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FINANCE–
#1- Abu Dhabi Commercial Bank is launching operations in Saudi Arabia, after getting the regulatory greenlight from the Kingdom yesterday, Saudi Press Agency (SPA) reports.
#2- Investment Corporation of Dubai wants to go by its acronym ICD after a company rebrand, which sees it adopt a new logo, according to a press release. The principal investment arm of the Dubai government also moved its HQ to One Za’abeel as part of the rebrand.
ADVERTISING-
Saudi-Emirati JV lands billboard contract from RTA: Dubai’s Roads and Transport Authority (RTA) has awarded an SAR 534 mn contract to a Saudi-Emirati joint venture to install, operate, and maintain 294 advertising billboards in Dubai, according to a Tadawul regulatory filing. The contract runs for 10 years and five months.
About the JV: Saudi advertising firm Arabian Contracting Service subsidiary Al Arabia Out of Home Advertising holds a 60% stake in the JV, while Saudi-based Mawaqie owns a 10% stake, and the rest of the shares are owned by an undisclosed Emirati company.
CRYPTO-
Global crypto exchange OKX to set up shop in Dubai: Cryptocurrency exchange OKX’s Dubai-based subsidiary, OKX Middle East Fintech, can now offer trading services to retail and institutional clients in the UAE after securing a virtual asset service provider from the Virtual Assets Regulatory Authority, according to a press release.
Operations to launch in a few weeks: OKX is working on regulatory requirements and expects to launch operations over the next few weeks, MENA general manager Rifad Mahasneh told Reuters.
REMEMBER- Dubai is becoming a crypto haven for exchanges including Toko and Trek Labs Backpack, which set up shop in the emirate last year, following in the footsteps of the world’s largest cryptocurrency exchange, Binance, in 2022.
ENERGY-
Dewa has kicked off operational testing for the fourth phase of its AED 1.1 bn, 829 MW power plant in Al Aweer (H-Station), Wam reports. Testing involves the initial operation of turbines and power generators, as well as connection to the power grid. A consortium made up of Siemens Energy and Elsewedy Power is implementing the project, while other local and regional companies are also contributing to the project. The project is expected to be completed in 2Q 2024, Saeed Al Tayer, Managing Director and CEO of DEWA, said.
TELECOMS-
Du and global satellite service provider Intelsat inked an agreement to expand cellular connectivity nationwide with Intelsat’s IS-39 satellite fleet,particularly in remote areas, according to a press release.
Old friends: Du recruited the services of Intelsat in a regional first back in 2011 to use Intelsat’s turnkey multi-channel per carrier (MCPC).
DEBT-
Oman Telecommunication Company’s (Omantel) tapped Dubai Islamic Bank andFirst Abu Dhabi Bank as joint bookrunners on its first Islamic bond, which was put on hold in October due to outstanding debts, Reuters reports, citing an IFR report. Omantel’s 7-year USD-denominated sukuk will also see Bank ABC, Bank Muscat, and Standard Chartered Bank act as joint bookrunners, while Citigroup and JPMorgan will serve as joint global coordinators and bookrunners.
CLIMATE-
Mastercard partners with CarbonSifr to boost climate action for SMEs: Mastercardand local climate tech firm CarbonSifr will work to support SMEs with climate awareness, carbon footprint measurement initiatives as well as embedding climate action into their payment processes, according to a press release. The partnership will also see CarbonSift join Mastercard’s initiative to plant 100 mn trees worldwide in order to combat climate change.
FINTECH-
Global multi-asset fintech LSE-listed firmPlus500 will now operate in the DubaiInternational Financial Centre (DIFC) through its subsidiary, Plus500AE, after getting regulatory approval from the Dubai Financial Services Authority (DFSA), according to a press release. The license will allow Plus500 to localize its services to Emirati clients, and provide them with additional benefits.
WOMEN IN THE WORKPLACE-
Women professionals can now access jobs in sectors including banking, fintech, and IT through the UAE’s first women-only job portal, Women First Jobs, according to a press release. Founded by CEO Priyanka Sengar, the platform caters to senior-level positions, as well as roles in junior and middle management.
TRANSPORTATION-
Upcoming bus service links Sharjah to Oman: The Sharjah Executive Council (SEC) greenlit the launch of a new bus service between Sharjah and Oman, Gulf Business reports. Daily trips will run between Al Jubail Station in Sharjah and Al Azaiba Bus Station in Muscat.
BACKGROUND- Mwasalat resumed bus services from Muscat to Abu Dhabi in October to promote easier travel between Oman and the UAE. The bus route starts in Muscat, travels to Abu Dhabi, and returns through Al Ain.
