{"id":106659,"date":"2025-08-19T00:00:00","date_gmt":"2025-08-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-indias-kotak-receives-sca-license-plans-retail-focused-funds-in-4q-2025-ifza-in-panama\/"},"modified":"2025-08-19T00:00:00","modified_gmt":"2025-08-19T00:00:00","slug":"this-morning-indias-kotak-receives-sca-license-plans-retail-focused-funds-in-4q-2025-ifza-in-panama","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/08\/19\/this-morning-indias-kotak-receives-sca-license-plans-retail-focused-funds-in-4q-2025-ifza-in-panama\/","title":{"rendered":"THIS MORNING: India\u2019s Kotak receives SCA license, plans retail-focused funds in 4Q 2025 + IFZA in Panama?"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s getting slightly busier as we move through the week, with today\u2019s issue bringing several M&A updates, a lot of energy-related news, and a healthy dose of finance as ADIB Capital launches a new fund and India\u2019s Kotak bags a license from the Securities and Commodities Authority. <\/p>\n

On the M&A front \u2014 we have two updates on acquisitions of Australian firms. <\/strong>Adnoc\u2019s takeover of Australian oil and gas producer Santos could take another month as the XRG-led consortium works through approvals, while DP World Australia finalized its acquisition of Silk Logistics, shuffling its board and delisting the firm. <\/p>\n

In energy-related news, US infrastructure investor Stonepeak is launching a Gulf-focused renewables platform<\/strong>, tapping a MENA exec based out of Dubai to lead the project. Meanwhile, Empower<\/strong> is building a district cooling plant<\/strong> in Dubai Science Park. <\/p>\n

WEATHER- It\u2019s another hot, cloudy day with a chance of afternoon rain<\/strong>, particularly in eastern and southern areas, according to the National Center of Meteorology (pdf)<\/a>. Dubai <\/strong>will see highs of 41\u00b0C and lows of 33\u00b0C, while Abu Dhabi <\/strong>will reach 39\u00b0C \u2014 feeling hotter with 77% humidity \u2014 before dipping to 33\u00b0C overnight.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- <\/strong>Kotak becomes India\u2019s first SCA-licensed firm:<\/strong> Kotak International, the global arm of India\u2019s Kotak Mahindra Bank, secured a license from the UAE\u2019s Securities and Commodities Authority (SCA) to sell investment funds and portfolios directly to onshore retail investors, making it the first Indian firm to gain SCA approval, Reuters<\/a> reports, citing a company statement. The move will allow Kotak<\/a> to expand beyond its traditional high-net-worth clientele, enabling UAE-based retail investors to access India-focused funds with a minimum investment of about USD 500 through UAE-domiciled funds. <\/p>\n

The firm plans to launch its first <\/strong>India-focused<\/strong> retail fund offerings in the UAE by 4Q 2025<\/strong>, capitalizing on growing local appetite for Indian markets. The large Indian expat community, comprising around 35% of the country\u2019s population, offers a natural investor pool. Kotak had previously tapped UAE-based investors via wealth managers and ins. platforms, the newswire said.<\/p>\n

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<\/a> #2- <\/strong>Dubai<\/strong>-based International FreeZone Authority (IFZA) launched a freezone in Pa<\/strong>nama City<\/strong> \u2014 marking IFZA\u2019s first presence in the region, state news agency Wam<\/a> reports. The new hub will support a range of sectors including logistics, trading, software, tech, and industrial production, and is set to provide Latin American businesses with better access to Middle Eastern, African, Indian, and Pakistani markets, the state news agency said.<\/p>\n

IFZA is eyeing more projects abroad: <\/strong>The freezone inked an MoU<\/a> with the Maldives\u2019 Economic Development and Trade Ministry last year to develop a special economic and financial services zone. IFZA also signed an MoU with Pakistan back in March<\/a> to explore investments in the country\u2019s freezones.<\/p>\n

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<\/a> #3- More investments in Syria from UAE firms: <\/strong>UAE-based cement-focused advisory firm A\u00b3&Co.<\/a> inked an agreement with Syria\u2019s state-owned General Company for the Manufacture and Marketing of Cement and Building Materials (Omran) to modernize production and improve sustainability in the Syrian cement sector, according to a press release<\/a>. <\/p>\n

Breaking it down: <\/strong>The partnership includes the development of a third production line at Syria\u2019s Hama Cement Plant, capacity building for technical staff, and the appointment of A\u00b3&Co. as Omran\u2019s strategic advisor. It also covers periodic evaluation reports, energy consumption studies, and testing centers for the cement industry as part of rebuilding efforts in Syria.<\/p>\n

