{"id":109835,"date":"2025-11-26T00:00:00","date_gmt":"2025-11-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/gcc-interconnection-authority-awards-contracts-for-uae-oman-electricity-link-expansion\/"},"modified":"2025-11-26T00:00:00","modified_gmt":"2025-11-26T00:00:00","slug":"gcc-interconnection-authority-awards-contracts-for-uae-oman-electricity-link-expansion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/11\/26\/gcc-interconnection-authority-awards-contracts-for-uae-oman-electricity-link-expansion\/","title":{"rendered":"GCC Interconnection Authority awards contracts for UAE-Oman electricity link expansion"},"content":{"rendered":"

ENERGY- <\/p>\n

#1- <\/strong>GCCIA <\/strong>inks UAE-Oman connection line contracts:<\/strong> The GCC Interconnection Authority (GCCAIA) inked contracts to expand its 530km electricity interconnection project between the UAE and Oman, which runs from Al Sila station in the UAE to a new Ibri station in Oman, Wam<\/a> reports. The authority inked contracts on new 400kV conversion equipment to be added to the Al Sila substation, expansion of the Al Sila, Gonan, and Salwa substations, constructing of a 400kV double-circuit power line between Al Sila and Ibri, and building two 400 kV transmission stations in Oman\u2019s Ibri and the UAE\u2019s Al Bayunah. Construction is slated to begin this quarter, with full commissioning set for end-2027.<\/p>\n

REFRESHER- The move is part of the wider 913km Gulf Electricity Interconnection Project that looks to connect all six gulf countries.<\/strong> The GCCIA inked a USD 50 mn financing agreement with Oman\u2019s Sohar International Bank for the project in September<\/a>. It also secured USD 205 mn from the Abu Dhabi Fund for Development earlier in the year<\/a> to expand the link to Saudi Arabia via a line between Al Sila and the Kingdom\u2019s Salwa substation. At the time the authority said connections to Kuwait, Oman, and southern Iraq were also in the cards.<\/p>\n

#2- <\/strong>Framatome<\/strong> delivers first lead fuel assemblies for Barakah: <\/strong>Emirates Nuclear Energy Company (Enec) and France\u2019s Framatome have completed the fabrication of the first lead fuel assemblies for the Barakah Nuclear Energy Plant at Framatome\u2019s Richland facility in Washington \u2014 the first milestone under the fuel-supply agreement the two firms signed in July 2025<\/a>, state news agency Wam<\/a> reports. The units will now move into Enec\u2019s qualification program for on-site testing at Barakah.<\/p>\n

ICYMI- <\/strong>The plant became fully operational last year<\/a>, and aims to offset 22.4 mn tons of emissions through 40 TWh of annual generated electricity.<\/p>\n

BANKING- <\/p>\n

#1- <\/strong>Tanzania\u2019s<\/strong> largest lender secures license for DIFC: <\/strong>Tanzania\u2019s largest bank, CRDB Bank, secured a license from the Dubai Financial Services authority to operate a representative office in Dubai International Financial Center (DIFC), according to a press release<\/a>. The new office is set to boost trade between the GCC and East and Central Africa, as well as bring in investment. Jackson Kehengu will head up the new office.<\/p>\n

We knew this was coming: <\/strong>The bank set up its Dubai office in October<\/a>, ahead of securing its regulatory license, as it looked to court Emirati investment. The move marked the lender\u2019s expansion beyond neighboring countries and made it the first East African bank to establish a presence in the UAE, the release says.<\/p>\n

#2- <\/strong>Wio <\/strong>rolls out UAE\u2019s first family banking model: <\/strong>Wio Bank has launched Wio Family, billed as the UAE\u2019s first fully shared banking experience, giving households a single connected financial space with shared accounts, spending controls, and family-wide saving tools, according to a press release<\/a>. The platform allows two family leads to open and run the joint account and invite family members, with budgeting features, virtual cards, and spending limits for children.<\/p>\n

REAL ESTATE- <\/p>\n

#1- India\u2019s <\/strong>Sunteck <\/strong>enters UAE with AED 5 bn Downtown Dubai build: <\/strong>Indian luxury real estate developer Sunteck Realty has launched a Dubai-headquartered UAE arm, Sunteck International, as well as its first Emirati project \u2014 a luxury Downtown Dubai development valued at AED 5 bn, according to a press release<\/a>. The firm plans to launch over AED 15 bn worth of projects in the Emirates over the next three years. Sunteck will make key announcements in 1H 2026 and is currently evaluating other projects.<\/p>\n

