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TRANSPORT-
#1- RTA licenses new blockchain ride-hailing service: Dubai’s Roads and Transport Authority (RTA) has given an operating license to Web3 Blockchain taxi platform Drife, a decentralized ride-hailing service that employs blockchain technology for its pricing system and operates with a zero-commission structure, according to a press release. The company already operates in India, with more than 350k users and 30k drivers in 2023. It also tapped former Careem COO Johan Persson as an advisor in November 2023.
How it works: Unlike Uber and Careem, drivers on Drife pay a subscription fee to use the platform but get to keep all their earnings. Riders can also select drivers based on preferences like ratings, car type, and distance, through an auction-based model. The company is currently awaiting approval from Dubai’s Virtual Asset Regulatory Authority for its DRF token, which will serve as the platform’s native currency.
#2- More autonomous transport in Abu Dhabi? The Integrated Transport Centre (ITC) inked an agreement with Swedish electric and autonomous transport company Einride AB to streamline the transport, planning, and tracking of heavy goods in the emirate, says the ITC on Facebook. The agreement, which closed on the sidelines of Innovation Week, will see electric energy and automation integrated in domestic shipping, with no further details disclosed.
INS.-
CBUAE strikes more ins. agents off its record: The Central Bank of the UAE (CBUAE) revokedthe license of UAE-based ins. agent Smart and Secure yesterday, striking its name from its register, reports Wam. The CBUAE cited weak compliance framework and failure to fulfill regulatory requirements as reasons for its license suspension.
Also on the Ins. blacklist: CBUAE revoked the license of First Ins. Brokers earlier this month, and Cogent last December.
ENERGY-
Abu Dhabi National Oil Company (Adnoc) Drilling plans to up its operational fleet to 142 rigs in 2024,targeting a production capacity of 5 mn barrels a day, reports Wam.
REAL ESTATE-
Burtville Real Estate began construction on its residential project Ville 11 in Abu Dhabi’s Masdar City, after securing a registration certificate from Abu Dhabi’s municipalities and transport department, according to a press release. The residential project features 111 residential units and is targeting completion by 3Q 2024.
TRADE-
UAE, Cambodia to set up a trade zone: The UAE and Cambodia are establishing a trade zone as part of their trade agreement, according to a statement (pdf) from Dubai Customs.
AVIATION-
Emirates will reinstate daily flights from Dubai to Adelaide, Australia, starting from 28 October, according to a statement from the airline. Emirates had previously halted flights to the Australian city due to pandemic travel restrictions. Returning to its pre-pandemic capacity, the airline also plans to reinstate flights to Perth in western Australia by 1 December, offering a total of 77 flights transporting up to 68k passengers from Australia weekly.
