Revenue of $1.62bn and cash from operations of $1.05bn for Q1 2025; Power generation reaches 10.50 TWh, and desalinated water production 35.61 BIG
UAE
Abu Dhabi
Abu Dhabi’s Fertiglobe to acquire Wengfu Australia’s distribution business
Purchase price will be based on the net asset value, plus a premium of approximately $8mn, with the final amount to be determined at closing
British curriculum
Elevate acquires Dubai’s Hartland School in $100mn deal, marking GCC entry
The deal builds on Elevate’s successful track record of investing in education-oriented infrastructure in India
Abu Dhabi real estate
Ohana Development launches $1.2bn beachfront project with Jacob & Co.
Located in Al Jurf between Dubai and Abu Dhabi, ‘Jacob & Co. Beachfront Living by Ohana’ is due for completion by Q2 2028
Drake & Scull International
Restructured Drake and Scull International returns to profit for Q1
The company declares a net profit of $680,000 for Q1 2025, compared to a net loss of $11.6 million in corresponding period last year
Saudi Arabia
New stores propel Spinneys’ Q1 revenue to all-time high of $246.7mn, up 11.3%
Growth driven by increase in like-for-like sales, new store openings, increase in online sales and higher Fresh and Private Label sales
Abu Dhabi
Abu Dhabi’s Aldar sells Mamsha Gardens building to Hong Kong investor for $160mn
Due to demand for Mamsha Gardens, Aldar is releasing the seventh building for sale
Artificial intelligence
Dubai real estate: AI guides new generation of property buyers, says new report
AI technology now tracks what buyers search for, what matters to them, and how market patterns change, helping investors, buyers and agents make faster decisions
DFSA
Dubai’s DFSA tokenisation sandbox receives 96 applications from financial firms
The sandbox, part of the DFSA’s Innovation Testing Licence programme, aims to enhance innovation while maintaining market integrity and protecting investors
astra tech
Botim, Mbank launch UAE’s first fintech-integrated Jaywan card scheme
The collaboration establishes Botim, powered by PayBy, as the UAE’s first fintech platform to enable Jaywan card issuance
Dubai
Dubai Residential REIT sets IPO price range on DFM
Dubai Residential REIT is positioned as the GCC’s first pure-play listed residential leasing-focused REIT
Dubai
From Utah to Dubai: Shark Tank featured Cupbop to make Middle East debut ‘give Korean love’, says CEO
The CEO confirmed that the brand’s UAE partner has exclusive plans to expand Cupbop into Saudi Arabia as well
crypto
Dubai to allow crypto payments for government services
Dubai government partners with Crypto.com to allow cryptocurrency payments in the city
Dubai Roads & Transport Authority
RTA opens 116 private sector tenders in Dubai until end of year
RTA invites public-private sector collaboration in Dubai
digital economy
Dubai Chamber of Digital Economy supported 127 startups with launch or expansion in Q1
Dubai Chamber of Digital Economy sees significant increase in startup support to start 2025
Dubai
Dubai named world’s 4th smartest city
Dubai rises in global smart city rankings with positive results for healthcare, technology, culture and more
Free UAE Golden Visa
Dubai announces UAE golden visa for nurses
Dubai will give golden visas to long-serving nurses in the UAE