FINANCE- <\/p>\n
#1- Sun Capital Advisory sets up shop in Abu Dhabi: <\/strong>Private investment firm Sun<\/a>Capital Advisory<\/a> launched a new office in ADGM, according to a statement<\/a>. The company acts as an outsourced direct investment and asset management arm for its clients, who are primarily high-net-worth individuals and families.<\/p>\n What they said:<\/strong> \u201cI look forward to fostering long-term partnerships with key stakeholders in Abu Dhabi and providing clients the opportunity to scale their direct investment portfolios within the local ecosystem and internationally,\u201d Sun Capital\u2019s Founder Karim Khatoun said.<\/p>\n \n #2- CPE eyes Abu Dhabi office: <\/strong>Chinese alternative asset manager CPE<\/a> plans to set up an office in ADGM, CPE\u2019s Managing Director Johnson Cheng said in an interview with Sky News Arabia (watch, runtime: 3:32)<\/a>. The fund currently has USD 22.3 bn in assets under management across technology, healthcare, retail, pharma, infrastructure, and manufacturing.<\/p>\n #3- ADGM partners with Beijing Financial Street to support businesses: <\/strong>ADGM inked an MoU with Beijing Financial Street Service Bureau, the manager of the Chinese city\u2019s financial district hub, to collaborate on industry promotion and support business establishment in both districts, <\/a> according to Wam<\/a>.<\/p>\n BANKING- <\/p>\n CBUAE doubles down on cooperation with Tajik counterpart: <\/strong>The Central Bank of the UAE (CBUAE) inked an MoU with the National Bank of Tajikistan to set up a framework to facilitate transactions between both countries, discuss banking laws and regulations, and exchange expertise, according to a press release<\/a>(pdf)<\/a>.<\/p>\n CRYPTO- <\/p>\n Zand gets the go-ahead to launch institutional-grade digital asset custody services:<\/strong> All-digital bank Zand<\/a> received approval from Dubai\u2019s Virtual Asset Regulatory Authority to offer digital asset custody services for corporate and institutional investors, a press release<\/a> reads.<\/p>\n REAL ESTATE- <\/p>\n #1- Lacasa taps into real estate with a AED 1.2 bn pipeline:<\/strong> Lacasa Architects and<\/a>Engineering Consultants<\/a> launched a real estate division, Lacasa Living, with six projects already lined up for development, according to a press release<\/a>. The new firm is eyeing a total of AED 1.2 bn in real estate developments next year, with the value of its developments increasing to AED 2 bn in 2026, and AED 3 bn in 2027. <\/p>\n Details:<\/strong> The first project in the pipeline will be a residential project on Al Marjan Island in Ras Al Khaimah, the details of which will be announced in January. Other projects are expected to follow in Dubai and Lusail in Qatar.<\/p>\n \n #2- Dubai\u2019s AED 2 bn Trump Tower is expected to launch in 2Q 2025<\/strong>, Dar Global\u2019s CEO Ziad El Char told Gulf News<\/a>. While the exact location of the project was not disclosed, El Chaar said \u201cit will be in the wider Downtown area, with views of the Burj Khalifa and of the sea.\u201d<\/p>\n Remember- <\/strong>Dar Global, the Dubai-based developer and global arm of Saudi Dar Al Arkan, partnered with the Trump Organization back in July<\/a> to build a Trump Tower in Dubai.<\/p>\n \n #3-<\/strong> Construction of world's tallest hotel in Dubai is complete: <\/strong>Dubai-based China<\/a>Railway 18th Bureau Group<\/a> completed the construction of the world\u2019s tallest hotel, the 373.5-meter Ciel<\/a> in the Dubai Marina, according to a press release<\/a>. The project is set to be delivered in February 2025.<\/p>\n BUSINESS- <\/p>\n #1- The Emirati Talent Competitiveness Council brought the <\/strong>Nafis<\/a><\/strong> initiative to Al Ain<\/strong> in a bid to boost employment in the private sector and support Emiratization goals, according to a statement<\/a> from the Abu Dhabi Media Office. The initiative, launched in partnership with the Central Bank of the UAE and several commercial banks, targets the creation of 2k jobs and 2k training programs.<\/p>\n The first phase of the program, which runs until 2026, aims to create 1.7k jobs in the <\/strong>financial and banking sectors.<\/strong> This phase will see participation from Emirates NBD, Abu Dhabi Islamic Bank, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, and HSBC.<\/p>\n \n #2- Digitalstores + Shukran eyes bringing more Korean firms into the UAE:<\/strong> Homegrown e-commerce fulfillment platform Digitalstores<\/a> partnered with Middle East-focused trading startup Shukran<\/a>Korea<\/a> to boost the presence of Korean companies in the UAE, according to a press release<\/a>. The agreement, signed during the ComeUp conference, targets 27 Korean brands \u2014 including those working in the pharma, cosmetics, and ready-made clothing sectors \u2014 which will launch their businesses in the UAE market by 2025.<\/p>\n PLUS- Remal merges with Korean firm?