#2- <\/strong>Beyond<\/strong> launches AED 1.6 bn waterfront residences: <\/strong>Dubai-based luxury real estate developer Beyond launched a AED 1.6 bn residential development, Kanyon<\/a>, in Dubai Maritime City, according to a press release<\/a>. The 45-story waterfront tower is slated for handover in 2Q 2029. <\/p>\n

#3-<\/strong> Meraas <\/strong>picks Unec for AED 1.9 bn first phase at the Acres: <\/strong>Dubai Holding Real Estate subsidiary Meraas<\/a> has tapped United Engineering Construction Company<\/a> (Unec) to build the first 642 villas at The Acres, awarding an AED 1.9 bn construction contract for the standalone community in Dubailand, according to a press release<\/a>. The scope covers villas and core community facilities, with handover targeted for 4Q 2027.<\/p>\n

MEDIA- <\/p>\n

Sharjah<\/strong> establishes unified media hub in Shams:<\/strong> Sharjah ruler Sultan bin Mohammed Al Qasimi approved the launch of Shams Studios, part of Sharjah Media City (Shams), a media production hub in collaboration with different government entities, Wam<\/a> reports.<\/p>\n

The details: <\/strong>The hub will house five production studios for filming, ranging from 1.5k to 3.4k sqm, as well as post-production facilities for editing, special effects, and sound design. It will also host a media business complex to streamline production and broadcasting processes, a new building for Sharjah Broadcasting Authority, and Shams Creative Oasis \u2014 a center for artistic and educational events.<\/p>\n

A media p<\/strong>ush: <\/strong>The Emirates has been on a drive to boost local film and TV production, with the Abu Dhabi Film Commission recently raising its production rebate<\/a> to 50% in a bid to incentivize UAE-based filmmaking. Visual effects and post-production studio T-VFX recently opened a regional HQ<\/a> on Yas Island and Abu Dhabi Creative Media Authority teamed up with UAE-based NC9 Group<\/a> on film production in the emirate.<\/p>\n

CRYPTO- <\/p>\n

Israel<\/strong>i trading platform eToro has switched on crypto deposits for UAE users<\/strong>, supporting inbound transfers of digital assets from external exchanges, brokers, or blockchain wallets, according to a press release<\/a>. The feature supports inbound transfers for BTC, ETH, XRP, USDC, LINK, AAVE, UNI, POL, and FET. Once transferred to the eToro crypto wallet, users can convert to USD and invest across any instruments available on the platform. <\/p>\n

M&A- <\/p>\n

GFH <\/strong>Partners takes majority stake in Devmark:<\/strong> GFH Partners \u2014 the Dubai-based global asset management arm of Bahraini GFH Financial Group \u2014 acquired a majority stake in Devmark, a UAE-based sales and marketing platform for residential development projects, according to a disclosure (pdf)<\/a>. The company also previously acquired a majority stake in GFH Partners Manrre REIT (CEIC) in 2023, as part of a push into the GCC residential sales and marketing ecosystem. <\/p>\n

Devmark? <\/strong>Founded in 2018, Devmark has supported sales for more than 30 projects worth over AED 10 bn and works with a network of over 2k brokerage firms and over 15k brokers. <\/p>\n

The details:<\/strong> Founders Sean McCauley and Richard Aybar will continue to run the business as GFH Partners pushes regional expansion, new institutional financing solutions for developers, and broader GCC market coverage. GFH said the investment is expected to support its financials and boost returns.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Wio rolls out UAE\u2019s first family banking model<\/p>\n","protected":false},"author":1,"featured_media":109836,"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":[47,159,539,745,794,360,143,7,1342,1344,1409,358,98,1390,2169,839],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-109835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-banking","tag-barakah-nuclear-plant","tag-dubai-financial-services-authority","tag-dubai-international-financial-center","tag-emirates-nuclear-energy-corporation","tag-energy","tag-enterpriseam-uae","tag-investment","tag-ma","tag-media","tag-nuclear-energy","tag-real-estate","tag-sharjah","tag-sharjah-media-city-free-zone","tag-uae-india-relations","wpautop","entry"],"acf":{"mongo_id":"a6b38298-287e-43b1-b0d0-eac65159255b","order":"12","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/11\/1966.jpg","photo_position":"above","homepage_title":"","full_issue_title":"GCC Interconnection Authority awards contracts for UAE-Oman electricity link expansion","related_issue":[109814],"teaser":"Plus: Wio rolls out UAE\u2019s first family banking model","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/11\/.fd9df67f-ec83-4432-a4e3-642d57dd476f.mp3"},"yoast_head":"\nGCC Interconnection Authority awards contracts for UAE-Oman electricity link expansion - 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