{"id":103064,"date":"2025-04-28T00:00:00","date_gmt":"2025-04-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/umm-al-quwain-gets-new-sprawling-downtown-coastal-development\/"},"modified":"2025-04-28T00:00:00","modified_gmt":"2025-04-28T00:00:00","slug":"umm-al-quwain-gets-new-sprawling-downtown-coastal-development","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/04\/28\/umm-al-quwain-gets-new-sprawling-downtown-coastal-development\/","title":{"rendered":"Umm Al Quwain gets new sprawling \u201cdowntown\u201d coastal development"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Umm <\/strong><strong>Al Quwain<\/strong><strong> has launched a 25 mn sq ft coastal development called <\/strong><strong>Downtown Umm Al Quwain (Downtown UAQ)<\/strong>, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/bjcu31i-crown-prince-umm-qaiwain-launches-downtown-uaq\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The new development will feature an 11 km shoreline, and will include commercial centers, office spaces, residential builds, and leisure and hospitality facilities. The urban plan includes three districts \u2014 North Beach, Trade Center, and South Beach \u2014 and the development will accommodate 150k residents. The Umm Al Quwain government is partnering with real estate developer <a target=\"_blank\" href=\"https:\/\/sobharealty.com\/\" style=\"\" rel=\"noopener\">Sobha Realty<\/a> on the first phase of construction. No investment value for the development has been disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>New trade hub in the works: <\/strong>The development will include a 15 mn sq ft trade center freezone that will operate under an independent framework to attract global businesses and investment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Nord <\/strong><strong>Lifestyle Development launches AED 500 mn project: <\/strong>Goldfield Holding-backed luxury real estate developer Nord Lifestyle Development has launched Henge Residences, a AED 500 mn luxury residential project on Abu Dhabi\u2019s Saadiyat Island, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/government-news\/nord-lifestyle-development-launches-aed500mln-henge-residences-on-saadiyat-island-abu-dhabi-mrm7wqps\" style=\"\" rel=\"noopener\">press release<\/a>. Nord is looking to increase its contributions to Abu Dhabi\u2019s economy, CEO Maher Rahabi said. Currently Nord holds AED 342 mn in assets in the emirate.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The project was developed in collaboration with Italian design house Henge, and is set for completion in 1Q 2028. Sales for its 166 properties are underway through Nord\u2019s direct channels and brokers, and start from AED 1.1 mn for a studio and reaching up to AED 4.7 mn for a three-bed property.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">OIL AND GAS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dragon O<\/strong><strong>il inks slew of agreements at Gotech 2025:<\/strong> Dubai Government-owned oil and gas firm Dragon Oil signed several MoUs and strategic agreements to expand its operations in Egypt, Gabon, and Turkey at Gotech 2025, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/61560752860783\/videos\/1453315632516379\" style=\"\" rel=\"noopener\">statement<\/a>. The breakdown: <\/p>\n<ul>\n<li><strong>D<\/strong><strong>ragon Oil<\/strong> and <strong>Business Oil Africa<\/strong> agreed to <strong>develop oil and gas assets in Gabon<\/strong>;<\/li>\n<li>It also inked a <strong>settlement agreement<\/strong> with <strong>Turkish Petroleum Corporation<\/strong> (TPAO), the statement said, without disclosing further details; <\/li>\n<li>And was awarded a new concession by the <strong>Egyptian General Petroleum Corporation<\/strong> (EGPC) for <strong>petroleum exploration<\/strong> in Egypt\u2019s East El Hamd area.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2026and targeted digital transformation:<\/strong> The firm signed a MoU with oil and gas software solutions firm Quorum to boost digital transformation and operational efficiency. It also partnered with Baker Hughes, Corva, and Exebenus to launch AI solutions in drilling operations management. The company also agreed to collaborate with geophysical firm BGP to institute state-of-the-art seismic survey technology and AI applications. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">STARTUPS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai <\/strong><strong>Future Foundation, du, Dtec, and in5 partner with Ignyte to support star<\/strong><strong>tups:<\/strong> Dubai International Financial Center\u2019s start-up focused platform Ignyte signed four strategic partnership agreements with the Dubai Future Foundation (DFF), du, Dubai Technology Entrepreneurship Campus (Dtec), and in5 during Dubai AI Week 2025 to support startup growth, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/bjcu2yk-hamdan-bin-mohammed-witnesses-signing-strategic\" style=\"\" rel=\"noopener\">Wam<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>Under the agreements, DFF will join Ignyte\u2019s platform to drive innovation programming and engage with its startup and investor ecosystem, while du will serve as Ignyte\u2019s exclusive telecom partner, offering communications infrastructure, mentorship, and access to digital tools. Dtec will provide Ignyte startups with soft-landing programs and subsidized licensing solutions, and in5 will provide incubation and fast-tracked licensing in technology, media, and design sectors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TRADE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1-<\/strong> <strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.dubaichambercommerce.com\/en\/\" style=\"\" rel=\"noopener\">Dubai<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.dubaichambercommerce.com\/en\/\" style=\"\" rel=\"noopener\">Chamber of Commerce<\/a><\/strong><strong> has established the Slovak Business<\/strong><strong> Council<\/strong>, which aims to strengthen trade and investment links between Dubai and Slovakia, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/bjcu2ss-dubai-chamber-commerce-launches-slovak-business\" style=\"\" rel=\"noopener\">Wam<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Slovak business activity in Dubai is accelerating:<\/strong> By the end of 2024, 134 Slovak companies were registered with the chamber \u2014 up 41% y-o-y \u2014 and non-oil trade between Dubai and Slovakia grew 38% y-o-y to AED 3.4 bn. Ten new Slovak companies joined the chamber in 1Q 2025 alone.