FINANCE-<\/p>\n
Infini Capital receives greenlight to manage first Asian hedge fund in ADGM: <\/strong>Hong Kong-based Infini Capital Management secured preliminary approval from Abu Dhabi Global Market (ADGM) to oversee an Asian hedge fund, state news agency Wam<\/a> reports. This would make Infini Capital the first firm to manage an Asian hedge fund in the UAE. <\/p>\n The company is also launching a new office in ADGM<\/strong>, which will encompass portfolio management, trading, risk, compliance, and investor relations. <\/p>\n AVIATION- <\/p>\n #1- MBRAH, Tim Aerospace kick off construction on MRO hangar:<\/strong> The Mohammed binRashid Aerospace Hub and aircraft maintenance company Tim Aerospace<\/a> started construction on their new hangar at Dubai South, reports state news agency Wam<\/a>. The project is expected to be one of the largest wide-body aircraft MRO hangars in the GCC, and is scheduled for completion by 2025. The hangar has the capacity to service up to five aircraft of any type, minus the Airbus A-380.<\/p>\n Background: <\/strong>The aerospace hub originally inked an agreement with Tim Investment<\/a> back in July 2023<\/a> to launch an MRO hangar at Dubai South catering to wide-body aircraft.<\/p>\n #2-<\/strong>Emirates Airlines<\/a><\/strong> passengers will be able to fly to domestic cities in Italy and <\/strong>wider Europe from Rome<\/strong>, after the airline expanded its interline with Italian flag carrier ITA Airways<\/a> to a full codeshare partnership, according to the Dubai Media Office<\/a>. The codeshare will add one-stop connections to popular European cities from Emirates\u2019 gateway in Rome, pending regulatory approval.<\/p>\n Still to come: <\/strong>At a later stage, the codeshare will offer customers combined ticketing, seamless baggage transfers, and reciprocal loyalty benefits on both airlines' frequent flyer programs. It will also support inbound visitation to Italian points from various regions across the Emirates network, besides Rome and Dubai.<\/p>\n #3- Emirates also inked agreements with <\/strong>Iceland Air<\/a><\/strong> and travel technology<\/strong> specialist <\/strong>GO7<\/a><\/strong> to boost cooperation<\/strong>, it said in a statement<\/a>. The first agreement will see a reciprocal codeshare partnership between Emirates and Iceland Air, offering passengers traveling via Emirates gateways in Europe access to Reykjavik in an initial phase, and more destinations at a later stage. As part of the second agreement, Emirates will use GO7\u2019s resources to provide combined interline and rail tickets through direct and indirect channels.<\/p>\n DEBT- <\/p>\n Binghatti Holding has listed its USD 300 mn sukuk on Nasdaq Dubai<\/strong>, Wam<\/a> reports. Dubai developer Binghatti\u2019s inaugural USD 300 mn<\/a>, three-year sukuk issuance saw strong demand, with investors placing USD 621 mn in orders. The listing, which received significant interest from investors worldwide, was 2.1x oversubscribed.<\/p>\n REMEMBER- Dubai luxury developer Binghatti <\/strong>plans to invest<\/a><\/strong> AED 30 bn in real estate over the next two years<\/strong>, with a focus on the UAE, Binghatti Vice Chairman Ahmed Binghatti said recently. <\/p>\n INVESTMENT- <\/p>\n A Saudi-Emirati consortium is funding a new commercial and residential project in <\/strong>Egypt: <\/strong>Egypt\u2019s Sovereign fund-owned Nilus Hotel and Commercial Services and Nilus Residential Services obtained Egypt\u2019s approval<\/a> to build two commercial and residential towers on the National Democratic Party\u2019s former headquarters on the banks of the river Nile in downtown Cairo, according to a decision published in Egypt\u2019s Official Gazette. The USD 5 bn projects are due for completion in 2Q 2028. <\/p>\n Background:<\/strong> A consortium comprising Emirati construction company Al Shafar Group and Saudi Egyptian Developers reportedly funded the project by increasing the capital of Nilus Hotel and Commercial Services and Nilus Residential Services, Asharq Business<\/a> reported last September, citing three sources in the know, without clarifying the exact size of the increase. <\/p>\n Zeroe<\/strong> gets seed funding boost from Voyagers: <\/strong>Climate tech company Zeroe<\/a> has secured a seed funding boost from the Voyagers ClimateTech Fund<\/a> taking its total raise to USD 2.3 mn, Wamda<\/a> reports. The startup secured USD 2.2 mn<\/a> in seed funding in November, in a round solely led by Indonesian investor Owen Rahadiyan. The funds will be used to support the company\u2019s expansion plans in MENA and Southeast Asia. <\/p>\n About the startup:<\/strong> Established in 2022, Zeroe is a software platform designed to accelerate corporate decarbonization by automating the process of carbon accounting and facilitate easier access to capital for decarbonization efforts.