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E-COMMERCE-
HSBC launched its e-commerce digital payment platform, Omni Collect, in the UAE, according to a press release (pdf). Corporate customers can now use Omni Collect via HSBCnet, allowing clients to collect digital payments across multiple channels, including credit and debit cards, and e-wallets like Apple Pay and Samsung Pay. Clients can also integrate Omni Collect across Asia and Europe, including the UK, Australia, and India.
AND- Geidea has integrated its merchant acquiring solution into Omni Collect, giving clients access to payments data.
INVESTMENT-
UAE, US to ramp up economic cooperation: Economy Minister Abdulla bin Touq Al Marri met with members of the Miami Business Council to discuss expanding economic and investment cooperation between the UAE and the US, according to an X post by the Economy Ministry. The minister also met with several senior officials, business leaders, and investment funds in Florida and New York during his working visit to the US.
LOGISTICS-
Supermarket chain Lulu group is setting up a new logistics and food processing center in Punjab, India, Lulu group director Salim MA told Moneycontrol. The facility will have a capacity of 200k metric tons, with construction expected to begin “soon,” Salim said. The company already has logistics and procurement centers in 15 Indian states, from where it exports more than AED 160 mn worth of agriculture products, supplying them to some 270 of its stores across the world.
Another one in Amritsar soon? “Our group also intends to have a logistics and food processing center in Amritsar for the storage, processing, grading, and packing of various local agriculture and other produce,” Salim said, adding that the company plans to hold talks with SMEs and suppliers to work out the details.
HOSPITALITY-
RAK Properties adds to its portfolio: ADX-listed RAK Properties has launched a new upscale development in Mina Al Arab, dubbed Raha Island, it said in a statement. The development features high-end hotels and serviced residences — including three five-star hotel brands, which have already confirmed plans for locations on the island — and over 2.5 km of public beaches and new marinas, accessible via a water transit system.
REAL ESTATE-
#1- Tiger Group breaks five world records with new tower: Dubai-based developer Tiger Group is developing an AED 3.7 bn (USD 1 bn) residential tower in Business Bay, dubbed Tiger Sky, Al Bayan reports. The 532 m tall development breaks five world records, including highest rainforest (447 m), highest railway adventure through the rainforest (447 m), highest infinity pool (431 m), highest penthouse (427 m), and highest luxury restaurant with a view of Burj Khalifa.
The details: The tower expects to house some 849 residential units — including 19 penthouses — across 122 floors, with prices starting from AED 2.2 mn. It is slated for handover in 2Q 2029, with ownership open to all nationalities.
#2- DMCC unveils new luxury tower: Dubai’s Multi Commodities Centre (DMCC) has launched a new luxury residential tower to be developed by Signature Developers in the Jumeirah Lakes Towers district under the W Residences brand, according to a statement. Developed in collaboration with Marriott International, Signature is expected to break ground on the 32-storey development by the end of this year.
CAPITAL MARKETS-
Lunate Capital has appointed FAB securities as its sixth authorized participant (AP) for its nine ETFs, according to a statement. Its ETFs track stocks in the US, Saudi Arabia, China, Kuwait, Turkey, and Pakistan, and more recently UAE, India and Japan.
REGULATION-
New standards for organizing Hajj or Umrah trips: Operators in the UAE are now required to seek out prior approval from the General Authority of Islamic Affairs and Endowments for applications or requests for Hajj or Umrah, the authority said on X. Fines of up to AED 50k will be imposed on operators organizing or advertising Hajj or Umrah trips or collecting donations for the pilgrimage without a license.