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Abu Dhabi Chamber has opened its first international representative<\/strong><strong> office in <\/strong><strong>Katowice, Poland<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.alkhaleej.ae\/2025-04-27\/%D8%BA%D8%B1%D9%81%D8%A9-%D8%A3%D8%A8%D9%88%D8%B8%D8%A8%D9%8A-%D8%AA%D8%AF%D8%B4%D9%86-%D8%A3%D9%88%D9%84-%D9%85%D9%83%D8%A7%D8%AA%D8%A8%D9%87%D8%A7-%D8%A7%D9%84%D8%AA%D9%85%D8%AB%D9%8A%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A%D8%A9-5886571\/%D8%A3%D8%B3%D9%88%D8%A7%D9%82-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA\/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF\" style=\"\" rel=\"noopener\">Al Khaleej<\/a> reports. The office will serve as a platform for UAE companies seeking entry into European markets and for Polish companies eyeing the UAE. It aims to strengthen trade, investment, and bilateral relations, UAE Ambassador to Poland Mohamed Ahmed Al Harbi said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">AI-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#<\/strong><strong>1- <\/strong><strong>New <\/strong><strong>AI academy in Dubai: <\/strong>Dubai Crown Prince Hamdan bin Mohammed has launched the Dubai AI Academy to train 10k leaders \u2014 including government employees in an initial offering \u2014 in AI-related skills in collaboration with Oxford University\u2019s Sa\u00efd Business School, the Minerva Project, and Udacity, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/bjcu2vr-hamdan-bin-mohammed-launches-dubai-academy\" style=\"\" rel=\"noopener\">Wam<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong> <strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.dubaifuture.ae\/\" style=\"\" rel=\"noopener\">Dubai Future<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.dubaifuture.ae\/\" style=\"\" rel=\"noopener\">Foundation<\/a><\/strong><strong> and Google Cloud have partnered to roll out an <\/strong><strong>upskilling initiative for chief AI officers (CAIOs) across government entities<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/bjcu2jz-dubai-future-foundation-google-cloud-launch\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The training will provide CAIOs access to Google Cloud\u2019s applied AI tools, insights, and frameworks to help them accelerate AI adoption within their organizations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>New <\/strong><strong>AI partners for Dubai CommerCity: <\/strong>Digital-focused freezone Dubai CommerCity has signed strategic partnerships with trade-focused AI companies <a target=\"_blank\" href=\"http:\/\/qeen.ai\" style=\"\" rel=\"noopener\">qeen.ai<\/a> and <a target=\"_blank\" href=\"https:\/\/www.qeen.ai\/\" style=\"\" rel=\"noopener\">Portmind<\/a> to accelerate digital commerce and trade operations, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/dubai-commercity-partners-with-qeenai-and-portmind-to-accelerate-ai-adoption-within-the-free-zone-w4229saq\" style=\"\" rel=\"noopener\">press release<\/a>. The partnership with qeen.ai will embed AI-driven automation and solutions into the freezone\u2019s ecosystem, supporting e-commerce SMEs and high-growth brands in scaling operations and boosting competitiveness. Meanwhile, Portmind\u2019s Sail platform will automate customs documentation and regulatory compliance, helping businesses speed up clearances, improve shipment visibility, and lower operational costs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DEBT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fitch <\/strong><strong>Ratings has affirmed the Bank of Sharjah\u2019s long-term issuer default rating at BBB+<\/strong><strong> with a stable outlook<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/banks\/fitch-affirms-bank-of-sharjah-at-bbb-stable-25-04-2025\" style=\"\" rel=\"noopener\">report<\/a> by the agency. Fitch attributed the rating to the bank\u2019s potential to access support from UAE authorities, and highlighting its improved operating conditions, recovery of problem assets, better risk management, and accelerated growth. It also affirmed the bank\u2019s viability rating at B-, emphasizing the issues caused by potentially problematic legacy assets and the resulting restraint on capital.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dragon Oil inks slew of agreements at Gotech 2025<\/p>\n","protected":false},"author":1,"featured_media":103065,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1552],"tags":[1340,47,610,2303,1804,7,693,131,98,387,1471],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-103064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-ai","tag-also-on-our-radar","tag-artificial-intelligence","tag-commerce","tag-dubai-chamber-of-commerce","tag-enterpriseam-uae","tag-fitch-ratings","tag-healthcare","tag-real-estate","tag-tourism","tag-umm-al-quwain","wpautop","entry"],"acf":{"mongo_id":"ec3fc723-749c-4c8c-a6d8-76a9f010b9fe","order":"12","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/4\/1703.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Umm Al Quwain gets new sprawling \u201cdowntown\u201d coastal development","related_issue":[103042],"teaser":"Dragon Oil inks slew of agreements at Gotech 2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.b6109d7b-6f0e-4134-8368-fc7e5a2695c3.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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