TECH PARTNERSHIP
Broward-based Magic Leap has entered a partnership with Google, one of the world’s largest technology companies. The collaboration will integrate Magic Leap’s augmented reality technology with Google’s platforms. Founded in 2010, the company has raised at least $3.5 billion, including over $800 million from Saudi Arabia’s Public Investment Fund.
BBVA RETURNS
Argentinian-based BBVA Group has re-entered the US Offshore business by creating a new entity, BBVA Global Wealth Advisors. The firm opened the office in Miami to meet the high demand for its services from Latin American clients. In 2021, BBVA Group sold its U.S. banking entity to PNC Bank.
AFA-FIU SPORTS LEADERSHIP
Florida International University’s Kimberly Green Latin American and Caribbean Center, and the Argentine Football Association (AFA), have launched the AFA-FIU Professional Certificate in Sports Leadership. The 10-week program, running first from June 27 to August 29, aims to share sports management methodologies and models globally.
MONEY TRANSFER SOLUTIONS
XTransfer, a China-based B2B cross-border payment platform, has partnered with global money transfer provider TerraPay to enhance payment solutions for SMEs in international trade. This will enable XTransfer to offer payments in local currencies in 136 countries. TerraPay’s HQ is in London with offices worldwide, including Miami.
FIRST BIOFUEL TRANSPORT
Switzerland’s Avolta, a leader in global retail travel solutions, has partnered with logistics giant DB Schenker to initiate the first marine biofuel transport route between Barcelona and Miami. The initiative marks a significant step in sustainable maritime transport, utilizing waste cooking oil. The technology reduces CO2 emissions by up to 84 percent.
NEW PORT DIRECTOR
Port Everglades has appointed Joseph Morris (above) as its new port director following a five-month search. Morris succeeds interim director Glenn A. Wiltshire, who took over after former CEO Jonathan Daniels resigned to join the Maryland Port Administration and Port of Baltimore earlier this year.
BANK ACQUISITION
Miami-based Inter&Co announced that Banco Inter S.A., its fully owned subsidiary, has entered into a share purchase agreement to acquire the remaining 50 percent of Granito for $21 million. Granito is a financial services provider for over 100,000 SMEs in Brazil.
RIA EXPANSION
MARITIME GIANT MIAMI HQ
International shipping company MSC Group paid $67 million for its new North American Cruise Division headquarters in Miami’s Overtown neighborhood. The new offices will accommodate 250 employees from its affiliates MSC Cruises, MSC Cargo, and Explora Journeys.
NEW FLIGHT ROUTES
Porter Airlines is increasing its footprint in South Florida due to high demand. The Canadian budget airline has announced plans from the U.S. Department of Commerce’s Tech Hubs Program, part of the CHIPS and Science Act of 2022.
MILLIONS FOR AI
Hut 8, a Miami-based energy infrastructure provider and bitcoin miner, is expanding into AI after securing a $150 million investment from Coatue Management, founded by European billionaire Philippe Laffont. Hut 8 operates 10 Bitcoin mining and managed services sites in New York and Texas as well as nine data and power centers in Canada.
FORTRESS SELLS FACILITY
Global energy firm New Fortress Energy has announced that it will sell its liquefaction and storage facility in Miami to a U.S. infrastructure fund for an undisclosed amount. The sale is expected to close in the third quarter of 2024. The facility produces more than 150 tons of liquid nitrogen gas (LNG) daily, stores up to 1,000 cubic meters of LNG, and can transfer LNG by truck and rail.
MIA BOND REFINANCING
Miami-Dade County has announced plans to issue $923.5 million in municipal bonds to refinance debt related to capital improvements at Miami International Airport. Bondholders will receive repayment from revenues generated by the terminals, grounds, runways, and taxiways at Miami International Airport, along with three other general aviation airports.
ART BASEL SELECTS
Art Basel has announced the 2024 edition of its Miami fair, taking place Dec. 6-8 at the Miami Beach Convention Center. The fair will feature 283 galleries from 34 countries. Nearly two-thirds of the exhibitors are from the Americas, showcasing talent from the U.S., Canada, Mexico, Brazil, Argentina, Colombia, Guatemala, Peru, and Uruguay.
SITE ACQUISITION
Fortune International Group has acquired the 46,373 sq. foot site in Miami’s Brickell District where it will build the 77-story Ora by Casa Tua. The site was bought from Miami-based Patagonian Investment Internacional LLC with a $36,080,000 pre-development loan from Amerant Bank. Groundbreaking is expected in 2025.
GLOBAL PARTNERSHIP
Miami-based Inswitch, a global leader in finance technology, has partnered with Salvadoran fintech n1co Technologies. Inswitch will issue and process VISA debit cards for n1co, enabling users to make secure payments both online and at physical locations, domestically, and internationally.
NEW CO-WORKING SPACE
In September, South American-based firm WorQ Coworking will open its inaugural U.S. location in Miami’s Panorama Tower. The new space marks WorQ’s expansion beyond its current locations in Quito, Guayaquil, Bogota, and Lima. WorQ serves a diverse clientele including global firms such as Uber Technologies, Motorola Solutions, Clorox, and PepsiCo.