REFRESHER- The UAE was among the first movers into Syria after the US lifted long-standing sanctions on the country <\/strong>in May<\/a><\/strong>.<\/strong> DP World signed a 30-year, USD 800 mn concession to develop Syria\u2019s Tartous Port last month<\/a>, while Abu Dhabi\u2019s National Investment Corporation inked a USD 2 bn agreement for a new Damascus metro earlier this month<\/a>. The countries\u2019 presidents also met last month<\/a> to discuss economic cooperation, while Emirati businessman Khalaf Al Habtoor also signaled in June<\/a> his interest in investing across multiple sectors in Syria.<\/p>\n

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#4- <\/strong>Hassyan <\/strong>desalination project\u2019s<\/strong> first phase to launch in 2027: <\/strong>Dubai Electricity and Water Authority (Dewa) expects the first phase of its Hassyan seawater desalination plant<\/a> to be completed in 1Q 2027, after it reached a 78% completion rate, according to a statement<\/a>. The AED 3.4 bn facility \u2014 developed under the Independent Water Producer (IWP) model \u2014 is set to produce 180 mn imperial gallons of water per day once finished. <\/p>\n

Why it matters: <\/strong>The Hassyan complex is Dewa\u2019s first IWP desalination project and one of the world\u2019s largest reverse osmosis plants. The authority is aiming to produce an extra 240 mn gallons of desalinated water per day by 2030, bringing its total capacity to 735 mn.<\/p>\n

DATA POINTS- <\/p>\n

#1- <\/strong>Dubai International Chamber brought 143 companies to Dubai in 1H 2025<\/strong>, up 138% y-o-y, according to Dubai Media Office<\/a>. These included 31 multinationals, up from the 13 1H 2024 brought in, and 112 SMEs \u2014 compared to 47 in the same period last year. <\/p>\n

The chamber also expanded its global footprint in 1H<\/strong>, opening five new overseas offices in Dhaka, Cape Town<\/a>, Bengaluru, Bangkok<\/a>, and Toronto<\/a> during the period \u2014 in line with its Dubai Global initiative target to have 50 representative offices by 2030. Its network also organized 247 business roundtables in the first half of the year.<\/p>\n

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#2- Gross bank assets grew 2.7% m-o-m to AED 4.9 tn in May<\/strong>, according to the Central Bank of the UAE\u2019s latest monetary and banking developments report (pdf)<\/a>. Gross credit rose 1.5% to AED 2.3 tn, driven by AED 26.9 bn growth in foreign credit and AED 7.1 bn in domestic credit. Within domestic credit, credit to the government sector rose 2% and private sector credit increased by 0.8%, while lending to non-banking financial institutions fell 2.5% and credit to government-related entities decreased by 2.4%.<\/p>\n

Total bank deposits increased 1.8% m-o-m to AED 3.0 tn<\/strong>, supported by a 1.9% rise in resident deposits to AED 2.7 tn and a 0.6% increase in non-resident deposits to AED 277.2 bn. Among resident deposits, government deposits rose 3.4%, followed by private sector deposits (+1.9%) and government-related entities deposits (+1.3%), while deposits from non-banking financial institutions declined 6.1%.<\/p>\n

PSAs- <\/p>\n

#1- UAE workers can now receive salaries via a du digital wallet: <\/strong>State-owned telco du launched a Salary in the Digital Wallet feature, allowing workers to receive their wages directly on the du Pay app, according to a press release<\/a>. The app also supports international money transfers, bill payments, debit cards, and other financial services.<\/p>\n

Who benefits? <\/strong>The service targets residents earning under AED 5k a month who may lack access to traditional banking. Upon registration, customers receive a unique IBAN, can open a zero-balance account, and access funds instantly via the app or a physical card.<\/p>\n

ALSO- Telecoms firm e&\u2019s fintech arm e& money inked an MoU with th<\/strong>e Human Resources and Emiratization Ministry to offer domestic workers with wage protection services<\/strong>, state news agency Wam<\/a> reports. This will offer them with an IBAN, a Mastercard pre-paid card, and a digital wallet, and will allow employers to directly pay wages through the system, which was previously extended only to private sector employees. <\/p>\n

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#2- No stopping for passport control at DXB?<\/strong> Dubai International Airport (DXB) introduced an AI-powered immigration corridor that lets travellers clear passport control without stopping or showing documents, Khaleej Times<\/a> reports. The system analyzes passenger data before they reach the border and flags suspicious documents for manual processing. The service, reportedly the first of its kind globally, can process up to 10 people in seconds and doubles capacity.<\/p>\n