<\/strong> Sharjah-based Remal Iot signed an MoU with Korea\u2019s manufacturing and R&D firm Sungjin Techwin for a potential merger under the name Remal. No details were provided on the value of merger<\/p>\n AVIATION- <\/p>\n #1-<\/strong> Alex Jet seeks air operation certificate:<\/strong> Alex Jet<\/a> \u2014 which has recently rebranded into Falcon Luxe \u2014 filed a letter of intent to the General Civil Aviation Authority to obtain an air operation certificate, Wam<\/a> reports. The move came shortly after Alex Jet was integrated<\/a> into the Falcon private aviation portfolio. Both brands operate under the Alex Investment Group<\/a>.<\/p>\n #2- <\/strong>Falcon<\/strong> Technic lines up approval for MRO services: <\/strong>Aircraft maintenance firm Falcon Technic received CAR 145 approval from the General Civil Aviation Authority, enabling the company to perform maintenance, repair, and overhaul (MRO) services<\/strong>, Wam<\/a> reports. The company will offer its services from its 13k sqm facility located at the Mohammed Bin Rashid Aerospace Hub in Dubai.<\/p>\n #3-<\/strong> ExecuJet<\/a><\/strong> opened a private jet terminal at the Moham<\/strong>med bin Rashid <\/strong>Aerospace Hub in Dubai South<\/strong>, the Swiss business aviation firm said in a statement<\/a>. The 15k sqm facility features a 7k sqm aircraft hangar, a private cocktail and cigar lounge, and a Majlis lounge, among other amenities. It also offers aircraft maintenance services via Dassault Aviation\u2019s ExecuJet MRO Services.<\/p>\n ICYMI-<\/strong> ExecuJet MRO Services is setting up an aircraft paint and livery facility<\/a> at Al Maktoum International Airport. The facility, being built by Satys Aerospace, is expected to begin operations in 1Q 2025.<\/p>\n #4- A Boeing subsidiary is eyeing manufacturing drone parts in the UAE: <\/strong>Boeing\u2019s unmanned aerial systems (UAVs) manufacturing subsidiary Insitu<\/a> plans to manufacture drone parts in Abu Dhabi as part of a four-phase plan, the company\u2019s CEO Diane Rose told Khaleej Times<\/a>. The first phase of the plan saw Insitu launch a UAS center of excellence at the Tawazun Industrial Park in Abu Dhabi, aiming to localize UAS maintenance, repair, and overhaul (MRO) services for the UAE army.<\/p>\n The following phases of the plan<\/strong>, which will wrap up by 2030<\/strong>, include local supply and research and development projects, followed by an engineering facility, as well as a production and programming facility, Rose explained.<\/p>\n LEGISLATION- <\/p>\n The Family Development Foundation (FDF) is now responsible for deve<\/strong>loping <\/strong>social services for the elderly<\/strong>, as well as preventive health services programs as per a new law issued by President Sheikh Mohamed bin Zayed Al Nahyan, according to the Abu Dhabi Media<\/a>Office<\/a>. <\/p>\n ICYMI-<\/strong>The UAE established a new Family Ministry<\/a> earlier this month, led by Sana bint Mohammad Suhail. The ministry is responsible for managing grants, counseling, and programs for prospective couples, and aims to boost child welfare through new policies and strategies, as well as develop strategies to protect and empower vulnerable groups, and develop standards for licensing social care institutions and training social workers.<\/p>\n FINTECH- <\/p>\n Bahrian Beyon Group's subsidiary Beyon Money secured two new licenses from<\/strong> the Central Bank of the UAE<\/strong>, according to a press release<\/a>. The licenses will enable Beyon Money to offer a broader range of financial solutions to customers in the UAE, including payment accounts, payment instrument issuance, domestic and cross-border transfers, and more.<\/p>\n \n TELECOMS-<\/p>\n US cybersecurity firm <\/strong>Commvault<\/a><\/strong> signed an MoU with telecom operator <\/strong>du<\/a><\/strong> to <\/strong>offer its cyber resilience solutions to businesses in the region<\/strong>, according to a press release<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":" Plus: Dubai\u2019s AED 2 bn Trump Tower will launch in 2Q 2025<\/p>\n","protected":false},"author":1,"featured_media":98842,"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":[1360,489,47,306,157,284,107,659,7,1393,79,477,133,64,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-abu-dhabi","tag-adgm","tag-also-on-our-radar","tag-aviation","tag-central-bank-of-the-uae","tag-china","tag-crypto","tag-e-commerce","tag-enterpriseam-uae","tag-finance","tag-fintech","tag-hospitality","tag-legislation","tag-manufacturing","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"27085ffb-e81c-4248-8e14-22442fe019d1","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/695.jpg","photo_position":"above","homepage_title":"","full_issue_title":"More asset managers eye ADGM","related_issue":[98823],"teaser":"Plus: Dubai\u2019s AED 2 bn Trump Tower will launch in 2Q 2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.7072d2e8-a9b6-452f-a70d-68e572402153.mp3"},"yoast_head":"\n
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