INVESTMENT-<\/p>\n
Investment JV earmarks USD 400 mn for Dubai\u2019s retail sector:<\/strong> Dubai-based Target Plus<\/a>Investment<\/a> inked a cooperation agreement with Italian Impero Milano<\/a> to establish a new investment vehicle named Impero Investment Dubai, focusing on diverse economic investments across various sectors, Al Bayan<\/a> reports. The new investment entity plans to invest USD 400 mn in Dubai retail projects, alongside further investments in the emirate\u2019s real estate sector. <\/p>\n \n CAPITAL MARKETS-<\/p>\n FX trader BDSwiss received an operational license from the Securities & Commodities<\/strong> Authority<\/strong>, according to a company statement<\/a>. The regulatory approval authorizes BDSwiss to operate within the UAE, offering its clients its financial products and services, including FX trading, contract for differences, and other investment solutions.<\/p>\n \n FINANCE-<\/p>\n #1- London-based net-asset-value (NAV) lender <\/strong>17Capital<\/a><\/strong> secured approvals to<\/strong> set up<\/strong> shop in <\/strong>Dubai<\/strong>, Bloomberg<\/a> reports, citing an unnamed representative for the firm. The Oaktree Capital Management-backed firm\u2019s operations in the region will be led by its senior investment director Pierre Garnier (LinkedIn<\/a>), and will seek to capitalize on the growing NAV lending in the Middle East.<\/p>\n ICYMI- The UAE likes NAV financing: <\/strong>An Abu Dhabi Investment Authority wholly-owned subsidiary signed on as an anchor investor for European private credit manager Pemberton Asset Management\u2019s<\/a> new NAV strategic financing strategy earlier this month<\/a>. <\/p>\n Uh, Enterprise, what\u2019s NAV financing? <\/strong>NAV loans \u2014 which leverage investment portfolios to access financing \u2014 are a non-dilutive tool that can boost liquidity for an illiquid fund, especially at later stages in its cycle. This form of financing is becoming increasingly popular among private equity players as traditional forms of capital-raising become harder to access.<\/p>\n #2- The Abu Dhabi Global Market Academy inked an MoU with event management firm<\/strong> Ethara<\/a><\/strong> to develop local Emirati talent<\/strong> by providing upskilling training programmes, a press release<\/a> reads. <\/p>\n \n TELECOMS-<\/p>\n Sharjah has a new communications technology authority: <\/strong>Sharjah Ruler Sheikh Sultan bin Muhammad Al Qasimi issued a decree yesterday establishing the Sharjah Communication Technologies Authority (SCTA), Wam<\/a> reports. The new authority will regulate all services related to the telecommunications sector, communication technologies, infrastructure, data centers, and marine and land installations in the emirate, and roll out comprehensive strategic plans, legislation, and projects to advance the sector.<\/p>\n Organizational structure: <\/strong>The SCTA will be managed by Sharjah Deputy Ruler Sheikh Sultan bin Ahmed bin Sultan Al Qasimi \u2014 who was appointed as chairman<\/a> \u2014 and a director appointed by the council. The director \u2014 who will be responsible for organizing the authority\u2019s administrative and financial matters \u2014 will work under the supervision of the chairman.<\/p>\n \n HOUSING-<\/p>\n Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan approved the<\/strong> allocation of AED 3.31 bn in housing benefits for over 2k Abu Dhabi citizens,<\/strong> bringing the total housing benefits disbursed by the Abu Dhabi Housing Authority to over AED 152 bn, Wam<\/a> reports. The benefits include 782 loans worth AED 3.05 bn for some 1.8k citizens for residential units in the Balghaiylam residential project, and AED 262.8 mn in loan exemptions for 249 senior citizens, low-income retirees, and families of deceased citizens.<\/p>\n \n TECH- <\/p>\n #1- Altair sets up Dubai office:<\/strong> Computational intelligence firm Altair<\/a> established its new regional office at the Dubai World Trade Centre to expand its outreach and provide its tech products to GCC customers, according to a press release<\/a>. <\/p>\n #2- Dubai Electricity and Water Authority\u2019s (Dewa) digital arm, InfraX, partnered with<\/strong> Nokia to support Dewa\u2019s systems with advanced network solutions<\/strong>, a press release<\/a> reads. <\/p>\n FINTECH-<\/p>\n #1- Dubai-based fintech <\/strong>Fuse Finance<\/a><\/strong> secured a Dubai International Financial Centre <\/strong>(DIFC) license<\/strong>, Trade Arabia<\/a> reports. The license will allow the company to launch products for customers through their virtual IBANs, as well as infrastructure for domestic and international payments. <\/p>\n \n BUSINESS-<\/p>\n #1- Abu Dhabi, Angola to boost trade: <\/strong>The Abu Dhabi Chamber of Commerce and Industry inked an agreement with the Angola-UAE Chamber of Commerce and Industry to ramp up economic and commercial cooperation, focusing on creating investment windows for business-people, entrepreneurs, and investors in both countries, according to a press release<\/a>. The agreement will see the two conduct joint studies and swap economic data on investment windows, exchange trade delegations, and organize joint business events in both countries.<\/p>\n #2- Dubai Chambers and the Australian Chamber of Commerce and Industry have<\/strong> partnered to support the development of economic and trade relations<\/strong> between Dubai and Australia, a press release<\/a> reads. The MoU focuses on data sharing, research cooperation, and strengthening business partnerships, aiming to boost bilateral trade and investments.<\/p>\n \n INFRASTRUCTURE-<\/p>\n Expo City Dubai awarded four contracts for Mangrove Residences to three UAE<\/strong> companies and one international firm<\/strong>, with completion expected by early 2026, a press release<\/a> reads. The developer contracted India\u2019s Shapoorji Pallonji<\/a> for construction, USF<\/a> for demolition, Proscape<\/a> for infrastructure and clearance works, IFG<\/a> for foundational works. <\/p>\n \n AVIATION- <\/p>\n Emirates airlines was fined USD 1.8 mn by the US<\/strong> for operating flights in Iraqi airspace under a codeshare agreement with US airline JetBlue between 2021 and 2022, the US Transport Department said in a statement<\/a>. <\/p>\n \n AUTOMOTIVE-<\/p>\n Bayanat partners with Oxa to advance autonomous driving:<\/strong> G42 subsidiary and geospatial services provider Bayanat partnered with autonomous vehicle software company Oxa<\/a>, to develop autonomous vehicle solutions in the UAE and beyond, according to a Bayanat statement (pdf)<\/a>. The agreement will see them study the establishment of an autonomous mobility center of excellence, as well as hiring and training workers in software, hardware, operations, and data. <\/p>\n","protected":false},"excerpt":{"rendered":" Altair | InfraX | BDSwiss | Fuse Finance | 17Capital | ADGM | Expo City | Bayanat | Emirates<\/p>\n","protected":false},"author":1,"featured_media":93098,"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":[47,610,1357,7,1393,1394,1342,1341],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-artificial-intelligence","tag-business","tag-enterpriseam-uae","tag-finance","tag-housing","tag-investment","tag-tech","wpautop","entry"],"acf":{"mongo_id":"490b1b1f-4d7f-4161-8e67-dd9ccdda3a13","order":"13","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2358.jpg","photo_position":"above","homepage_title":"","full_issue_title":"New JV eyes USD 400 mn retail investments","related_issue":[93073],"teaser":"Altair | InfraX | BDSwiss | Fuse Finance | 17Capital | ADGM | Expo City | Bayanat | Emirates","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.a4317090-98c2-48ea-baab-bb9544d09dbd.mp3"},"yoast_head":"\n