But, uh, Enterprise \u2014 how will it verify passengers\u2019 identities?<\/strong> While reports do not clarify how DXB will verify passenger identities, a similar feature recently introduced at Zayed International Airport<\/a> requires passengers to register through an app before coming to the airport and then use the smart gates, with no queues. <\/p>\n

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#3- Emiratis can now test their newborns for genetic conditions via genome sequencing: <\/strong>The Abu Dhabi Health Department launched a newborn genetic screening program, offering whole genome sequencing to detect more than 815 treatable childhood genetic conditions, according to the Abu Dhabi Media Office<\/a>. Launched in partnership with Mubadala-backed healthtech investment firm M42, the program is currently available on a voluntary basis at Kanad and Danat Al Emarat hospitals. It will eventually expand to all maternity hospitals in the emirate, covering UAE nationals and children of Emirati mothers.<\/p>\n

How it works: <\/strong>Blood samples are collected at birth with parental consent and tested for metabolic disorders, immunodeficiencies, hematologic conditions, and rare diseases such as spinal muscular atrophy. Results are returned within 21 days, with referrals provided for actionable findings. <\/p>\n

This comes as part of a wider move towards genetic testing <\/strong>in the emirate, with premarital screening becoming mandatory last year<\/a>.<\/p>\n

THE BIG STORY ABROAD- <\/p>\n

The international press is focused on exactly two stories this morning:<\/strong> SoftBank investing in Intel, and US President Donald Trump\u2019s meeting with Ukraine\u2019s Volodymyr Zelensky in Washington yesterday. <\/p>\n

Intel is getting a USD 2 bn investment from SoftBank<\/strong>, which is buying a c.2% stake in Intel \u2014 some 87 mn shares \u2014 at USD 23 apiece, Intel said in a statement<\/a> overnight. The share price is slightly below Intel\u2019s closing price yesterday of USD 23.66, but is widely seen as a \u201clifeline\u201d for the US chipmaker, which reported net losses last year for the first time in nearly four decades. SoftBank\u2019s investment, which makes it Intel\u2019s fifth-largest shareholder, also comes as the US government is reportedly in talks to snap up a 10% stake in Intel. <\/p>\n

The investment is a shot in the arm in Intel\u2019s (costly) drive to manufacture chips for <\/strong>external customers<\/strong>, although Intel has yet to lock down any significant customers for this line of business. \u201cThis strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role,\u201d SoftBank said in a statement<\/a>. The story is front-page news in the Financial Times<\/a>, the Wall Street Journal<\/a>, CNBC<\/a>, Bloomberg<\/a>, and Reuters<\/a>. <\/p>\n

Meanwhile, Trump is now arranging a meeting between Ukraine\u2019s Zelensky and Russia\u2019s <\/strong>Vladimir Putin<\/strong> after Trump and Zelensky agreed that the US would help ensure Ukraine\u2019s security in any peace agreement with Russia. Zelensky and Putin could meet in Hungary in the next two weeks, according to unconfirmed reports, with that meeting expected to be followed by a trilateral meeting with Trump to reach a final agreement to end the war between Kyiv and Moscow. (Reuters<\/a> | Semafor<\/a> | CNBC<\/a> | Bloomberg<\/a>)<\/p>\n

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MARKET WATCH- <\/p>\n

Bunker<\/strong> fuel sales at the Port of Fujairah rebounded in July to their highest in three <\/strong>months<\/strong>, reaching 640.7k cbm, up 13.8% m-o-m, Al Khaleej<\/a> reports, citing Fujairah Oil Industry Zone data published by S&P Global Commodity Insights. The recovery was driven by stronger demand for high sulfur fuel oil (HSFO), which climbed 28.4% m-o-m to 205.6k cbm, the highest since January, as LSFO\u2019s premium over HSFO hit a six-month high of more than USD 95\/ton in mid-July, Al Khaleej said, citing London Exchange Group data. <\/p>\n

Sales of low sulfur marine fuels, including LSFO and marine gasoil, rose 8% m-o-m to 435k cbm. <\/strong>HSFO\u2019s market share grew to 32% in July, while LSFO\u2019s share slipped to 68%. <\/p>\n

SOUND SMART- <\/strong>HSFO is cheaper but only allowed for vessels with scrubbers to meet the IMO 2020 sulfur cap<\/a>. LSFO \u2014 capped at 0.5% sulfur \u2014 has become the dominant marine fuel. Marine gas oil<\/a>, a cleaner distillate, is used in emission control areas where the sulfur limit<\/a> is just 0.1%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: UAE-based advisory firm to help Syria\u2019s state-owned cement firm upgrade 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