRo vessels.<\/p>\n M&A- <\/p>\n #1- UK-born Pinewood Technologies moves to take over the rest of Dubai\u2019s See<\/strong>z: <\/strong>British software company Pinewood Technologies<\/a> is set to acquire an additional 91% stake in Dubai AI-powered automotive platform Seez<\/a> in a GBP 33.3 mn transaction, according to filing<\/a> to the London Stock Exchange. The move will see Pinewood \u2014 a software-as-a-service (SaaS) company specializing in automotive retail solutions \u2014 enhance Seez\u2019s AI functionalities particularly in customer service automation, inventory management, and digital sales solutions. <\/p>\n The timeline: <\/strong>The sale is expected to close on or around Wednesday, 19 March, and follows Pinewood\u2019s initial USD 4.2 mn investment<\/a> in the company back in September 2024 to support its expansion in the US.<\/p>\n #2- AQD completes purchase of Australia\u2019s Plenary Group: <\/strong>Abu Dhabi sovereign wealth fund ADQ wrapped up its acquisition of a 49% stake in Australian infrastructure investment and development firm Plenary Group for an undisclosed sum, according to a joint statement<\/a>. The transaction was first announced in April 2024<\/a> and was said to be valued at USD 1 bn. <\/p>\n Under the agreement, Plenary and ADQ created a development and investment platform called Plenary Middle East. <\/strong>This platform will focus on public and social infrastructure projects in high-growth areas throughout the Middle East and Central Asia.<\/p>\n Next steps: <\/strong>The acquisition bolsters Plenary\u2019s balance sheet, allowing the company to expand across Australia and New Zealand, with projects including Hobart Stadium, Brisbane 2032 Olympics infrastructure, energy transmission, and transport projects. It also positions Plenary to enter new markets across the Middle East, Asia, the UK, Ireland, and Europe.<\/p>\n DEBT- <\/p>\n Dubai Islamic Bank (DIB) launched a sustainability-linked financ<\/strong>e facilities <\/strong>framework<\/strong>, the first of its kind for any Islamic bank globally, according to a press release<\/a>. The framework sets criteria for sustainability-linked finance (SLF) instruments, allowing DIB to issue instruments with proceeds dedicated to financing or refinancing eligible projects. It includes key performance indicators and sustainability targets, with Standard Chartered Bank as the sole service provider.<\/p>\n An annual allocation and impact report will assess SLF facilities<\/strong>, backed by a second-party opinion (SPO) and independent assurance. DIB has already secured an SPO from ISS-Corporate, confirming the framework\u2019s alignment with sustainability standards. <\/p>\n CLEAN ENERGY- <\/p>\n Empower + DMCC partner on district cooling: <\/strong>District cooling firm Emirates Central Cooling Systems Corporation (Empower) has signed an agreement with the Dubai Multi Commodities Center to provide sustainable cooling services in the next phase of Uptown Dubai with 24.7k refrigeration tons (RT) capacity, according to a press release (pdf)<\/a>. Empower is already servicing the first phase of the project with 3.9k RT cooling capacity.<\/p>\n SUSTAINABILITY- <\/p>\n #1- The Energy and Infrastructure Ministry partnered with<\/strong> Lootah Biofuels to convert <\/strong>used cooking oil into biofuel<\/strong>, supporting national net-zero goals, according to a press release<\/a>. Specialized containers will collect oil for processing, reducing improper disposal risks. <\/p>\n
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