ADGM says it is licensing three aircraft leasing companies

Abu Dhabi Global Market (ADGM), Abu Dhabi’s financial free zone, is in the process of licensing three aircraft leasing companies, it said on Tuesday, as the UAE expands its aviation and aerospace industries.

The three leasing companies are Irish aviation services firms Airborne Capital Limited and Stellwagen Group, and UAE-based aircraft lessor International Airfinance Corporation (IAFC), which manages the US$5 billion Aircraft Leasing Islamic Fund (ALIF) in the Middle East.

“The addition of these prominent companies to ADGM’s aviation finance and leasing sector is another milestone in Abu Dhabi’s progress to becoming a world class, dynamic aviation hub,” ADGM said in a release to media.

The UAE is working to expand its aviation sector beyond the airline industry, investing in becoming a hub for the aviation and aerospace manufacturing and support services industries.

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Mubadala invests Dh82.5 million in aerospace research and design

Dubai’s DAE Capital builds fleet of 383 aircraft

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Aircraft leasing is one plank of this strategy. Last August, the Dubai government-backed Dubai Aerospace Enterprise (DAE) acquired Dublin-based lessor Awas, in a deal that tripled the previous number of aircraft on its books and brought its estimated fleet value to over $14bn.

Last week, DAE’s leasing arm DAE Capital set up a dedicated asset management unit, DAE Aircraft Investor Services (DAE-AIS), with the intention of growing its services to clients.

“We are pleased to welcome Airborne Capital, Stellwagen and IAFC to ADGM’s growing family,” Dhaher Al Mheiri, chief executive of the ADGM Registration Authority, said of the forthcoming registrations at ADGM.

“The aviation ecosystem established by ADGM allows companies to integrate existing operational businesses such as lessors, banks, and law firms, with extensive legal structures available tailored to aviation financing and underpinned by English Common law.”

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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Sheikh Zayed's poem

When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.

Your love is ruling over my heart

Your love is ruling over my heart, even a mountain can’t bear all of it

Woe for my heart of such a love, if it befell it and made it its home

You came on me like a gleaming sun, you are the cure for my soul of its sickness

Be lenient on me, oh tender one, and have mercy on who because of you is in ruins

You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge

You waddle even when you stand still, with feet white like the blooming of the dates of the palm

Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you

You are the cure for my sickness and my support, you dried my throat up let me go and damp it

Help me, oh children of mine, for in his love my life will pass me by.

COMPANY PROFILE

Name: Kumulus Water

Started: 2021

Founders: Iheb Triki and Mohamed Ali Abid

Based: Tunisia

Sector: Water technology

Number of staff: 22

Investment raised: $4 million

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances