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POLICY-
Introducing the Blue Residency: Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum approved a new ten-year Blue Residency for professionals working in the field of environmental sustainability, Wam reports. The residency will be granted to anyone who has made “extraordinary contributions” to “environment protection, whether in marine life, land-based ecosystems, or air quality, sustainability technologies, the circular economy, or related fields,” Sheikh Mohammed said.
The cabinet also approved other key agenda items, including the National Youth Agenda 2031, giving priority in federal government jobs to Emiratis who have worked in the private sector for at least three years, and the creation of chief AI officer positions for all federal entities.
THE CABINET ALSO APPROVED-
- The formation of a National Statistics Committee to verify national data;
- The formation of a Higher Committee for Combating Commercial Fraud to update anti-fraud policies;
- A regulatory framework for marketing calls;
- A guide for the use of AI in government.
CAPITAL MARKETS-
#1- Standard Chartered adds UAE funds to Clearstream’s Vestima: Securities depository Clearstream has partnered with Standard Chartered to include UAE-based funds on its Vestima platform, according to a press release. The partnership will allow Standard Chartered to offer its retail investors access to invest in locally-domiciled funds, in compliance with the latest regulatory rules.
Background: The UAE’s financial services watchdog the Securities and Commodities Authority (SCA) issued a decision prohibiting funds and asset managers outside of the UAE from being publicly offered for retail subscription in the UAE, a rule that came into effect in April.
#2- Dubai Taxi and Phoenix are the latest Emirati firms to join MSCI’s Small Cap Index, following the quarterly review (pdf) of the MSCI Global Standard Indexes. The two Emirati companies — along with 19 other Mena-based listed stocks added to the index in the rebalance — will be included in the MSCI sections at the closing of trading on 31 May.
ENERGY-
Adnoc delivers low-carbon ammonia to Japan: The Abu Dhabi National Oil Company (Adnoc) has delivered the world’s first certified bulk commercial shipment of low-carbon ammonia produced using carbon capture and storage to Japan’s Mitsui, according to a press release. The low-carbon shipment was certified by global certification agency TUV SUD.
The details: The ammonia was produced at Fertiglobe’s Ruwais facility near Abu Dhabi and “will see the CO2 captured and permanently stored in the world’s first fully sequestered CO2 injection well in a carbonate saline aquifer,” the press release notes. This comes as part of the oil giant’s USD 23 bn investment in decarbonization, low-carbon solutions and climate technologies.
We knew this was coming: Adnoc launched the world’s first project to sequester CO2 into a carbonate saline aquifer and started capturing and storing the CO2 in 2Q last year. The project was earmarked to contribute to Fertiglobe’s production of low-carbon ammonia.
BANKING-
#1- Emirates NBD’s merchant clients will now be able to use Pine Labs’ omnichannel platform to upgrade their digital payment systems, according to a press release. Emirates NBD will first roll out the solution for clients in the UAE, and later to Saudi Arabia and Egypt.
#2- The Ras Al Khaimah Economic Zone (Rakez) and Rakbank signed an MoU to streamline banking services for Rakez clients, aiming to expedite account openings and enhance security, Wam writes.
MANUFACTURING-
Industrials giant Emirates Global Aluminium (EGA) has launched a new digital manufacturing platform in collaboration with Microsoft to expand the use of AI across its industrial operations, Wam reports. The platform will be used in EGA’s operations in Jebel Ali and Al Taweelah to expedite operational efficiencies.
HEALTHCARE-
#1- M42 launches new AI clinical model: Abu Dhabi-based G42 healthcare arm M42 rolled out the latest generation of its generative AI clinical large language model, Med42, on the sidelines of Abu Dhabi Global Healthcare Week, Wam reports. The new 70 bn parameter model version is based on Meta’s Llama-3, and matched the performance of OpenAI’s GPT-4 and Google’s Med-Gemini on the United States Medical Licensing Examination sample exam questions. It seeks to integrate expert models across multiple health data modalities, including text, genomics, health records, and imaging.
What will the model be used for? Med42 facilitates the retrieval of relevant insights, searches patient histories, and summarizes records. Interdisciplinary research teams are also evaluating it for crafting tailored treatment strategies, clinical decision support, dosage decisions, and reviewing treatment literature. Experts worldwide can access the model on the HuggingFace platform for global testing, contribution, and assessment.
#2- DoH + Awqaf roll out AED 1 bn healthcare fund: Abu Dhabi’s Department of Health (DoH) and the Endowments and Minors Funds Management Authority (Awqaf Abu Dhabi) have launched a five-year AED 1 bn endowment fund aimed at providing funding for the healthcare sector to ensure sustainable and accessible healthcare services in the emirate, according to a statement. Awqaf has supported the endowment with a AED 50 mn donation.
#3- TII + BMC to offer cancer immunotherapy: The Technology Innovation Institute and Burjeel Medical City are teaming up to offer new immunotherapy solutions for cancer treatment, focusing on engineering T-cell based therapies like CAR-T cell therapy and TIL therapy Wam reports. The project involves two phases: first, creating a platform to identify cancer-specific antigens, and second, testing it to ensure it effectively targets these antigens. The partnership is expected to last for two years, according to the statement.
SUSTAINABILITY
Emirates receives SAF from Shell Aviation at London Heathrow: Emirates Airlines has received over 3k tons of sustainable aviation fuel (SAF) from Shell Aviation at the London Heathrow Airport to fuel some of its flights, according to a statement. The SAF is blended with standard jet fuel and will be incorporated into the airport’s fuelling infrastructure and jet engines until the end of the summer.
DEFENSE-
Edge + Indonesia sign AED 99 mn ammunition agreement: Defense contractor Edge Group inked an AED 99 mn agreement with Indonesian state-owned defense manufacturer PT Pindad to supply it with an ammunition production line, Wam reports. The ammunition facility is expected to go live in 2026.
IMPORTS-
SEC sets new standards for importing petroleum: The Sharjah Executive Council (SEC) approved on Tuesday a guide for importing, transporting, and storing petroleum hazardous materials, in a bid to regulate the circulation and operations of petroleum products in the emirate, Wam reports. The guide includes lists of petroleum products, permit requirements, and transportation and storage conditions.
INVESTMENT-
#1- Dubai to upgrade commercial activities in the Maldives: Dubai’s dynamic freezone community IFZA and the Maldives’ Ministry of Economic Development and Trade inked an MoU yesterday to develop a special economic and financial services zone at Funadhoo Island and the Maldives Economic Gateway at Ihavandhippolhu Atoll, Wam reports. The agreement seeks to expand Maldivian commercial and economic activities, in a bid to enable future business, trade, and investment.
#2- The Sharjah Chamber of Commerce and Industry and the Economic Development Board of Mauritius inked an MoU to boost trade ties and collaboration during the Sharjah-Mauritius Business and Investment Forum, Wam reports. The pact enables visits, trade delegation exchanges, and joint participation in exhibitions and conferences.