<\/p>\n TECH-<\/p>\n Ras Al Khaimah (RAK) Police<\/a><\/strong> will use <\/strong>G42<\/a><\/strong>-owned company <\/strong>Presight<\/a><\/strong>\u2019s big data <\/strong>analytics and AI to ramp up public safety<\/strong>, after the two inked an MoU on the sidelines of the World Police Summit in Dubai, according to an ADX disclosure (pdf)<\/a>. The agreement will also see RAK Police train its staff on AI, and use Presights tech and analytics services for digital decision making. <\/p>\n Africa Legal Tech, an online platform connecting clients with lawyers, will set up shop in<\/strong> Duba<\/strong>i<\/strong>, according to a press release<\/a>. The company is planning to expand its operations and wants to initiate a funding round in Dubai this year. <\/p>\n CRYPTO- <\/p>\n Digital asset manager Nexo receives green light from VARA:<\/strong> Crypto platform Nexo<\/a> received initial approval from Dubai\u2019s Virtual Assets Regulatory Authority<\/a> to operate its Dubai arm, Nexo Services, in the emirate, according to a press release<\/a>. \u201cFrom the UAE, the global leader for vision, governance, and innovation, Nexo aims to contribute to the regional ecosystem through pioneering lending, brokerage, management, and investment solutions,\u201d said Nexo co-founder, CFO, and managing partner, Kalin Metodiev.<\/p>\n BANKING- <\/p>\n First Abu Dhabi Bank (<\/strong>FAB<\/a><\/strong>) inked a long-term global partnership agreement with<\/strong> Mastercard<\/strong>to boost digital payments and AI integration in the UAE, Saudi Arabia, Oman, and Egypt, Mastercard said in a statement<\/a>. <\/p>\n EDUCATION- <\/p>\n Dubai launches AED 1 bn educational endowment fund:<\/strong> Dubai\u2019s government hasset up an AED 1 bn endowment fund aimed at improving education worldwide, Dubai ruler Mohammed bin Rashid Al Maktoum said on X (watch, runtime 1:32)<\/a>. The fund is launched under the Mothers\u2019 Endowment campaign, allowing individuals to donate to the fund in their mothers\u2019 names.<\/p>\n The Defense Ministry and Masdar forged a partnership to develop multiple solar<\/strong>plants across Abu Dhabi<\/strong>, with Masdar-EDF Group JV Emerge Energy<\/a> providing a full turnkey solution for the projects, covering finance, design procurement, construction, operations, and maintenance for 25 years, according to a press release<\/a>.<\/p>\n MANUFACTURING- <\/p>\n ADU project plans to make more affordable cochlear implants: <\/strong>A new initiative by Abu<\/a> <\/a><\/strong>Dhabi University<\/a> and Swiss tech company Neubio, dubbed \u201cUAE Hears the World,\u201d looks to locally manufacture cochlear implant devices at more affordable prices, reports The Nationa<\/a>l<\/a>. The implants will be priced at USD 10-12k, against global prices ranging from USD 27-68k. ADU and Neubio will donate 50 electric-free hearing aids to UAE-based organizations ahead of Ramadan, with plans to make them first available to Emiratis, and residents at a later stage.<\/p>\n **This story was amended to reflect the correct name for Infini Capital on 3 March, 2024. An older version of the story had erroneously referred to it as Infinity Capital. <\/i><\/p>\n","protected":false},"excerpt":{"rendered":" The Hong-Kong based Infini Capital secured preliminary approval to manage the fund<\/p>\n","protected":false},"author":1,"featured_media":89832,"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":[47,306,159,107,1391,313,222,212,1393,1342,66,1341,1334,1012],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-aviation","tag-banking","tag-crypto","tag-debt","tag-education","tag-emirates-airlines","tag-fab","tag-finance","tag-investment","tag-sukuk","tag-tech","tag-trade","tag-virtual-assets-regulatory-authority","wpautop","entry"],"acf":{"mongo_id":"de957552-8c44-49b7-9725-3c4d1ee63e26","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/755.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Infini Capital to manage Asian hedge fund + new hangar in MBRAH","related_issue":[89811],"teaser":"The Hong-Kong based Infini Capital secured preliminary approval to manage the fund","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.e9574a8d-f62e-4d80-9ebd-9d002a37a891.mp3"},"yoast_head":"\n