Industry, Logistics & Shipping

Damac unit nets strong ROI on SpaceX, Stripe investments

Damac Capital, the investment arm of leading Dubai developer Damac Group, has announced strong return on investment (ROI) for its strategic investments in SpaceX and Stripe.
 
These investments underscore Damac Capital's continued commitment to pioneering advancements in technology and innovation at a global scale, propelling its portfolio into sectors with significant growth potential.
 
The Dubai group has been active in the space tech industry since the Covid-19 pandemic period. 
 
SpaceX founded by Elon Musk, is at the forefront of space exploration and technology, revolutionising space travel and connectivity. 
 
Meanwhile the Group welcomed a positive ROI on Stripe within a year into its the investment. A leading online payment processing platform, Stripe enables businesses worldwide to conduct seamless online transactions.
 
These investments follow the Group’s recent announcement of investing in the rapidly evolving Artificial Intelligence (AI) sector. Notable prior investments include $50 million in the AI startup Anthropic, making it one of the top investors from the cryptocurrency exchange, FTX. 
 
Additionally, the Group has invested in xAI, an American AI startup founded by Elon Musk, and Mistral, a France-based AI company recognised for its European large-language model open-source capabilities.
 
Since 2015, over $47 billion of private capital has been invested in the global space sector, growing on average 21% per year. The space economy is expected to reach $1.8 trillion by 2035 as space-enabled technologies advance. 
 
A new report from the World Economic Forum, "Space: The $1.8 Trillion Opportunity for Global Economic Growth," developed in collaboration with McKinsey & Company, outlines key developments that will shape space and adjacent industries throughout the next decade.
 
Damac Group Founder Hussain Sajwani said: "Our investments in SpaceX and Stripe signify a strategic alignment with companies that are at the cutting edge of technological advancement and innovation. These investments are a testament to Damac Capital's commitment to diversifying our portfolio and in supporting enterprises that have the potential to create transformative impacts on a global scale."
 
Damac Capital's investment in SpaceX aligns with its vision to support groundbreaking ventures that redefine industries, said Sajwani. 
 
With projects like Starship and Starlink, SpaceX aims to make space more accessible and improve global internet coverage, directly contributing to technological advancements and economic development.
 
Damac Capital's investment in Stripe reflects its strategic focus on fintech innovations that transform financial services. By investing in Stripe, Damac Capital supports the acceleration of digital commerce and financial inclusion, fostering a more connected and efficient global economy, he stated.
 
Damac Capital's investment strategies are driven by a vision to identify and support high-growth companies that are poised to lead in their respective industries ultimately contributing to a more dynamic and progressive global economy, he added.-TradeArabia News Service

Industry, Logistics & Shipping

Leading Bahraini F&B firms to participate in Gulfood

A group of leading Bahraini companies in the food and beverage sector will participate in Gulfood 2025, the world's largest food and beverage exhibition, being held in Dubai next month.
 
The 30th edition of the exhibition, at the Dubai World Trade Centre from February 17 to 21, will feature over 5,500 exhibitors from 129 countries, with hundreds of thousands of visitors expected from around the globe.
 
WorkSmart Events Management announced that this year’s participants from Bahrain will include prominent local companies such as Kazerooni Brothers, Awal Dairy Company, Jannaty, and Farm Source Foodstuff. These companies, having excelled in the local market, aim to expand into the Gulf and global markets. They plan to showcase their innovation in food processing and distribution, connect with industry leaders, and foster advancements in the food sector, a statement said.
 
Ahmed Al Hujairy, CEO of WorkSmart Events Management, emphasised that the participating companies aim to boost exports, facilitate access to international markets, and seize opportunities for partnerships and trade exchange. 
 
He highlighted Bahrain's evolving business environment, which offers companies a chance to expand, form new partnerships, and showcase their products alongside global leaders in the food industry.
WorkSmart will provide logistical and business support to ensure the success of Bahraini participants, enabling them to explore investment opportunities and connect with key players in distribution, and wholesale sector. This aligns with Bahrain’s economic goals, fostering sustained growth. – TradeArabia News Service
 

Industry, Logistics & Shipping

Arco Turnkey Solutions acquires Laing O’Rourke Joinery

Arco Turnkey Solutions, a leading provider of integrated construction services in the UAE, has announced the acquisition of Laing O’Rourke Joinery, one of Dubai’s largest and most reputable joinery companies in the UAE. 
 
This move underscores Arco’s commitment to enhancing its in-house capabilities and bolstering its position as a top-tier turnkey construction partner in the region, the company said.
 
Founded in 1984 and headquartered in Dubai, Arco has established a reputation for providing comprehensive turnkey construction solutions. The company has completed a wide range of projects for prestigious clients such as Emaar, Dubai Holdings real Estate, Nakheel, Expo City, Meraas, Aldar, Al-Futtaim, and Landmark. 
 
In recent years, Arco has evolved from being a market leader in fit-out works in the UAE to becoming the preferred general contractor for customised construction solutions for major developers in the region. This growth is based on the development of unique in-house capabilities in engineering, project management, and manufacturing, allowing for the seamless execution of high-quality, complex projects for valued clients.
 
With the integration of Laing O’Rourke Joinery’s 50,000 sq m facility in Jebel Ali Industrial Zone, Arco's capacity to design, produce, and deliver premium joinery products on a large scale has been significantly enhanced. This further strengthens Arco’s position as the “one-stop solution” for high-end fit-out projects in the region, the company said.
 
Combined with its existing resources, Arco now boasts a 70,000 sq m production hub supported by over 2,000 skilled production operatives. This advanced facility positions Arco to manufacture premium joinery components at scale and to evolve into a multi-trade fit-out manufacturing powerhouse. The expansion seamlessly integrates with the company’s established business model, reaffirming its status as an industry leader.
 
“This acquisition is a pivotal milestone in Arco’s growth trajectory,” said Hadi Abbasi, Founder and Chairman of Arco Turnkey Solutions. “By integrating Laing O’Rourke Joinery into our assets, we are reinforcing our ability to provide integrated, high-quality in-house solutions that cater to the rapidly evolving needs of the UAE’s hospitality sector and beyond. We remain committed to pushing the boundaries of construction innovation, enabling us to bring our clients’ most ambitious projects to life.”
 
This acquisition also positions Arco at the forefront of modular construction, as the facility has already manufactured thousands of modular units and pods for landmark projects in the UAE, Qatar, and Saudi Arabia, it added. - TradeArabia News Service