The Dubai business ecosystem continues to thrive, with sustainability, innovation, and cutting-edge technologies at its forefront. This week saw significant funding activities across key industries such as aluminum recycling, immersive social media, and Web3 banking. These developments underline Dubai’s commitment to sustainable growth and technological advancements, securing its position as a global hub for forward-looking investments.
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EGA’s Green Loan-backed U.S. Expansion
Emirates Global Aluminium (EGA), the world’s largest producer of premium aluminum, has made a strategic foray into the U.S. market by acquiring an 80% stake in Spectro Alloys Corporation, a leading secondary aluminum foundry based in Minnesota. The acquisition is funded through a green loan facility and forms part of EGA’s broader mission to promote sustainability and capitalize on the growing global demand for low-carbon aluminum solutions.
This green loan, managed by Citi, ING, and Standard Chartered, is aligned with EGA’s Green Finance Framework, launched in June 2024, to boost decarbonization efforts. Abdulnasser Bin Kalban, CEO of EGA, pointed out the need for recycling to meet the anticipated 80% increase in aluminum demand worldwide by 2050. Recycling efforts, together with low-carbon projects and innovative financial solutions, are solidifying EGA’s position as a responsible industry player.
DFDF-supported Vuz Gets Investment to Expand
Dubai-based immersive social media app Vuz received a fresh infusion of funding from the private investment arm of the World Bank-the International Finance Corporation (IFC). It connects people in novel ways to communicate and participate with one another while leveraging virtual interactions at their cutting-edge.
The money it was investing would be used for the ambitious expansion plans it intended, which would further enhance Vuz’s immersive technologies. This investment is supported by the Dubai Future District Fund (DFDF), thereby reflecting the region’s increased responsibility in developing tech-driven connectivity and innovation.
Klickl Secures $25M To Transform Web3 Banking
Klickl International, a UAE-headquartered pioneer in Web3 banking, has closed its Series A funding round, raising $25 million. The company’s valuation is now at $125 million. This funding round was co-led by Web3Port Foundation and Aptos Labs, marking a significant milestone for the company as it expands its Web3 banking services throughout the Middle East and North Africa.
Klickl is targeting to be one of the leading companies in the PayFi sector with initiatives in Q4 2024, including Klickl Labs and Klickl Foundation. The former aims to engage in strategic joint ventures and innovative solutions in digital payments, and the latter will drive investment into the Web3 ecosystem. The company’s collaboration with a well-known accelerator, which supports over 1,000 Web3 projects-Web3Port Foundation-is an insight into its vision to reform global Web3 banking services.
Founder and CEO of Klickl, Michael Zhao, commented, “The support by the local authorities under ADGM regulations, which will enable Klickl to function as the first licensed Web3 banking service offering crypto custody and brokerage solutions in this region is really appreciable.”
The changing funding scenario in Dubai has continued to reflect the commitments towards sustainability, technological innovation, and global expansion. EGA’s green financing, Vuz’s strategic investments, and Klickl’s pioneering Web3 banking achievements are representative of Dubai as a leader for fostering future-ready industries. It not only adds diversity to the economic growth of the UAE but also further establishes it as a sustainable growth hub with innovative momentum.
