Sign in
MANUFACTURING-
Sobha Furniture is spending AED 450 mn on a second factory in Dubai Industrial City, after inking a land lease agreement with the industrial hub, according to a press release. The move comes as the company bids to localize manufacturing, aiming to reduce lead times and cut transportation costs and emissions. The new fully automated facility will span 84k sqm and have a built-up area of 50k sqm, making it the largest in the UAE.
REAL ESTATE-
Jubail Island Investment Company has launched an AED 4 bn beachfront community development in Jubail Island, slated for handover by the end of 2027, reports Wam. The development, Bada Al Jubail, will span 446k sqm, with plots ranging from 2-6k sqm. Residents of the new community will have access to a 30-yacht marina, plus Jubail Island’s private schools, beach clubs, retail, and F&B destinations.
DIGITIZATION-
First Abu Dhabi Bank (FAB) and Microsoft will launch an AI innovation hub for financial services, after inking an agreement to develop new AI-based banking capabilities in the UAE, reports Wam. The hub will promote collaboration across areas of innovation through AI, with a focus on enhancing sustainability and customer experience.
FAB likes Microsoft for AI solutions: The Abu Dhabi-based bank partnered with G42 company Core42 earlier this month to expedite the bank’s data center migration to the Microsoft Azure cloud platform, and improve retail, individual, institutional, and SME services.
CRYPTO-
Deribit to set up shop in Dubai: Digital asset derivatives exchange Deribit can now offer trading services to institutional and qualified investors in the UAE after securing a Virtual Asset Service Provider license from the Virtual Assets Regulatory Authority, it said in a statement. The license is conditional on Deribit fulfilling the remaining localization requirements, which it aims to do by 3Q 2024.
The exchange platform will relocate its global HQs to Dubai as part of the move.It has appointed Luuk Strijers (LinkedIn) as CEO, and Dennis Dijkstra (LinkedIn) and Willem Meijer (LinkedIn) as non-executive directors.
TRANSPORT-
Careem has launched its Careem Food and Careem Pay platforms in Abu Dhabi, allowing residents and visitors in the emirate to order meals from restaurants and settle bills through the Careem app, according to a press release. Careem Pay offers bill payment services for ADDC water and electricity bills, Etisalat and Du bills, and Salik account recharge, with plans to add Darb and Hafilat bill payments in the future. The platform also allows users to make instant international remittances to India and Pakistan.
