Sign in
WASTE MANAGEMENT-
ADQ to back national food waste initiative: ADQ partnered with the National Food Loss and Waste Initiative (ne’ma) to launch initiatives and work with third parties to promote sustainable consumption practices and reduce food loss across the value chain, according to the Abu Dhabi Media Office. Ne’ma will supply ADQ with data on food loss hotspots and systemic issues to facilitate problem-solving.
ADQ ❤️ sustainable farming: ADQ is backing a USD 2.5 mn pilot project by Tadweer and the UK’s Aquagrain to deploy Aquagrain’s soil enhancing tech. It also launched a vertical farming project in collaboration with Italy’s Zero Farms in ADQ’s AgTech Park last year.
ENERGY-
Pearl Petroleum severs ties with Khor Mor EPC contractor: Pearl Petroleum, a consortium majority-owned by Dana Gas and Crescent Petroleum, terminated Enerflex ’s EPC contract for the Khor Mor gas expansion project in Iraq, according to an ADX filing (pdf) by Dana Gas. Pearl cited performance issues on Enerflex’s part as the reason for its decision, claiming that the Canadian energy infrastructure supplier failed to “meet its contractual obligations, leading to unacceptable delays” and affecting the project’s progress.
Now what? Pearl Petroleum said it will assume direct control of the project to ensure its timely completion. In addition, the company may seek damages from Enerflex, the statement showed.
AVIATION-
IndiGo adds new routes between Abu Dhabi, India: Indian budget airline IndiGo launched three direct routes connecting Abu Dhabi International Airport to Mangaluru, Tiruchirappalli, and Coimbatore in India, Wam reported. This brings IndiGo’s network between Abu Dhabi and India to 13 routes.
REAL ESTATE-
#1- RMJM named design consultant for Azizi Venice project: Dubai-based real estate developer Azizi Developments tapped UK’s architecture firm RMJM for design consultancy on its Azizi Venice project in Dubai South, according to a statement picked up by Zawya.
About Azizi Venice: Azizi Venice is a AED 30 bn mixed-use development featuring over 36k residential units, including apartments and villas.
#2- Dubai streamlines property registration for 7 Dubai developers: Dubai Land Department will grant seven Dubai developers access to its registration system to allow them to manage their real estate transactions, according to a statement picked up by Zawya. The move is set to accelerate property registration, cutting processing time from days to minutes.
Companies that signed the agreements are Emaar Properties, Damac, Binghatti Properties, Aldar Properties, Sobha Realty, Azizi Developments, and Danube.
FINANCE-
The Dubai Financial Services Authority (DFSA) slapped former private banker Peter Georgiou with a fine of over USD 980k (AED 3.6 mn) for misleading and deceptive conduct, including withholding relevant details to circumvent anti-money laundering (AML) controls, sending a forged and deceptive email to a client, and providing false information during a DFSA interview, it said in a statement. The authority also banned Georgiou from holding any office or employment with a DFSA-authorized firm, and performing any function related to financial services in or from the Dubai International Financial Centre.
Background: In July 2023, DFSA fined Georgiou’s former employer, Mirabaud Middle East, USD 3 mn for inadequate AML systems, with Georgiou found knowingly involved.
BUSINESS-
Dubai partners with China’s biggest bank to back businesses: Dubai Chambers inked an MoU with the Industrial and Commercial Bank of China, the country’s largest lender, to support businesses in both markets and help Chinese companies set up shop in Dubai, Wam reported.
ICYMI- Dubai Chambers inked an MoU earlier this week with the Bank of China to boost trade ties by supporting investors and businesses in both markets.
SHIPPING AND MARITIME-
ShipFinex inches closer to launch: UAE-based fractional ship-ownership platform Shipfinex received preliminary approval from Dubai’s Virtual Assets Regulatory Authority, setting the wheels in motion for acquiring a full-fledged Virtual Asset Service Provider (VASP) License, Khaleej Times reported.
About ShipFinex: ShipFinex is a digital exchange that tokenizes maritime assets to streamline ship ownership.
CRYPTO-
Venom to digitize Gov’t of Philippines’ paper records: Abu Dhabi-based Venom Foundation will help the Philippine government digitize government records through its Venom Blockchain platform, in collaboration with Polish software developer Miquido, according to a statement from the Philippine National Printing Office. Digitizing the government records could potentially save the Philippines bns of USD.
HEALTHCARE-
Medical tourists in the UAE could soon be able to book their check-ups, flights, visas, and accommodations directly through hospital websites with a new sales and booking management CRM tool launched by AI SaaS startup HealthStay.io, according to a statement picked up by Zawya. The service is currently being registered with DHA for market compliance.
The move comes as the UAE’s medical tourism has been on the rise, with over 691k medical tourists visiting Dubai last year.
CAPITAL MARKETS-
eToro adds 10 DFM stocks to its platform: Users of Israeli trading platform eToro will be able to invest in select ten DFM-listed companies, after it inked an agreement with the Dubai Financial Market (DFM) to add them to its platform, a statement from the company showed. The added companies boast a total market capitalization of over USD 124 bn.
The stocks are Emaar Properties, Emaar Development, Dubai Islamic Bank, Emirates NBD, Gulf Navigation Holding, Ajman Bank, Commercial Bank of Dubai, Salik, Air Arabia, and Dubai Electricity and Water Authority (Dewa).
